contractor accountants Articles
With FreeAgent Mobile you can nail the daily admin tasks when you’re out and about, and we’re pleased to report they have just made it even simpler with the rollout of support for bills and estimates.
You can find ‘Bills’ in the Money Out area of the app where you can now view, create and manage the incurred costs you haven’t paid yet.
If you’re unsure about when to use the bill section then why not have a look at FreeAgent’s article on bills, expenses & bank payments. It’s clear and concise and should help.
If you are in front of a possible new client and they need an estimate to seal the job then this will be ideal for you.
Cloud accounting software provider FreeAgent have seen their income soar by 41% to £8m for the year to the end of March.
As Umbrella Accountant’s provider of choice for contractors and freelancers FreeAgent reported a net loss of £2.9m for the same period, including share-based payment expense of £0.8m, as the group continued to invest in scaling its business (2016: £1.3m).
Umbrella, the Cloud Accountants, are pleased to announce that we now have 18 accredited accountants for both FreeAgent and Xero Cloud Accounting Software products.
By giving a choice Umbrella are able to find a solution that satisfies most contractors & freelancers operating through their own limited company in the UK.
In fact Umbrella Accountants LLP are one of the few accountants to offer more than one Cloud Accounting Service.
We are also able to help if you are already with a different provider i.e. Sage One, Quickbooks, ClearBooks etc.
Umbrella contractor accountants currently have in excess of 1,000 limited companies using one of their accounting services.
Cloud Accounting software provider FreeAgent has moved a step further in its integration with NatWest and now enables users to sign up with their existing bank logon details.
This provides quick, easy sign on that is also secure and provides flexibility under Open Banking for the Natwest customer to decide what information is shared with FreeAgent
FreeAgent and Natwest have been trialling the system with around 2,00 customers and it has proven to be extremely successful, hence the wider rollout.
Operations Director Neil Armitage said “Contractors are constantly on the go and under a lot of pressure so anything that can simplify their lives like this is more than welcome. Closer integration with banking partners such as NatWest can only benefit our customers and it’s great to see FreeAgent continue to innovate”
On the 5th July our Operations Director, Neil Armitage, will be attending the Strategic FreeAgent Partnership Meeting up at FreeAgent Headquarters up in Edinburgh.
We’ve attended every partner summit so far and taken part in the self-employed tax summit.
Our partnership with FreeAgent is important to us as a practice as it’s the leading cloud platform for contractor accountancy which means we can be part of steering the direction FreeAgent travels so that we can provide even greater levels of service and portal usability to clients. We will report back after the meeting on developments that will affect our clients.
If you are a contractor or freelancer the most tax efficient way for you to work is often through your own limited company. This allows you to benefit from the incentives offered for setting-up and running your own business and hence allows you to maximise your earnings after tax.
It also enables you to develop and build your business & brand and potentially in the future employ others.
The downside of this is that there is more responsibility on you as a director of your own limited company and there are statutory requirements re maintaining financial records, preparing and submitting year-end accounts, corporation tax returns, personal tax returns, payroll and managing invoicing & payments.
Choosing a company name for your new business can often be a complex decision with you having to avoid similarly named businesses and exclude banned words such as implying you are a Government Body or a member of an industry/trade body (i.e. the Institute of Chartered Accountants in England and Wales (ICAEW) control the use of the term Chartered Accountant).