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If i close my business and de register my vat and then sold

Resolved Question:

If i close my business and de register my vat and then sold my assets would i be liable for vat on equiptment i claimed vat back on
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.
Hi

Thanks for your question

In short, no - you would not be - as you are merely disposing of the business assets - on which you will not be charging VAT on the sale, so no VAT for you to pay over, and no VAT for the customer who purchases it to consider. and the VAT you claimed on the initial purchase, was an allowable VAT position suffered at that time, and there is no "pay back" to HMRC for VAT purposes.

Thanks

Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13810
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 3 years ago.


Thank you for your reply to my question

Expert:  Sam replied 3 years ago.
Hi

You are very welcome

If I could trouble you to rate the level of service you have received, it would be appreciated, as this ensures I am credited for my time


Thanks

Sam
Customer: replied 3 years ago.


what about personal tax would i have to pay anything on the sale

Expert:  Sam replied 3 years ago.
Hi Brian

Thanks for your response

As this is a new question, as per Just Answer policy, this should be listed as such, but as this is your first time on Just Answer, I shall answer on this occasion.

Are you a sole trader or limited company and what value have you claimed for these business assets through the capital allowance/annual investment allowance regime.

Thanks

Sam

Customer: replied 3 years ago.


i am a ltd company

Expert:  Sam replied 3 years ago.
Hi Brian

And what have you claimed so far for the value of these items? Which would have been claimed as capital allowances and or/annual investment allowances

Thanks

Sam

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