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Hi,
Please i have quite an issue with a section C question. I am aware that impairment losses are allowable deductions only after they have been overdue for 6 months. Please see below, the note 2 contained in the question. And this was an allowable deduction for Retro Ltd… I believe it should have been disallowed as it is just 5 months overdue(Retro had a year end of 31st March 2023). I am confused as to why this was allowed. Please help.
Note 2 – Impairment loss
On 31 March 2023, Retro Ltd wrote off an impairment loss of £1,600 relating to a trade debt. This was in respect of an invoice which had been due for payment on 10 November 2022.
Hi,
ACCA study HUB. (TX UK March 2024). The “practice questions” section. Section C questions. Retro Ltd. Under Corporation tax.
I am afraid I do not have access to that information.
I wonder if you are confusing the writing off of a debt with the VAT rules on claiming back the VAT?
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