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Established Member

How do I record UK corporation tax paid

 
Solved
Best answer 04-09-2019

Accepted Solutions
QuickBooks Team

Re: How do I record UK corporation tax paid

Hello Tony26

 

Currently as we do not support corporation tax in QuickBooks Online, we would suggest speaking to an accountant to get advice on how to record this.

 

Thanks

 

Emma

 

 

Community Backer ***

Re: How do I record UK corporation tax paid

Hi, tony26

For the corporation taxes paid create a Other Expenses type account and post transactions through a Bill/Expense these type of expenses are not allowable for the purpose of calculating corporate tax.

If the exact amount of the corporation taxes are unknown you can create Provision for corporation taxes until the exact amount is known then reverse the over/under provisions.

 

Comment back for further clarifications.

Established Member

Re: How do I record UK corporation tax paid

Thank you.  That all makes sense.  Will do exactly that.

22 REPLIES 22
QuickBooks Team

Re: How do I record UK corporation tax paid

Hello Tony26

 

Currently as we do not support corporation tax in QuickBooks Online, we would suggest speaking to an accountant to get advice on how to record this.

 

Thanks

 

Emma

 

 

Community Backer ***

Re: How do I record UK corporation tax paid

Hi, tony26

For the corporation taxes paid create a Other Expenses type account and post transactions through a Bill/Expense these type of expenses are not allowable for the purpose of calculating corporate tax.

If the exact amount of the corporation taxes are unknown you can create Provision for corporation taxes until the exact amount is known then reverse the over/under provisions.

 

Comment back for further clarifications.

Established Member

Re: How do I record UK corporation tax paid

Thank you.  That all makes sense.  Will do exactly that.

Established Member

Re: How do I record UK corporation tax paid

Thank you for the clarification.

Established Member

Re: How do I record UK corporation tax paid

When will Quickbooks Online support Corporation Tax calculation and are there any other Intuit products which do currently support Corporation Tax calculation? I have just started using Quickbooks Online and it will be of no use to me if it cannot calculate my CorporationTax liability.

Community Backer ***

Re: How do I record UK corporation tax paid

Your are welcome tony26. :smileyhappy:

QuickBooks Team

Re: How do I record UK corporation tax paid

Hey @AdrianM

 

We currently do not have any products that support corporation tax. I always advise people to look at HMRC's published list of software that are authorized to submit corporation tax, which you can find here: https://www.gov.uk/government/publications/corporation-tax-commercial-software-suppliers/corporation...

 

Thanks,

Community Backer ***

Re: How do I record UK corporation tax paid

Hi, AdrianM

 

UK Corporation tax - according to my knowledge Intuit tax products does not support UK tax , Below are the Intuit tax products supports US and Canada contact customer care by visiting the below URL

 

ProConnect Tax Online

Lacerte

ProSeries

For hours of operation and contact information visit

https://accountants-community.intuit.com/articles/1639599-contact-us

 

QuickBooks Team

Re: How do I record UK corporation tax paid

@Rajanikanth

 

You are correct on both counts, Thank you for adding the US Links :)

Established Member

Re: How do I record UK corporation tax paid

OK, thank you for the replies everyone. It sounds like I will need to cancel my Quickbooks subscription and go back to using a spreadsheet which can calculate the UK corporation tax and use bridging software for MTD VAT submissions. It is a pity as I have invested the time in getting Quickbooks set up and entered two month's worth of accounts.

Regards,

Adrian

Moderator

Re: How do I record UK corporation tax paid

Hello, AdrianM,

 

It has been our pleasure being part of your business. But we fully understand the reason why you want to cancel your account.

 

If you have subscribed through a web browser, follow this steps:

  1. Sign in to QuickBooks Online as an admin user.
  2. Go the Gear icon and select Accounts and Settings.
  3. Select the Billing & Subscription tab.
  4. In the QuickBooks section, select Cancel.
  5. Follow the steps on the screen to cancel your subscription.

After following the steps above, the account administrator will received an email that confirms we cancelled your subscription.

