What if I'm not satisfied with the service?
We offer a 100% money-back guarantee if you're not satisfied. Contact us within 30 days to discuss any concerns.
Keywords: service
Reference URL: https://www.goforma.com
Do I need to pay tax on cryptocurrency in the UK?
Yes, crypto transactions may be subject to Capital Gains Tax.
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Do you support FreeAgent setup?
Yes, we create your account, complete setup, and provide onboarding calls to train you on the software.
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Can you help with VAT registration?
Yes, we handle VAT registration and ongoing quarterly returns. We'll advise whether standard or flat rate VAT is better for your business.
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Can I use your London address as my registered company address?
Yes, if you have an Operate/Grow package or virtual office service this is included. Start package clients can add this for £20/month.
Keywords: registered address, business address, company address
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What is the Legal and Professional Fees expense category and what should I use it?
The ‘Legal and Professional Fees’ category can be used for fees such as solicitors’ fees. If your business is a limited company or LLP, you might also use this category for the confirmation statement fee paid to Companies House.
Your accountants’ fees would normally be allocated to the '[Accountancy Fees](https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost#h_01FHD19CN9VKGWHVH9QHSNMZ9Z)' category instead.
Some legal fees, such as those relating to long-term rentals, might not be allowable for tax - check with your accountant if you’re unsure. Penalties such as speeding fines or parking tickets aren’t allowable for tax.
If you have a disallowable legal cost, you’ll need to set up a [new category](https://support.freeagent.com/hc/en-gb/articles/115001216910) to allocate it to, tag the category as ‘not allowable for tax’, and [split](https://support.freeagent.com/hc/en-gb/articles/115001217610) the cost between the allowable and disallowable categories.
Keywords: legal and professional fees, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Staff Entertaining expense category and what should I use it?
The ‘Staff Entertaining’ category would be used for the cost of entertaining current employees of your business who are on the payroll and being paid a salary - for example, if you throw a Christmas or summer party for your staff. Be aware that the costs of entertaining your staff may incur extra tax or NI to pay. Find out more in our guide to [entertaining for your business](https://www.freeagent.com/guides/expenses/entertaining/).
If you’re the only member of staff in your business, the cost of ‘entertainment’ for yourself would normally go to '[Accommodation and Meals](https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost#h_01FHD1EDDDK3S2T8B9FFXJAVWX)', '[Drawings](https://support.freeagent.com/hc/en-gb/articles/115001222604-Entering-money-in-and-out-of-the-business-sole-trader-or-partner-)' if you’re a sole trader, or to your [director’s loan account](https://support.freeagent.com/hc/en-gb/articles/360010191540-How-to-explain-transactions-using-the-director-s-loan-account). Double-check with your accountant if you’re unsure which to use.
Keywords: staff entertaining, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Do you send proactive reminders?
Yes, we send reminders 2 weeks before VAT quarters end, 3 months before year-end, plus notifications for self assessments, VAT returns, confirmation statements, and accounts deadlines. WhatsApp reminders are available too.
Keywords: reminders, proactive
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What is the Advertising and Promotion expense category and what should I use it?
The ‘Advertising and Promotion’ category can be used for costs associated with making people aware of your business, such as offline and online adverts, networking club memberships and directory listings. You may also wish to allocate other marketing costs to this category, such as email or social media management software.
Keywords: advertising and promotion, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Do I need ID verification?
Yes, for company registration or virtual office services, you'll need digital ID verification (passport or driving licence) and proof of address within the last 3 months for each director. We cannot register companies or process mail until this is completed.
**ID verification and proof of address** are required before we can register your company or handle mail.** **Mail will be returned to sender until verification is complete.
Keywords: id verification, identity
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What is the Childcare Vouchers expense category and what should I use it?
If you’re purchasing childcare vouchers for your employees, you would select the ‘Childcare Vouchers’ category. Be aware that the bill for childcare vouchers will often only have VAT on the admin fee, so if this applies, you’ll need to choose ‘Amount’ and enter the actual amount of VAT on the bill.
Keywords: childcare vouchers, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Director Loan Account expense category and what should I use it?
