Understanding the WHT tracker

Withholding tax, usually shortened to WHT, is tax that some of your clients deduct when they pay you, rather than paying you the full invoice amount and you separately paying tax on it later.

BizOS tracks WHT suffered, meaning the tax deducted by clients when they pay invoices you have sent them. It does not track WHT you might need to deduct when paying other people, since that is a different situation and not something BizOS currently manages.

The rates BizOS tracks are based on what the invoice is for. Professional or technical services and construction or contract work are typically deducted at 5 percent. Rent, dividends, interest, and directors fees are typically deducted at 10 percent.

When a client tells you they have deducted WHT from a payment, you can record that against the relevant invoice in BizOS. This keeps your records accurate and makes it easier to reconcile what you were actually paid against what you invoiced.

The WHT tracker is available on Momentum and Apex.