I am using VT trans+, currently i have creditors balance for paye/vat amounting to £50k. this will not be paid.
I need to write this balance off, but there is no specific code/description in VT Trans+ to put this entry.
Is this the right treatment to offset the balance against the P&L reserves?
appreciate help. thanks
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Income in the P & L
It needs recording as income in the P&L. It is an exceptional item, probably "super exceptional" requiring separate disclosure on the face of the P&L. Its non taxable. I believe it is only usual to make this write-off when the CVA has run full term.