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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 7647
Experience:  English solicitor with over 12 years experience
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I bought my ex business partner out and as part of the

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Hi, I bought my ex business partner out and as part of the agreement I agreed to submit partnership accounts with HMRC for years 2018/19 & 2019/20. The wording in our contract verbatim is 'I will take on the role of the HMRC Responsible Person as accounts will need to be filled for both 2018/19 & 2019/20.
JA: Where are you? It matters because laws vary by location.
Customer: Based in England
JA: What steps have you taken so far?
Customer: We still have assets remaining and now my ex business partner is stating I have to continue submitting partnership accounts until these are sold as a cost to me. I suggested as I have honoured the contract we split any future accountancy costs, he is refusing
JA: Anything else you want the Lawyer to know before I connect you?
Customer: No that's the main info I believe
Customer: replied 9 days ago.
Please find attached contract with wording.

Hello,

I am a solicitor.

I would think that as you are now the owner of the business, the costs and responsibility of filing accounts post 2020/2021 should be with you .

Unfortunately, you cannot force your former business partner to split the accountancy costs, as this was not agreed prior to.

Sorry. May I help further?

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Customer: replied 9 days ago.
I bought most of the business assets and set up a new business. The partnership no longer exists. But as there are still 2 assets that need to be sold and split 50/50 we need to continue completing partnership accounts.

I understand. Unfortunately, the contract also states that you will pay the accountancy costs solely. You may propose that 50% of the accountancy costs be deducted from your partner's share of the sale proceeds of the assets, however, if he refuses, I would advise you to bear the costs 100% as there is no point going to court over this as you could lose.

All the best

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Customer: replied 9 days ago.
Thanks

You are welcome.

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