Q: How Do I Work Out Tax On Company Profits?
hello,
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
Irene
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.
Pete
