Hi
One of my client sold his business ( Limited Company) as a going concern to his nephew ( Limited company)
1) He sold his company just after 6 months trading. Do I have to file accounts to company house/ Hmrc and CT return? if yes then what's the deadline is?
2) Old company was voluntarily VAT registered do new company will have to get vat register?
Thanks in advance
Replies (7)
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Sale of trade or sale of shares
Easy if sale of the shares, the responsibility passes to the new owner of the company and they would notify HMRC of address changes, etc.
If sale of the business was from one company to another, with no share ownership changes the old company remains but in a slimmed down or dormant form with responsibilities as to VAT, PAYE, Corporation Tax.
What has happened to the proceeds of sale received by the old company? Have they perhaps been used to pay off the old company' creditors? What is now the financial position of the old company (I.e. its net assets) after providing for any tax liabilities arising on the sale of its business?