Technology6 mins ago
Discharging Tax Liabilities
0 Answers
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.
Answers
Best Answer
Nobody has yet answered this question. Once some answers have been given, eve1974 will be able to select one answer as the best. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.There are no answers available for this question.
Latest Posts
Home & Garden7 mins ago
ChatterBank9 mins ago
ChatterBank11 mins ago
Body & Soul19 mins ago
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.