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I'm heading back into the contracting world and a free-lancer I know recommended FreeAgent.
Any thoughts on this - or other Accounting/Payroll software?
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As an IT contractor, almost anything commercial is likely to be overkill. I switched accountants a few years ago and their preferred accounting tool is... Excel! They have a fairly clunky workbook (which uses a recent version, so each year when they send me a blank I have to copy/paste some custom functions and do a mass edit) but it's very simple to use. They have tried recently to switch me over to FreeAgent (as it works with MakingTaxDigital, only relevant if you're VAT registered). However they wanted to charge me for that (only £50/year, but it gave me zero advantages, a new tool to learn, and I object in principle to having additional costs just to submit a quarterly tax return). So I continue to use their Excel spreadsheet, and can upload from that directly to HMRC's MTD via Anna Banking's free Excel tool. You don't have to be an Anna customer, and the quarterly upload is simple and quick, direct from the VAT sheet of my workbook.
If you need an account let me know - the guys I use are specifically serving the IT contractor marketplace and have a reasonable fixed fee. As with every accountant I've ever used (these are my 4th lot I think, in 27 years) the quality of service reduces proportionately to how long you've been a customer...
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DerekT-P wrote: the quality of service reduces proportionately to how long you've been a customer
That is so true, we started off with the Principal got handed to the assistant a year later, a few years down the track and our returns were done by the temp on the reception desk.
Never underestimate the power of human stupidity -
RAH
I'm old. I know stuff - JSOP
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I suppose it depends also on the complexity of your accounts, and the level of "creativity" you desire.
These days, most accounting is straightforward and leaves little room for "creative", but legal, measures. The fun only starts when there is significant inflation, or currency rate fluctuations, or tax law arbitrage (e.g. between different countries). If you only run a small, local, business, why should you need (and pay for) the accounting firm's best talent?
Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.
-- 6079 Smith W.
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I've been using it for 3 years now, it's been great. Disclosure: I get it free because I'm a NatWest customer.
As well as monthly payroll submissions to HMRC, it connects directly to banks and PayPal so the accounts are up-to-date. Automatically received transactions are categorised but have to be confirmed. The categorisation learns as it processes more transactions how they should be categorised.
It supports the generation and optional submission of self=assessment (the box values can be changed if there is other, additional income to be reported). It also supports the creation and submission of the CoHo annual return. This is the first year I'll be using the CT 600 feature.
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I have been using it for 4+ years. If you have got a budget I would recommend using it.
- It syncs automatically my business bank account to transactions
- I can do payroll which is automatically submitted to HMRC
- I can do also Self Assessment which is automatically submitted to HMRC
- It helps with Corporation Tax Return (CT600) form
- You can add more users if you need to manage your accounts e.g. an accountant
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I have been using it since March.
In short, I greatly prefer it to using spreadsheets and debating stuff with accountants.
It gives me clarity on how all my transaction should be treated.
For example, drop down lists of options that are arcane knowledge I could not be bothered to even know exist before.
It keeps running totals of tax liabilities too.
It submits VAT on a couple of a button clicks - something you must use software for now anyway.
Used it once already to submit a corporation tax return (CT600).
They keep the software up to date with tax changes.
In fact, I have already benefited by much more than the cost of it from temporary tax benefits that it pointed out on capex as we came out of the lockdowns.
Also it is fast, so trying things out to understand it does not feel like so much of a chore.
At the cost of a little time invested in learning how to use it, it has saved me money and time.
You will need to understand a little more about accounting than if you use a spreadsheet and accountant, but I think you are going to end up being forced to do use software eventually, so better now.
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I've been using it for several years now and I've found it a breeze to use. I had some issues early on, but one was down to me miscategorising a few items and the other was due to invoices been raised before "FreeAgent day" and being paid afterwards.
I previously used to use a spreadsheet but it became a nightmare to ensure that I had got all the formulas right and correctly cross linked. I used to employ an accountant to create and file to HMRC and companies house for me.
I file 'realtime' payroll every month with a few clicks, and will be filing my CT600 with HMRC direct from FreeAgent this year. It will even do your tax return, if you have no other outside income (from rental property for example).
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I find it an incredibly easy to use and friendly package.
I actually get it provided to me as part of the Accountancy service I pay my accountant for monthly.
When I start a contract, I go in, add the clients contact details, and a project in the projects section, then when a pocket of work is finished, I log in, add an invoice and click email.
My dash board shows me my yearly break down, profit and loss, company bank account level, any VAT payments due and all in a not accountant easy to understand way.
The ONLY bad thing I have to say about it, is some of the lesser used options are buried in strange menu paths that sometimes don't make sense, and require a bit of looking for, the day to day stuff though..... all easy to use and find.
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Thank you all for the feedback.
It sounds like a good option for me:
- I want to keep the need for accountants to a minimum
- I want my submissions to HMRC, etc. to be as easy and automated as possible
- I want to spend as little time as possible on the admin stuff
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@petepjksolutionscom
Just thought I'd get it in early ... 
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
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I think we posted simultaneously
Life should not be a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Wow! What a Ride!" - Hunter S Thompson - RIP
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But you were slightly ahead of me ... damnit!
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
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I was going to write one around the wordle answer but thought it could be a spoiler
Life should not be a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Wow! What a Ride!" - Hunter S Thompson - RIP
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Fuss the French smell young man ? (10)
Edit
apologies for the misspelling fuzz
Life should not be a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Wow! What a Ride!" - Hunter S Thompson - RIP
modified 29-Jun-22 4:35am.
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Nice clue
It still works with fuzz, although it is a stretch.
I have nothing much in my CCC storage, so can not do tomorrow, so going to have to leave this one for someone else to solve.
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I always write mine on the day
Life should not be a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Wow! What a Ride!" - Hunter S Thompson - RIP
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Not bad, not bad at all. I like it.
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Thank you Pete
Life should not be a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Wow! What a Ride!" - Hunter S Thompson - RIP
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Ah! With the correction, I'll take it if no-one does:
Fuss ADO
the French LE
smell SCENT
young man
ADOLESCENT
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
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Yay YAUT
Life should not be a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Wow! What a Ride!" - Hunter S Thompson - RIP
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It jumps out as soon as I see solution. I had no idea ado is a word. I knew young man is definition, the French is le but I simply could not think of the word for young man.
"It is easy to decipher extraterrestrial signals after deciphering Javascript and VB6 themselves.", ISanti[ ^]
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What do they teach the Youth Of Today? 
Much Ado About Nothing - Wikipedia[^]
"I have no idea what I did, but I'm taking full credit for it." - ThisOldTony
"Common sense is so rare these days, it should be classified as a super power" - Random T-shirt
AntiTwitter: @DalekDave is now a follower!
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I almost everyday hear "without further ado" and yet I could not connect the dots. This really unimportant paying job task is coming in way of CCC solving. I should protest somewhere.
"It is easy to decipher extraterrestrial signals after deciphering Javascript and VB6 themselves.", ISanti[ ^]
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"Always do right. This will gratify some people, and astonish the rest."
--Mark Twain
"A little time, a little trouble, your better day"
Badfinger
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