as the Offical receiver has placed client in receivership - can we write off [not provide ?? ] the debt and immediately recover the vat ?
thanks in advance
a risman
Replies (1)
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No.
Bad Debt Relief can be claimed when, and only when, the debt is 6 months old (from the date payment was due, not the date of invoice).
This time limit applies to all debts whether or not the customer is solvent, you are actively chasing the debt or you have written the debt off in your accounts.
Regards
Paul Taylor
VATease - VAT Advice