I have sold my business which is in the name of a CC as a going concern . I am registered for VAT and income tax . In the sale agreement a note to the effect of the zero rating is made ... so I should not be charging any VAT on the selling price. The buyer is registering for VAT.
The sale agreement has the buyers personal name and he is awaiting the registration of a PTY which is going to have the VAT number.
1..VAT .. Should i change the sale agreement to reflect the new name of the PTY... but we are awaiting the registration of the pty.. or can this be sorted out later without me charging VAT on the selling price.
2..INCOME TAX.. How does income tax affect the picture. I established the business 17 years ago from my own funds. Is it advisable to wipe out my members loan ... or are there other tax friendly options.