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Down the pub

04 November 2014 / Neil Warren
Issue: 4476 / Categories: Comment & Analysis , Business , VAT
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Pontardawe Inn Ltd, and VAT issues raised by business sale transactions

KEY POINTS

  • Pontardawe Inn Ltd (TC3563) illustrates the VAT implications business and business sale transactions.
  • Business purchases and sales should always raise concerns.
  • Transfers of a going concern are exempt from VAT but conditions must be met.
  • Making an option to tax can be advantageous as long as this does not fall within the anti-avoidance provisions.
  • If a rented property is within the capital goods scheme the flat rate scheme cannot be used.

When I write an article about the nation’s favourite tax (VAT just in case you were wondering) I sometimes bring in two different themes.

The advantage of this is that if a reader is not interested in the first topic the situation can hopefully be salvaged if he is excited by the second...

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