 

Moreover, if you have subscribed via the mobile app, you can check this article for more detailed information:Cancel your subscription through an app store.


If you have further inquiries please let me know. I will gladly additionally help you. Have a great day!

Established Member

Re: How do I record UK corporation tax paid

Are there plans to add the handling of UK Corporation tax?  I would also find this a very useful feature which would reduce the amount of manual workaround....I really like the other features and am getting in to using Quickbooks....would be a shame to have to move on....

QuickBooks Team

Re: How do I record UK corporation tax paid

Hi there @KillerjoeUK,

 

We appreciate you using QuickBooks Online (QBO).

 

At the moment, we aren't able to tell when the corporation tax will be added to QBO. QBO currently supports taxes for small and medium business.

 

I suggest consulting your accountant for a way to record this type of tax.

 

If you have any other questions, please leave a comment below.

Established Member

Re: How do I record UK corporation tax paid

Small businesses pay Corporation Tax as well as VAT and PAYE and NI...the list seems never ending...it would be a really useful feature....I already have a work around....but automation is definately the way forward....

QuickBooks Team

Re: How do I record UK corporation tax paid

It is worth adding your feedback here

 

You can reply back here with the link to your feedback and other users can vote on it also.

 

We do appreciate it would be ideal to have this option in the product,the more feedback we get requesting it the better.

 

Thanks

 

Emma

Established Member

Re: How do I record UK corporation tax paid

I have suggested this as a new feature here:  Corporation Tax Feature

 

Cmon everyone....get voting to improve the functionality

Moderator

Re: How do I record UK corporation tax paid

Hi, KillerjoeUK.

I appreciate the product suggestion you've submitted.

 

Our development team is constantly working to improve the product and appreciates the help of users in bringing things like this to their attention. I've already taken note of your suggestion and will inform you whenever we have it available for our users.

 

I can pass along all the suggestion you have to the appropriate channels so you're able to reach a point of resolution as quickly as possible. As soon as an update is received, I will be happy to update this thread and let everyone know so that you can enjoy this feature.

 

We share recent happenings and future developments on our blog. Through this, you're able to get the latest news about QuickBooks Online and what our Product Care Team is working on https://quickbooks.intuit.com/uk/blog/making-tax-digital-with-quickbooks/.

 

You may find this article helpful: Making Tax Digital (MTD) - FAQ.

 

For additional help, you can also reach out to our QuickBooks Online Support. Just go to https://help.quickbooks.intuit.com/en_GB/contact.

 

The Community is around the corner if you have any other concerns. Have a good one.

Frequent Explorer *

Re: How do I record UK corporation tax paid

This is exactly what i need help with - can you refresh my memory though please of how to create an 'other expenses' account. 

 

Also when reconciling my banking, I presume this transaction will reconcile/match with the bill/expense I create?

 

Many thanks in advance.

QuickBooks Team

Re: How do I record UK corporation tax paid

Hi @BecPeel,

 

Allow me to clear things up for you.

 

@RoseMarjorieA is correct on what she stated above, and I suggest for you to follow her recommendations.

 

Else, if you're trying to manually record this tax in QuickBooks Online then it'd be best to consult your accountant.

 

Drop a comment below if you have any other questions.

Community Backer ***

Re: How do I record UK corporation tax paid

Hi, BecPeel 

 

Move to the Chart of Accounts > NewAccount Type > ExpensesDetail Type > Taxes PaidName > Corporation Tax hit Save.

 

Note: Taxes which are relevant to the company only and not Sales Taxes which are liabilities, not company expenses. And you can reconcile these expenses as well.

 

Comment back for further clarifications / to discuss.

 

 

Frequent Explorer *

Re: How do I record UK corporation tax paid

Thanks so much - worked great.

Active Member

Re: How do I record UK corporation tax paid

Oh, you can't be serious. I've subscribed to quickbooks so that I can have an accurate read on my liabilities position. When are you going to support Corporation Tax calculation? It's a critical feature.