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Sole trader goodwill acquisition

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Hi, currently work in business but about to complete first set of sole trader accounts.

Client has purchased a chip shop for £15k which is made up of assets (kitchen equipment) and goodwill. Am I right in thinking that the kitchen assets can be written off in the year as tax deductible expenses using cash basis? Also, can I write the goodwill off in the year as a whole so deduct the full £15k or does it need to be amortised?

Thanks so much 

 

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Psycho
By Wilson Philips
19th Jan 2020 19:33

In case you’re thinking that tax relief will be available for goodwill amortisation, it won’t.

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Replying to Wilson Philips:
ALISK
By atleastisoundknowledgable...
20th Jan 2020 08:14

Wilson Philips wrote:

In case you’re thinking that tax relief will be available for goodwill amortisation, it won’t.

Exactly- what year is it, 2013?

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Replying to atleastisoundknowledgable...:
Psycho
By Wilson Philips
20th Jan 2020 09:07

When was a sole trader ever entitled to a deduction for goodwill amortisation?

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