VAT- Bad Debts
Posted by Angela Clarke | Filed under Bad Debts, Tax, VAT
Broadly, bad-debt relief applies where a taxpayer accounts for VAT in respect of a taxable supply to a customer who subsequently defaults on all or part of the debt. It entitles the taxpayer to relief for the VAT accounted for on the bad debt and is therefore a valuable tool for reducing the impact of [...]
Tags: Bad Debts, bad-debt relief, Corporation Tax, VAT, VAT legislation, VAT return