Hi everyone,
im a small business owner, have ran a business which provides short term cottage lets. Been in business and been paying VAT since 1995/6 and have been in a partnership with my ex-wife since the get go.
I got divorced a couple of years ago. As part of the divorce agreement, I bought out her share in the business and I'm now running it. I was looking at my tax return prepared by my accountant this year and noticed that in the returns (both the partnership returns and individual return) there's a box where it says to state (if applicable) the date that I ceased to become a partner in the business. That's filled in as 30/04/18.
I'm worried that this will affect my ability to claim this support. I'm now a sole trader.
anyone have any insight as to whether my worries are well founded or not?
thank you!
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The fact that you left a partnership and became a sole trader shouldn't jeopardise any claim, but what might is if you had rental income as opposed to self-employment income. Best check with your accountant.
Thanks for the helpful response! Checked my tax return and it's not listed as rental income, listed as trading profits from partnership, so looks like it might be OK. Will apply for it, see how it goes and then contact accountant if there's any trouble. Thank you.