How to get an annual income tax report from invoices from within the EU (thus no VAT charged).
(Keep in mind that my company is in Bulgaria. That means I pay tax once a year for 10% of the sum of my profits.)
Whenever I go to Reports–>Tax Summary in the desktop app, I get 0 as tax, because I have no VAT charged to any of my invoices, but I cannot charge VAT since they are within the EU or from EU to US and I’m not supposed to charge VAT.
I’m so confused with this UI.
Tax summary is for VAT and similar taxes.
Tax on income is different and Manager doesn’t have any report to show it. The main reason is that profit for accounting purposes is often different from profit for taxation purposes. This is usually determined by an accountant.
Accountant will use Profit & Loss Statement to see what is your profit for accounting purposes, he might make some adjustments to it, then divide your profit by 10 to get your income tax payable amount.
Thank you very much!