How easy is it to change from partnership to sole trader?

windswept

We are employed as well as self employed, the business is now starting to take off nicely, hubby has just had a promotion and huge payrise, which takes him close to the higher tax bracket.
On our first tax return , I have gone for an 80/20 split , me being 80% because I run the business. we have shown a small loss anyway, so it will go towards next years tax bill.
Is it straightforward to change things so the business is entirely mine, Or are the distinct advantages to keeping the partnership?
If things continue to go well, I will give up my p-t job and concentrate solely on expanding the business.
I just need a bit of info.

martindow

You will need to inform the Inland Revenue of your change of status (and your husband's) but I think that is it. Dissolving partnerships is a matter for the partners. The usual problem with partnerships is in sorting out compensation for the partner who is leaving. I assume that this will not be a problem in your case!

I think I would speak to the Revenue and Business Link to check what the requirements are. Congratulations on your successful business!