WebOct 6, 2024 · The transfer of a going concern (TOGC) rules treat the sale of a business as outside the scope of VAT where: you’re transferring an entire business; or. part of a business which can operate independently; and. the buyer uses the assets transferred in the same kind of business; and. they are registered for VAT, or if not registered are ... WebOct 31, 2024 · The UK ceased to be an EU Member State on 31 January 2024. On this date, the UK entered an implementation period (IP), during which it continued to be …
Cliffe Dekker Hofmeyr - Beware of VAT zero-rating on sale of …
WebJan 10, 2024 · The sale of a let commercial property, or the assignment of a headlease, amounts to the transfer of a business as a going concern for VAT purposes. No VAT is charged on such transactions, providing all the criteria for TOGC treatment are present. If the seller has opted to tax in respect of the property or the property in question is … WebJun 13, 2024 · Introduction A disposal of a business or part of a business capable of separate operations by a registered operator as a going concern is deemed to be a supply made in the furtherance or course of the operator’s trade. The seller should account for output tax on the disposal, but with proper planning no […] butterish skin sims 4
VAT issues of a sale of a going concern – Matrix Tax School
WebVAT - Going Concern. 2.1 The Business Sellers and the Purchaser intend and shall use all reasonable endeavours to secure that the sale of the Businesses shall be treated under … WebOct 31, 2024 · VAT would therefore be charged on the transfer of each asset in accordance with the normal rules, ie standard rate, reduced rate, zero rate and exemptions applied according to each type of asset, unless the sale of the business is treated as a transfer of a business as a going concern (a TOGC). If the sale of a business is treated as a TOGC … WebDec 27, 2024 · Article 19 of Council Directive 2006/112/EC of November 28, 2006 (the VAT Directive) allows EU member states to treat the transfer of a going concern (TOGC), or a … cecily salter