trading start in february

If you tell us when you commenced as a Sole Trader, what your business is, what your current year end is, why you have taken on a partner, you will get a more rounded response. Partnership tax returns are difficult enough at the best of times without sowing in additional complications, there might be a better way around this.

Cross-post to ukba.

You can if you choose, but no obligation.

Your 04/05 returns will include a proportion of any profits from the partnership, pro-rated on a time basis from start-up to 5/4/05. (It will also, as you say, include sole trader profits from last filed profits until

The p/ship profits to be apportioned will be from 11/2/05 to whatever accounting date you choose - say 31/3/06, or 30/4/06. But if not known before 04/05 filing deadline of 31/1/06, you will need to include an estimate, as will the other partner(s), in your 04/05 returns. Any resulting over / under payment of tax will be subject to interest payable / rec'ble. No penalties providing estimate was "sensible" - and you should have a pretty good idea by Jan 06.

HTH - and ignore the troll...

Irrelevant

Irrelevant

Irrelevant

Irrelevant

How?

Who says?

By re-writing history? I think not.

Flippin 'eck we've got more trolls in here than accountants!

This is a subject I know very little about which is why I cross referred it to the experts such as yourself. Do you not want to consider whether a continuation election might be appropriate? Without knowing the circumstances of this "partner" who suddenly materialises on 11th Feb - wife? girlfriend? former employee? business rival? with capital or without?...

...how can you possibly give reliable advice.

CEs went out when self assessment came in - 1996/97.

If the sole trader simply introduced a partner to the existing business, he would not have had the cessation he referred to.

QED.

Because none of those factors affects the tax procedures, which is what the OP was asking.

I've been out of accountancy for a while and didn't know that. Part of the reason I like dabbling in these groups is to learn. Where I know I don't have the expertise to venture a worthwhile opinion and a thread seems to be going nowhere (in ukf in this case) I try to crosspost it to more relevant group (ukba).

Asking for the OP to provide a bit more background information because it might help someone to provide a better answer does *not* make me a troll and Ronald-like it pisses me off not-a-little to be called that.

I would be grateful if you could expand on that bearing in mind that cessation has an everyday meaning as well as a technical one. Are you saying the OP must have moved into a different trade? Suppose he took on a salaried partner?

And the other part / reasons?

The thread had been "going nowhere" for all of 19 mins - and that includes the period before you saw the OP's post, and the time you took compiling and posting your questionnaire.

So Ronald pisses you off, too?

It's the general tone of so many of your posts - especially introducing "noise" into a straightforward Q+A exchange, and unwarranted slagging off of folk when you know nothing of the facts which, in my book, makes the term wholly deserved.

It's inevitable - and often fun - that some threads digress a bit. But, as I tried to hint many months ago, the effect of doing this to excess is that ukba is less populated by experts, and is not as helpful as in yore.

If you really want to learn, focus on reading and listening. Try not to feel under an obligation to respond to every question and thread. There's not enough space to examine every conceivable aspect of every issue raised here - and you will find that the way a Q is written gives a pretty good guide to an OP's level of understanding.

To save you checking back, the OP wrote "I am a sole trader who ceased trading on 10 feb 2005". "Cessation" is a noun deriving from the verb "cease" - both in everyday speak and tech speak.

Probably, though not absolutely necessary, for there to have been a cessation.

Salaried or not, it's not the birth of a partnership which triggers the cessation. It's what happened to the OP's sole-trader business which matters. If that continues, then partners can come and go at will (and business can even revert to sole-trader) and it doesn't trigger a cessation.

If the OP had said s/he was "thinking about..." then, just maybe, questions like "...wife? girlfriend? former employee? business rival? with capital or without?..." could be relevant. But here, the OP was perfectly specific.

Indeed, but to be fair, the OP may well have been unaware of the full implication of using the term "ceased trading", and so may have been more "specific" than he intended to be.

Reading between the lines, if he "ceased" on the 10th and then "began" in a partnership on the 11th, he may well have meant that the only thing which ceased was his sole trader status, and that what in fact happened was that he ceased "trading on his own account" and that the same business continued, but now as a partnership. We don't know that to be the case, of course, but despite what he said, it's a possibility which should not be discounted.

and to summarise:

a) If you don't know, guess b) If you ask here, you'll get loads of different answers c) Go see an Accountant d) If you want proper advice, pay for it!

:-) please note satire-support.com is next door >>>>>>

... ISTM perfectly reasonable to give a concise answer to the question asked, since the OP's language demonstrates a reasonable understanding of what he's doing. Otherwise, we'd be reading between the lines endlessly, and launching into debates about whether the decision to form the partnership was wise, let's see full details of your business plan, what colour eyes does your girlfriend have, etc etc.

Your reference to "being fair" clearly refers to Troy. I do not read his initial reply as any kind of challenge as to whether there was a cessation or a continuation. None of his questions is relevant - he appears to me as just plain nosey. And heaven knows what he had in mind by "there might be a better way around this". If I was the OP, all that would piss me off !!

true, sorry for not sticking to the charter ;p

You don't? I do. But perhaps I was also reading between *his* lines. :-)

He admits to being out of it for some time - do you s'pose he's heavily lined as well?

Is that a joke or an obscure dialect?

People don't cease trading on a Thursday and start up a completely different trade the day after. Whoever heard of a new trade commencing on Friday?

"I am a sole trader who ceased trading on 10 feb 2005 and commenced a partnership on 11 feb 2005".

...translates as "I've taken on a partner to cope with the Spring rush". So your advice is utterly wrong and my suggestion of going back to 10th feb and revisiting the facts is correct :)

ROFLMAO

if you don't know something just make it up.. (as usual)

I'd take that to mean the OP had taken on a partner too.

The OP seemed to lose interest pretty quick though!

You'll be asking next "whoever heard of a new tax year starting on a Wednesday?"

Are you on something? Your first post in this thread asked why the OP had taken on a new partner. Now you're claiming you knew the answer all along.

And since you know there's a spring rush, you clearly already knew what the business was. So that was another unnecessary question.

You're so right - I wish I could be like you, travel back in time, change the facts and answer some totally unconnected question, on a matter I admit knowing nothing about.

I wait with bated breath to see what you will advise Hezza about the allowability of his 1k course fees.

So would I. But, as I've already said, the arrival of a partner does not mean there is no cessation. It's whether the business is the same which counts.

Hardly surprising !!

Don't feed the troll!