Hi I am not sure if anyone can advise me on anything of the following.
Basically I am an accounts assistant at a small book keeping practice, I am registered with ACCA and still to finish all my papers. I have been working in a small practice for the last three years and during this period my boss has been under an investigation COP9.
Now I don't know much about the details of the inquiry I did ask to go to one meeting with him to see what it was all about and get a bit of experience sitting in an inquiry. It seems there was large sums of money banked years ago (I was still in school back then) and HMRC have argued this is money he has earned.
I have in the meantime along with another colleague managed to run the practice on our own and anything I have not been sure of I have just looked it up or even spoke to HMRC and my work so far has been good have not had any complaints and been gaining more clients.
My situation is my boss thinks HMRC are out to shut him down, and has offered me the business for a small amount of money. I am assuming he may want the business back of me at a later date for the same price?
Now this all don't seem right to me? I have the funds to buy the business but the last thing I want is HMRC coming after me. But it is a good business and have a great repuation with all our clients and really believe this place has good prospects for me.
Can anyone advise me if there is anything wrong with taking over a business for a small price surely there must be something against understating a value of the business?
Would I be liable for anything in the future against HMRC (business is sole trader not limited)
Would I be better protected personally If I was to go Limited?
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