I have just bought a recruitment business and found out that we are responsible for Paying corporation tax on the profit pre sale. Who should of highlighted this to is during the purchase – our lawyer or accountant?
Thank you for the question, and sorry that you’ve encountered this unexpected tax bill. It sounds like something that your accountant should have been aware of. However, accountants and lawyers don’t always point out nuanced items like this unless you specifically ask. This is why it’s so important to make sure you ask the right questions when buying a business. For a full list, check out our article on 57 Questions to Ask When Buying a Business here: https://fitsmallbusiness.com/questions-ask-buying-business/
Best of luck in getting your issue resolved.