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.
- SA316s 132 3
- Working in Iraq, how to treat the income 28 1
- Swiching tax 510 15
- Is cloud accounting software all just pie in the sky 723 23
- Proposal to strike off...... 494 10
- How can i allow my clients to digitally sign? 511 10
- Can I recharge Car loan interest 366 11
- Start-up cost recognition 93 1
- Lunches 198 3
- Mortgage Adviser's request 381 8
- VAT on non-denominated postage 129 3
- Generic notification message 253 6
- Property Expenses 216 7
- Where do Balance Sheet Gains get recognised in CT600? 817 39
- Auto Enrolment (sorry) 135 1
- Tax relief for networking day out? 502 13
- Accrued salary unpaid 257 4
- P60 from HMRC Basic Paye Tools 4,199 18
- Basis periods 105 1
- P&L Treatment of property assets 119 2
- Construction CIS LLP Company 600
- Services via intermediaries and new HMRC reporting requirements 591
- LIVE: Budget aftermath webinar 386
- Pensions Regulator 351
- NIC contribution on unremitted income 290
- Using the correct forms 265
- SA penalty proposals 256
- RTI - duplicate employee record 253
- Accelerated payment notices 236
- How hard is it to reduce a code? 226