Help please with Corporation tax

Question asked by Teresa Mayo 12 months ago

Please can someone help me. I'm not really understanding that I should do.

Create a journal

1st line put in the amount under account code 6501001 2nd line put in the amount under account code 8503002

Do I have to put anything in the boxes at the end.

It not shows up on my dash board under tax and dividends etc.

I then credited an invoice using the account code 6501001 - and marked it as paid but it still shows on my dash board as owing

What am I doing wrong.

Thank Teresa

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1 Reply

Hi Teresa,

For the Corporation Tax journal, you must complete the boxes debiting the corporation tax account (in the Tax expense group of the Profit & Loss account) and crediting the corporation tax account (in the current liabilities group of the Balance sheet) and save, like so:

file

Once created, you must create a bill using the corporation tax account (in the current liabilities group).

Please let me know if there are any further queries?

Thanks,

Tommy

Best answer
12 months ago

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