News1 min ago
Discharging Tax Liabilities
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As some of you may know the small business we had has been sold. It has turned into a nightmare as new purchaser has stitched us up!
Anyway one of the many clauses in the sale doc says: The sellers shall promptly and within 14 business days after completion date discharge any tax liabilities of the company in respect of the period up until the completion date.
Therefore WHO pays this tax now?
from the company account?
Or do we have to pay it personally ourselves?
A return was submitted (this morning) of VAT due up 31 Jan (sale date was 1 Feb) .
In the past it came off DD from company account. Is this still the case or because we sold the business do WE have to pay tax from our own account now? That would not make sense as the VAT for that quarter was from the time before the sale of company.
Im asking as this purchaser has turned out to be a very horrid man - (but clever n all done perfectly legally) and I don't want to be in breach of any contract signed when we sold.
Anyway one of the many clauses in the sale doc says: The sellers shall promptly and within 14 business days after completion date discharge any tax liabilities of the company in respect of the period up until the completion date.
Therefore WHO pays this tax now?
from the company account?
Or do we have to pay it personally ourselves?
A return was submitted (this morning) of VAT due up 31 Jan (sale date was 1 Feb) .
In the past it came off DD from company account. Is this still the case or because we sold the business do WE have to pay tax from our own account now? That would not make sense as the VAT for that quarter was from the time before the sale of company.
Im asking as this purchaser has turned out to be a very horrid man - (but clever n all done perfectly legally) and I don't want to be in breach of any contract signed when we sold.
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