Stuart Jones's dashboard

Olly replied on November 17, 2008 11:41 to the question "High Interest Business Account" in FreeAgent Central:

Hi Chris,

I had a quick Google for this and found several business deposit accounts offering ~5%:

http://www.moneyfacts.co.uk/business/...

Hope this helps!

latemodern replied on November 17, 2008 10:30 to the question "High Interest Business Account" in FreeAgent Central:

Thanks Guys,

I had a look at moneysupermarket.com and could only find stuff around 2 - 3.5%. I'm assuming this is because of recent and expected interest rate cuts. Bit of a shame really, I was expecting these accounts to offer as good as personal accounts or better.

Thanks anyway!

Chris

Stuart Jones replied on November 16, 2008 08:20 to the question "can you add categories for bills/expenses?" in FreeAgent Central:

No Tom, cost of sales can (typically) mean lots of things! In your case use it for materials until FreeAgent comes up with that category.

Stuart Jones replied on November 16, 2008 08:18 to the question "Gifts For Clients" in FreeAgent Central:

Business gifts

Generally you cannot reclaim VAT on gifts you give to your customers, suppliers or other people connected with your business. However, you can reclaim VAT on the cost of a business gift if the gift meets the following criteria:

* the cost of the gift and any others given to the same recipient doesn't exceed £50 in the same tax year
* the gift is not tobacco, a redeemable voucher or food and drink.

Phil Norton replied on November 16, 2008 00:21 to the question "Gifts For Clients" in FreeAgent Central:

Thanks, as always, Stuart! Before you go, what about reclaiming VAT on gifts etc for clients? No no? Or yes yes!!

Cardiff Electrician Tom replied on November 15, 2008 20:34 to the question "can you add categories for bills/expenses?" in FreeAgent Central:

ok thanks olly. Cost of sales? doesn't that apply to a cost required to get a sale... like the cost of generating a written quote>? i suppose it doesn't matter - if the FAC guys add a materials cat. then i can change previous ones. Thanks stuart.

Cardiff Electrician Tom replied on November 15, 2008 20:22 to the problem "unbilled time / unbilled hours... what's the difference so why aren't they the same?" in FreeAgent Central:

Thanks Oly, as i'm new to FAC i wasn't sure if i was being thick and it had some sort of use!

cheers.

Stuart Jones replied on November 15, 2008 16:49 to the question "High Interest Business Account" in FreeAgent Central:

Hi latemodern,

While you're doing this it may be an opportunity to keep less than £50K in each bank.

Stuart Jones replied on November 15, 2008 16:27 to the question "can you add categories for bills/expenses?" in FreeAgent Central:

Hi Tom,

Why don't use Cost of Sales for now?

Olly replied on November 15, 2008 15:47 to the problem "unbilled time / unbilled hours... what's the difference so why aren't they the same?" in FreeAgent Central:

Hi Tom,

Thanks for bringing this to our attention. The Unbilled Time heading was displaying the incorrect vaule. We've tweaked this so you should see the correct value now with no discrepencies.

Stuart Jones started following the problem "unbilled time / unbilled hours... what's the difference so why aren't they the same?" in FreeAgent Central.

Stuart Jones replied on November 15, 2008 06:27 to the question "Is FreeAgent easier than Sage, especially at Year End?" in FreeAgent Central:

kevpartner,

FreeAgent does the year end for you, Sage doesn't.
FreeAgent gives you access to previous years' figures, Sage doesn't.

P.S. If most accountants recommend Sage there must be a better answer!

Stuart Jones replied on November 13, 2008 06:36 to the question "Gifts For Clients" in FreeAgent Central:

You should either put it through as drawings or if you want you can analyse it as an expense but don't forget to highlight it so when your tax return is prepared that particular expense is disallowed (i.e. you don't claim tax relief on it).

Phil Norton replied on November 13, 2008 00:05 to the question "Gifts For Clients" in FreeAgent Central:

Thanks for that Stuart. So, if I want to put some nice chocs through the business to thank clients for their custom, do I put it through as drawings or something that won't count towards my tax allowance?

Stuart Jones replied on November 12, 2008 08:30 to the question "Gifts For Clients" in FreeAgent Central:

This is a very simple answer to a complex problem, so here goes:

1. HMRC will in general not allow tax relief on business gifts. They will treat the vouchers as gifts! http://www.hmrc.gov.uk/manuals/bimman...

2. There are certain exceptions (but they're not a lot of use!) http://www.hmrc.gov.uk/manuals/bimman...

I hope this helps.


3CA

Stuart Jones replied on November 11, 2008 18:40 to the question "Can’t get the opening net book value for Capital Assets correct." in FreeAgent Central:

Peter,

Great idea. I would support that. Trying to get everyone (especially accountants) to agree on the "correct" depreciation rate is like trying to herd cats, push water uphill, etc. And having said that, dare I ask, who cares?


3CA

peter replied on November 11, 2008 16:50 to the question "Can’t get the opening net book value for Capital Assets correct." in FreeAgent Central:

Thank you Stuart.

Ed - If there is a problem supporting different depreciation profiles, why not allow the Capital Asset not to have a depreciation profile? Just put a "Depreciate" button against each fixed asset, so the user can manually add the depreciation hits on the correct dates. This would allow any sort of 'unusual' depreciation to be used.

Peter.

Stuart Jones replied on November 11, 2008 13:48 to the question "re-invoicing and reporting of expenses" in FreeAgent Central:

Once again the accountants have got the bum job (LOL)

Ben Heavey replied on November 11, 2008 13:07 to the question "re-invoicing and reporting of expenses" in FreeAgent Central:

great suggestion, was my accountants that put me onto FAC so they have access and saves us all a load of time in various places

that said I dont currently have to scan in any receipts and doing this would be a pita compared to simply printing of months expenses and sending it in with a bundle of receipts!

Obviously would be much better for my accountant!

Thanks for comments though!

Stuart Jones started following the question "multi-line bills" in FreeAgent Central.