What is MTD? Making Tax Digital (MTD) is the name of the government’s plan to ‘simplify’ the tax system and take advantage of technology in order to help people get their tax right and get information to HMRC more promptly. The initial plan was that all companies, self-employed people and landlords earning over £10k would… Read more »
Posts Tagged: FreeAgent
Whether you’re a seasoned FreeAgent user, new to the software or about to get started with FreeAgent, it’s likely that you’re not utilising its full potential. We’ve worked closely with FreeAgent for over 3 years so we know the system back to front and we’ve found the 3 most under-utilised features that could help you… Read more »
From the moment the Chancellor mentioned “rising incorporation and self-employment eroding tax collection” in the early part of his debut Autumn Statement speech, Free Agent suspected that there may be some bad news for small businesses lurking in the full report – and it appears they were not wrong. Read the article at FreeAgent →
FreeAgent’s Emily Coltman takes a look at the advantages and disadvantages of trading through a limited company, including taxation, limited liability, paperwork, legal duties and privacy. Read the Article →
Making Tax Digital is a government initiative that sets out a bold vision for ‘a transformed tax system and the end of the tax return’ by 2020. Not sure what it means for you?
A detailed guide on cashflow forecasting by FreeAgent that can help you: plan out how much you expect to make in sales this year plan how much you expect to spend in costs understand when cash will come into your bank account and leave it Read the article →
When you’re busy trying to run your business, it’s hard to keep track of what business costs and expenses are eligible for tax relief – and that might mean that you end up paying too much tax! In these guides FreeAgent’s Chief Accountant Emily Coltman lists some common business costs and expenses, and walks you… Read more »
When you’re starting out in business, it can be tempting to run all of your finances through your personal bank account, rather than going through the hassle of setting up a separate account for your business. Read the full article on FreeAgent →
The FreeAgent Tax Timeline displays a live projection of how much money you owe to HMRC and when you owe it, so you’ll know how much to set aside for tax bills. You can export the details of your tax deadlines into your Google, Outlook or iCal calendar by following these steps. Read the instructions… Read more »
In FreeAgent you now have the ability to dispose of capital assets. Previously you could record the purchases of capital assets but there was no way to explain if you’d sold an asset. You can now explain transactions as disposal of capital assets, which will prevent further depreciation, ledger the balancing charge and get all… Read more »
HMRC have recently changed the way tax is handled for businesses supplying digital services to consumers in the EU. From January 1st 2015, VAT on digital services is paid in the consumer’s country, not the supplier’s country, and is charged at the rate that applies in the consumer’s country.
In another addition to FreeAgent’s integrated accounting and payroll platform you can now automatically generate the P45 forms required when an employee leaves your business.