Your responsibilities when selling a partnership depend on whether you鈥檙e selling: your share of the partnership the entire partnership Check your business鈥� partnership agreement - it may have restrictions and conditions on the sale. Staff If you have anyone working for you, you must tell them about the sale, including: when and why you鈥檙e selling the partnership details about the redundancy terms or relocation packages you will offer, if required Make sure you don鈥檛 breach employees鈥� rights when a business changes ownership. If you鈥檙e stopping self-employment If you鈥檙e stopping self-employment when you sell the partnership, call HM Revenue and Customs ( HMRC ) to cancel your Class 2 National Insurance contributions. VAT registration If the partnership is registered for VAT, you may be able to transfer the VAT registration number to the new owner. Tax returns If you鈥檙e selling your share in the partnership You must fill out a personal Self Assessment tax return by the deadline . If you鈥檙e selling the whole partnership You must: make sure the 鈥榥ominated partner鈥� sends a Partnership Tax Return by the deadline send your personal Self Assessment tax return by the deadline Capital Gains Tax You may have made a 鈥榗apital gain鈥� when selling the partnership (for example the money you get from the sale, or assets from the partnership that you keep). If this means you need to pay Capital Gains Tax , you may be able to reduce the amount by claiming Entrepreneurs鈥� Relief . You may also be able to claim other reliefs .

Your responsibilities will be different, depending on whether: you鈥檙e selling the entire shareholding in your limited company the company is selling part of its business Selling the entire shareholding Appoint new directors or company secretaries You should appoint new directors before you resign as a director yourself. Tell Companies House to make these changes. Capital Gains Tax You may have made a 鈥榗apital gain鈥� when selling the company (for example the money you get from the sale, or assets from it that you keep). If this means you need to pay Capital Gains Tax , you may be able to reduce the amount by claiming Entrepreneurs鈥� Relief . You may also be able to claim other reliefs . Charges against your company If you鈥檝e secured finance for the company against your personal property (for example a mortgage on your house to secure a business loan), you must let the provider know within 21 days of the sale. VAT registration If the company is registered for VAT, you may want to transfer the VAT registration number to the new owner. If your company sells part of the business If any employees are affected by the sale (for example the company鈥檚 selling its production business and factory staff will be affected), you must tell them about the changes, including: when and why part of the company is being sold details about the redundancy terms or relocation packages, if necessary Make sure you don鈥檛 breach employees鈥� rights when a business changes ownership.

Selling your business: your responsibilities: Self-employed sole trader

Selling your business: your responsibilities

Self-employed sole trader

When you sell your business, you have legal responsibilities to staff you employ. You must also finalise your business鈥� tax affairs.

Staff

If you have anyone working for you, you must tell them:

when and why you鈥檙e selling the business
about redundancy terms or relocation packages, if necessary

Make sure you don鈥檛 breach employees鈥� rights when a business changes ownership.

Telling HMRC

You can use the . It covers both Self Assessment and National Insurance.

You can also call HMRC鈥檚 National Insurance helpline to cancel your Class 2 National Insurance contributions.

VAT registration

If you鈥檙e registered for VAT, you may be able to transfer the VAT registration number to the new owner.

Tax returns

You must send a Self Assessment tax return by the deadline. You鈥檒l need to put the date you stopped trading on the return.

Capital Gains Tax

You may have made a capital gain when selling your business (for example the money you get from the sale, or assets from the business that you keep).

If this means you need to pay Capital Gains Tax, you may be able to reduce the amount by claiming Entrepreneurs鈥� Relief. You may also be able to claim other reliefs.

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