| Task |
When (minimum) |
Comments |
| Agree terms of your agreement |
8-12 weeks before |
Whether a new agreement or a transfer, ensure you are quite clear on the terms. Always seek independent, professional advice. |
| Obtain an inventory |
8-12 weeks before |
This will value the F&F and clearly state what is included in the sale to you. If the outgoing Partner does not have one, you need to prompt them to get one done. You will use this as a checklist on the day of change. |
| Appoint a solicitor |
8-12 weeks before |
If possible, use a solicitor preferably with experience of commercial agreements. Inform them of the agreement terms, they will check this for you and carry out the local searches. |
| Conduct a full survey |
8-12 weeks before |
Arrange for a full, structural survey of the building. With a transfer, ensure you have agreed responsibility for the Schedule of Dilapidations. If the outcome of the survey is poor, this may affect the price. |
| Appoint an accountant |
8-12 weeks before |
We have negotiated highly competitive prices with a panel of independent accountants and stocktakers to help you stay in control of your finances. Click here for details. |
| Register for VAT |
8-12 weeks before |
Application forms are available at your local Customs & Excise office. Ensure you give the registered VAT number to your solicitor prior to the purchase otherwise you will be liable for VAT on the purchase price. Your accountant will be able to help you with this. |
| Register for PAYE |
12 weeks before |
This can take a long time. You should register with your Inland Revenue Office. They may expect you to have already commenced your business but, provided you know your change date, they will accept your request. |
| Decide on your bank |
8 weeks before |
You will need to open a business bank account. Unlike a personal account you will be charged each time you deposit or withdraw money. It is therefore worth shopping around for the best deal. |
| Sign heads of terms |
4-6 weeks before |
Only applicable with a new agreement. This document confirms the terms of the agreement and records your intent to sign a full agreement. |
| Sign the agreement |
2-0 weeks before |
Your solicitor will advise when you need to sign and when to complete. |
| Sign direct debit mandates |
2 weeks before |
Punch Taverns will require you to pay rent and goods accounts by direct debit. |