Originally posted by xoggoth
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Reply to: Bad debts
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Previously on "Bad debts"
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That looks really useful, cheers asb.
Yes, cash accounting for VAT, so assume I did not need to bother about it at all. Didn't really follow the second part of your sentence.
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I assume you are accrual accounting. If so read this, it should help you figure out what you need to do for your accounting system.
http://www.accaglobal.com/publicatio...countant/11983
I assum you are cash accounting for VAT in which case you don't need to worry about bad debt relief, but it will impact your vat liability moving forward so don't forget to credit back the vat element.
HTH.
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Bad debts
In my s/w company there is a couple of hundred quid outstanding after nearly a year despite reminders. In my contractor company a client went broke owing about £1600. Still no news from administrators after about 6 months. (Apart from minutes of the meeting at which they voted themselves a fat fee!)
Can you assume I won't get paid after sufficient time has elapsed and if so how do I handle it in the accounts? Cheers for any comments.Tags: None
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