The [director’s loan](https://www.freeagent.com/glossary/directors-loan/) account is money that a limited company owes to, or is owed by, one of its directors.
If the company owes money **to** the director, the director’s loan account will have a **[credit](https://www.freeagent.com/glossary/credit/)** balance because it’s a liability of the company as it’s money that the company is due to pay.
If the company is owed money **by** the director, the director’s loan account will have a **[debit](https://www.freeagent.com/glossary/debit/)** balance because it’s an [asset](https://www.freeagent.com/glossary/assets/) of the company as it’s money that the company is due to receive.
## How the director’s loan account works in FreeAgent
Balances can be posted to the director’s loan account by [explaining bank transactions](https://support.freeagent.com/hc/en-gb/articles/115001222524-How-to-explain-bank-transactions), [adding out-of-pocket expenses](https://support.freeagent.com/hc/en-gb/articles/115001218190-How-to-create-a-new-expense) and [creating journal entries](https://support.freeagent.com/hc/en-gb/articles/115001222304).
At the company’s [year end](https://www.freeagent.com/glossary/year-end/) date, FreeAgent adds together the balances of the following accounts:
- ‘900 - [Smart User Payments](https://support.freeagent.com/hc/en-gb/articles/115001217670-How-to-explain-a-smart-user-payment)’
- ‘902 - [Net Salary and Bonuses](https://support.freeagent.com/hc/en-gb/articles/4406998243858-How-to-explain-a-salary-payment-to-an-employee)’ (wages that the company pays the director for their work)
- ‘904 - [Benefits in Kind](https://support.freeagent.com/hc/en-gb/articles/4407006752274-How-to-explain-a-benefit-in-kind-payment-to-a-limited-company-director)’ (costs that the director has chosen to add to the director’s loan account instead of posting to the profit and loss account)
- ‘905 - [Expense Account](https://support.freeagent.com/hc/en-gb/articles/115001218190-How-to-create-a-new-expense)’ (out-of-pocket expenses the director has incurred and any [expense repayments](https://support.freeagent.com/hc/en-gb/articles/115001218150))
- ‘907 - [Director Loan Account](https://support.freeagent.com/hc/en-gb/articles/360010191540-How-to-explain-transactions-using-the-director-s-loan-account)’
Please note that the share [capital account](https://www.freeagent.com/glossary/capital-accounts/) (code **901** in FreeAgent) **doesn’t** form part of the director’s loan account because that is money that the company owes to the individual in their capacity as a shareholder, rather than as a director. This applies even if the shareholder and director are the **same** individual.
## Debit director’s loan account balances
If these accounts add up to a **debit** (i.e. overdrawn) balance, the director’s loan account is overdrawn and this indicates that the participator owes the company money. A '[participator](https://www.gov.uk/hmrc-internal-manuals/company-taxation-manual/ctm60107)' is “a person having a share or interest in the capital or income of the company” and could include any loan creditor of the company. For most small limited companies, its participators will be its [shareholders](https://www.freeagent.com/glossary/shareholder/), who will often also be [directors](https://www.freeagent.com/glossary/limited-company-director/). If the company has issued debt finance called [debentures](https://www.freeagent.com/glossary/debentures/), then the holders of the debentures may also be participators.
If you owe money to the company, you’ll almost certainly need to complete the [CT600A form](https://support.freeagent.com/hc/en-gb/articles/4409691423378-How-to-complete-the-Corporation-Tax-supplementary-page-CT600A-in-FreeAgent) along with your company’s [Corporation Tax return (CT600)](https://support.freeagent.com/hc/en-gb/articles/115001224204-A-guide-to-Corporation-Tax-in-FreeAgent). You’ll also need to [disclose details of the loan on your Final Accounts report](https://support.freeagent.com/hc/en-gb/articles/4409691423378-How-to-complete-the-Corporation-Tax-supplementary-page-CT600A-in-FreeAgent#h_01FNXT70AE6BXW0ZNEWDECP16P). You can find out more about your Corporation Tax responsibilities if a director, or other participator, owes money at the company’s year end [on the government’s website](https://www.gov.uk/directors-loans/you-owe-your-company-money).
