To qualify as a Transfer of a Going Concern (TOGC) and ensure VAT exemption, it’s crucial to first verify eligibility with a VAT specialist and understand the specific requirements of VAT Notice 700/9. Gather all necessary paperwork for both buyer and seller, ensuring effective communication with all stakeholders throughout the process. Address VAT accounting and registration requirements for the buyer promptly, and clarify who is responsible for existing VAT liabilities. Notify HMRC correctly and complete the handover, meticulously documenting every step. Securely store all transfer and VAT documents long-term, and regularly review the latest HMRC guidance to avoid common pitfalls. Maintaining thorough records and following best practices will ensure a stress-free and audit-proof transfer.
Source: vatabout.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
