Partnership ceasing to trade

SarahS Registered Posts: 60 Regular contributor ⭐

I have a client (husband and wife) who set up trading 1 Jan this year. They have made the decision to cease trading due to relocation and employment offers. They will cease trading next month.

In terms of the accounts, this is the first time I have to produce them for a business that started and ceased to trade in the same accounting period which I assume is very straight forward. Is there anything that I need to consider for their first and final accounts? Any special adjustments at the date of ceasing to trade? Do all of the balances in the BS just sit there?

I realise I have to produce two sets of tax returns as their trading straddles two tax periods and that HMRC need to be notified of ceasing to trade.

Thanks for any help!
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