The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note deals with bad debts for:
For companies, money debts are dealt with under the loan relationship rules. See the Corporate debt ― overview guidance note. Debts which fall within either the derivative contracts or the intangible fixed assets regimes are also excluded from the rules covered in this guidance. See the Scope of intangibles regime guidance note.
The bad debt rules do not apply to the simplified cash basis as income is taxed on a receipts basis anyway. See the Simplified cash basis for small businesses guidance note.
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