Small business accounting can be tricky - there’s certainly no lack of documents to keep track of and forms to complete. But if your business has employees, it gets even tougher, as you have to manage payroll and new forms like the P45. Find the answers to some common questions about P45s that will help you keep your business on the right track. What is a P45? A P45 is a form that employees receive from their employer when they leave a job. A P45 shows how much tax an employee has paid on their salary so far in that tax year, as well as details of their gross earnings and their tax code.  ..read more

As if you aren’t already taking multitasking to a new level, when you’re running a business you also have to get to grips with the data needed to measure business performance. While you may have a gut feeling for how your business is doing, having the key numbers to hand can save you time and give you the insights you need to make better business decisions. Take a look at these five FreeAgent reports and how they can help boost your performance.  Keep tabs on income and expenses with the Profit and Loss report A profit and loss report (aka a 'profit and loss account', 'P&L account' o ..read more

Learning is a lifelong process, so it’s important to regularly review your practice performance. There are many ways to boost your bookkeeping practice, whether it’s using the right technology, assessing your pricing or improving your marketing. If you’re ready to shake things up, here are five ways to re-energise your practice. 1. Flourish with tech It can be difficult to know which tools to adopt, so it’s a good idea to focus on the main needs of your practice. We might be a little biased, but accounting software is an essential and time-saving part of your toolkit - for example, if your cl ..read more

There’s much more to work than just a pay cheque - people want to know how else their company will support them.  Right from the start, our founders were uncompromising on their vision of creating the kind of workplace they’d always wanted for themselves: somewhere you can be yourself and do your best work.  It’s important to us that you have a great work-life balance and your wellbeing is part of this. At FreeAgent we have invested in a package of benefits to support you and your family’s physical health and peace of mind. Having a supportive environment where you can be your best ..read more

When it comes to running your own business, there are lots of very similar-sounding ‘years’ to remember. If you’re not completely sure what the difference is between the financial year, accounting year, tax year and fiscal year, don’t worry - you’re not the only one.  Luckily, you only need to get to grips with the ‘years’ which apply to your business type. Find your business type below and learn which years might affect you. Limited companies Financial year For limited companies, the financial year runs from 1st April to 31st March the following year. The start of the financial year is ..read more

Each of us has our own picture of what a great career looks like. It could be hand-carving furniture in the depths of Wales, creating brand new dishes at a restaurant, or even writing blogs for a certain accounting software… But whatever it is we yearn for, we probably want to keep on learning and developing in our roles.  Our mission is to make micro-businesses happier and more successful by putting them in control of their finances, and upskilling our people has a direct and positive impact on our customers. But we also know that great career progression actively makes FreeAgent a bett ..read more

You might not have noticed amongst all the excitement of the new look FreeAgent brand last week, but we also rolled out another long-awaited improvement at the same time… That’s right - dark mode (or dark theme, if you’re an Android user) is now live on the FreeAgent mobile app. You’ve sent us loads of feature requests for this one over the years, so we’re delighted to finally make all of your spooky dark-mode dreams a reality. As well as being a matter of personal preference, this new option could also potentially save some battery life and provide improved accessibility for some users. Dark ..read more

High inflation can put the squeeze on small businesses as costs rise and customers think twice before spending. You might already be feeling the pinch, but with planning and smart tactics, you can position your business to come out the other side happy and (hopefully) profitable. What is inflation? Inflation is the amount that prices and costs are rising annually. It’s normally expressed as a percentage, comparing the cost of items today to how much the same items cost a year ago.  Inflation isn’t necessarily bad. The Bank of England’s target is to keep inflation steady at about 2%. This ..read more

Early birds and keen beans rejoice  - you can now submit your 2022/23 Self Assessment tax return to HMRC in FreeAgent! Get ready to feel more organised than you ever have before. If you’re a sole trader or limited company director already using FreeAgent, you’ll know that parts of your Self Assessment form can be auto-populated for you using the data in your account. Once you’ve filled in the rest, you can file your tax return to HMRC in just a couple of clicks - without even leaving FreeAgent. The deadline for filing isn’t until 31st January 2024 but if you simply can’t wait until then ..read more

Ready to build your own business but keen to keep the stability of a salary? You can start your business while employed, whether you’re planning to run it as a side hustle or build it into a full-time job. If you’re thinking of starting your own small business, here’s a guide to the tax implications you’ll need to consider. You must register with HMRC No matter how small your business is, you may need to make sure HMRC knows about it. If you’re setting up as a sole trader, you’ll need to register with HMRC if you’re going to earn more than £1,000 a year in sales (before you take any costs off ..read more