The Assignment of Business Contract should be described in full so as to ensure that all the goodwill which is intended to be sold/purchased is included.
The Equipment should be listed in the Schedule. It is also possible to adapt this document to include the sale of Stock. This should also be listed but if so "at value" the parties must agree how and when it is to be valued.
This Assignment of Business Contract document does not seek to transfer any rights to premises or property in which the Business has been carried on by the Seller. If premises/property are included in the "deal" between the parties this will require advice from a solicitor to both parties.
The Assignment document needs to show whether or not VAT is to be added to the cost of the goodwill and the equipment. If the seller is registered for VAT and it is to be charged on the sale price of the goodwill and/or equipment a valid and receipted VAT invoice should be delivered by the Seller to the Buyer on the date of sale.It is advisable to take advice from an accountant or from H.M. Customs & Excise if there is any doubt about whether the transaction will be subject to VAT.
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