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Left cash accounting scheme with bad debts - part of

Resolved Question:

left cash accounting scheme for vat with bad debts - part of year cash accounting - sa form now asks if used scheme - answer yes and no ....
Submitted: 10 months ago.
Category: Tax
Expert:  bigduckontax replied 10 months ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Are you still registered for VAT and still intend trading under the VAT umbrella?
Customer: replied 10 months ago.
Yes will be on accruals basis as invoices are much less so will probably be under VAT threshold anyway - had to leave vat paying what was owed and claiming bad debt relief
Now SA form asks you if you used cash basis which I have but have left
Customer: replied 10 months ago.
Bad debts need to be included on this form
Expert:  bigduckontax replied 10 months ago.
Well you did use the cash basis so you should annotate 'Yes.'
Customer: replied 10 months ago.
This does not allow bad debts as expense which vat system does on leaving scheme - this is inconsistent with VAT system
Expert:  bigduckontax replied 10 months ago.
Then leave the VAT system, particularly as your remaining venture will be below threshold. Then you will not have the palaver of VAT accounting to worry about.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3369
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 10 months ago.
Thank you for your support. I am on 01750 725420.

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