Recently active topics in FreeAgent Central about Ask an Expert

Hello !

Where we can change the pasword ??

Thanks !

is your site compatible with FLAT VAT settings? My company was formed in Jul 2008 and then I registered to VAT flat rate scheme. The rate at which I change on sales is different then what I pay back to HM revenue and then in Dec 2008 there was VAT rate changes. I would like this change to appear. The difference in VAT charged and VAT payable to HM revenue for first year is a direct company profit from VAt on flat rate scheme and it scheme to be NOT working correctly with your site.
Can some one help me with this. I hardly have 5-6 days of trial remaining and to uunderstand whether to go with its subscription?
Actually I have trial account and I am thinking of full subssciption.

I bought a laptop to do web design work back in November 2009, but I started freelancing as a web designer in February 2009. Can I put the laptop as an capital asset/expense on my 2008/9 self assessment?

Hello
Ive just signed up for the freeagent account. The recurring milage will not recur. Please help

I've uploaded my bank statement and explained all transactions on it. Unfortunately FreeAgent has attributed ALL transactions to THIS tax year, when, in fact, most were from previous tax years. Can I allocate these transactions accordingly or do I just delete them?

Why are wages from last financial year showing in the balance sheet of this financial year (account code 902)?

Can we journal the figures out of that account?

Thanks

Hi need some help

What would my year end journal be if i had stock of £2000 and WIP of £30000

I haven't had to do credit notes before and maybe I'm looking too deeply at it, but how do you set up a credit on freeagent?

When I upload a bank statement for an bill that is paid but not added to freeagent. Can I automatically add the bill to a contact.

Previously I've been advised to add up household expenses and divide by number of rooms and proportion of time worked in the office.

Now I read that this method is only allowable for self-employed or employees, and that only 'incremental' expenses can be allowed (basically a bit of extra light and heat) even though the office is 99% used for business.

What's the real answer?

I cannot include bank account interest on the VAT return info via freeagent......

My accountant insists that flat rate VAT must be paid on all business income including bank account interest and showed me the document at the following url:-

http://customs.hmrc.gov.uk/channelsPo...

3.3 talks about bank account interest being an exempt supply
6.2 says flat rate must be paid on all excempt supplies

As freeagent doesn't include this in the calculation on the VAT return screen, please could someone clear this up for me?

Many thanks
Andy.

I'm new to FA and have start the Ltd company from scratch, with no existing debts and money in the bank.

On the salary for one employee it is automatically showing a 'Brought forward' of £4800? Why is this? £4800 is the annual salary we are paying this particular person. where is this being brought forward from??

Hi

Please can you help me - I am at a total loss!!!

I have just purchased a company van and am paying for it through a finance company. The total cost of the van was £11555 including £1483.70 VAT and £180 road fund licence and I paid a deposit of £3130. I account for vat through cash accounting. Can you please clarify the various entries I will need to make in Freeagent to account for this correctly?

Your help would be very much appreciated!!

Many thanks

Emma

My accountant takes a monthly fixed DD for his services through the year, and then issues a bill after the accounts are completed - deducting the amount paid so far, and adding/deducting any further amounts as needed.

The problem...

My accountants bill is dated this month (and that's the VAT 'tax point').

BUT

I've been explaining the monthly DD transactions as 'Legal & Professional Fees' - which has quietly and incorrectly been recording VAT (at both 17.5% and 15%) on each monthly deduction.

So - clearly I got the coding wrong - the monthly DD's should not have had a VAT element, and probably should not have been coded to the P&L as the invoice only appeared well into the new year.

any suggestions what the correct appoach should have been? My thoughts include:

1. Is it a pre-payment?

2. code it as an 'other payment' and force the VAT rate to zero?

3. delete the explanations for all of the postings (unlocking the VAT periods as I go - sob) enter the invoice, and then apply all of those old payments against the new bill.

If I don't code the payments to 'Legal and Professional', then they won't appear on the P&L and I can't record them as an admin expense on my accounts!

Re Business Loan on our account. I have set up another account for this and tried to transfer it from our main bank account to it but it seems to double the amount once this has done but keeps the balance correct. I use "Transfer to Another A/C" as it is money out of the main account to the loan account. Is this correct?

Have set up a credit card account. Payment for this will be paid from main business account. How do I show this on the credit card account when it comes out of the main account so the balance goes down?

I have a client in America. I'm VAT registered in the UK. Do I need to charge them VAT? If so, at our rate, or their rate?

Multi-Currency Support. I am looking for a support of Dual Currency. One is US Dollars and Second is Omani Rials OMR

We have just received a business loan for our company and the monies are now in our account, but i'm not sure what category I should put it under as none of them seem to be relevant. Could you please advise.