If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Income tax treatment

Blowback · 2007-11-14 20:48:57

Hi, After reading Peter C post regarding income tax Journal entry treatment,has prompted me to sort my own situation correctly!!!! First year as sole trader doing books myself using Sage.Total lay person I have treated my IT due as Drawings in this year. Drawings €2000.00 15/11/2007 Tax due for 31/12/06 €1000.00 Prelim Tax…

14-11-2007 8:48pm

#1

Blowback

Closed Accounts Posts: 28 ✭

Join Date: September 2005

Posts: 21

Hi,
After reading Peter C post regarding income tax Journal entry treatment,has prompted me to sort my own situation correctly!!!!

First year as sole trader doing books myself using Sage.Total lay person

I have treated my IT due as Drawings in this year.

Drawings €2000.00 15/11/2007
Tax due for 31/12/06 €1000.00
Prelim Tax payable €1000.00

The way I see it is I am paying myself to pay the tax due (obviously not the proper treatment).

Any help would be very mush appreciated.

0

Comments

#2 16-11-2007 12:56pm

Triple A

Closed Accounts Posts: 27 ✭

Join Date: August 2007

Posts: 24

Yeah, that seems you have done it correctly

0
#3 16-11-2007 5:54pm

Blowback

Closed Accounts Posts: 28 ✭

Join Date: September 2005

Posts: 21

many thanks for yor reply.

0