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Posted Mon, 19 Jun 2023 20:41:56 GMT by
Hey everyone - I recently have started I want to leave an 'ordinary' partnership (Not limited) and was wondering what are the steps in place to remove myself from this? The current partner also wants to continue the business but would then have to be a sole trader I believe? what would be needed to do this? Am I correct in thinking it's a case of the partnership accounts continue until the end of the period then a new account is created for a sole trader etc? Thanks,
Posted Thu, 22 Jun 2023 19:12:16 GMT by HMRC Admin 25
H iandrew mallett,
The nominated partner, would need to contact HMRC, to advise that you are no longer a partner.  
This would allow for the update of the partnership tax record and your tax record.
Partnership return would still be needed up to the date the partnership dissolved.  
The individual who is continuing the business as a sole trader, would need to contact HMRC to arrange for their tax record to be updated to remove the partnership and add in the sole trading.  
Our Self Assessment helpline is closed until early September, to any contact would either need to be in writing or using our webchat facility.
A link to the webchat can be found here:
Self Assessment: general enquiries
Thank you, 
 

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