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.
- Auto enrolment confusion 1,968 45
- Love is in the air 189 3
- I am 34 years old, am I too old to start a career in Accounting ? which is the best way to pursue it 1,657 20
- Sage Instant Accounts Complete De-install problem 239 8
- Allegedly ICAS most of us at 50 should pack up - Interesting 355 8
- Reimbursing director travel costs 388 5
- Client Paperwork Retention? 491 11
- Sage 50 VAT Return 140 2
- Interest paid - do new rules affect Tax Credits? 516 1
- Paying Son 634 18
- Pay rise - how to enter in Moneysoft 340 7
- HMRC accounting 268 3
- Employers NI allowance 447 6
- Dividend taxation 266 3
- VAT refund if only output tax on first claim 176 1
- Physiotherapist and vat and agency work ( one for Les Howard???) 182 2
- Tax Overlap Reporting 162 3
- Buy to Let Property! Shell I buy or not? 448 4
- iris update 11.9.2 449 7
- HMRC Discovery powers 280 3
- DTA tie-breaker issue 294
- Tax Implicatins on a Directors Loan 274
- CGT for NOn UK residents 273
- Employer's pension contribution - need to be PAYE registered? 260
- What are the tax implications of overseas sales through a UK based company? 243
- profit or loss on furnishings and deed of trust 233
- Apprenticeship Levy 231
- Capital Gains personal representatives 215
- Tenants in Common - Actual % split not written down 208
- Mandating Rental income or dividend income to a company 186