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The First-tier Tribunal’s decision in Wildin and the importance of listening to expert witnesses
KEY POINTS
- Goodwill of smaller professional practices may be valued by reference to a multiple of turnover.
- What is the correct multiple on disposal?
- What is the cost or 31 March 1982 value?
- Other assets are taken over at an agreed market value.
The value of goodwill in an accounting practice was considered recently by the First-tier Tribunal in Wildin (TC3586).
Mr Wildin acquired his practice Wildin & Co in July 1981 having taken on £100 000 of clients from his former partners and set up in business as a sole practitioner.
The fees earned for the year ended June 1982 amounted to £98 498. Mr Wildin transferred 15.15% of the business to his business partner Mr Lewis and soon afterwards on 1 April 2003 he transferred...
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