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rob115
Mar 18, 2021 4:52 PM UTC
Question

How do i record a corporation tax payment

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4 replies

Ashleigh1
Mar 18, 2021 5:57 PM UTC

Hello Rob115, 

 

Welcome to the Community page, 

 

We do not support corporation tax in Quickbooks, you can manually calculate the corporation tax amount from your profit. Then do a journal from the retained earnings account to a corporation tax liability account. you would have to set this up , then when you pay it to HMRC create an expense and in the category column of the expense select the liability account. We'd recommend speaking with an accountant though to confirm they are with this.

emmam6
Jun 15, 2023 12:45 PM UTC

Hello Community Users, we just wanted to pop in and add an update regarding corporation tax and QuickBooks Online. There is now an option in workpapers in QuickBooks Online Accountant version to prepare and submit the corporation tax return (sometimes called CT600 form) We have included a help article on the how to steps here for any accountant users who would like more information.

Any questions please just ask them.

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