Incorporation of partnership

[BD2005]

Please can anybody tell me of any tax consequences of incorporating a partnership with a net balance sheet of about £30k.

Is it ok to just close the partnership with accounts to cessation and then the Limited co buy the assets etc.

Any there any CGT implications or anything I have not considered.

Thanks in advance.

[Instinctive]

There are important tax considerations to take into account. Without looking at the Balance Sheet, it would be difficult for someone to answer your query properly. I suggest that you speak with your Accountant or take paid professional advice.

Ramnik

[BD2005]

Please can you expand before I see my accountant just so that I know what he tells me is correct and I have some idea of what to expect.