If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Partnership to sole trade

Heisenburg81 · 2018-05-26 20:48:24

If, say a partnership ceases, but the trade is continued on by one of the partners as a sole trade, he does not have to prepare his tax returns under the cessation rules? The partner who is not continuing in the trade however will use the cessation rules? S.69 TCA seems to state a new trade commences which is…

26-05-2018 8:48pm

#1

Heisenburg81

Closed Accounts Posts: 322 ✭✭

Join Date: December 2016

Posts: 187

If, say a partnership ceases, but the trade is continued on by one of the partners as a sole trade, he does not have to prepare his tax returns under the cessation rules?
The partner who is not continuing in the trade however will use the cessation rules?
S.69 TCA seems to state a new trade commences which is understandable and profits on that trade will be assessed from 1st January in that year, but I am unsure as to the cessation side of things..

0