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Reply to: Bad debts and CT
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Previously on "Bad debts and CT"
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Originally posted by SackmanandCo View PostYou can write off the oustanding amount as a bad debt.
Do I need to redo the accounts submitted to Companies House if I do this?
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I would think that if the company isn't dormant you'll need to submit accounts and file tax returns for 08/09 and 09/10 anyway. If you get everything right, that should take care of it.
I would suggest looking at the corporation tax return forms (CT600) and seeing how daunting they are.
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Bad debts and CT
This is for a Plan B co. that I started with somebody else as a 50/50 split a couple of years ago. In the first year (07/08) we invoiced about £7K, but only ever received about £2K. I've actually carried on doing the same thing, but the other guy didn't want to continue so I've been doing that through plan A co., but we kept the original company going in the hope that the money would turn up.
The client company is sort of still going in a very small way, and we did recently receive a small (£400) payment. But I think the chances of getting the money is small, and keeping going is not worth the hassle (and I think I've just got us a fine by forgetting to submit the accounts).
But the problem is we had to pay CT based on the ~£7K profit, about £1500. It'd obviously be nice to "write off" (if that's the right term) the nearly £~4.5K of that that we never received and get a refund on the tax.
Given the sums involved paying an accountant is not cost effective.
Any suggestions on how best to sort out the mess?
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