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Good morning, I asked this question over a week ago with no success. The question relates to VAT on industrial units. The basic facts are these:- Around 1995 we purchased two industrial unit`s when myself and my wife at that time were trading as a partnership. Around 2006 we purchased three more industrial unit`s, at this time our company had been made ltd. We are now divorced, but the units are the subject of a financial dispute resolution. All the unit`s were vat rated when we bought them, and the vat was reclaimed with first the partnership and then ltd company. The ltd company was wound up, but the vat number was transferred to a sole trader in my name alone which collects the rent plus vat from the units. The question is this, When the units are divided between us by the court, of which we are both 50% joint owners, probably two and three each, how will this affect the transfer to my ex wife with regard to vat ? Many thanks L
Good evening Rachel,
I have not found the answer to my question, and would still like an answer please.
It beginning to look like you do not have anybody capable of answering this question.
Thank you, XXXXX XXXXX continue to look for a professional to assist you. Please let me know if I can be of any further assistance while you wait.
Thank you for your answer to my question.
Since I contacted just answer I later contacted the vat office helpline directly, hence the delay in rating your service.
Unfortunately you answer is incorrect and inappropriate for the course of action required.
Apparently because the transfer of the title`s will not involve money changing hands it therefore will not attract vat, only if the units are sold will vat be applicable on the sale amount.
Best regards L
Dear Friend,Hello and welcome again. Thank for your reply.Yes, that is correct. What I said was different. I am aware that the transfer of title does not involve money and so, will not attract VAT. What I addressed the issue would be the scenario after the split and transfer of title. There is no need to rate negative. I am sorry if I did not conveyed myself properly.Hope this helps...Warm Regards
This was the question:-
When the units are divided between us by the court, of which we are both 50% joint owners, probably two and three each, how will this affect the transfer to my ex wife with regard to vat ?
"the transfer to my wife"
Sorry but your answer is not correct according to the vat office, and was misleading to say the least, hence your negative.
You suggested that I split the business, you read I stated I was a sole proprietor in your reply below.
"Now, as I further understand, you are now going through a divorce and the company stands liquidated and currently you are now reclaiming VAT as a sole trader".
"What I addressed the issue would be the scenario after the split and transfer of title."
Rakhi, my question did not ask what was going to happen after the split, it asked about the transfer of title`s, and then you suggested I split a sole trader business.
I understand that your remuneration may be small, but if you pursue this line of work the answer`s have to be accurate.
I have run a vat business for over 30 years, so have a very fair understanding of the system.
"Let me opt out and see if other expert`s can help."
We now have the answer so why waste peoples time by relisting it ?
Hello, I'm Lindie, and I’m a moderator for this topic.
We have been working with the professionals to try to help you with your question. Sometimes it may take a bit of time to find the right fit. I was checking to see if you had already found your answer or if you still needing assistance from one of the professionals. Please let me know if you wish to continue waiting or if you would like for us to close your question. Also remember that JustAnswer has a multitude of categories to help you with all your needs from Health, Pets, Computers, Cars, Finance, Law, to Home Improvement, and more. Thank you,
As you can see i have subscribed to just answer for over twelve months.
However i am very disappointed with this last set of answer`s to my question, so much so that i have cancelled my subscription.
Rakhi, who answered my question, did`nt take the time or trouble to read the question correctly, and as such supplied an answer that was incorrect and inappropriate.
No answer is better than a wrong answer, so I am requesting that you part refund some of my subscription please.
As mentioned in my reply to Rakhi I now have an answer thank you.
Best regards L
Hello, Thank you for your reply. To better serve you, I will forward your request to Customer Service where a representative will contact you via email.