Goodwill Write off on Post Office Closure
Can anyone help me on this please:-
I bought a Post Office 6 years ago and paid goodwill to the seller ( which equated to 18 months monthly Post Office income). I am self employed but paid by the Post Office by transaction volume.
Under the Post Office Network Transformation Plan (and with my agreement) my Post Office is moving into a convenience store.
They effectively get the business for free and I get 18 months voluntary redundancy from the Post Office. I am happy with this as I am getting back my investment and a little more as I have built up the monthly transactions.
With regards to the tax on closing the business. I assumed that when I 'give' the business away I could write off against profits the whole of the goodwill. However when I have gone on the HMRC website they are no help at all.
I am hoping that given the amount of PO closures in recent years that one of you may know the answer.
- Cash injection by shareholder 271 7
- Fees for Property Tax Return 106 3
- Any Scottish members out there? 11,647 434
- capital gains on PPR 145 7
- Separating business for VAT purposes 51 1
- 40% rule for travel expenses 337 9
- Now Scotland has voted "No", when does England get to vote? 1,233 62
- Do I need a 13digit tax ref for a ct600 327 6
- Underpaid Tax Options on SE 261 8
- Private portion of costs and expenses in Accounts 410 20
- 100% Xero practice 2,392 43
- How to pursue fraudulent trading 346 5
- Treatment of goodwill in Consolidation 289 8
- PRR 326 12
- Is it more beneficial to be a Ltd company? 225 3
- corp tax software 385 7
- Pension Contributions Relief 458 14
- Is there an expert in Excel out there? 485 7
- Which tax box 211 2
- How to change reconciliation status of bank account in Sage 50 186 3
- Raiders of the Lost Tax File 1,306
- Chartered Accountant in County Down N.Ireland 471
- National Insurance 365
- Non Resident 290
- Franchise income and costs 259
- Hands on experience of Digita 212
- Best way to take money from a business if you have unlimited EIS allowances? 177
- Employer's Helpline 161
- employment capital allowances 156
- CIS paid under reg 9 149