If a client has ceased trading

Check whether the client has any complex business debts, such as an ongoing liability for a business lease. If any complex debts are identified, the client needs specialist advice. Also check whether the client notified their creditors, suppliers and HMRC that they had stopped trading with the partnership and complied with the terms of any partnership agreement. If you are unsure whether the client has exited the partnership appropriately, always signpost the client to specialist advice with the client’s consent. It is important to do that because specialist advice may help the client to limit their personal liability for any existing or future partnership debts.