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CORONAVIRUS - INVOICE FACTORING

Account for VAT with factoring arrangements

Owing to cash-flow difficulties caused by the coronavirus outbreak, you have decided to use a factoring arrangement as an alternative to a bank loan. As a cash accounting scheme user, how do you ensure your VAT returns are correct? More...

BAD DEBTS

How to deal with an unexpected payment of a bad debt

One of our subscribers recently received a part payment from a bankrupt customer. The debt related to supplies made at different VAT rates, and had been written off in the accounts. How should he deal with VAT on the windfall? More...

OUTPUT TAX

Bad debt or credit note?

BAD DEBTS

Claiming bad debt relief on VAT-only invoices

You carry out repair work which is covered by insurance held by your customer. You invoice the net amount of the work to the insurance company and raise a VAT-only invoice to your customer. But what if the customer never pays this? More...

DEBT FACTORING

The VAT consequences of factoring debts

Owing to difficulty obtaining finance, many businesses look to use debt factoring. But if you do it can affect when you have to account for VAT or when you claim bad debt relief. What do you need to know? More...

BAD DEBT RELIEF

Records required when claiming bad debt relief

When a business claims VAT bad debt relief it has to set up a separate account and fulfil certain record-keeping criteria. How do you record the account and how long must records be kept? More...

BAD DEBT RELIEF

Tips and traps in claiming VAT bad debt relief

If a customer doesn’t pay their invoice, you may be able to claim VAT bad debt relief to recover your output tax. What happens if the bill is paid later, and how can attention to detail save you more money? More...

BAD DEBT RELIEF

The good and bad of bad debt relief

When administering bad debt relief you have to be careful to claim the correct amount - but sometimes you can also have an unexpected windfall. What are the key things to know? More...

BAD DEBT RELIEF

The dos and don’ts of bad debt relief claims

After waiting for six months you can recover the VAT on outstanding invoices using the bad debt relief (BDR) provisions. This can provide a useful stimulus to cash flow but what are the dos and don’ts? More...

BAD DEBT

The dos and don’ts of claiming bad debt relief

If a customer doesn’t pay, you can claim the unpaid VAT back from the VATman as bad debt relief. But what key elements of the scheme must you get right to ensure you don’t miss out? More...
Last updated: 04.06.2020

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