goodwill

Here is a brief note of some of the changes announced by the Treasury on 3 December 2014 and a reminder of some other things that will come into force on 5 April 2014.

It’s never a good sign when a perfectly good tax relief is mentioned in the Autumn Statement

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Yesterday, George Osborne, banned the use of Entrepreneurs Relief (ER) to be claimed when an unincorporated business incorporates and creates Goodwill which is then credited to the Driectors Loan A

4

We have a new client (year end 31 March) who is writing off goodwill over 20 years. They have written off eight years so far.

2

To date we've only really had minimal goodwill valuations so haven't bothered getting pre approval (as the impact either way was negligible).  However, we've got a fairly hefty one we're looking at

4

Does anyone know the treatment of goodwill on consolidation under GAAP? FRS 6 seems to suggest that Goodwill should be taken through the Restructuring reserves in balance sheet.

14

If a very profitable sole trader incorporated, and the first years accounts were drawn up to 31/10/13, is there any possibility of still getting a CG34 approval of the valuation, and then amending

24

Whether driven by such problems as Equitable Life, the general fall in annuity rates, the global financial crisis or financial problems in the European economy, or

18

Back in 2011, a husband and wife client incorporated their partnership (estate agents) and a goodwill figure of £60,000 was accepted by HMRC in response to our Post Transaction Valuation Check.

3

Working out how much capital gains tax (CGT) is due on the goodwill of an accounting firm that has been sold can be tricky, but a recent tribunal may help.

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