Goodwill for Business

pinoyLiz
pinoyLiz Registered Posts: 92 Regular contributor ⭐
in AAT student discussion
Hello guys,

If you received GOODWILL in your business as part of your business start up (capital), do you pay tax for it?

My friend, bought a sandwich bar and only paid half of it and the other half is goodwill. How will this affect his tax return? or it doesnt.

Thanks,
P

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  • pinoyLiz
    pinoyLiz Registered Posts: 92 Regular contributor ⭐
    pinoyLiz wrote: »
    Hello guys,

    If you received GOODWILL in your business as part of your business start up (capital), do you pay tax for it?

    My friend, bought a sandwich bar and only paid half of it and the other half is goodwill. How will this affect his tax return? or it doesnt.

    Thanks,
    P

    Sorted thanks!

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