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TonyTax
TonyTax, Tax Consultant
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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The employer my wife worked their business on the

Resolved Question:

The employer my wife worked for folded their business on the 21st November 2014. They gave the rights to take over their clients to three of their employees -
Mrs Patricia McEvoy
Mrs Michelle Hooper
Miss Lucy Hooper
They took over on the 22nd November 2014 as self employed people. I believe they must inform the tax office within 3 months.
Will a letter signed by all three suffice and when do they need send in tax returns.
Sean McEvoy
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.

Will the business be run as a partnership or through a new limited company?
Customer: replied 2 years ago.

Partnership

Expert:  TonyTax replied 2 years ago.
Thanks.

Leave this with me while I draft my answer.
Expert:  TonyTax replied 2 years ago.
Hi again.

The partnership will have no tax liability of its own. The profit is divided between the partners and each partner is responsible for their own tax and national insurance contributions. In order to keep things simple and to avoid paying tax twice on the same profit in the early tax years of the business, I would recommend that you run your first accounts to 31 March 2015 or 5 April 2015 and to either of those dates thereafter. A 31 March year end can be treated as co-terminus with 5 April.

The partnership needs to be registered as a new business and you can do that here. Each of the partners needs to register as self-employed and they can each do that here. It would be a good idea to do this within three months of the start date of the new business. There are some useful notes here and here.

HMRC will issue the partnership and each of the partners with separate UTRs (Unique Tax Reference) an, after 5 April 2015, the partnership will be issued with a tax return as will each of the partners. The deadlines for submission of 2014 tax returns are here. Clearly, you will add a year for the 2015 tax returns which will be the first ones the partnership and each of the partners need to complete.

I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15840
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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