I am submitting a tax return for my first year of trading as a sole trader. I have a bad debt and am a little unclear about where to enter it on the return. Do I add it to my allowable business expenses (cost of materials etc) used in the calculation of profit, or should it be entered elswhere? Incidentally, the debt is definitely not recoverable. I am doing an online return if it makes a difference to the answer. Thanks.
19th Jan 2011 20:46