Dave Nattriss's dashboard

Stuart Jones replied on September 30, 2008 14:43 to the question "VATable expense items not appearing on VAT return" in FreeAgent Central:

You can reclaim VAT on items bought before registration (subject to HMRC's rules). Strangely the £2000+ limit does NOT apply on those items. Also you reclaim the 17.5% input VAT but when you sell the assets you charge the 17.5% but only pay the flat rate %. Daft but good news!

Charles Verrier replied on September 30, 2008 11:20 to the question "VATable expense items not appearing on VAT return" in FreeAgent Central:

One of the advertised benefits is supposed to be the reduced paperwork (not needing to track individual transactions and do all the work for the VAT Return). Of course since FAC does all this for you - that stops being such a factor. ;-)

I've started acting as a reseller for some bits of software, and the Flat Rate Scheme means I cannot claim back the VAT for any licences I purchase for later resale to clients (Re-salable stock is not a capital expense). At present, I'm keeping an eye on what this is costing me, as at some point it'll probably make more sense to opt out - depending on how much direct product reselling I end up doing.

Dave Nattriss replied on September 30, 2008 10:59 to the question "VATable expense items not appearing on VAT return" in FreeAgent Central:

OK, thanks guys. So, looks like the FRS isn't quite the gift-horse I thought it was (I was naively ignoring the 'flat rate' part of it), but I think it still works out better for me (my FRS rate is 13% because my business is in IT/Consultancy) as I don't have a huge amount of VAT that I'd otherwise claim back.

Is it true that the £2,000+ (inc. VAT) allowance can be backdated? I've possibly spent that much on my PC over the years, which I now use primarily for my business, and have the receipts/invoices. I realise this isn't a FAC question!

Ed Molyneux replied on September 29, 2008 19:11 to the question "VATable expense items not appearing on VAT return" in FreeAgent Central:

Thanks Stuart.

David, what Stuart described is exactly what FreeAgent uses to calculate the FRS VAT.

Hope between us we've managed to make it a bit clearer.

Stuart Jones replied on September 29, 2008 17:14 to the question "VATable expense items not appearing on VAT return" in FreeAgent Central:

It's not easy to get your head round the Flat Rate Scheme!

1. You charge your customers 17.5% VAT as normal.
2. Your output VAT for the VAT return is the relevant % of your sales for that period Including VAT. For example £10,000 + VAT of £1,750 was invoiced. FRS % say 10% gives output VAT of £1.175 to be entered on VAT return.
3. The ONLY input tax you can reclaim is VAT on "capital assets" costing more than £2000 inclusive of VAT.

Hope that helps.

Dave Nattriss replied on September 29, 2008 15:51 to the question "VATable expense items not appearing on VAT return" in FreeAgent Central:

Thanks for this, I hadn't realised the lower limit for the FRS.

However, what about reclaiming on services, like telephone line rental, web server costs etc. As I understand it, they're not 'capital assets'?

I've put various expenses onto FAC, including those just mentioned, and am now preparing my first VAT return (and am on the FRS). However, my box 4 on the return in FAC is showing £0.00.

http://www.hmrc.gov.uk/manuals/bimman...

Toby Stokes replied on September 16, 2008 16:58 to the question "How can I e-mail invoices to more than one person?" in FreeAgent Central:

yes, just comma-separated multiple addresses would be great

Toby Stokes started following the question "How can I e-mail invoices to more than one person?" in FreeAgent Central.

Dave Nattriss replied on August 20, 2008 00:15 to the question "editing 'other employment income' amount" in FreeAgent Central:

Ah, got it. I had to click on the tax year on 'Income Tax' within the 'Income' section.

Dave Nattriss replied on August 19, 2008 23:49 to the question "editing 'other employment income' amount" in FreeAgent Central:

OK, and, where do I find that page? I can't see it in 'Settings', 'My Account', 'People', 'Income' or 'Taxes'. I remember having access to it when I first had my Sole Trader trial account, but haven't seen it since starting my company (natts.com Limited) and having my account converted accordingly.

Ed Molyneux replied on August 15, 2008 21:04 to the question "editing 'other employment income' amount" in FreeAgent Central:

OK, slightly un-intuitively it's part of the Self-Assessed Income Tax return details and edit it from there.

We should really provide a link to edit the value from where it's mentioned - we'll add that to our list of future improvements.

Dave Nattriss asked a question in FreeAgent Central on August 15, 2008 18:14:

editing 'other employment income' amount

Hi,

When I go to set up my director payroll, I get this alert message:

"Other Employment Income
This payroll will be calculated taking into account your Other Employment Income of £7,200.00."

How can I alter this amount to reflect the actual amount I've earnt and/or received from another company this year (so far), so that my company PAYE/NI amounts are adjusted accordingly? I couldn't find it in any of the settings pages or on my 'People' page.

Dave Nattriss replied on August 08, 2008 13:03 to the question "How do I insert my National Insurance number on payslips?" in FreeAgent Central:

Ah, my stupid mistake. For some reason, my e-mail address was already in the box (possibly Firefox 3 remembered it being there previously and autoinserted it), and so at first glance, it looked like a box asking for an e-mail address. I stupidly ignored the label.

Ed Molyneux replied on August 08, 2008 12:49 to the question "How do I insert my National Insurance number on payslips?" in FreeAgent Central:

Dave,

Hmmm. That's not right. All UK accounts have this new field, and the code doesn't seem to provide any opportunity to not work (but then again it never does until the bug is found!)

Which OS and Browser are you using?

Is there a chance you have a cached version of the page (if you 'View Source' you should see FreeAgent: Revision: 2135 near the top)?

Dave Nattriss replied on August 08, 2008 12:28 to the question "How do I insert my National Insurance number on payslips?" in FreeAgent Central:

Hi Ed - I see that adding NI numbers went into this week's Copertino release (by the way, is there anything on here about how you come up with the release names?).

However, as the account holder and company director, when I edit my own user details (via Home, People), I don't have a box for my own NI number. My Role is set to Director, obviously. I pay myself a salary, so should have a way to add my NI details, surely?

Olly replied on July 21, 2008 15:13 to the question "How can I e-mail invoices to more than one person?" in FreeAgent Central:

We'll see what we can do!

Dave Nattriss replied on July 21, 2008 13:14 to the question "How can I e-mail invoices to more than one person?" in FreeAgent Central:

Fair enough. Would be great if there could just be an initial addition that just lets you put multiple addresses in the To: box, which I imagine isn't a big job.

Olly replied on July 21, 2008 12:59 to the question "How can I e-mail invoices to more than one person?" in FreeAgent Central:

Hi Dave

Right now it's not possible to email multiple people in one go. We'll look at adding this feature for you in the near future.

Dave Nattriss asked a question in FreeAgent Central on July 21, 2008 11:56:

How can I e-mail invoices to more than one person?

Is there a way, or can it be added, so that I can e-mail an invoice to multiple contacts at a client company. So, ideally, an invoice could be sent to one or more e-mail addresses/contacts, and zero or more e-mail addresses/contacts could be CC-ed, and zero or more e-mail addresses/contact could be BCC-ed on the e-mail.

At the moment I have to do it one e-mail address at a time, which isn't ideal.

natts replied on June 23, 2008 23:18 to the question "Generate payslip" in FreeAgent Central:

Lovely jubbly - thanks!