Despite reading the Transfer of going concern guide on the HMRC website i still feel a bit confused about wrapping up VAT when I sell my business. I want a peice of mind I understand this correctly.
We are selling our business (assets and goodwill) to a LTD company who are VAT registered. I meet the conditions to sell as a TOGC, presumably I then fill in a VAT7 form to deregister on the day of the transfer ticking the box that I am deregistering because i've sold the business (TOGC). The new owner then declares income through their existing VAT number and we don't have to transfer the VAT number by a VAT68 form. This would would mean I finish by paying all the VAT due from our ownership and he would start afresh.