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Where Taxpayers and Advisers Meet

Ppoperty in Limited Co Transfer to New Co

Posts: 1
Joined: Thu Apr 12, 2018 11:31 am

Ppoperty in Limited Co Transfer to New Co

Postby harrya856577 » Thu Apr 12, 2018 11:35 am


I purchased a commercial property and reclaimed the VAT back, after 3-4 years I de-registered as the sales ( Rent) was below the limit.

VAT Inspector is saying this is wrong and they will be looking into getting the money reclaimed back.

How can I get around this as this will brake me, can I transfer the property to a new Company and wind old Company down?

Help needed please.... :( :( :( :( :( :(

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Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen

Re: Ppoperty in Limited Co Transfer to New Co

Postby wamstax » Thu Apr 12, 2018 3:11 pm

If you do something to cause the company to avoid your creditors I would imagine that all things being equal HMRC will object to the striking off of the old company and you could be seen as guilty of misfeasance.

You would be best to engage the services of an expert in VAT who might be able to assist
regards and hope this helps
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Posts: 260
Joined: Tue Sep 26, 2017 6:28 pm

Re: Ppoperty in Limited Co Transfer to New Co

Postby AdamS93 » Thu Apr 12, 2018 3:39 pm

I suggest you engage an accountant and probably a solicitor/lawyer.

You should've opted to tax the building to be entitled to reclaim the VAT - without the opt to tax the rent would've been an exempt supply and you have reclaimed VAT incorrectly and charged VAT incorrectly.

Even if you do transfer the property to another company, there will be a large debtor sitting on the balance sheet of the old company which the insolvency practitioner will collect from the new company not to mention it will probably get you disqualified as a director.

if there is a mortgage on the property, the bank will not let you transfer the property anyway in all likelihood.

Cooperate with HMRC to ensure penalties are kept to a minimum.

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