By Ola Sulaimon
Ronzl Accountants
There are different ways that business owners use to expand their organisation.
One such is acquiring a new business, most times it is usually assets both tangible such as computers, vans, etc. and intangible such as goodwill.
Before 1 April this year, the owners acquiring these items, specifically goodwill, were able to claim an amortisation claim against the acquisition.
Amortisation is a tax relief given over a period of time to the owner.
However, this relief was removed in 2015 when the owners could no longer claim the relief that could lead to a reduction in the tax paid.
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