[Mike55]

Guys,

Is my understanding correct that if purchasing a round it is not tax deductible, but rather is treated as 'goodwill.'

Anyone know the answer?

Thanks, M.

[♠Winp®oClean♠]

Guys,

Is my understanding correct that if purchasing a round it is not tax deductible, but rather is treated as 'goodwill.'

Anyone know the answer?

Thanks, M.

According to my "chartered" accountant, you are correct!

[Gringo]

it is classed as goodwill and you can claim 10% of cost of round per yr for next 10yrs as i do

[Window Washers]

buy the business

[AS Window Cleaning]

Whoops!  i claimed for all of mine, was told by inland revenue (in the good old days before had an accountant and used to go to inland revenue and fill in forms!!) that so long as when I sell a round i put in as profit, then it would be ok.

So i claimed it as expense.....rightly or wrongly......

[Simon@ Clearview contractors]

Yes you can it's classed as an intangible asset.

[Sean Dyer]

Yes you can it's classed as an intangible asset.

I claimed for a round i bought too

[Steve CM]

Yes you can it's classed as an intangible asset.

spot on i done the same...4 times!

[Helen]

so long as when I sell a round i put in as profit, then it would be ok.

wrong

[Rogue Trader]

it is all about what is seen as reasonable!! i bought a round and my accountant saw that the goodwill was reaonable to split over 4 years.

[AS Window Cleaning]

so long as when I sell a round i put in as profit, then it would be ok.

wrong

why wrong Helen?

oh, you mean wrong to put anything down as profit full stop?   

[Helen]

so long as when I sell a round i put in as profit, then it would be ok.

wrong

why wrong Helen?

oh, you mean wrong to put anything down as profit full stop?   

One of the many things our great accountant knew and we had no idea about.
Can't explain fully, but to do with entrepeneur tax relief.

[DaveG]

Call it "canvassed work" then its tax deductable..ie you paid someone to get the work for you.