VAT Registration

phynbarr

Hi

I'm in the process of buying a business (boarding kennels) that is VAT registered. Accountant advises that I register for VAT. I started down the TOGC route and got as far as "When did the business transfer?" It hasn't yet.

I don't seem able to find a way to back out of the system and start again just ot register me other than setting up (YET ANOTHER!) Government Gateway Id.

I did talk to someone from the VAT helpline yesterday but they spoke with such a strong Welsh accent that other than saying "Can you repeat that?" all the time I gave up

All help much appreciated

bengalknights

Can you future date it?

phynbarr

It's an option.

bris

Is the business a sole trader or Ltd Company? Does the turnover exceed the VAT threshold? If not don't register, if so set it up on transfer day it starts when you take it over anyway so no rush.

Pennywise

bris wrote: »

Is the business a sole trader or Ltd Company? Does the turnover exceed the VAT threshold? If not don't register, if so set it up on transfer day it starts when you take it over anyway so no rush.

Unless it's transferred as a "Transfer of going concern", the buyer will be charged VAT on the agreed price. They need to register for VAT so that the solicitors can do the transfer "VAT free". Unless, of course, they are happy to pay the VAT and not register themselves for VAT until the turnover reaches the threshold.

phynbarr

Business is sole trader and over VAT threshold.

According to my accountant I have 3 months to trasfer after the sale. The problem I have at the moment is, having started down the TOGC route and now been advised just to register, I can't unpick what I've started