Goodwill on incorporation
Client has been a sole trader (IT consultant, but not a contractor) for just over a year.
He set up a ltd co 6mths ago and hasn't used it, but now wants to.
He has 3 customers so far, (two knew him personally before he went self-employed and recommended him to the other one) and a turnover of £30k.
I don't think there is any scope for goodwill on incorporation because it's all personal to him, but am I being over-cautious?
(The client has been speaking to the "man in the pub" whose goodwill was naturally into the £thousands then [edit: "when"] they did it.)
Thanks for any helpful opinions.
- Ltd Company Buying Own Shares and Transferring Assets 134 2
- Cash basis 403 11
- NIC thresholds - two employments 1,827 27
- Fee base v staff ratio 220 5
- Statutory Accounts - Dividends Disclosure Note 299 3
- Unincorporated organistion ceasing to exist 201 2
- Gift in kind to charity by company: services 67 1
- Investor exit 180 3
- Partially exempt? 356 10
- Debtor/creditor set-off 112 1
- Redundancy payment added to p45 387 3
- Undeclared rental income 2,188 22
- CIMA accountant wants to start consultancy 367 4
- Statutory sick pay 232 3
- Overseas bank interest 219 5
- Contractor accommodation expenses 163 1
- Kasperskey - home pc 361 4
- Resubmit Corporation tax Return 222 2
- Rental Income Tax Planning 312 4
- Any Scottish members out there? 15,957 589
- Skandia using wrong address 553
- Does anyone use PS Financials accounting software out there? 298
- FHL, period of grace and Entrepreneur's relief 296
- Employee rewards 282
- Legislation access for part-time sole practitioner? 259
- Rental Property W&T And Equipment 247
- Gift of reversion and lease into trust by two different people - later PPR 235
- EPS Analysis - Change to EURO 218
- Etax Australian 180
- LLP in Construction Industry 144