Sale of Going Concern
My client is selling his business. It consists of a van, a client list and goodwill, so not a huge business - selling for £20K. He is VAT registered. It is my understanding that if he is to sell as a going concern, then VAT is not chargeable if the buyer is to 'take-over' the VAT on a going-concern transfer. Is there anything else you think I should be aware of? And obviously the sale of the business will involve tax?! Any advice appreciated - don't do this sort of thing very often.