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Posted Tue, 24 Nov 2020 15:15:55 GMT by Nick M
Hi there I am trying to register a new company for VAT under the section of 'Transfer of Going concern'. Under the section where 'reason for registering' data is required there is a question asking "On what date did the transfer of business take place?". The transaction is still in process so it will only take place in the next month but I need to do the VAT registration now as the business is buying a commercial property and will be making the 'option to tax' election on the transaction. In order to do that it needs to be VAT registered. Please advise what to do. Thanks
Posted Fri, 27 Nov 2020 11:13:52 GMT by HMRC Admin 10
Hi

When completing the VAT 1 either by paper or online you can enter a date in the future for the answer to the question “ On what date did the transfer of business take place?”

Thankyou.

Regards.
Posted Fri, 27 Nov 2020 11:31:53 GMT by Nick M
Hi there. Thanks for the response. My questions though is if I don't know exactly when the transaction will close can I pick any estimated date and this will be acceptable? Thanks
Posted Tue, 01 Dec 2020 15:24:25 GMT by Nick M
Can HMRC please respond to the query? It is impossible to get through over the phone and I don't know what else to do.
Posted Tue, 01 Dec 2020 17:15:06 GMT by HMRC Admin 10
Hi

No, you cannot pick any estimated date and must notify us of the exact date when the TOGC took place.

If you need to register for VAT now you may wish to register voluntarily (depending on your circumstances) and notify us at a later date of the TOGC, once you know the date this will happen.

Please refer to VAT Notices 700/1 ‘Who should register for VAT’ and 700/9 ‘Transfer a business as a going concern’ for further information:

Who should register for VAT (VAT Notice 700/1)

Transfer a business as a going concern (VAT Notice 700/9)

Thankyou.

Regards.

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