goodwill | AccountingWEB

goodwill

Hi, I would like to get some feedback from the experts here.

Company A purchased 100% shares of company B , early 2013.

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Recently took over a new sole trader client.   Has been in business for over 20 years, started business from nothing (did not take over an existing business).

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Situation:

Small partnership with 2 partners (A+B).

In 2010 A purchased B's share of the business for £100,000

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Hi All

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Accounting for goodwill has always been one of the more controversial issues faced by accountants for many years, explains Steve Collings.

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Hope someone can help.

Had a shock today and learnt that my business could of claimed "Goodwill" when I went limited. I was a sole trader for around 20 years.

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Sole trade and partnership both combined in 2009 and a new company was incorporated. Directors are husband and wife, both actively involved in the business.

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We have a situation where HMRC is arguing that the Goodwill Paid by our client on an arms length transaction relating to a Care Home Business should be NIL when applying Intangible legislation for

In an arm's length transaction BizALtd buys business activity of BizBLtd (client list, debtors, creditors, and stocks) and BizBLtd stops trading in this line of biz.

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