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Corporation Tax
Is this application does generate Corporation Tax Form as per HMRC alongwith all other financial statements, as most of the software does it and submit directly to HMRC.?
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Inappropriate?No, we don't.
We produce what accountants call a 'Trial Balance', which is just a summary of all the year's transactions and which can be used to generate the accounts. At the moment we have a Profit and Loss page and we are shortly to release a live Balance Sheet. A little while after that we're going to introduce a cool Cashflow graph.
That's the basics of the accounts you would need to submit to HMRC and Companies' House, but there are some areas where last-minute adjustments by your accountant may be required, and an expert eye cast over them is normally recommended, so they are the best people to submit formal accounts.
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Inappropriate?I would say this wouldn't I?
The corporation tax (CT) software we use is designed for accountants and is probably the best available. It still doesn't replace the accountant totally.
Yesterday we submitted a CT return which showed a liability for 2007 but there was a larger repayment for two earlier years (the director had managed to reduce his overdrawn loan account substantially during 2007). The net result was a repayment of £2000+.
Experience has taught us in this situation to phone HMRC once the return appears on their system to check that they have set the repayment against the liability and that they will repay the net amount.
Today we learned why we have to do this. Electronic submission of CT returns doesn't highlight the earlier years' repayments!
I’m pleased to be a chartered accountant
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Inappropriate?I think it's clear that the intricacies of dealing with HMRC sometimes require both expertise and experience. That's exactly the sort of thing a good accountant can offer.
At the same time, we want to be able to do as much as we can up to that point, and minimize the work that your accountant frankly would rather not have to do.
That's why we are working as hard as we can to producing a complete, error-free accounting record and a decent set of draft accounts.
In the future there will be an opportunity to streamline this - maybe adjustments, notes and submissions are indeed done within FreeAgent by your advisor.
If this works and benefits the user/client, who could argue with that?
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Inappropriate?The opportunity to do the final year end adjustments in FreeAgent would be really useful to accountants. Just one thing would it be possible to "lock" the figures once the accounts had been finalised to prevent accidental changes to "last year's" data?
I’m feeling wonderful
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Inappropriate?Regarding the year end adjustments - yep we just need to get an idea of what we need to cover and possibly even have a stab at handling common ones. I wonder whether we can nearly ignore accruals and prepayments for the types of things we are talking about for freelancers. We already handle bad debt, but we could possibly make our depreciation support more complete.
Thoughts? Have I missed anything?
Oh, there's also our plan to include some validation rules to allow accountants even more confidence that the numbers are right. This might flag up motor expenses over £2000 for example.
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