I haven taken on a small practice (not all clients) due to a sudden death of an accountant last year. I had worked for him on a self employed basis for 16 years so knew many of the clients already.
My question is: How do I account for the cost to me of the new clients? Is it classed as a Goodwill?
Also, I am doing the previous accountants wife tax return and she will be receiving income from me. How do I account for the income she has received. Will it be chargeable as a capital gain in full then claw back each year if the client goes elsewhere and I don't pay a share of that particular clients fee?
Thank you for any advice given.