Once Ember has filed the Annual Accounts & Corporation Tax Return, you will need to make the Corporation Tax payment to HMRC. Ember should have provided you with clear instructions as to how to pay this when we filed this for you.
If you are unsure how to categorise that payment in Ember, this article should clarify things!
Which category to use?
Once the transaction appears in your Ember account you will need to categorise it. The correct option to use here is the "Corporation Tax Owed" category. It's important to use this category so that the payment nets off correctly against any outstanding liability in your Ember account and your financial records remain accurate.
Step by Step
1. Open the Ember App
Open the Ember app either on your web browser of mobile device.
2. Access Transactions:
Navigate to the "Transactions" section within the app. This is where you can view and manage all your financial transactions.
3. Locate the Corporation Tax Payment:
Find the transaction corresponding to your corporation tax payment.
4. Categorize the Transaction:
Click on the transaction to open its details.
Click on the category option in the transaction details
Select "Corporation tax owed" from the list of available categories. This categorization ensures that the payment is correctly attributed to your tax liability.
Once the transactions has been categorised and approved within Ember, the payment should now net off correctly. You will see the corporation tax owed previously shown on the money owed report to now disappear or reduce.
Remember to review and categorize your transactions regularly to keep your records up to date.
If you need any further assistance categorising your corporation tax payment, please reach out to a member of our dedicated support team who will be happy to assist you further.