We’re pleased to announce the release of a new Tax Summary report. This will give you a rough idea of your cumulative tax liability throughout the year, you can also page back through previous periods to see historic data.
You can find the Tax Summary report if you go into the Reports Overview section (just click on the main Reports header tab), then look in the left hand menu and you will find an option. We’ll be gradually making it more visible in other areas.
The report currently covers VAT, Corporation Tax (For Limited Companies) and Income Tax (For Sole Traders). Here’s an example of the Corporation Tax overview.
If you’re a sole trader you’ll see something like this:
Here we take the adjusted taxable profits and calculate the income tax due at each tax band then formulate a total.
Add backs and deductions are additional adjustments that are made to the net profit to factor in any items that are deductable and allowable for tax purposes. We calculate this by reference to a list of nominal codes that generally fit into the criteria for both add-backs and deductions.
You can configure the codes used to calculate add-backs and deductions by clicking on the corresponding blue gear icon. This will reveal a box where you can enter or modify a comma separated list of nominal codes and ranges.
If you are VAT Registered then within the tax summary you will also see some key figures from the various VAT nominal codes in your accounts. This will show you the Input and Output VAT for the current quarter along with the balance on the VAT control account. Again you can page back through quarters to reveal historic VAT data.