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A going concern

For a business to be a going concern it must be capable of being run by the buyer with the equipment used by the seller. A simple example of this is the sale of a taxi business. Arguably, it should include the car. Bearing in mind the taxi licence is the fundamental asset, Inland Revenue might take a more lenient attitude to this type of omission. However, the safe course is to stick to the letter of the law.

Don’t use the back of a page

When you fill in our accounting questionnaires, please don’t write on the back of a page. It can be missed.