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  • Tax Memo - Value added tax - Routine VAT - Bad debts - 81360
    VAT is usually accounted for when a supply is made. If the debt in respect of a supply is not paid, the supplier may claim bad debt relief equivalent to the output tax paid to HMRC, provided that certain conditions are satisfied. If such a claim is made, any input tax recovered by the customer must be repaid to HMRC (and in any case a customer who has not paid within 6 months must repay the input tax - see ¶81460). Retailers and suppliers using the cash accounting scheme (¶81515) are not affected by the VAT...
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  • Tax Memo - Value added tax - Routine VAT - Cash accounting scheme - Special situations - Outsourcing debt collection - 81615
    Where the debts of a business are collected by an agent, VAT must be accounted for in the period in which the agent receives the payment. VAT is due on the full amount received by the agent from the customer, not any reduced amount paid by the agent to the supplier. Where a business sells a debt, it must account for VAT in the period in which any debts are sold or assigned. VAT is due on the full amount of the debts sold or assigned, not the consideration for which they are transferred. If a debt is factored...
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  • Tax Memo - Value added tax - Special accounting methods - Retail schemes - Using a retail scheme - Calculation elements - Expected selling price - 83520
    At the end of the VAT period the retailer should review the selling prices by taking into account: - price changes (particularly in respect of perishable goods which must be sold by a certain date); - special offers and promotions which were not predicted initially; - goods supplied from normal stock to use in business entertaining or taken for private use; - wastage in light of actual events; - products recalled by manufacturers; - equipment (e.g. freezer) breakdowns; - breakages; - theft; and - bad debts...
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  • Tax Memo - Value added tax - Administration - Records - Other records - 87060
    In addition to the VAT account, all traders must maintain the following records: - general business and accounting records; - copies of all VAT invoices issued and received; - a record of any exempt supplies; - details of self-supplies; - credit and debit notes; - a refund of bad debts account; - documentation regarding any imports or exports; - documentation issued or received relating to the transfer, despatch or transportation of goods to or from other EU member states or services subject to the reverse...
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