Anonymous
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Small sole trade wants to incorporate

Profits have been around £30k

No assets in the sole trade, he works from home. Is it a case of closing the sole trade down and then opening up a company. Presumably no goodwill to transfer if no assets in the sole trade? Thanks.

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13th Sep 2017 14:08

Hate to appear disrespectful but, judging from the initial enquiry, you've either; little, or no experience of dealing with such changes in legal entities?
If that is the case then, even though we all have to start somewhere and, we all begin with little knowledge, the Aweb forum is hardly a platform for you to gain a full perspective.
In turn, I question your ability to provide a professional service to your client.
Finally, the anonymous posting facility continues to be open to abuse (from my understanding of Aweb's terms).

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to Chris Mann
13th Sep 2017 14:16

See the recent nil/£50k/£150k Goodwill debate from earlier this week for the problems you face.

https://www.accountingweb.co.uk/any-answers/hmrc-challenged-my-goodwill-...

I agree with Chris, your question is so basic that you need to consider whether you should undertake this assignment.

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By Ruddles
13th Sep 2017 15:05

Before you find yourself trying to deal with matters that are beyond your reach, I would first ask your client:

"Why?"

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13th Sep 2017 16:45

Dear Anonymous.

You do seem to be posting a shitload of [***] stupid questions on an almost daily basis.

Have you thought about a career change?

All the best

Kent

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