Business Purchased as Going Concern Corporation Tax Liabilty
Please can someone help I have tried searching the internet but cannot get a definitive answer.
I am currently trying to enter all book keeping entries for a business that I think was bought/ transferred as a going concern as the Vat has been transferred to the new owner for her end of year. The new owner did not keep very good records and this is the first time I have come accross a business that has been bought out by a in one accounting period. The business incorporated 7.3.11 and was sold 1.10.11. Should I be entering information from 7.3.11 or 1.10.11??
i have only been entering from 01.10.11, is this correct? There is only partial records from the previous owner, what happens to the previous accounting records, should the seller have provided. I have a few bank statements that was being used by both owners for 2 months but no information on some transactions as there is no paperwork. Does the business start on 01.10.11 with or without opening balances, if so where do I get the information from, or does it start from 7.3.11 and the seller should of given all accounting records.
Is the new owner liable for corporation tax on the full income/expenditure from 7.3.11 or only from her take over on 1.10.11??
A speedy response would be really great