If the debit balance goes over £10,000, the loan counts as a taxable benefit.
If **any value** of the loan is **not repaid within nine months** of the year end, your company will need to pay Corporation Tax on any outstanding loan to a participator. This is called [S455 tax](https://support.freeagent.com/hc/en-gb/articles/4409691423378-How-to-complete-the-Corporation-Tax-supplementary-page-CT600A-in-FreeAgent#h_01GDZNEEJVB9TRWXP504E8JRXW).
## Credit director’s loan account balances
If these accounts add up to a **credit** balance, this indicates that the company owes the participator money. Credit balances typically don’t need to be reported on form CT600A.
Keywords: director loan account, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/9772491015314-How-the-director-s-loan-account-works-in-FreeAgent
What is the PAYE/NI Expense expense category and what should I use it?
This category is only available to users with an unincorporated landlord account, or those with other account types that have not set up payroll on their account. The ‘PAYE/NI Expense’ category should be used for payments of expenses related to your staff PAYE or National Insurance if you’re not running payroll in FreeAgent.
Keywords: paye/ni expense, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Accountancy Fees expense category and what should I use it?
The ‘Accountancy Fees’ category is for accountants’ fees for work relating to your business, such as preparing accounts. Please note that the cost of your accountant preparing your personal tax return isn’t allowable for [tax relief](https://www.freeagent.com/glossary/tax-relief/), even if all you’re reporting on your return is your business’s accounts. If part of your accountancy bill isn’t allowable for tax, you’ll need to set up a [new category](https://support.freeagent.com/hc/en-gb/articles/115001216910) to put the disallowable amount in, tag the category as not allowable for tax, and [split](https://support.freeagent.com/hc/en-gb/articles/115001217610) the cost between the allowable and disallowable categories.
Keywords: accountancy fees, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Can you help with crypto tax returns?
Yes, we're UK crypto tax specialists. Our crypto packages include Koinly software, support for 25,000+ transactions, and 800+ exchange and wallet integrations.
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What is the Postage expense category and what should I use it?
The ‘Postage’ category can be used for the cost of postage stamps for your business or the cost of delivery of goods to customers.
Please note that postage through the Post Office is usually exempt from VAT, but you may have to pay VAT on courier delivery costs, so check your bill and use the ‘Amount’ drop-down if needed to make sure you reclaim the right amount of VAT.
Keywords: postage, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Will I be charged if I cancel early?
Early cancellation (within 3 months) during promo offers for free Company Registration on a Limited Company accounting package will incur a £65 + VAT fee if we have registered your Limited Company.
Keywords: cancellation, charges, additional charge
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Do you handle international tax requirements?
We focus on UK tax requirements but can advise on basic international considerations and refer complex cases to specialist international tax advisors.
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What's included in your accounting services?
You get a dedicated personal accountant you can book time with and free FreeAgent software (worth £360/year). Depending on your package, we handle annual accounts, confirmation statements, payroll, self assessments, and quarterly VAT returns.
Keywords: packages, services
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How soon can you register my Limited Company?
Usually within 24 business hours once we receive your completed application and verified ID documents. Applications submitted Friday afternoon are processed on Monday.
Keywords: company registration
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What accounting software do you use?
We're Platinum FreeAgent partners and include free setup and training. We also work with Xero and QuickBooks.
Keywords: accounting software, freeagent, xero, quickbooks
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What qualifications do your accountants have?
Our team includes qualified accountants (ACA, ACCA) with extensive experience in small business and contractor accounting.
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Do you offer refunds?
Yes, we offer a money back guarantee if you are unhappy with your service. If we have provided key filing services with a fixed cost (e.g. company registration, confirmation statement) then we will be unable to refund the cost.
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What is the Subscriptions expense category and what should I use it?
The ‘Subscriptions’ category can be used for subscriptions for your business. For example, trade or professional bodies or business membership clubs. Double-check with your accountant whether your subscriptions are allowable for tax relief before claiming.
Keywords: subscriptions, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Office Equipment expense category and what should I use it?
