Corporation Tax
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Hello,
Can you help me understand how to approach the Corporation Tax?
I started the excel sheet this year, but I now have my Corporation Tax bill come in for last year 2022. How do I add this in?
Also, how best to set up the sheet to give me an idea of Corporation Tax going forward?
Thanks,
DeanHi Dean,
If the tax for last year 2022 has been paid, you can ignore this, but if it’s due for payment in your cash flow period, include this in your opening balances on the “Open” tab.
But the tax cell won’t appear until your switch-on tax on the “Info” tab under Calculate Tax – change this to yes.
Enter your 2022 tax in the brought forward cell on the open, and make sure you input the month the opening tax is paid on the “Info Tab” Where is says “Opening balance tax – ‘Month paid’.
For the tax going forward, by switching the tax to “on” on the “info” tab, the software will automatically calculate the tax on the profits in the profit and loss report based on the tax rate you enter on there “Info” tab for the relevant year.
You also, have additions or deductions to the profits, as taxable profit is not always the same as actual profit.
I hope that helps.
Regards, Russell
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