Migrate Freeagent from accountant to self DIY

[patel]

Hi, Looking at MSC saga, I am bit worried and thinking of doing accounting tasks myself. My current accountant uses Freeagent and hence wanted to know:

a. How easy/difficult to take control of FA from Accountant dashboard to myself? FA has listed down steps but not sure how smooth in reality..
b. Is it practical to file VAT return and CT return directly from FA...

Anyone have done this and suggest any pitfalls? I do not have much of expenses and it is one man company set up without PAYE...so, it is only VAT and CT.

[jamesbrown]

Exceptionally easy to move. You can ask your accountant to remove your account from their dashboard or, IIRC, you can ask FA to do it, ultimately. You will then get a notification from FA and either need to pay the monthly fee for FA yourself or meet their conditions for a free subscription (e.g., open a Mettle/Natwest Group account). You have a two-week grace period.

Filing VAT returns from FA is straightforward. Filing your CT600 and SATR from FA is also straightforward unless you have more complex requirements (e.g., handling losses).

[jamesbrown]

Aside - not sure what you mean by "without PAYE". Presumably you have payroll. Either way, RTI submissions are easily handled within FA too.

[malvolio]

Aside - not sure what you mean by "without PAYE". Presumably you have payroll. Either way, RTI submissions are easily handled within FA too.

Same as us. No point in taking a salary from the company at present, so no payroll processing in place, so no RTI requirement. VAT and CT look after themselves.

[jamesbrown]

Same as us. No point in taking a salary from the company at present, so no payroll processing in place, so no RTI requirement. VAT and CT look after themselves.

I understand that it’s entirely possible, it’s just uncommon for someone who is actively contracting (and, hence, worried about ITEPA Ch. 9).

[patel]

I understand that it’s entirely possible, it’s just uncommon for someone who is actively contracting (and, hence, worried about ITEPA Ch. 9).

Request you to please detail this as I tried going through Ch.9 but not able to link PAYE/Salary payment and MSC...

[jamesbrown]

Request you to please detail this as I tried going through Ch.9 but not able to link PAYE/Salary payment and MSC...

Eh? I think you’re getting confused. See my first post and forget about the rest.

[Lance]

If you're worried about MSC, but your 'fix' is to do your own for accounts then I think you understand neither MSC nor accounts.
Unless you are absolutely certain about doing your own accounts then find an accountant with no MSC risk.


Using an accountant isn't a problem for MSC. So understand what the problem actually is, and work it from there.
I think you are overreacting.

[patel]

If you're worried about MSC, but your 'fix' is to do your own for accounts then I think you understand neither MSC nor accounts.
Unless you are absolutely certain about doing your own accounts then find an accountant with no MSC risk.


Using an accountant isn't a problem for MSC. So understand what the problem actually is, and work it from there.
I think you are overreacting.

agree that I am bit overreacting and reason for this is because of lack of clarity and my conclusion so far is that nobody have a clue where MSC will end up.

[northernladuk]

agree that I am bit overreacting and reason for this is because of lack of clarity and my conclusion so far is that nobody have a clue where MSC will end up.

Indeed but I don't think there is a need to cut your own nose off. As Lance says, nothing wrong with using an accountant. You have a legal obligation as a director to manage your company finances properly at the end of the day. It'susing the accountant incorrectlyor them offering more than accountancy that is the problem. If you know what you should, and they shouldn't be doing and then find one that also understands their role you should reduce the risk greatly.