Closing a Construction based Business

Nobby 4822

New Member
Messages
2
After 15 years subcontracting in the construction industry, I have been offered a job as a General Foreman in the same business as my own at a very good rate, with travel expenses and a phone, I have to use my own vehicle, which they will service and maintain to include tyres etc.
I just cannot turn this offer down.
My query is closing my own Sole trading business, and selling off equipment some of which diggers trailers and diesel whackers etc are over 12 years old well maintained so still valuable assets probably €80k worth. Am I liable for Vat on the sale of these as Vat was claimed when purchased new?
My initial investment in the business approx €25k can I take this from the business when it closes?
I also have 3 vans value at approx €10k each can I trade one in against a new car for my new job, and a small truck value €12k
There will also be a decent bit of cash in the business which I plan on leaving there just in case of warranty claim or future tax issues, audit etc..
 

dublin67

Frequent Poster
Messages
286
It may be worth talking to your accountant here as there are cessation provisions to be considered, balancing charges and de-registration. You'll need to charge vat on the sale of your equipment.
 

Nobby 4822

New Member
Messages
2
Thanks dublin 67, I was kinda thinking the same although some of the equipment came from a previously ceased Ltd company. Will make a date with the accountant for next week . I have 3-4 weeks to make a decision and give my 3 employees notice and pay them their dues.
 

cremeegg

Frequent Poster
Messages
3,125
My query is closing my own Sole trading business,

There will also be a decent bit of cash in the business which I plan on leaving there just in case of warranty claim or future tax issues, audit etc..
If you are in business as a sole trader this doesn't mean anything. You definitely need to talk to an accountant, and check that they have experience in winding up a solvent sole trader. The tax issues are complex and there could be big tax differences in different approaches. This is not something an accountant works with every day.
 
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