Solicitors Fees For Buying A Business – Bartletts Solicitors
Bartletts Solicitors offers a cost-effective and efficient fixed fee service for prospective business buyers. Our legal fees for buying a business depend on the complexity of the business that you are intending to purchase. For small businesses such as cafes, hairdressers, restaurants, and pubs, we usually charge a simple fixed fee of £450 (+VAT). For this price we:
Check VAT issues to see if the buyer has to pay VAT on the business purchase
If a business is being purchased as a going concern, i.e. the ownership of the business is being transferred outright, then it is not treated as the ‘supply of good or services’, and no VAT will be payable on the business purchase. However, when only specific assets of a business are being purchased, such as machinery or fixtures and fittings, these transactions will normally be subject to VAT at the appropriate rate. Though this sounds relatively straightforward, in reality there are various conditions and provisions attached, and failure to deal with VAT in the correct manner can result in penalties and interest being charged by HMRC.
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