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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 16238
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Hope all is well with you. I initially set up a business as

Customer Question

Hi There,
Hope all is well with you. I initially set up a business as a sole trader and then it went into a partnership without a partnership agreement with the person I am living with however we are separating and I now want to go back as a sole trader using the same business name. Can I do this and what is the process?
In addition by me changing from a partnership to a sole trader could this create a problem if I want to get a buy to let mortgage or a residential mortgage? THIS IS A UK BUSINESS Thanks
Submitted: 10 days ago.
Category: Tax
Expert:  Virtual-mod replied 9 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Expert:  Sam replied 9 days ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Expert:  Sam replied 9 days ago.

Hi

explain what you mean there was no partnership agreement

Did you register with HMRC as a partnership and declare the profits from the business (and expenses) as a partnership

Then complete self assessment tax returns each with each of your share of the partnership profits

If not this needs to be remedied first before you can then close down the partnership and re register as a sole trader

Thanks

Sam