VAT adjustments related to bad debts
| OUTCOMES OF TOPIC After studying the topic related to VAT adjustments with regard to bad debts, you should be able to: ✓ Understand the VAT consequences that will arise on the write-off of bad debt; ✓ Understand the VAT consequences that will arise on the subsequent recovery of the bad debt write-off; ✓ Identify at what rate should the abovementioned VAT consequences be accounted for; ✓ Calculate the VAT adjustment related to the bad debt written off or recovered; ✓ Understand the VAT consequences that will arise on the provision for doubtful debt; Declare bad debt adjustments on the VAT201 return. |