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Search results: 14 article(s) found in topic: Debt relief - keyword: Bad debt relief

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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 DEBT RELIEF

Avoiding costly mistakes with bad debt relief

Unless you use the cash accounting scheme, relief for VAT on bad debts needs to be reclaimed. However, there is a particular procedure to follow in order for a valid claim to be made. What do you need to do? More...

VAT CASES

Theft leads to successful bad debt relief claim

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...

BAD DEBTS

Bad debt relief when leaving a VAT group

The ability to claim bad debt relief is important for aiding cash flow. How has an Upper Tribunal decision set the current precedent when a company leaves a VAT group, and how can you protect yourself if this is overturned on appeal? 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...
Last updated: 03.07.2020

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