Hi. I am a bookkeeper and currently looking at the corporation tax liability from the accountants year end journal on Sage versus what is actually owed to HMRC from the CT return. They differ slightly. What journal should I post on Sage in order that the nominal matches what is actually due so that when the payments are posted, the nominal clears to zero?
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You need to post the figure given to you by the accountant, or else your opening TB will not agree with last year's accounts. The balance the CT liability account, if there is one, after the payment is made will be for the accountant to deal with in the next accounts.
have you posted 'something' in sage 'post accounts ' into the wrong year? or reconciled the ye ledger account...
I'd hazard a guess and say there were perhaps some capital allowances which reduced the actual tax due post accounts. So what you should have is corporation tax charge for the year on the p and l side and actual tax due on balance sheet liability. With the difference being somewhere in sure you can work out.
Post the amount that was accrued/bfwd from last year against that code in the BS so it then becomes nil in effect and the difference of £240 goes in this year's P&L as CT paid with note that it relates to last year