able to calculate UK income tax?

Maf. King maf at chilwell.net
Sat Apr 5 07:20:39 EDT 2008


On Saturday 05 Apr 2008, Xin wrote:
> Hi Guys,
>
> I have recently become self employed and now have to deal with tax myself.
> A little about my situation. I live in the UK. I am a sole trader so I only
> pay normal income tax (no business tax).
>
> One thing I would like Gnucash to do is to tell me what my tax liabilities
> are at a given time. Can Gnucash do this? Can it also work out child
> maintenance per month?:)
>
> Also, after I register this as a Ltd company, can Gnucash handle business
> tax and tax on my income?
>
> Sorry if these questions are basic. Thanks for any help.
>
> Xin
>
> ps. I do plan on getting an account soon. I want to have a good handle on
> my finances first and as well to having external help.

Hi Xin,

GC can't calculate the tax due at any given instant in time - this is true for 
UK schedule-d (self-employed tax/sole trader) and corporation tax.

Nor can it do payroll calculations, which would be the case if/when you start 
your Ltd. Co. running.  I have no idea how child maintenance is calculated, 
so can't really help there - if it is a fixed percentage of income, then 
possibly a scheduled transaction may help you.

GC can, of course, keep track of tax that will become due, once you have done 
the calculations manually.

Cheers,
Maf.



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