The ‘Office Equipment’ category can be used for small consumable items of equipment, such as batteries, a calculator for your bookkeeper or a new set of keys.
Larger items of equipment that will be useful for **more than a year** and are expensive in the context of your business would normally be explained as a [capital asset purchase](https://support.freeagent.com/hc/en-gb/articles/115001217010-How-to-record-the-purchase-of-a-capital-asset-after-the-FreeAgent-start-date). Examples of this would be a new chair or a new desk.
Keywords: office equipment, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Staff Training expense category and what should I use it?
The ‘Staff Training’ category might be used for training courses to maintain your existing skills, or those of an employee. You **can’t** claim training costs that teach either new skills or skills that would enable you or your employees to start doing a different job.
For example, if you are an IT contractor and you attend a course to maintain your knowledge of Ruby, you’ll usually be able to claim the cost of that course. However, if you go on a course to learn French so that you are able to take on new French clients, that course wouldn’t be allowable, because it’s to learn a new skill.
Keywords: staff training, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Other Computer Costs expense category and what should I use it?
The ‘Other Computer Costs’ category might be used for computer repairs or website maintenance.
Keywords: other computer costs, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the SLA for self assessments?
Our self assessment tax return SLA is 2 months from receipt of the key details
Keywords: self assessment, satr, sla, deadline
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What if I need to provide more details after I've submitted my accounts?
If more information is provided part way through the self assessment or accounts filing SLA window then this can delay filing and push back our SLA so we really require customers to provide all the details needed when they submit and confirm their information
Keywords: annual accounts
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What is the Mobile Phone expense category and what should I use it?
The ‘Mobile Phone’ category can be used for the running costs of a mobile phone, such as contract fees. **Don’t** include the cost of buying the phone itself in this category. Instead, this would be a [capital asset purchase](https://support.freeagent.com/hc/en-gb/articles/115001217010-How-to-record-the-purchase-of-a-capital-asset-after-the-FreeAgent-start-date).
If your business is a limited company and a mobile phone bill is in the company’s name, you’ll usually be able to include the full cost of the bill. If the bill is in your own name, speak to your accountant about how much of it you can include in your accounts. You may have to allocate some of the costs to your [director’s loan account](https://support.freeagent.com/hc/en-gb/articles/360010191540-How-to-create-a-director-s-loan-account) instead.
Keywords: mobile phone, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Do I need a UK address to register a company?
Yes, you need a UK registered office address for official correspondence. Our virtual office service can provide this.
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What ongoing responsibilities do I have with a limited company?
You must file annual accounts, confirmation statements, corporation tax returns, and maintain statutory records.
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Do you have referral offers?
Yes, Amazon vouchers for successful referrals: £75 (virtual office/sole trader), £125 (Start package), £250 (Operate/Grow packages). Payable after your referral stays 3+ months.
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Can I speak to my accountant directly?
Yes, you have a named dedicated accountant. Book time easily through your dashboard or with their accounting discussion link in their email - particularly for more detailed conversations. You can also contact them or our general support team via email (support@goforma.com) and WhatsApp.
Keywords: accountant
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What is the Pension (Annuity) expense category and what should I use it?
These categories can be used to explain employee pension payments if you have a sole trader or partnership account type, or if your business is a limited company and you’re making staff pension contributions that **don’t** go through the payroll.
If you’re paying staff pension contributions **through** the payroll, [this article](https://support.freeagent.com/hc/en-gb/articles/115001219430) explains how to handle them.
If you’re a sole trader or partner in a partnership, payments to your own pension have to be explained as ['Drawings'](https://support.freeagent.com/hc/en-gb/articles/115001222604-Entering-money-in-and-out-of-the-business-sole-trader-or-partner-), because these count as a personal cost rather than a business cost.
Keywords: pension (annuity), expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Computer Software expense category and what should I use it?
The ‘Computer Software’ category might be used for regular small payments for computer software, such as a subscription to FreeAgent. If you make a large one-off purchase of software, this might be a [capital asset purchase](https://support.freeagent.com/hc/en-gb/articles/115001217010-How-to-record-the-purchase-of-a-capital-asset-after-the-FreeAgent-start-date). Please ask your accountant if you’re unsure which category to use.
