Summary of total tax liability vs reserves?

[StuartCookson]

I was wondering if this is already possible, and if not might there be any desire to add it as a feature?

Each time I receive payment for a sales invoice, I transfer a portion of the paid amount into a reserve account, with the intention being that this will cover all VAT, PAYE and Corporation Tax bills. But the amount I transfer upon payment of each invoice is just an estimate, so there could be too much or too little in the reserve account at any given time.

I know we have a useful ‘Tax Summary’ feature, but I wonder if it could be extended to give a full total of all tax liabilities that haven’t yet been paid, so perhaps:

• previous year’s CT liability as yet unpaid
• accumulated CT liability for the current year
• previous quarter’s VAT liability as yet unpaid
• accumulated VAT liability for the current quarter
• previous quarter’s PAYE liability as yet unpaid
• accumulated PAYE liability for the current quarter

Perhaps this is already possible and it’s my limited understanding of QuickFile that’s holding me back. In which case, please someone point me in the right direction!

But if not, something like the above would hopefully give a total figure at any given moment that will be due to the tax man, and it should then be easy to see if there is enough in the reserve account to cover it all.

[ian_roberts]

Apart from the current year accumulated CT, everything else should be straightforward balances from nominal accounts - the PAYE account should be the total unpaid PAYE liability (anything unpaid from previous quarters plus the accumulated amount from this one, assuming your payroll journals are up to date), “vat liability” is the previous quarter VAT return amount, and the sum of purchase tax control and sales tax control gives the accumulated total for this quarter so far.