VAT on Business Assets

System
System Posts: 100,534 🤖 Admin 🤖
edited 12:08PM in AAT member discussion
My client has sold his sold trader business as a going concern. He has cancelled his VAT registration and the new partnership has started up a new VAT registration. Is my client liable to pay back any VAT on business assets from when he owned the business?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT on Business Assets

    Has he completed VAT7 which is for transfer of a business as a going concern? Lots of ins and outs about whether VAT is repayable.

    If you can't find it on HMRC website, I can email it over to you.

    Claudia
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:VAT on Business Assets

    Not sure if he has completed a VAT7. I will be seeing at the end of the week to find out. Thanks.

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