| Note to the Accounts: Transfer of a Going Concern (TOGC)
On 07th Nov 2022, the business previously operated as a sole trader under the name Pappu Dosa was incorporated as Pappu Dosa Limited. This transfer qualifies as a Transfer of a Going Concern (TOGC) under UK VAT law as per HMRC guidelines.
All assets, liabilities, and business operations were transferred to the newly formed company as a going concern. In line with HMRC regulations, no VAT was charged on this transfer.
This transaction meets all necessary criteria for TOGC, including:
The business was transferred as a whole.
The new company is registered for VAT and intends to carry on the same kind of business.
There was no significant break in the trading activities.
This transfer has been duly notified to HMRC, and all relevant records have been updated to reflect the change in business structure. |