Corporation tax in imported accounts

When importing your trial balance from external accounting software, previously posted corporation tax journals can interfere with the current year's tax computation if not handled correctly.

Automatic Tax Exclusion

Corporation tax and other below-the-line tax charges found on an imported profit & loss are automatically excluded from expenses rather than being treated as an operating cost. This ensures the tax is calculated correctly by WeFile's internal engine.

No Manual Removal Required

There is no longer any need to manually remove or reverse the corporation tax journal from Xero, QuickBooks, or FreeAgent before you initiate an import into WeFile. WeFile lists any imported tax lines clearly as excluded in the import preview dialog so you maintain full visibility.

Balance Sheet Creditors Check

To ensure your balance sheet perfectly balances, a smart check ensures the expected corporation tax liability is included in 'Creditors falling due within one year'. If it was omitted, WeFile provides a one-click option to add the liability and automatically reduce retained earnings to match.