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