Specific Free Agent questions

**Neil@Intouch** · 18 May 2017, 11:02

Originally posted by radish2008 View Post

I can't find any answers to these questions and am probably going to move from SJD so any help from the FA experts on here will be gratefully received:

1. Is VAT really one click ?

2. P11d - currently I fill out a questionnaire online and submit - is there a similar function in FA ?

3. Share split - I have a share split between myself and my wife - can FA deal with this when doing SA and the P11d ?

4. I don't have to give access to my business account to anyone do I ?

1. Yes as long as you have analysed all your transactions and added the VAT registration details. You will then just click submit and put in your gateway login details.
2. FreeAgent doesn't have a P11d function.
3. FreeAgent can deal with the share split as you just allocate the dividends to the relevant shareholder, and that then gets split on the self-assessment bit. This section only accounts for employment and dividends, so if you have any other income it would be best to use an Accountant to complete this using another software that includes everything.
4. No, but by setting up a live bank feed, this goes through a third party, so they can scrape the date and upload to FreeAgent.

As Northenlad confirms, if no taxable benefits, you can use the below link to submit a nil P11d, rather than using a software. Your Accountant may already be doing this for you though.

https://online.hmrc.gov.uk/shortform...ww.hmrc.gov.uk

**l35kee** · 18 May 2017, 11:02

Originally posted by radish2008 View Post

I can't find any answers to these questions and am probably going to move from SJD so any help from the FA experts on here will be gratefully received:

1. Is VAT really one click ?

2. P11d - currently I fill out a questionnaire online and submit - is there a similar function in FA ?

3. Share split - I have a share split between myself and my wife - can FA deal with this when doing SA and the P11d ?

4. I don't have to give access to my business account to anyone do I ?

1. As long as you use it properly on a daily/weekly basis. I attach all my receipts every day.
4. No. You can attach a read only feed from your account into FA though, which is incredibly useful.

on 2 and 3. I'm new so haven't done one of those before. But they are just a list of expenses? That's all done in FA for you, on the proviso of using the tool properly.

Edit. What Neil said!

**northernladuk** · 18 May 2017, 11:04

Originally posted by radish2008 View Post

I can't find any answers to these questions and am probably going to move from SJD so any help from the FA experts on here will be gratefully received:

1. Is VAT really one click ?

Not quite. One click and enter your Gov Gateway details.. or nothing at all if your accountant does it for you.

2. P11d - currently I fill out a questionnaire online and submit - is there a similar function in FA ?

P11D's have changed this year so no need for one unless you have

• Company cars
• Fuel benefit
• Private medical insurance
• Taxable subscriptions

3. Share split - I have a share split between myself and my wife - can FA deal with this when doing SA and the P11d ?

Of course.

4. I don't have to give access to my business account to anyone do I ?

If you want FA to automatically update your bank to reconcile everything you have to enter your log in details so technically yes you have to give them to Yodlee. Some members here won't do that and you do have the option to upload your statements instead.

https://www.freeagent.com/support/kb...faqs-security/

**Darren at Fox-Bartfield** · 18 May 2017, 11:10

Freeagent

Originally posted by radish2008 View Post

I can't find any answers to these questions and am probably going to move from SJD so any help from the FA experts on here will be gratefully received:

1. Is VAT really one click ?

2. P11d - currently I fill out a questionnaire online and submit - is there a similar function in FA ?

3. Share split - I have a share split between myself and my wife - can FA deal with this when doing SA and the P11d ?

4. I don't have to give access to my business account to anyone do I ?

Questions in order:-

1. Yes provided you've the Gov Gateway account set up and able to input the details, very simple indeed

2. P11d - that's better handled by your accountant, doesn't file the P11d at the moment

3. SAR - you can't file your self assessment through Freeagent at the moment. It will give you a guide as to liabilities but can't file. This is probably best done through your accountant in any event so that any tax planning can be carried out at the same time or adjustments put in place for anything else.

4. Advisable to set up the bank feed within the software but not mandatory. the bank transactions are required in there to make full use of it's functionality, whether they be by bank feed, CSV or other download from your bank then uploaded into the software.

**TheCyclingProgrammer** · 18 May 2017, 11:14

It's certainly possible to submit your SA through FreeAgent f your shares are split with your wife. It will not be able to submit hers unless she is set up as a director though.

The share split is irrelevant as far as the SA goes. FreeAgent has no specific support for automatically splitting dividends according to your shareholding - you need to work that out yourself - but any transactions you've marked as dividend payments will be included in your tax calculation.

Also, you don't need to submit a P11D if you receive no taxable benefits and you no longer need to include travel, subsistence or business calls as these are now covered by exemptions. You do not need to submit a nil P11D.

**radish2008** · 18 May 2017, 11:23

Originally posted by northernladuk View Post

Not quite. One click and enter your Gov Gateway details.. or nothing at all if your accountant does it for you.

P11D's have changed this year so no need for one unless you have

• Company cars
• Fuel benefit
• Private medical insurance
• Taxable subscriptions

https://www.freeagent.com/support/kb...faqs-security/

Wow. I don't know that- the deadline for SJD is the end of this month and I'm pretty sure there is a section for income that means I have to put divis on there and the share that's mine.

Actually I've just done it and questions have been removed.

**Fred Bloggs** · 18 May 2017, 11:33

Personally, I seriously recommend you do NOT use the FreeAgent bank account integration since it involves disclosing all your log on data to a third party that you may know almost nothing about in reality. The (Santander for me) bank and FA download and upload function using a Quicken .qif file takes seconds to do. However, the choice and the risk is yours to choose or not.

**Michael at BI Accountancy** · 18 May 2017, 11:33

Originally posted by radish2008 View Post

Wow. I don't know that- the deadline for SJD is the end of this month and I'm pretty sure there is a section for income that means I have to put divis on there and the share that's mine.

Think you may be referring to directors loan, if you have gone over £10k during the year and not charged interest. No Divi section on the P11D.

**radish2008** · 18 May 2017, 11:39

Originally posted by TheCyclingProgrammer View Post

It's certainly possible to submit your SA through FreeAgent f your shares are split with your wife. It will not be able to submit hers unless she is set up as a director though.

The share split is irrelevant as far as the SA goes. FreeAgent has no specific support for automatically splitting dividends according to your shareholding - you need to work that out yourself - but any transactions you've marked as dividend payments will be included in your tax calculation.

Also, you don't need to submit a P11D if you receive no taxable benefits and you no longer need to include travel, subsistence or business calls as these are now covered by exemptions. You do not need to submit a nil P11D.

Thanks for the reply. As long as I can easily get to what I need then it seems like a good idea to switch.

Specific Free Agent questions