US business bad debts: an unpaid invoice may have no tax deduction
How US small businesses can test tax basis and worthlessness before treating a book write-off as a federal bad debt deduction.
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Clearer decisions.
Keep the books in order, plan for cash needs and understand reporting changes. Practical guides with worked examples and links to the evidence.
Accounting and finance blog
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US business gifts: apply the $25 limit to the person and the year
How US small businesses can apply the federal $25 business gift limit by recipient across the tax year.
US home-office deductions: compare the methods after checking the space
How self-employed US Schedule C filers can test a home office and compare the simplified and actual-expense methods.
US repairs and equipment: the $2,500 safe harbor is an election
How US small businesses can use the federal de minimis safe harbor and what happens to costs above the limit.
VAT disbursement or recharge: who received the supply?
How UK VAT-registered service firms can tell a true disbursement from a recharge before preparing a customer invoice.
VAT fuel scale charges: choose the method before claiming the fuel
How UK VAT-registered businesses choose a road-fuel method and apply the correct scale charge to cars with private use.
Correcting filed company accounts: keep Companies House and HMRC tasks separate
Replacement accounts cover the original period and do not erase the first filing. Track Companies House submission and any Company Tax Return amendment separately.
Partial exemption: reconcile provisional VAT recovery to the whole year
A hypothetical annual partial-exemption calculation increases recoverable VAT from £36,000 to £40,000. Test de minimis and use the correct adjustment return.
Postponed import VAT: a matching statement total can still contain a duplicate
Reconcile postponed import VAT by movement reference and customs evidence. A hypothetical £8,000 statement needs a £3,000 supported duplicate adjustment.
UK VAT deposits: date each tax point before choosing the return
A deposit, dispatch and later invoice can put VAT from one goods order into two quarters. Track the amount covered by each tax point without counting it twice.
UK VAT return errors: calculate the net amount, then choose the route
The same £15,000 VAT error can use different correction routes. Work the VAT amounts, current discovery-period box 6 and separate disclosure conditions.
US backup withholding: settle the gross bill and keep the tax payable
Follow a hypothetical $3,000 contractor payment through $2,280 vendor cash, $720 backup withholding and the separate Form 945 payment review.