FreeAgent Update - Release Cheddar
Some quite large changes this week:
Setting your FreeAgent Start Date
The first thing you may notice is that you will now need to set a FreeAgent Start Date (you will see the 'Getting Started' screen again instead of the home page until you do so). This should be the date from which you are using FreeAgent to manage invoices, calculate tax etc, and will normally be the start of an accounting year. If you're not sure what to enter, just use the start of the current tax year (6 Apr 07).
Until you do this, you won't be able to see tax calculations for older accounting periods, or in fact the overview page either, but it should only take a minute to do. Just email us if you have any questions.
New Profit and Loss Calculation
A new page under the Home tab shows you a 'Profit and Loss' calculation for a selected accounting year. This just summarizes all the income and outgoings for that year and also breaks down each category into its component transactions - just select each category in the summary to jump down to the appropriate section.
For Limited Companies, it also shows an estimate of Corporation Tax, what profit has been withdrawn as dividends, and what retained profit there is (if any).
Do note that we have not yet added support for calculating 'depreciation on fixed assets' on this page - you can't claim really big purchases like new computers etc as overheads, but you do get what are called 'capital allowances' to account for these over a number of years. Proper support for this will be forthcoming in two week's time.
High Resolution Logos
You can now upload a high-resolution logo if you want to. A low-resolution version is generated for use at the top of each FreeAgent page and for invoice previews (which makes the pages faster to load), but the hi-res version is used when you generate PDF invoices to save or email.
Co-operative Bank CSV Statements
We now support Comma-Separated Variable (CSV) statements downloaded from the Co-operative Bank.
View Out-of-Pocket Expenses by Month
As well as viewing the list of ten recent Out-of-Pocket expenses or seeing a whole tax year's-worth, you can now view individual months. Just select the month from the 'Show:' drop-down menu.
New Advisory Fuel Rates for VAT on mileage
When you make a mileage claim, you can reclaim VAT on the fuel part of that expense (provided you get a VAT receipt). HMRC have published new rates at which that is allowed here, and we have updated FreeAgent to use those numbers for mileage recorded after 1st Aug 07.
BUGFIX: Rebilled expenses appeared as negative on invoice if you aren't VAT-Registered
We're pretty sure you didn't want to actually pay your clients for these expenses, so we've fixed it. Sorry 'bout the inconvenience.
- Video: an introduction to VAT by HMRC
- You deserve better: why you need to break up with your spreadsheet
- Simple ways to save yourself future Self Assessment stress
- Making Tax Digital consultation response published
- Not feeling (a) fine? You might have a ‘reasonable excuse’ for not completing your tax return