Prepare for annual return - Income tax
jhfelectric
Member Posts: 6
Hello,
My business is very simple. For any income, 17% will eventually be claimed as income tax by the local Inland Revenue Board (this is not a sales tax).
I would like to have 17% of any income added to a liability account in Wave so that the expected year-end amount owed to the IRB is accounted for. How should I do this ? Is it "legal" to add a liability account for income tax in the chart ?
Thx in advance,
Julien
0
Comments
Hi @jhfelectric . I'm afraid that because we're not tax consultants and Wave is used as a product internationally, I can't advise on the legalities of doing this. It sounds like you know what you want to do, and this can be accomplished in Wave, but I can't say whether or not this is the correct route. I'd highly advise that you reach out to an accountant on this.