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Quarterly corporation tax payments

Cash Forecaster software comes with an automatic tax calculator - this tax calculation is very flexible and also includes the option for larger companies, which pay their corporation tax on a quarterly basis, to opt for quarterly tax payments.

To change the forecast to quarterly payments for the year in question is a simple selection of a drop down 'Yes' and then to enter your payments in the appropriate months you would normally pay that tax. Cash Forecaster does the rest.

Tax adjustments

For most businesses taxable profit is never the same as actual profit. For this purpose Cash Forecaster allows the user to enter adjustments to the profits so that the tax charge calculation takes these into account.

To adjust the taxable profit the user simply enters an amount either to be added to or taken away from the profits to arrive at taxable profits - Cash Forecaster will do the rest and depending upon the tax rate you enter and the month the tax it is paid, the tax payment will be included in the correct period on the cash flow forecast.

Corporate tax rates

Every country around the world have different business or corporate tax rates and these are often changed as well. Also, as businesses grow some countries, like in the UK, increase the corporation tax rate as the profits increase.

The beauty of Cash Forecaster is that you have total flexibility with the tax rates for each and every year - so no matter where you are in the world you will be able to enter your tax rate. No matter how small or large your business is and the corresponding tax rate that is applied to your company, Cash Forecaster can be easily adjusted by entering the relevant tax rate.

Also, if you business goes from a small business to a larger business, where the tax rate increases, all you need to do is to change the rate for the year in which the rate increases and Cash Forecaster will do the rest and include the appropriate tax charge in both the profit and loss account and in the cash flow forecast.

Spreading tax over the profit and loss

With regards to tax the cash flow side of things is easy to accomplish, as businesses have to pay their tax in a certain month following the year end as set down by their government rules. However, with regards to the profit and loss the solution is not so straight forward.

Therefore, Cash Forecaster has been designed so that the user has the option to choose between including the full charge in any one month of the profit and loss account of the period concerned, or to spread it evenly across each of the months. To choose between these two options is a simple selection from a drop-down of a 'Yes' or a 'No'.

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