New rule simplifies business sales
HM Revenue and Customs (HMRC) has introduced an important change to the tax rules governing the sale of a business as a going concern.
In the past, the vendor was obliged to transfer the business records to the purchaser, which often caused problems when the vendor later needed access to them, such as when a past tax issue comes to light.
Now, the vendor is only required to give the purchaser the information they need to comply with VAT obligations. While this has potentially simplified life for vendors, the tax implications of a business sale remain complex. If you need advice on this area, contact Marti Burgess on 0117 9290451 or email mburgess@metcalfes.co.uk.
Contact
Tony Forster Head of Company Commercial
Martino Burgess Associate
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This article summarises the law on issues which we believe may be of interest to your business. It is not a comprehensive review of the subjects and accordingly is published without responsibility for loss occasioned to any person(s) acting or refraining from action as a result of information published