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Imp_star
March 2, 2023
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Payments to HMRC - SA & NIC payment recording

  • March 2, 2023
  • 1 reply
  • 0 views

Morning

 

Have searched but can't seem to find.....

 

Payment made to HMRC for SA/NIC - Single transaction brought through from business bank feed for return for the tax year 2021-2022 and a first payment on account

 

Please, How do I categorise / record this payment? 

 

Cheers muchly N

Best answer by GeorgiaC

Hi Imp_star, you can record the payment on account using a journal entry (+ New > Journal Entry) - if you're unsure of which accounts to use here, we'd recommend reaching out to your bookkeeper or accountant for support. If you don't already have an accountant, you can find a QuickBooks certified ProAdvisor near you on our online directory. 🙂

1 reply

G
GeorgiaC
March 2, 2023

Hi Imp_star, thanks for joining the Community. You can create a current liability account to track these payments (Cog > Chart of Accounts > New > Select account type Current liability > detail type Current tax liability > Rename > Enter the amount due in the 'unpaid balance' field and select the date > Save). Once created, record the payment using an expense (+ New > Expense), selecting the bank account that the payment was made from under 'payment account' > enter the date this was made > select the liability account under 'category' and enter the amount (with 'Amounts are' set to 'No VAT'). You should then see that the balance of the liability account in your CoA is back to zero. 

    I
    Imp_starAuthor
    March 3, 2023

    Thank you @GeorgiaC 

     

    Excellent - Nice Clear Answer! 

     

    I have another future Payment 'on account' to make in July for Tax/NIC how would this be recorded

     

    Cheers muchly N

    G
    GeorgiaCAnswer
    March 3, 2023

    Hi Imp_star, you can record the payment on account using a journal entry (+ New > Journal Entry) - if you're unsure of which accounts to use here, we'd recommend reaching out to your bookkeeper or accountant for support. If you don't already have an accountant, you can find a QuickBooks certified ProAdvisor near you on our online directory. 🙂

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