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Accounting for VAT in TOGC

  • Member PM.Dip
  • Practice Licence
  • 48 posts
  • # 118097

Hi All,

Can someone tell me how to inform HMRC about VAT if the business is sold as a going concern ( TOGC). My question is do I declare the proceeds of the sale on the vat return as exempt ( T9) or some other way. Thanks in advance.

  • Member PM.Dip
  • Practice Licence
  • 185 posts
  • # 118108

Bik said:

Hi All,

Can someone tell me how to inform HMRC about VAT if the business is sold as a going concern ( TOGC). My question is do I declare the proceeds of the sale on the vat return as exempt ( T9) or some other way. Thanks in advance.


Hi there,

I would enter it onto the VAT return as outside the scope, T9 as this link from HMRC seems to suggest.

https://www.gov.uk/hmrc-internal-manuals/vat-transfer-of-a-going-concern/vtogc2050

 

Pauline

  • Member PM.Dip
  • Practice Licence
  • 48 posts
  • # 118117

Thank you Pauline.

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