" class="no-js "lang="en-US"> FreeAgent Becomes First UK Cloud Accounting Software for Tax Filing Process
Sunday, May 26, 2024

FreeAgent Becomes First UK Cloud Accounting Software for Tax Filing Process

FreeAgent is the first UK cloud accounting software to offer a fully integrated Corporation Tax filing process, which will empower SMEs and freelancers to streamline their accounts and prepare for the government’s ambitious Making Tax Digital (MTD). FreeAgent is a multi-award winning online accounting system specifically designed to meet the needs of small businesses, freelancers and their accountants, and they help take care of your business admin day-to-day.

What does this mean for SMEs and accountants?

  • Hours of admin time saved – For SME owners and accountants who use FreeAgent, the new feature means, the usually two-fold process of preparing and submitting end-of-year accounts can all be done in one. As a result, the feature will save users hours of time that would usually be lost to admin.
  • A step forward in MTD (Making Tax Digital)  – The filing feature represents the latest step on FreeAgent’s journey to help small businesses and their accountants prepare for the government’s ambitious Making Tax Digital (MTD) agenda, which aims to digitise all taxes for UK businesses and individuals over the coming years. Under the legislation, MTD for Corporation Tax is expected to be introduced in 2026.

Jonathan Amponsah, Partner at accountancy firm The Tax Guys, who have been trialling the functionality, said: “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 account 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.”

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