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FreeAgent Software

By now people should be aware of the impending arrival of Making Tax Digital. Staging dates are:

  • April 2019 – VAT registered businesses with turnover over VAT threshold have to submit VAT via Making Tax Digital for VAT
  • April 2022 – All VAT registered business have to submit VAT via Making Tax Digital for VAT (so this brings in voluntarily registered businesses)
  • April 2024 – Unincorporated businesses and landlords with turnover over £10,000 will need to use MTD for Income Tax
  • April 2025 – Partnerships
  • Date not set, Post 2026 – MTD for Corporation Tax for Companies

Under MTD there is a requirement to use software to send quarterly updates to HMRC.  This could be a cloud accounting package / app or a spreadsheet enabled with Bridging Software.

For cloud accounting packages / apps we recommend FreeAgent, as we’ve found it reliable, user friendly and to have a good balance of features v pricing.

FreeAgent tracks income and expenses, linking to your bank account if you wish.  It calculates and submits VAT, assists with invoicing, and generally aims to be a tool for all day to day number crunching.

 

What Does it Cost?

The pricing of FreeAgent when you subscribe through us is as follows:

Free Agent Direct Whitefield cost
Sole Traders £19/month or £190/year £16/month
Partnerships £24/month or £240/year £20/month
Companies £29/month or £290/year £25/month
All prices exclude VAT.  Available to registered clients of Whitefield Tax only.  Prices correct December 2021

 

As well as access to FreeAgent the monthly charge includes a support package covering set up, informal training and ongoing transaction support; our costs for this are offset by a wholesale discount from FreeAgent.

Natwest, RBS and Mettle business customers are able to get FreeAgent free of charge, and we can add this to our portal to access your data, however depending on your support needs and the size of your business we may need to charge a Support Fee if you ask us to provide set up, support or training for your software (see below).

Likewise if you have a direct FreeAgent subscription, we can add this to our portal to access your data, however again we need to charge a Support Fee if you ask us to provide set up, support or training for your software (see below).

As a firm we have an agency agreement with FreeAgent to provide cloud based accounting and bookkeeping software to our clients, and under this arrangement we receive a commission from FreeAgent part of which we pass on to our clients by way of a discount against list price.   Part of the commission offsets our time in supporting clients using FreeAgent, and with passage of time we have found we need to reduce the discount we pass on to clients.  We have therefore adjusted our pricing, to the above levels, from December 2021.
FreeAgent and Cloud Accounting Support

 

FreeAgent Support

When you subscribe via ourselves we include a support package covering:

  • Set up
  • Informal training
  • Periodic checking of your data and entries
  • Ad hoc advice

This support package is based around our experience of what a typical client needs from us.  It complements, but does not take the place of, technical support provided by FreeAgent themselves.

Our costs for this are offset by a wholesale discount from FreeAgent.

If you subscribe to FreeAgent directly, or have a free subscription with NatWest, RBS or Mettle, then if you need support we charge £15/m for support for companies, £10/m for partnerships and sole traders, both plus vat.  Of course, this isn’t compulsory but we find most clients benefit from it.


Are There Other Choices?

There is no requirement to use this package – if you have another in mind, that’s fine; we will try to support all of them, our aim is to be “open platform” and fit in with our clients choices.

However FreeAgent is “best of breed” in our view, and offers significant advantages in us being able to easily access and review your data.  All other factors being equal its easier for us to have clients on common platforms.