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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2451
Experience:  Over 5 years in practice.
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i have just found out i am still on a business lease which

Customer Question

i have just found out i am still on a business lease which i thought my business partner had taken me off as i had sent him the letters to do this. he has died and now his daughter wants me to sign over the business to her but i am orried about any tax that is due and outstanding bills. i own 75per of the business i dont no what to do
Submitted: 4 years ago.
Category: Property Law
Expert:  Stuart J replied 4 years ago.
Do you have a specific question?
Customer: replied 4 years ago.


what should i do about the lease on the business

Expert:  Stuart J replied 4 years ago.




Is
this the lease of a building or a lease of some equipment?

It is
a partnership or a limited company?



I need
the full background as to how you come to leave and how he "took the business
off you"



Customer: replied 4 years ago.


its a lease of a building the business is a cafe its a partnership i left in 2009 because the business was not doing well and i gave my business partner a letter to take me off the lease which i thought he had done. his daughter wants me to sign the cafe over to her but i dont feel comfortable doing this has there will be outstanding debts. the partnership was 75 per cent me and 25 per him in ownership of the lease

Expert:  Stuart J replied 4 years ago.




I am
confused as to why she wants you to sign your 75% over and it concerns you if
you thought you already did that. Surely she is just asking you to do what you
thought you already did



Customer: replied 4 years ago.

yes she is but im concerned about any tax that will be owed and its still in my name so im going to get a bill that i shouldnt have so if i sign it over no im going to be left with a tax bill for the last 4 yrs


 

Expert:  Stuart J replied 4 years ago.




I will
transfer this to UK tax because it is not to do with the transfer of the
business it seems just about your tax liability. Is that correct?



Customer: replied 4 years ago.


yes it is thanku

Expert:  Stuart J replied 4 years ago.
I have asked for it to be transferred. Please don't reply or it comes back to my inbox. Thanks