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Bank write off

Bank write off

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Situation. A company is unable to account for a £500 bank receipt. Can you write it off to miscellaneous account in the UK. Are there any restrictions from a tax/accounting viewpoint? Thank you

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By JoF
26th Sep 2019 08:25

Have they asked the bank to put a tracer on the paymnet to try to find out where/who this has come from?

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By qwertyqwerty05
26th Sep 2019 08:34

Hi - yes hit a roadblock. Looking to understand the principle of the question if possible , thanks

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Caroline
By accountantccole
26th Sep 2019 10:02

Stick it on the balance sheet - in case someone comes for it in the future

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Scalloway Castle
By scalloway
26th Sep 2019 14:12

If the company has recived money it cannot account for you can either post it to miscellaneous income, or a creditor account if you expect to have to repay it.

HMRC will be quite happy for you to pay tax on it.

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