- Home
-
Tax News
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice and Methods
- Professionals in Practice & Industry
- General
- TaxationWeb
-
Tax Articles
- Budgets and Autumn Statements
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings and Investments, Pensions and Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations & Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practice & Methods
- Professionals in Practice & Industry
- General
- Tax Tips
-
Tax Forum
- Income Tax
- Business Tax
- PAYE and Payroll Taxes, National Insurance, NICs
- Company Taxation
- Savings & Investments, Pensions & Retirement
- Capital Gains Tax, CGT
- Property Taxation
- Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
- Tax Investigations and Enquiries
- VAT & Excise Duties
- Stamp Duty, Stamp Duty Land Tax, SDLT
- International Tax
- HMRC Administration, Practices & Methods
- Professionals in Practice & Industry
- General
- Tax Jobs
- Get in Touch
Where Taxpayers and Advisers Meet
VAT on inventory/stock
I'm about to purchase the inventory/stock of a business before taking it over under a new entity. I have a feeling the seller (ltd co) will wind up and though I have a proforma invoice, what's the best way to ensure that I receive a VAT invoice? Checking the HMRC site, I see the seller has 30 days to issue this to a VAT-registered business (my registration is pending).
Re: VAT on inventory/stock
Ask them to provide you with a VAT invoice? They shouldn't have a problem doing that.I'm about to purchase the inventory/stock of a business before taking it over under a new entity. I have a feeling the seller (ltd co) will wind up and though I have a proforma invoice, what's the best way to ensure that I receive a VAT invoice? Checking the HMRC site, I see the seller has 30 days to issue this to a VAT-registered business (my registration is pending).
Also have you checked to ensure this doesn't fall to be a transfer of a going concern (although doesn't sound like one to me - pays to be sure though).
Do you adore to transfer your artistic and inventive qualities to renovate a part type? Perhaps your friends who tour your sanctuary head remarks about want they could levy you to change their premises.
Re: VAT on inventory/stock
I was worried they might have a problem, but have now received an invoice -- just from the company I expected.
Thanks for the tip on TOGC, I'm looking into this as a result. Out of interest, what point makes you think TOGC rules don't apply?
Thanks for the tip on TOGC, I'm looking into this as a result. Out of interest, what point makes you think TOGC rules don't apply?
Re: VAT on inventory/stock
As the subject line suggests its a pure stock/inventory purchase, rather than a transfer of a business (goodwill, staff, premises, assets) - although not all required you would normally expect to see at least goodwill as part of a TOGC. Have a read up on it and if you have any q's please repost and I'll be happy to help.I was worried they might have a problem, but have now received an invoice -- just from the company I expected.
Thanks for the tip on TOGC, I'm looking into this as a result. Out of interest, what point makes you think TOGC rules don't apply?
Do you adore to transfer your artistic and inventive qualities to renovate a part type? Perhaps your friends who tour your sanctuary head remarks about want they could levy you to change their premises.
