What's new in March?
Spring is in the air, and we've got a bumper crop of product updates to help you spruce up the books in time for the new financial year.
Self assessment: payments on account
If you've completed your Self Assessment but are still confused about how payments on account affect what you have to pay and when, then don't worry, you're not alone. A while back we wrote this article explaining payments on account - and now FreeAgent handles payments on account and displays it on the Overview Tax Timeline.
The payments on account information is displayed on the Your Tax Breakdown page within the Self Assessment section. For 2013/14 you'll see calculated payments on accounts values, based on your 2012/13 return. Full details can be found in the Knowledge Base.
Explaining multiple transactions
A handy feature of our bank reconciliation process is the ability to explain multiple transactions at the same time, by explaining one and then using that explanation for a bunch of other similar transactions. Previously this was all or nothing; you couldn't pick and choose which transactions you'd like to apply the explanation to.
We've tweaked this part of the reconciliation process so you can now pick and choose which transactions you'd like to explain as you can see below. It's a small change, but we know it's a potentially big time saver.
Reverse VAT charge
When you do your final pay run of the year, you'll notice some extra questions now appear as part of the usual workflow.These questions need to be submitted through to HMRC as part of the final RTI submission of the tax year, so y'all better get on that.
Coming soon to a payroll near you
Looking ahead to the next month, we'll be introducing more great Payroll features, including the ability to generate P60 forms for all staff. We'll also be supporting the new Employment Allowance which could save your business £2,000 a year.
Until next time,
Roan and the team at FreeAgent
- Pre-election Finance Bill adds to MTD uncertainty
- 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