How Do I Work Out Tax On Company Profits

Q: How Do I Work Out Tax On Company Profits?

how do I account for paying corporate tax – I see VAT and P30 but not tax that we need to pay based on a small profit we made last year.
many thanks

1 answer

Peter Connor Staff May 7, 2014

Hi Irene,
Two thing for you here.
1) To record it you’ll need to enter it as a manual journal entry (My Company > Manual Journal Entries), we don’t have a workflow for corporation tax. If your not familiar with journal entries then it’s best to get an accountant to do it. We can recommend a tax accountant if you like. 
2) To calculate it, you’ll need an accountant to do that. 
Hope that helps. 



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