Keywords: computer software, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Web Hosting expense category and what should I use it?
The ‘Web Hosting’ category can be used for the regular payments that you make to host your website. The cost of building a website might or might not be a [capital asset](https://freeagent.com/glossary/capital-asset/) - check with your accountant if you’re not sure.
Keywords: web hosting, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Materials expense category and what should I use it?
The ‘Materials’ category can be used for the cost of materials to make goods for sale.
Keywords: materials, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Insurance expense category and what should I use it?
The ‘Insurance’ category can be used for the cost of insurance for your business. Here are some examples of different business insurance policies that you might pay for:
- Contents insurance for your office (if you have a home office, this would usually go to the ‘Use of Home’ category)
- Employers' liability – all employers must have this, even those with only one employee, except in [certain cases](https://www.legislation.gov.uk/ukpga/1969/57/section/2) such as where the only employee lives abroad (this cost would normally go to the ‘Insurance’ category)
- Jury service – covers jury service costs (this would normally go to the ‘Insurance’ category)
- Key person – covers the cost of hiring a new member of your team if you lose a key member due to long-term sickness or death (this would normally go to the ‘Insurance’ category)
- Motor insurance - this may go in ‘Insurance’ or you might prefer to put it in ‘Motor Expenses’
- Professional indemnity – protects against any losses suffered by your client for negligent work (this would normally go to the ‘Insurance’ category)
- Property – covers the cost of office premises against fire or accident (this would normally go to the ‘Insurance’ category)
- Public liability – covers the cost of any claim for accidents on your property to a member of the public (this would normally go to the ‘Insurance’ category)
If you pay for private medical insurance for your staff, that might also be allocated to the ‘Insurance’ category, but you would have to report it on your form [P11D](https://freeagent.com/glossary/p11d/), as there is extra tax and NI to pay on this.
Keywords: insurance, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Can I use the virtual office address with Google My Business?
Yes, most clients successfully register with Google My Business, though it's not guaranteed. If this is your primary reason for purchasing and you can't register, we offer partial refunds.
Keywords: google my business, gmb, virtual office, business address
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Do you offer free Limited Company registration?
Yes, included with certain promotional offers on Limited Company accounting packages (valued at £65 + VAT). If you cancel within 3 months, we recover this cost as a one-time fee.
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How does switching accountants work?
Simple process through your dashboard. Add your previous accountant's details, and we'll request documents, chase responses, import data to FreeAgent, and handle HMRC/Companies House authorisations.
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What is the Stationery expense category and what should I use it?
The ‘Stationery’ category can be used for the cost of office stationery such as envelopes, paper, pens and pencils.
Keywords: stationery, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Do you provide IR35 advice?
Yes, we offer IR35 advice, contract reviews, partner offers, and calculators to help determine your status.
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Can non-UK residents set up a UK Limited Company?
Yes, there are no nationality or residency restrictions for UK company registration.
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When do I need to register for VAT?
You must register for VAT if your taxable turnover exceeds £90,000 in any 12-month period, though you can voluntarily register below this threshold. You must register if either:
- your total taxable turnover for the last 12 months goes over £90,000 (the threshold)
- you expect your taxable turnover to go over £90,000 in the next 30 days
You must also register (regardless of taxable turnover) if all of the following are true:
- you’re based outside the UK
- your business is based outside the UK
- you supply any goods or services to the UK (or expect to in the next 30 days)
Keywords: vat registration
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Do you accept packages and parcels?
Not recommended. If parcels arrive, you have 48 hours free storage, then daily charges apply (£2.50-£4.50 depending on size). Uncollected parcels after 14 working days are disposed of with a £5 charge.
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What is the Travel expense category and what should I use it?
The ‘Travel’ category can be used for the costs associated with travelling for the purpose of conducting business-related activities, such as bus fares, train fares, air fares and taxi fares. If you travelled by car, you might prefer to record this business cost as a mileage claim, or to the ‘Motor Expenses’ category.
