Ltd - Goodwill - Tax treatment
Client formed a Ltd company in May 02 and purchased a franchise business. The opening balance sheet had 2 intangibles, Goodwill and the purchase of the franchise licence.
After much searching on the Web inc this site it appears that this can be written off over the life of the franchise [10yrs] and the charge to P&L is tax deductible.
Is this correct or have I missed something?