i am selling my shop busines. Do I have to pay anything to the goverment when sold?

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i am selling my shop busines. Do I have to pay anything to the goverment when sold?

2007-06-21 22:18:43 · 2 answers · asked by Michael C 1 in Business & Finance ➔ Small Business

2 answers

Hi if you are VAT registered you must charge VAT on the sale, If not you are only liable to income tax but you can off set this my reclaiming the cost of purchasing the remaining stock, fixtures and fitting

So if there is 10k of stock and 10k of fittings and you sell for 50K you would have to pay tax on 30K

2007-06-21 22:59:27 · answer #1 · answered by davetumalty 4 · 0⤊ 0⤋

Ask your accountant how to mininise Tax liability on the sale.

2007-06-23 21:18:35 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