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.
- Goodwill omitted from first years accounts 80 4
- Buying Microsoft's Surface Pro 3 425 8
- Limited company buying a car 72 3
- ACCA practice certificates 464 5
- Limited company buying director's car 254 10
- Question on HMRC past taxes (+penalties) on non-resident 46 1
- How to post Sales figures in Sage50 Accounts (we use separate Sales ledger) 79 1
- Is it possible to change a client's trading address for Vat purposes online 45 1
- WC's and capital allowances 158 3
- Entrepeneurs relief 283 13
- Dress code 1,531 36
- Which company is best for online new company formation? 468 13
- CTA and Tolley's tax handbooks 236 6
- HMRC Seminar on Penalties - Did you last the course? 361 4
- CIC Tax - what is trading? 464 23
- What is the status of "Whistleblowing" these days - do you get rewarded? 152 4
- Loan Repayment on Invoice 85 3
- SH01 filing deadline - late filing 181 4
- Trees and hedging - capital expenditure 161 2
- How to complain about HMRC 1,434 17
- CTA study material 763
- Anyone have clients that use Pay4Later to offer customers credit? 473
- Raiders of the Lost Tax File 383
- Employment related securities question 303
- AIM Stocks and IHT 277
- Tax Relief for overseas employees 254
- Expat pension contributions? 252
- Trust for Employee 230
- Service Charge Accountant Career Options 162
- IPP (International Pension Plan) income 144