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Goodwill on Incorporation

Yiannis17
Posts: 29
Joined: Wed Aug 06, 2008 3:43 pm

Goodwill on Incorporation

Postby Yiannis17 » Mon Jun 19, 2017 6:38 pm

Hi

I have just taken on a client - minicab service, quite a large business of 4 offices. Client has incorporated about 16 months ago and looking at the accounts there is no goodwill in the accounts for the first year.

I propose to make an entry in this years accounts for a valuation of say 20k, even though I personally believe it will be more. Assets I will not transfer over as they would ave been written off.

Do I need to get HMRCs agreement on this valuation. I appreciate that the business will not be allowed to write off the goodwill and also not obtain ERs relief.

Is there anything else I am missing please?

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