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I`ve just taken over a company with a 400K vat debt. Am I

Resolved Question:

I`ve just taken over a company with a 400K vat debt. Am I liable to pay this or can I close the existing company
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

Hi

I am afraid the debt is yours to clear as you have bought the business as a going concern. You would also need to clear the debt before you can close the company

Thanks

Sam

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