Income Tax payments by sole trader

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Income Tax payments by sole trader – Free Online Small Business Accounting Software Questions & Answers

Just wondering how I would account for a payment against an income tax liability as a sole trader? I’m guessing I have to setup a new account via chart of accounts and handle manually?
If it makes any difference I pay regularly throughout the year instead of in one hit.
Thanks in advance,
Finn

2 answers

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Peter Connor ⋅ Staff January 14, 2015
Public

Hi Finn,
That’s a question for your accountant, we can’t give accounting advice! 
Sorry about that, if your accountant has any questions let me know.
Cheers
Pete

#answer-1197
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Peter Connor ⋅ Staff January 14, 2015
Public

Hi Finn,
That’s a question for your accountant, we can’t give accounting advice! 
Sorry about that, if your accountant has any questions let me know.
Cheers
Pete

#answer-1198
  1. finnrichards January 14, 2015
    Hi Peter,

    Thanks for that - not really looking for accounting advice though! I just would like to know the best way to flag a payment in Bullet that has appeared in my bank account destined for Revenue as an income tax payment. Obviously its not an expense or a purchase or a bill - what do others do?
  2. Peter Connor January 14, 2015
    I'm not sure Finn to be honest.
    There are on stick rules in Accounts contrary to what people think. If you have Sole Trader friend they might be able to advise you?

    Sorry I can't be more helpful.

    Pete

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