While many of us take a fashionably last-minute approach to filing our tax returns (as the FreeAgent servers will attest), there are a few super-organised souls out there who can’t wait to rip off the plaster and get it over and done with.
If you swore that January’s panic was the ‘last time eva!’, then you’ll be pleased to note that you can now file your 2018/19 Self Assessment return directly to HMRC, well ahead of the 31st January deadline.
As always, we make the job of filing your tax return as painless as possible by pre-populating much of your return from the data you enter over the year. When it comes to filing, you just need to check your return over and add in any other details we don’t know about.
Then all that's left to do is hit that big green 'File' button, and look forward to a January with nothing to worry about except the state of your bank balance and working off those mince pies.
New accounting categories
If the excitement of Self Assessment isn’t enough for you, here’s one for the more adventurous of you who like to tinker under the hood.
We’ve made a change to what was previously called ‘Income and Spending Categories’. This area in your settings is now called ‘Accounting Categories’ and, as well as being able to add new codes for sales and purchases that appear on your Profit & Loss report, you can now add and edit the asset and liability codes that appear on your balance sheet.
And there’s more!
As the cherry on the cake, here are a few more improvements that we’ve launched recently:
- You can now set default options for automatically emailing invoices, invoice reminders and thank-you notes for each of your contacts.
- The out-of-pocket expenses table can now be sorted by the date column.
- Similarly, you can now sort the tables for price list items and stock.
- And finally, you can now set default VAT period lengths for monthly and annual VAT returns.
Disclaimer: The content included in this blog post is based on our understanding of tax law at the time of publication. It may be subject to change and may not be applicable to your circumstances, so should not be relied upon. You are responsible for complying with tax law and should seek independent advice if you require further information about the content included in this blog post. If you don't have an accountant, take a look at our directory to find a FreeAgent Practice Partner based in your local area.