VAT registration and going concern...
Just been seen by a potential new client.
Sole-trader business transfer as going concern to limited company, say November 2010.
12 months sales in sole trade to Nov 2010 £58,000. Not VAT registered.
New limited company turnover since take over to now (8 months) £65,000.
Now, does the rolling 12 months go back into the sole-trader period?
Or, does the company rolling 12 months turnover start at the date of TOGC?
Am having a slight difference of opinion with a colleague and wondered what you thought.
Many thanks in advance.