VAT Conditions for Transfer of Going Concern

• The business will send in its first VAT return to HM Revenue & Customs, with all the VAT due for the whole of the period shown on the form
• The business will send in any outstanding returns which are due from the previous owner
• The business will pay HM Revenue & Customs any VAT due on supplies made by the previous owner before the transfer - including any VAT on stocks and assets kept by the previous owner.
• The business agrees that any VAT return made by the previous owner for a period after the transfer date will be treated as made by the business; and
• The business will have no right to claim any money paid by HM Revenue & Customs to the previous owner, before the transfer of the business.