Double-check with your accountant if you’re not sure whether your journey counts as business travel.
Keywords: travel, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Can I cancel my contract anytime?
Yes, all packages are monthly with no long-term commitments. If you cancel during a promotional period after using free company registration, a £65 + VAT setup fee applies.
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How do I pay my Self Assessment tax?
undefined
Keywords: pay self assessment, how to pay, self assessment
Reference URL: https://www.gov.uk/pay-self-assessment-tax-bill
What is the Sundries expense category and what should I use it?
The ‘Sundries’ category can be used to describe anything that won't fit easily into another category. Use it sparingly, and as a last resort as it’s helpful to keep track of the different costs of your business and see where you might be overspending.
Keywords: sundries, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What if I make my company dormant?
We can help make your company dormant and offer 50% discount during dormant periods.
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What is the PAYE/NI expense category and what should I use it?
The ‘PAYE/NI’ category should be used for payments of [PAYE](https://www.freeagent.com/glossary/paye/) and [National Insurance](https://www.freeagent.com/glossary/national-insurance/) from either your [payroll](https://www.freeagent.com/glossary/payroll/) or [P11D](https://freeagent.com/glossary/p11d/). **Don’t** allocate Self Assessment payments to this category, as they should be explained [like this](https://support.freeagent.com/hc/en-gb/articles/360021724599-How-to-explain-a-Self-Assessment-payment-to-HMRC).
Keywords: paye/ni, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Are you regulated and insured?
Yes, we're fully insured with professional indemnity coverage and follow all UK accounting regulations and data protection requirements
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Do you provide bookkeeping services?
We provide advice on reconciling your transactions and will review your transactions when completing annual accounts but we do not proactive reconcile your account and do your bookkeeping. You can book time with your accountant easily to review your transactions with you to ensure this is done correctly.
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What is the Bank/Finance Charges expense category and what should I use it?
The ‘Bank/Finance Charges’ category can be used for bank charges if your bank account is in your business’s name. If your bank account is in your own name, check with your accountant about whether you can claim tax relief on your bank charges.
You can also use this category for other finance fees, such as PayPal fees.
Keywords: bank/finance charges, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
If I receive a bank card will you forward it?
When customers receive a bank card, this will not be scanned and will instead be automatically forwarded with "Royal Mail Signed For 1st Class" at a flat rate of £5.00 + VAT.
Keywords: bank card, forwarding, virtual office
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Do you work with contractors and freelancers?
Yes, we specialise in contractor accounting, IR35 advice, and optimising take home pay for limited company contractors and sole traders.
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How does the sign-up process work?
Sign up online instantly after your free consultation. Add your details and payment information, then access your dashboard immediately to complete company registration, ID verification, or accountant switching. We'll handle HMRC and Companies House authorisations and set up your FreeAgent software.
Keywords: sign up, signup
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What is the Rent expense category and what should I use it?
The ‘Rent’ category can be used for the costs of renting an office that’s not in your home. **Don’t** use this category for any deposits you pay to landlords, as this isn’t a day-to-day running cost of your business. If you need to account for a rent deposit, please see [this article](https://support.freeagent.com/hc/en-gb/articles/4407582180370-How-to-explain-a-rent-deposit-paid-to-a-landlord).
If your office is in your home and you’re claiming part of your house rent, your accountant will usually recommend you post this to ‘Use of Home’ instead. For more information, please see [this article](https://support.freeagent.com/hc/en-gb/articles/115001218230-How-to-record-business-use-of-home-expenses-in-FreeAgent).
Keywords: rent, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Can you physically forward my business mail?
Grow Package and Premium Virtual Office clients get weekly Friday forwarding to UK addresses. Other packages can forward specific items for £1.75 + VAT, selected the week mail arrives. Bank cards are automatically forwarded for £7 + VAT.
Keywords: mail forwarding, physical forwarding
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What is the Consultancy Fees expense category and what should I use it?
The ‘Consultancy Fees’ category could be used for the fees charged by freelancers or consultants who provided expert knowledge and services to you.
Keywords: consultancy fees, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
How do I pay PAYE?
