Right, just a quick one here, but the page I posted up related to 'selling your business'; not buying a round; so it was
the wrong reference to use.
And as someone said earlier, and after a bit more reading, I suspect buying a round could be counted as a Capital Asset, though this normally - I agree - is something that's a 'bit of kit', rather than something intangible like goodwill.
But 'goodwill' is definately recognised by the tax man, since when it comes to selling your business, he'd be after the captial gains you've made on it.
If it is a Capital Asset; which I strongly suspect it is; then you'd be able to deduct a certain amount per year from your profit, thereby reducing your tax liabilty; till the amount you spent was used up as an expense.
But what I don't believe is that you can spend,
for example, £3000 to purchase a round to start window cleaning, and that has no effect on the income tax you pay at the end of the year, and that you can only 'save' when you close your business down; say 20 years later; that just doesn't make any sense to me; and normally there's a method behind the madness of rules and regulations.
I'll do a bit more reading and come back with what I think is a definitive answer.
PS.
Sorry, Ronnie, Squeaky has stopped biting at my derogatory posts about him; so I've chosen you to fill his boots. It means I like you really! Honest!
PPS. I still think I'm right on this matter!