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Corporation Tax - overpayment due to client going bust
I have a client who has owed me money for 2 years and has been paying regular amounts plus interest. However they have now gone bust. How can do I deal with this with regard to corporation tax, since I've now overpaid due to this.
I’m indifferent
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Inappropriate?pelfed,
You should mark the outstanding invoices as 'written-off' - you can enter historical invoices if you need to.
This will then introduce a 'bad debt' expense in your accounts, and reduce the CT bill for the year accordingly.
EMPLOYEE
