Partnership and property
A partnership acquires a property (Dec 08).
Two years later, the partnership incorporates. The property is retained by the partners, who charge the limited company a rent. The VAT number is transferred to the limited company.
Two years later, the business is wound up, and the property is now being sold.
It has come to light that there was an option to tax on the property, and input VAT was claimed when it was purchased.
- no VAT has been charged on the rents
- the legal owners of the property are not VAT registered
What options are there to unravel this?
Thank you for any help.
- Reversing out RTI 106 5
- IHT Query 52 1
- When should i raise VAT invoice after pro-forma payment received? 293 9
- Abandoning accountancy membership in order to operate as a sole trader 842 22
- Gift or Capital Gain? 296 8
- Capital Gain? 400 10
- Sage instant bank rec - is it possible to clear past transactions and reconcile from a given month? 269 6
- BrightPay 610 18
- Classic cars investment 238 7
- Are Court and tribunal Judges honest/commit fruad ? 210 3
- Client charged VAT by US supplier 320 7
- What are CIS subcontractor clients worth to you ? 329 7
- New Company - Corp Tax Period 269 9
- Fees for dealing with auto-enrolment 263 2
- H&W company 222 3
- VAT on sale of Vehicle 193 3
- tax teatment of index linked mortgage repayment 170 2
- How much?? (ACCA rules on practice insurance) 168 1
- Does anyone use a cloud based payroll software 808 32
- VAT silly question 2,413 56
- Benchmarking 492
- Possible Partnership? 436
- Lunatics in charge of the asylum - Bluestone 412
- Tax and accounting treatment on long lease granted from freehold 410
- Old Books for a 'NON' Client 356
- Purchase of property freehold - capitalisation of costs 210
- Growing Limited Company concerned about assets if something goes wrong 209
- Clubs and Taxable Income 199
- Income tax on foreign dividends 192
- Subsistence and hotel expenses 186