Question
Recording corporate tax liability and payments
Hi
I need some help please recording corporate tax due / liability and also corporate tax payments. I have the figures for my corporate tax 2021-2022 (Apr 2022 year end) that needs to be paid by end of this month (Jan 2023). I only started using QB in May 2022 so haven’t recorded any corporate tax for 2021-2022 (and don’t know how to do this).
1) How do I record in QB the corporate tax due for 2021-2022 in QB. I’ve never done this before so don’t know how to log it? Is it a retained asset / liability account etc. Please can someone give me step by step instructions how to record the corporate tax due?
2) When I pay the corporation tax for 2021-2022 that I will be transferring to HMRC this month, how do I record / code the payment in QB?
3) Finally, is the corporate tax 2021-2022 classed as an expense effecting my profits for this financial year? Eg. If I have made £10k profit for 2022-2023 so far when I pay the corporation tax relating to 2021-2022 (£3k) will my profits for 2022-2023 be £7k (£10K profit minus £3k corporate tax 2021-2022)? I wasn’t sure if corporation tax was an expense and reduced my profits for this year?
Really appreciate any help with this.
Thanks
Amanda
I need some help please recording corporate tax due / liability and also corporate tax payments. I have the figures for my corporate tax 2021-2022 (Apr 2022 year end) that needs to be paid by end of this month (Jan 2023). I only started using QB in May 2022 so haven’t recorded any corporate tax for 2021-2022 (and don’t know how to do this).
1) How do I record in QB the corporate tax due for 2021-2022 in QB. I’ve never done this before so don’t know how to log it? Is it a retained asset / liability account etc. Please can someone give me step by step instructions how to record the corporate tax due?
2) When I pay the corporation tax for 2021-2022 that I will be transferring to HMRC this month, how do I record / code the payment in QB?
3) Finally, is the corporate tax 2021-2022 classed as an expense effecting my profits for this financial year? Eg. If I have made £10k profit for 2022-2023 so far when I pay the corporation tax relating to 2021-2022 (£3k) will my profits for 2022-2023 be £7k (£10K profit minus £3k corporate tax 2021-2022)? I wasn’t sure if corporation tax was an expense and reduced my profits for this year?
Really appreciate any help with this.
Thanks
Amanda