Corporation Tax filing is coming soon in FreeAgent
27th Jul 2020
Brought to you by
Share this content
Last week FreeAgent announced that accountants and bookkeepers can now use the software to calculate capital allowances on behalf of their UK limited company clients. This new functionality is the award-winning software provider's first step towards delivering Corporation Tax filing.
Calculating your clients’ capital allowances in FreeAgent
When a limited company client has explained one or more of their transactions as capital asset purchases, you can access FreeAgent’s updated ‘Capital Assets’ reporting area. Here, you’ll find a new asset timeline, which highlights any important accounting and tax events associated with your client’s capital assets. You can then filter which asset types you view.
FreeAgent automatically calculates your clients’ capital allowances based on how their assets are categorised. It incorporates the annual investment allowance (AIA), first year allowances and written down allowances (WDA) on the main pool and special pool. Assets will be eligible for annual investment allowance by default.
You can edit the tax treatment for all assets purchased within a Corporation Tax period ending on or after 23rd July 2020.
You can then view a breakdown of your client’s capital allowances computation in the Corporation Tax area of their FreeAgent account.
Find out more about how FreeAgent can help you work with your small business clients here.