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Self Assessment?
Hey,
So I got my tax return through, and I'm trying to get an idea of how it all works (first time I've done it). Am I correct in assuming that the numbers presented on the FreeAgent Income Tax page directly relate to the boxes I'll have to fill in when completing the tax return? Is it as easy as that? Or do I still need to work some things out?
On the Self Assessment website it says you can use 3rd party software to submit your tax return, I assume this means your typical desktop accounting software. Do you have any plans to make this possible in FreeAgent?
Thanks
So I got my tax return through, and I'm trying to get an idea of how it all works (first time I've done it). Am I correct in assuming that the numbers presented on the FreeAgent Income Tax page directly relate to the boxes I'll have to fill in when completing the tax return? Is it as easy as that? Or do I still need to work some things out?
On the Self Assessment website it says you can use 3rd party software to submit your tax return, I assume this means your typical desktop accounting software. Do you have any plans to make this possible in FreeAgent?
Thanks
I’m confused
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Inappropriate?Jack,
Yep, you should just be able to fill in the boxes using your FreeAgent numbers. However we do have a wider variety of expenses categories than is available in your Self Employment pages, and the layout of our numbers does not particularly match the Return itself. Also we don't handle income from Property, Trusts etc.
There are a couple of things we are going to do before your return deadline next January (assuming it's tax year 07/08 you're looking at):
* Make it easy to view FreeAgent expenses grouped in the HMRC categories
* Allow you to submit the Employment/Self-Employment sections of your tax return directly from FreeAgent.
I’m confident we'll make this process super-easy
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Inappropriate?Hey,
Just wanted to check in to see if there had been any progress on this one? I know we still have until the end of January, but I got a letter through from HMRC last week nagging me, so just wanted to mention it.
Cheers,
Jack
I’m confident
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Inappropriate?If HMRC sent you a letter it would imply that you submitted a paper return last year. I can't be certain because HMRC are far from perfect!
Don't forget that if you're not submitting an electronic return this year the deadline (for paper returns) is 31 October 2008 . The deadline for all other returns is 31 January 209. -
Inappropriate?This is the first year I've done it, it was just a generic "don't forget the deadline" letter. I'm planning to do it online.
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Inappropriate?Jack,
I think we're certainly going to have a better format for our Self Assessment output, so you can pretty much copy it across to the online return.
The ability to submit it directly from FreeAgent may need to wait until the tax year after - one complexity is that many people have other bits and pieces of income (from property etc) that we might need to support even if only in data entry terms... -
Inappropriate?Hi Ed,
That would be great, just some kind of idiot proof set of numbers I can copy and paste straight across is all that's needed really.
I’m happy
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Inappropriate?Hey,
I know you'll be adding in the new feature to make this easier, but I thought I'd take a look at the online Self Assessment forms to see if it made much sense. However, I can't seem to find even the most basic number I need (turnover) anywhere in FreeAgent. There's no turnover value on the Self Assessment page, and the only place I can find it is in the yearly profit and loss, however there it's rounded up to the nearest pound, which I assume isn't the numer I should be putting in the return?
Any advice would be good, cheers.
I’m happy, but not really sure what I'm doing
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Inappropriate?In very simple terms you have to enter the profit and loss figures onto the Self Assessment pages.
Have you thought of using an accountant?!!
http://www.freeagentcentral.com/freea... -
Inappropriate?I get that, I know they're the numbers I need :-) , but I wasn't sure if they were exactly right, as the numbers on the P&L screen have all been rounded up, they're not the *exact* figures.
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Inappropriate?HMRC don't expect the figures in £ and pence. Don't worry just use the P&L figures.
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Inappropriate?So I'm looking at the demo, live everything I've seen and am thinking of signing up, but I still have all the questions asked in this thread so far. I can't quite work out if the submission to HMRC has been built in yet or if the tax return side is accurate enough to use for filling in my self assessment forms myself (as I have done for the last 5 years). Can someone please clarify?
Cheers
Chris
I’m indifferent
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Inappropriate?Hello Chris,
Glad you like the demo!
As yet it's not possible to electronically submit your Tax Return from FreeAgent to HMRC.
You should be able to use the figures FreeAgent generates for your accounts to fill in the self-employment part of your Tax Return, if you're self-employed.
Bear in mind though that the tax calculations in FreeAgent are intended as a ball-park projection figure, so if they're different from HMRC's, don't panic! But please do let us know if there are differences, because ultimately we want the Self Assessment page to produce a full tax computation, and it's feedback from users, as well as our own calculations, that helps us get this right.
Kind regards,
Emily -
Inappropriate?Hi Emily,
Thanks for clarifying
Chris
I’m happy, but would still love to see actual integration with HMRC services
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