Recent content by Fee Agent

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    Running Tax Predictions in Free Agent?

    Right, OK. That doesn't sound right/good. I'll have to look into what this means. Thanks
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    Running Tax Predictions in Free Agent?

    They are just coming straight out the business bank account into the personal account and I'm marking them as Money Paid to User > Payment from Director Loan account. Is that OK? I'm not sure, they recommended I switched to FreeAgent from my previous system. When it includes the salaries in...
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    Running Tax Predictions in Free Agent?

    Hi all, I'm using Free Agent for my online bookkeeping and am still in my first year with it so haven't seen the account being done for a full financial year. On the main overview screen of Free Agent, you can see how much Corporation Tax is going to be due, based on the income the business...
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    Confused about corporation tax and expenses?

    Thanks again. When I create the bill in FreeAgent and using the USD amount converted to GBP, would that be the actual amount I paid the worker in GBP? Or what the USD amount is on the day? For example, I was invoiced for $337.52 the other day. I paid that today and PayPal took £271.73 from my...
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    Confused about corporation tax and expenses?

    Thanks. Mostly they are the invoices the sub contractor has generated through PayPal. I download them as PDFs once they are paid and do keep them on my computer.
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    Confused about corporation tax and expenses?

    I haven't explained the PayPal fee as an expense as FreeAgent recognizes them automatically as one from the PayPal banking feed.They are listed like this: Paypal Fee Bank/Finance Charges 12.92 On the Profit and Loss report, there is an entry for this: Bank/Finance Charges 1,437...
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    Confused about corporation tax and expenses?

    Thanks for your detailed reply. I am using FreeAgent which does track these transactions by monitoring my PayPal and UK bank account feeds. However, So on that example amount above, it recorded amended the invoice with this information: 18 Aug 17 1 USD = 0.77725 GBP £874.41 Today 1 USD =...
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    Confused about corporation tax and expenses?

    Hello, I'm a freelancer working through my LTD company. Normally I do the work and keep all the profit (after tax etc). But now I'm testing out contracting some of my work out, or parts of it at least, to other freelancers. But I'm not sure how to save for tax on these jobs. Here is an...
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    Another Free Agent Question!

    Thanks, I will ask them! Out of interest, what is the best/proper way to this? The business has two directors (50/50 shares) and both get a salary (enough to qualify for state pension) and then split the profits 50/50 as dividends. Say the salary is £8000 per year each, should this be taken...
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    Another Free Agent Question!

    Not through Free Agent. Is processing a yearly salary under RTI a problem? Is there a training day I could go on to learn how to do this right (using FreeAgent and basic accounting)?
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    Another Free Agent Question!

    Thanks. I'm not sure how my accountant will be recording the salaries. At the moment I take the money out of the business account as it comes in (leaving 20% in the account for tax). These transactions appear in my bank account feed in FreeAgent but not as a salary or payroll. I get paid from...
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    Another Free Agent Question!

    Hello, Anyone else using FreeAgent? How accurate would you say its corporation tax predictions are? On my dashboard area in the Profit and Loss section, when I log in, it says: Income: £36,571 Expenses: £2,133 (is there any way to see what these expenses are in FreeAgent?) Operating Profit...
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    Any FreeAgent Experts?

    Thanks, will check that out.
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    Any FreeAgent Experts?

    Yes, how or if FreeAgent records the difference in exchange rates from what they use and what PayPal uses is where I'm confused! Thanks though.
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    Any FreeAgent Experts?

    Thanks, but I'm not sure FreeAgent is recording/detecting the exchange rate loss due to PayPal's lower exchange rate.
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