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Ed Molyneux replied on June 04, 2008 13:34 to the question "Corporation Tax - overpayment due to client going bust" in FreeAgent Central:
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.-
pelfed asked a question in FreeAgent Central on June 04, 2008 13:21:
Corporation Tax - overpayment due to client going bustI 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.
