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Good news for those looking to acquire

By Ola Sulaimon
Ronzl Accountants

THERE are different ways that business owners use to expand their business.

One such is acquiring a new business, most times the business acquired is usually assets both tangible such as computers, vans, etc. and intangible such as goodwill.

Before 1 April this year, the business owners acquiring these items, specifically goodwill, were able to claim amortisation claim against the acquisition.

Amortisation is a tax relief given over a period of time to the business owner.

However, this relief was removed in 2015 where the business owners could no longer claim the relief that could lead to reduction in the tax paid.