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NEIL WARREN considers some VAT pitfalls and planning opportunities for clients who are buying or selling a business during the recession
KEY POINTS
- The importance of VAT in a business sale.
- VAT and the transfer of a going concern.
- Don’t forget the implications for both buyer and seller.
- What are the VAT deregistration implications?
- VAT and property sales.
- Capital goods scheme and VAT clawback.
- The option to tax election.
The recession means that many business owners are thinking of drastic measures to stay ahead of the game or more accurately to keep some money in their bank accounts.
Selling a business is one possible option in these difficult times and this article considers the relevant VAT issues.
However another situation I will analyse is where the owner sells his business but retains the property from which he has traded in...
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