Share this content
FreeAgent end of year reports
FreeAgent.com

FreeAgent unveils fully integrated CT600 and FRS105 filing

by

FreeAgent has launched fully integrated filing features for Corporation Tax and final accounts to HMRC and Companies House to cement its compliance capabilities.

13th Apr 2021
Share this content

Accounting software developer FreeAgent announced today its release of CT600 and FRS 105 (micro-entity accounts) integrated filing features within its core bookkeeping system. 

The two statutory submissions are condensed into a single filing process within FreeAgent. So preparing and submitting end of year accounts (for companies with under ten employees) and Corporation Tax returns is achieved by automatically pulling data from FreeAgent and processing it through to HMRC and Companies House. 

“We’ve been building up to this over the last couple of years,” FreeAgent co-founder and chief product officer Roan Lavery told AccountingWEB. “We’ve now come out of beta testing and are making these features available for all customers.”

CT600 returns and final accounts reports for FRS105 are filed directly through FreeAgent accounts, avoiding the manual submission through HMRC’s online port or sending information to Companies House. The new ‘End of Year’ section shows a consolidated view of company accounts and Corporation Tax figures which can be reviewed and digitally signed before filing.

“It’s certainly to be one of the most impressive features we’ve had over the years,” said Lavery. “As it’s genuinely a first to have a fully integrated submission alongside the accounting and bookkeeping facilities.”

For FRS 105, accountants can include editable notes to accounts, so preparers can add and make changes to the notes section before sending to the client for approval before submitting them to Companies House.

A long road to MTD for CT

“The beta testing highlighted what we still need to do,” commented Lavery. “There are a couple of cases that we don’t support, for example, if a company has an overdrawn director’s account. But we’ll be addressing these in the future.”

The CT600 and FRS 105 features are free to FreeAgent users and are part of the developer’s plan to equip small businesses and their accountants for MTD for Corporation Tax, which is expected to be introduced in 2026. 

To accompany the new module, FreeAgent published a guild to filing your final accounts and corporation tax return to help steer through the process, including cases where filing is not supported.

The Tax Guys was one of the firms trialling the functionality. Partner Jonathan Amponsah commented: “This is a really important, timely feature which will be a game-changer for many accountants. By streamlining the filing process and having everything in one place in FreeAgent, we'll no longer have to deal with things like manual trial balance entry, mapping of accounts codes from different systems or opening balance issues - which can be incredibly time-consuming. 

“We estimate that we’ll end up saving between one or two hours for every accounts and Corporation Tax preparation job that we do. That’s a massive benefit which will enable us to provide the most efficient services possible for our clients.”

Replies (4)

Please login or register to join the discussion.

avatar
By david.bransbury
16th Apr 2021 17:23

Xero has something similar but it is restricted to only accountants.

So NatWest wants to get rid of the smaller accountants. I will no longer ever recommend them.

Thanks (0)
Replying to david.bransbury:
Kevin Lord
By Kevin Lord
19th Apr 2021 16:50

Hi David,

Kevin from FreeAgent here. Clients on an accountant's dashboard are unable to make submissions to Companies House/HMRC - it is only the accountant that can do this.

Hope this helps

Kevin

Thanks (0)
Replying to david.bransbury:
Kevin Lord
By Kevin Lord
19th Apr 2021 16:50

Hi David,

Kevin from FreeAgent here. Clients on an accountant's dashboard are unable to make submissions to Companies House/HMRC - it is only the accountant that can do this.

Hope this helps

Kevin

Thanks (0)
Replying to david.bransbury:
Kevin Lord
By Kevin Lord
19th Apr 2021 16:50

Hi David,

Kevin from FreeAgent here. Clients on an accountant's dashboard are unable to make submissions to Companies House/HMRC - it is only the accountant that can do this.

Hope this helps

Kevin

Thanks (0)