FreeAgent Update - Release Gruyere
Last changes before our official UK launch! Quite a few changes behind the scenes (think of a graceful swan and all that furious paddling going on under the water...).
But there are two small but visible changes that you should know about:
Treatment of VAT on your Accounts
We now correctly include VAT on overheads you incur if you are not VAT-registered.
If you are VAT-registered, overheads will be shown as excluding VAT, as will your invoices.
If you became VAT-registered part-way through an accounting year, each of these treatments will be used for the relevant parts of that year.
The Profit and Loss screen (Home > Profit and Loss) displays whether VAT is included or not for each item.
Corporation Tax Payments Date
Previously, on the Home page your Corporation Tax was shown as becoming due one year after the end of the accounting period. This has been fixed to show the correct date (nine months and one day) as published by HMRC here. The Tax Return itself is still due at the one-year mark, of course.
A word about Subscription Payments
Although we have officially launched publicly (see next post for the announcement), we are still doing final tests on our facilities to take payments for FreeAgent Subscriptions. Since everyone is on free trial accounts of at least 60 days, this should not present anyone with problems for a while. Rest assured, when the time comes to convert to fully-paid accounts, we'll be ready!
- How MTD will work for businesses with an accounting year that doesn't match the tax year
- Important news for contractors - changes to IR35
- New tax year: what has changed?
- New VAT flat rate scheme rate for certain businesses
- Why the first week of April is the best time to switch to a new accounting system