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View your Corporation Tax estimates with Tide Accounting

You've probably heard your accountant mention 'capital allowances' and 'depreciation' more than once this past financial year.

At Tide, we make it simple to understand your Corporation Tax with estimates – located right in your Admin > Taxes tab.

In this guide, find out how to use Tide Accounting to:

  • Manage your Corporation Tax estimates

  • Edit your Adjustments

  • Pay your taxes

Simplify your tax management

Tax Account* is a premium feature that comes with Tide Accounting or Admin Extra. We've created it to help you:

Estimate how much you owe

Set money aside prior to tax season

Pay your taxes directly to HMRC

* You can only use your Tax Account to transfer money to your main Tide account or to pay your taxes to the HMRC.

Manage your Corporation Tax estimates

Now that you've your Tax Account ready, you'll be able to view and make quick adjustments to your Corporation Tax estimates.

Understand your Corporation Tax estimates

After clicking or tapping View tax breakdown, you'll see the tax due date, the estimated Corporation Tax you owe, and the tax period it's for.

You'll also be able to view your:

  • Net Profit and Loss – Download a report that focuses on your net income and expenses. You can also view your tax adjustments

  • Taxable Profit/Loss – The amount you need to pay, broken down into the different tax bands (or the taxes on different parts of your income)

  • Taxes due to date – The final amount you owe HMRC for the current time period

Edit your Adjustments

Within the Corporation Tax breakdown, you can also view (and edit) your adjustments. Adjustments are the changes you can make to your tax income, tax liability or tax returns, based on certain factors.

Two of these factors, which you'll find in our Corporate Tax breakdown, include your:

  • Capital Allowances – Spreading the cost of certain assets (ie. equipment, machinery, business vehicles, etc.) over time. We automatically populate this figure for you, based on how you've categorised all your expenses

  • Depreciation – Spreading the cost of certain assets (ie. buildings, vehicles, office equipment, etc.) over their useful life. You'll need to add this value in yourself

Both Capital Allowances and Depreciation amounts can be edited by clicking on the pencil Edit icon.

Make your tax payments

Now that you've your Corporation Tax and VAT estimates ready, it's time to pay your taxes.

Pay your taxes

In the app, tap Accounts, choose your Tax Account, then select:

  1. The type of tax you're paying (ie. Corporation Tax, VAT, etc.) > the correct HMRC account from the list

  2. Enter the amount and reference number > confirm and approve the payment

If this payment fails for any reason, the money will return back to your Tax Account.