Togc

K H

I have a client who has recently retired and transferred his business assets to his son who started up a new business.
The son set up a new vat registration and the assets were transferred as a TOGC so the transfer was outside the scope for vat purposes.
However, can somebody help with the treatment of the transfer of the stock for income tax purposes.
The stock was transferred over at cost so no profit accrued.
would you add the transfer of stock to sales or just ignore it?

Any ideas would be gratefully received.

Thanks

K H

Thanks for that , I was aware of the CA's situation but couldn't get my head around the stock.

K H