Even the VATman recognises that bad debts are an inescapable part of business life. But at what stage in this current credit crunch will he allow you to get the VAT back on your bad debt customers?
Published 03.07.2008
Despite vetting your account customers, one of them has done a runner leaving your invoices unpaid. Do the bad debt rules apply meaning you must wait to recover the VAT you’ve paid to HMRC or can you
reclaim sooner?
Published 18.02.2014
You’re worried that one of your customers is about to go under owing you a lot of money. You’ve agreed to write off part of the debt if the balance is paid immediately. How soon can you get a refund
of the VAT you’ve paid on the bad debt?
Published 21.09.2022
The economic downturn could mean your business will see an increase in bad debts. But the silver lining could be a reduction in your VAT bills. How does this work and does the recent change in the
VAT rate mean you get less back?
Published 12.02.2009
If a customer doesn’t pay your bill you can get back any VAT on this that you’ve paid over to HMRC. But where do you stand if you’re withholding payment to a supplier because you’re in dispute with
them?
Published 16.07.2013
Your new bookkeeper has been looking over your records and says HMRC owes you VAT in respect of bad debt relief for overdue customer bills. This conflicts with advice you previously received. So
who’s right?
Published 04.03.2015
Paying for goods/services with the company credit card is pretty run of the mill stuff. However, you might not be claiming all the VAT you are entitled to. What exactly should you be looking out for
when you complete your next VAT return?
Published 09.05.2008
You must account for the full amount of VAT on sales even if your customer only pays part of your bill. Eventually you can claim the VAT back. But what’s your position where your invoice relates
entirely to VAT?
Published 05.03.2013
During a busy period, you accidentally forgot to send in a VAT return for the latest period on time. What are the consequences of this? Will a visit from the VATman be the final outcome?
Published 19.01.2006
The direct debit to pay the leasing costs of your company car(s) comes out of your bank account each month. This payment will include VAT at 17.5%. Do you simply put this Input tax on your VAT
return?
Published 26.10.2006