Freeagent - does it replace an accountant?

[mfrench]

Can Freeagent replace an account for a very basic LTD company? Would it be able to submit all the documentation required to HMRC?

 

[Scalloway]

Do you have the knowledge to know how to input all the transactions in a manner that the accounts just fall out of Free Agent in the correct format with the items that need a different treatment for HMRC highlighted?

Can Freeagent replace an account for a very basic LTD company? Would it be able to submit all the documentation required to HMRC?

If it is really a very small company then maybe for Companies House.

Does it produce a CT600 for HMRC?

 

[UK Contractor Accountant]

Does it produce a CT600 for HMRC?

yes it does but only for the basic of tax situations

 

[fisicx]

I’ve got free agent (because it was free) but I’d always recommend an accountant. He saves me far more in tax than the annual fee he charges. And he made me a cup of tea.

 

[GLAbusiness]

I'm a big fan of FreeAgent, but I always need my accountant to do the company year end accounts. FreeAgent does payroll and VAT without the accountant. It also gives my accountant details of every single transaction so he can do the year end stuff.

 

[The Byre]

I’ve got free agent (because it was free) but I’d always recommend an accountant. He saves me far more in tax than the annual fee he charges. And he made me a cup of tea.

The UK has the most complex tax laws on Planet Earth - even worse than the US and that is saying something!

I look upon our use of accountants as a source of revenue. For example, we got a healthy five-figure grant during lockdown, thanks to our accountants. That was a grant, i.e. free money!

My guess is that overall in the 22 years we have been using our UK accountants, we are subsequently about £250,000 better off thanks to their guidance.

 

[STDFR33]

In the same way iTunes replaces musicians.

 

[nelioneil]

It can be argued for a veey small business that you should be running a sole trader business as the compliance and fees for running a Ltd company with small revenue outweighs the benefits.

In any case, a professional accountant is worth its weight in gold in providing professional advice and ensuring your accounts are submitted correctly and on time.

 

[paulears]

I’ve just discovered data in sections of FreeAgent I have not entered. Things I don’t really know anything about. My accountant pops in and out during the year, tidying up and deleting unused categories and adding others when they spot I’m doing different things. I appear to have an expense account now. I keep meaning to ask what it is for, it has entries in it that appeared presumably for the returns just submitted. If you have the knowledge, FreeAgent does not require and accountant, but it’s just software, so rubbish in equals rubbish out. That would be for you to fix.

 

[MyAccountantOnline]

Can Freeagent replace an account for a very basic LTD company? Would it be able to submit all the documentation required to HMRC?

FreeAgent can certainly be used to submit basic accounts and tax returns to HMRC but you still need to know what you are doing if you want to ensure no errors are made and you are paying no more in tax than is legally required.

It's so easy to make costly mistakes if you dont have the knowledge and experience of an accountant.

I'm an accountant who uses FreeAgent; it's very good, but I have never yet seen any clients records where I've not had to make several corrections which if not done would have resulted in overpaid tax.

 

[DontAsk]

I am sure I know enough to be able to submit all of the correct data but I still use someone else for year end.

It's the "unknown unknowns" that will bite you.