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VAT deregistration and reregistration for a new start.
I act for a client who is about to buy all the shares in a company that trades in pet food mainly through a website that generates orders.
The company has a history of non-compliance with HMRC on tax matters. Further my client is somewhat wary of the existing shareholder’s business ethics.
My client has asked me to deregister the company for VAT purposes under the transfer of a going concern (TOGC) rules and obtain a new VAT number from the day he takes over the trading. The aim is to make a fresh start. But I have doubts as to whether this is possible despite my client continuing the same trade which is one of the conditions of a TOGC arrangement. The company has annual six-figure sales well above the VAT registration threshold.
What do Taxationreaders think?
If a new...
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