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Goodwill write off - taxable deduction?

Client needs to write off the goodwill held in the balance sheet - is it a taxable deduction?

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A Self Employed Franchisee (small business) now needs to write off the goodwill held in the balance sheet (been there for about 12 years since the business was bought). Is it allowed as a taxable deduction against profits in her Self Employed Tax Return?

Thanks for any advice.

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By Accountant A
28th Mar 2020 16:04

Have a look at the HMRC manuals and let us know if the answer isn't clear from that.

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Psycho
By Wilson Philips
28th Mar 2020 16:11

What a refreshing change - a question that can actually be answered with confidence.

The answer is “no”.

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RLI
By lionofludesch
28th Mar 2020 23:06

Sort of.

Sadly, not against income tax.

But if she has any Capital Gains, you're grand to claim it against those, subject to the usual rules on assets of negligible value.

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