Where can I find a good read to cover the following specailly the treating of goodwill in newly created company and any tax benefits;
Incorporating Sole trader business to limited company. sole shareholder/director. - no plans to sell the company in near future - only soure of income.
Sole trader business market value about £50,000 (eBay store with 500k turnover) - No other assets only stock
Options to consider: trasnfer the business and get incorporation relief or transfer goodwill/credit with Director loan account and pay 10% CGT on self assement
Do the compamy get any tax relief/capital allowances on say 5 years of amortisation i.e 10k per annum? expected profits before taxes are about 40K
Research done sofar:
https://www.accaglobal.com/ie/en/technical-activities/technical-resource... (outdated about amortisatoin bit)