Revenue has published a new VAT information leaflet Bad Debts (excluding hire-purchase) on their website. The leaflet sets out the VAT relief available for bad debts written off, the conditions to be satisfied and how the relief should be calculated and claimed.
Paragraph 14 of the leaflet replaces the contents of the paragraph headed 'Bad Debts' in Tax Briefing No. 51 and has been incorporated as paragraph 14.1 in the leaflet Transfer of Business.
The new VAT Information Leaflet Bad Debts (excluding hire-purchase) can be accessed here.