vat return - bad debt relief claim
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Hi Guys
Need help urgently. On the vat return do I take off the vat of the bad debt for Box 1 - VAT DUE IN THIS PERIOD ON SALES AND OTHER OUTPUTS & also take the net of the bad debt off on BOX 6 - TOTAL VALUE OF SALES & ALL OTHER OUTPUTS EXCLUDING ANY VAT or do I add it on.Or am I completely barking up the wrong tree.
God, I need Red Bull ( other energy drinks are available )
What am I talking about - I just need to add it to Box 4 - VAT RECLAIMED ON PURCHASES & OTHER INPUTS. I don't need to do anything with the net part. Do I ?
Need help urgently. On the vat return do I take off the vat of the bad debt for Box 1 - VAT DUE IN THIS PERIOD ON SALES AND OTHER OUTPUTS & also take the net of the bad debt off on BOX 6 - TOTAL VALUE OF SALES & ALL OTHER OUTPUTS EXCLUDING ANY VAT or do I add it on.Or am I completely barking up the wrong tree.
God, I need Red Bull ( other energy drinks are available )
What am I talking about - I just need to add it to Box 4 - VAT RECLAIMED ON PURCHASES & OTHER INPUTS. I don't need to do anything with the net part. Do I ?
0
Comments
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Re:vat return - bad debt relief claim
The entries for the initial bad debt write-off would be to credit debtors control, debit vat control and debit bad debts.
If you are doing this manually then take the VAT element off the output vat and then take the net amount from the sales figure in box 6. If you don't do anything with the net element you aren't completing the VAT return properly.
Regards
Steve0 -
Re:vat return - bad debt relief claim
Steve
Thanks very much, that's a big help. Much appreciated
Suzanne0