A client of mine has the same surname of a well known brand of which he set up a Limited company using his name.
After a few years trading the well known brand contacted him to demand he changed the company name.
After lengthy negotiations the brand as offered my client £10,000 to change the company name to which he has agreed.
I am thinking to enter it as 'other income' would this be correct? Also the company is vat registered. Should the company ask for vat to be paid on top or would it be zero rated?