Insolvency ― overview

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides an overview of the VAT implications of insolvency.

The note does not cover details of HMRC’s claim for VAT in an insolvency, which can be found in Notice 700/56 and De Voil Indirect Tax Service V5.187.

Insolvency ― introduction

Broadly, a business becomes insolvent when it doesn’t have enough assets to cover its debts or is unable to pay those debts (although in practice, there are a variety of types of insolvency). At this point, an official receiver or an insolvency practitioner may be appointed to take

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Personal Tax

VAT on property disposals

VAT on property disposalsThis guidance note provides an overview of the VAT treatment of selling property that is located in the UK. The UK includes Great Britain, Northern Ireland and the territorial sea of the UK. The sale of any land or building located outside the UK is outside the scope of UK

14 Jul 2020 13:57 | Produced by Tolley Read more

Employment Tax

Classes of NIC and who pays them

Classes of NIC and who pays themClass 1 NICClass 1 NIC is payable on earnings paid to an employed worker which derive from, or are treated as deriving from, an employed earner’s employment in the UK. There are two kinds of Class 1 NIC, primary contributions for which the employee is liable and

14 Jul 2020 11:13 | Produced by Tolley in association with Jim Yuill at The Yuill Consultancy Read more

Brexit

Corporation Tax

Entity classification

Entity classificationImplications of entity classificationIf a subsidiary is established, it is important to determine how it will be treated for UK tax purposes as this will determine the basis on which it is taxed. A subsidiary may either be transparent (like a partnership, where the individual

14 Jul 2020 11:37 | Produced by Tolley Read more

��˾��ҹ��