The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This notice provides an overview of the VAT treatment of insolvent businesses and the procedures that must be followed by insolvency practitioners (office holders). This note should be read in conjunction with the Insolvency ― administering an insolvent business guidance note.
HMRC Notice 700/56
What is insolvency?
•it is unable to pay its debts when they become due for payment
In these situations an official receiver or insolvency practitioner will be appointed to deal with the insolvent business' affairs, known as the 'office holder'. See INS1133 for a list.
There are several different types of insolvencies as outlined below:
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