I am paying corporation tax owing from 2018/2019 on a repayment plan at so much per month. For the last two years (2019/2020 & 2020/2021) the business has made a loss, and HMRC have just amended my outstanding CT owing. How do I reflect this in Quickfile? I have a feeling that I need to make a journal entry.
How did you record the Corp tax last time? Hopefully you used a journal then too. Which placed the tax owed on the balance sheet.
This time you do the same at year end except the credits and debits are reversed. That way the balance sheet Corp tax will reduce by the loss you’ve claimed against what’s owed.
Paul
Yes I used a journal so shall do as you suggest. Many thanks.
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