Freeagent Questions & Answers

To add your accountant as a user to your FreeAgent account, follow the steps given below:

• Open your FreeAgent account
• Press on the 'Settings' option
• Choose 'Users'
• Hit 'New User'
• Input the accountant's details
• Assign them the 'Accountant' role
• Set Permissions for your accountant

To use FreeAgent's advanced accounting features and view reports about your business, follow the steps given below:

• Open your FreeAgent account
• Navigate to the main dashboard.
• Go to the ‘Reports’ section
• Select a report type
• Customize filters if required
• Set the Date range
• Sort data according to categories
• Filter by project if you're using project management tools
• Examine your data

In FreeAgent, a business’s profit and loss accounts are ‘cleared down’ to ‘retained earnings’ at the end of an accounting year so that the business can calculate its profit and loss for the subsequent year. FreeAgent generates Corporation Tax entries in your accounts and automatically closes them down.

The auto-enrollment feature of FreeAgent's payroll identifies eligible employees on the Payroll Dashboard and automatically flags them according to their age and income.

To edit or delete payroll that has been marked as filed using FreeAgent, follow the steps given below:

• Open your FreeAgent account
• Go to the 'My Money' tab
• Click on 'Payroll' from the dropdown menu
• Choose the Relevant Period of the payroll you wish to change
• Hit 'Mark as unfiled' to unlock the payslips for editing
• Make the required changes to the payslips or delete the payroll period entirely

To file your Self-Assessment tax return using FreeAgent, follow the steps given below:

• Open your FreeAgent account
• Navigate to the 'Taxes' tab
• Click on 'Self-Assessment' from the dropdown menu.
• Make sure that your financial data is accurate
• Enter any missing information
• Once you have entered the information you can simply file your Self-Assessment tax return directly to HMRC through FreeAgent

To get started with FreeAgent after signing up, follow the steps given below:

• Open your FreeAgent account
• Make sure your email is correct.
• Input the required company details
• Decide on your accounting dates.
• Enable automatic bank feeds by adding your bank accounts
• Create invoices, bills, and expenses to begin capturing your opening balances and transactions.

HMRC has listed FreeAgent as compatible software for MTD for business income tax. This means that if you own a business, you can utilize FreeAgent to comply with MTD income tax regulations and submit the necessary tax returns.

To make a payroll correction for a previous tax year in FreeAgent, follow the steps given below:

• Open your FreeAgent account
• Go to the relevant pay period
• Click on ‘Make corrections’
• Choose the relevant payroll month
• Enter your Government Gateway login information in the pop-up box
• Choose ‘Report payroll corrections’
• Click on ‘Edit’ to the right of the payslip to edit an employee’s payslip
• Make the required changes
• Click on ‘Save and report corrections’
• After updating all the relevant payslips, Click on 'Report corrections'
• Verify that the updated year-to-date numbers are accurate.
• Click on ‘Return to Payroll Overview’ and make the required adjustments if you need to make any other changes
• After making the required changes, Press ‘Run and report corrections’
• To finish the procedure, choose ‘Report payroll corrections’ after entering your Government Gateway login information in the pop-up box

To switch to FreeAgent from another accounting software, you usually need to save your data from the current software in a format FreeAgent can read (like CSV). Then, you can upload that data into FreeAgent, making sure your account and category names match up. Lastly, check for any mistakes to make sure everything works well.