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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 9:48pm

#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 1:56pm

Triple A

Closed Accounts Posts: 27 ✭

Join Date: August 2007

Posts: 24

Yeah, that seems you have done it correctly

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#3 16-11-2007 6:54pm

Blowback

Closed Accounts Posts: 28 ✭

Join Date: September 2005

Posts: 21

many thanks for yor reply.

0