Forum Message

Corporation Tax deductions

Hi,

Have been trying out the trial package with some company data, can you tell me the correct way to record Corporation Tax deductions in Solar Accounts. I deduct my Corp Tax on a monthly basis.

Regards

Alan


Posted by Alan Roper on Nov 2, 2008 8:49 AM GMT

Hello Alan,

I assume you want to record a corporation tax expense each month to
work out your after-tax profit, but you only pay your corporation tax
liability once a year.

To record the monthly tax expense, create a new General Transaction
from the 'Corporation Tax Liability' account to the 'Tax Expense'
account.

To record your annual tax payment, create a new Money Paid Out
transaction allocated to the 'Corporation Tax Liability' account, and
with a VAT Treatment of 'Out of Scope'.

For more information, here is our help page on this topic:
http://www.solaraccounts.co.uk/help/how-to-record-an-annual-tax-liability.php


Posted by Mark McLaren (Solar Accounts) on Nov 2, 2008 1:42 PM GMT

Mark,

Many thanks

Alan


Posted by Alan Roper on Nov 3, 2008 8:23 AM GMT