Sale of VAT Registered Business

T.C.
T.C. Registered, Tutor Posts: 1,430 Beyond epic contributor 🧙‍♂️
edited June 18 in AAT member discussion
My client is selling his business. He is VAT registered, but so is the buyer. There is no VAT to charge the buyer and no VAT for the buyer to reclaim, but what forms, if any should I be filling out. I just can't get my head around this today. Thanks.

Comments

  • Monsoon
    Monsoon Registered Posts: 4,020 Beyond epic contributor 🧙‍♂️
    If the buyer is taking over the sellers VAT number, the TOGC form needs completing. If not, then the seller needs to deregister (unless he is carrying on another business).

    I think that's it.
  • T.C.
    T.C. Registered, Tutor Posts: 1,430 Beyond epic contributor 🧙‍♂️
    Thanks for that. So it is as simple as I thought then really. Sell the business, de-register and emigrate! Thanks for the reassurance.
  • deanshepherd
    deanshepherd Registered Posts: 1,798 Beyond epic contributor 🧙‍♂️
    Or, if you want to avoid CGT.. emigrate, sell the business, deregister!
  • T.C.
    T.C. Registered, Tutor Posts: 1,430 Beyond epic contributor 🧙‍♂️
    Good point. However, this is a small business and should escape CGT, especially as some of the proceeds has to be income taxable. One to remember for the future though!

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