Commentary

V7.186 Transfer of a going concern—record-keeping requirements

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.186 Transfer of a going concern—record-keeping requirements

Part V7 Tax planning | Commentary

V7.186 Transfer of a going concern—record-keeping requirements

The seller of a business will retain the records of his business that are relevant to the period before the date of the sale. However, since 1 September 2007:

  1.  

    •     The seller must give the buyer any information the latter needs to comply with his duties under VATA 1994.

  2.  

    •     If the buyer of the business decides to retain the VAT number of the seller, then the seller is still required to transfer his records to the buyer. However, the seller has the right to approach HMRC for permission to retain his records

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