Goodwill


C

cheesey

Hi all

Hopefully a simple question 3 years ago I bought a business which started
slowly and I started to write off goodwill over 20 years. Now the company is
doing very well I would like to write it off over a much shorter period. Is
this possible so that the tax man is happy?

Thanks in advance

Cheesey
 
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J

Jonathan Bryce

cheesey said:
Hopefully a simple question 3 years ago I bought a business which started
slowly and I started to write off goodwill over 20 years. Now the company
is doing very well I would like to write it off over a much shorter
period. Is this possible so that the tax man is happy?
The tax man isn't going to care, as it won't make any difference to your tax
bill.

You could write off the goodwill over a shorter period if you feel that that
isn't going to last for as long as you originally thought it would.
 
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P

Peter Saxton

Hi all

Hopefully a simple question 3 years ago I bought a business which started
slowly and I started to write off goodwill over 20 years. Now the company is
doing very well I would like to write it off over a much shorter period.Is
this possible so that the tax man is happy?

Thanks in advance

Cheesey
Yes.
 

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