VAT when Transferring or Closing a Business
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2nd May 2013
HMRC has recently revised its guidance notes on what to do
when a business is transferred or ceases trading.
Our experience of businesses being transferred or closed down
is that inevitably there will be things that were never considered, or
commercial decisions made in the past that still affect how things
should be handled now. Property and stock at hand at the point of
deregistration are common issues from a VAT perspective and TOGCs are
often highly complex structures in order to ensure all parties are
Tamara Habberley, consultant at The VAT People, said "There is
often an exposure at deregistration and unexpected costs that until a
specialist identifies, will be a risk. This is especially true when a
business owns property where VAT has been claimed in the past. With the
complex nature of TOGCs also being an issue I would always advise a
taxpayer seeking advice in advance of de-registering or restructuring."
About the Author
VAT People are leading VAT and Customs Duty
consultants based in the
North West of England. We work with a wide range of businesses
throughout the UK as well as assisting our accountancy colleagues to
unravel the thorny VAT issues for their clients. We are one of the UK's
largest and most comprehensive sources of VAT and Customs advice, our
consultancy team having over 140
years of experience in VAT and Customs
gained in either HMRC or a Big 4 accountancy practice environment.
Call us on our VAT helpline 0800 077 4604 to discuss. All initial discussions are free with no-obligation.
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Article Published/Sorted/Amended on Scopulus 2013-05-23 09:08:16 in Tax Articles