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
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
Even the VATman recognises that bad debts are an inescapable part of business life. But at what stage does he allow you to get the VAT back you’ve already paid on the debt?
Published 11.05.2006
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
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
VAT cash accounting offers advantages to small businesses, but all good things must come to an end. When your turnover reaches the limit you’ll have to leave the scheme. But how should you handle the
transition to avoid losing out?
Published 17.10.2012
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
If you’ve applied to register a new or existing business for VAT, but you’re waiting for your registration number, when should you charge VAT to your customers and what’s the procedure for collecting
it?
Published 05.09.2013
Your new bookkeeper has pointed out that you’ve been charging some customers standard-rate VAT for goods that ought to have been zero-rated and accounted for the excess on your VAT returns. Are you
entitled to a refund?
Published 09.02.2022
Honest mistakes in your VAT returns are bound to happen, even HMRC acknowledges this. What steps must you take to put them right and what other tax adjustments might you need to consider?
Published 31.03.2017