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What is the Books and Journals expense category and what should I use it?
The ‘Books and Journals’ category can be used if you buy books or newspapers for your business or magazines for your clients to read.
Keywords: books and journals, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the VAT expense category and what should I use it?
The ‘VAT’ category should be used for payments of UK [VAT](https://www.freeagent.com/glossary/vat/) to HMRC. For more information, please see [this article](https://support.freeagent.com/hc/en-gb/articles/360021705739-How-to-explain-a-VAT-payment-to-HMRC).
Keywords: vat, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is a virtual office?
A professional London business address where we receive your mail. Depending on your package, you’ll receive digital scans or have physical forwarding to your home address in the UK on a weekly basis.
Keywords: virtual office, business address
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How can I contact you?
For general enquiries email support@goforma.com
You can call us on 0203 389 7010
You can WhatsApp us on 442037721162 (<https://api.whatsapp.com/send/?phone=442037721162&text&type=phone_number&app_absent=0>)
You can book a free accounting consultation using this link <https://calendly.com/d/ckfc-gns-xs8>
Our typical operating hours are 9am to 5:30pm Monday to Friday
Keywords: contact, how, phone, email, whatsapp
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What is the Office Costs expense category and what should I use it?
The ‘Office Costs’ category might be used for the day-to-day costs of running an office that’s not based in your home, for example, cleaning, running repairs, electric and heating bills. If you buy tea and coffee for staff to drink in your office, you could also allocate these costs to ‘Office Costs’. **Don’t** include these if you are the only member of staff in your business, as in that case, they wouldn’t be allowable.
If your office is in your home, your accountant might suggest you use the ['Use of Home'](https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost#h_01FHD1CGYC6CXQ2BS53BEQBC0D) category for running costs instead.
Keywords: office costs, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the SLA for annual accounts?
Our annual end of year accounts SLA is 3 months from receipt of the key details
Keywords: annual accounts, company accounts, sla, deadline
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What is the Corporation Tax expense category and what should I use it?
The ‘Corporation Tax’ category (which is only visible if your FreeAgent account is a limited company) should be used for payments of [Corporation Tax](https://www.freeagent.com/glossary/corporation-tax/) to HMRC. For more information, please see [this article](https://support.freeagent.com/hc/en-gb/articles/360021769619-How-to-explain-a-Corporation-Tax-payment-to-HMRC).
Keywords: corporation tax, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Leasing Payments expense category and what should I use it?
The ‘Leasing Payments’ category can be used for payments such as car hire or the rental of a franking machine.
If you’re leasing a car, please check with your accountant before using this category, as you may have to treat the car as an [asset bought on hire purchase](https://support.freeagent.com/hc/en-gb/articles/115001216970) and/or use the ‘Amount’ option to include only 50% of the VAT.
Keywords: leasing payments, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Equipment Hire expense category and what should I use it?
The ‘Equipment Hire’ category might be used for the cost of hiring machinery to make goods for sale.
Keywords: equipment hire, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Will you physically forward mail?
For customers that have a "Premium Virtual Office" or request mail forwarding, mail will be automatically forwarded weekly on a Friday afternoon.
Keywords: mail forwarding, virtual office
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What is your address?
40 Bowling Green, London, EC1R 0NE
Keywords: address
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What is the Computer Hardware expense category and what should I use it?
The ‘Computer Hardware’ category is for smaller items of computer equipment which will only be useful to your business for **less** **than a year** and which don’t cost more than you’d pay for a typical day-to-day running cost.
Larger items of computer equipment that will be useful for **more** **than a year** and are expensive in the context of your business - for example, a new computer or a new printer - would usually be explained as a [purchase of a capital asset](https://support.freeagent.com/hc/en-gb/articles/115001217010-How-to-record-the-purchase-of-a-capital-asset-after-the-FreeAgent-start-date) instead.
Keywords: computer hardware, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Use Of Home expense category and what should I use it?
The ‘Use of Home’ category can be used for allowable costs that you incur while working at home. For information on working out how much you can claim, please see our infographics for [sole traders](https://freeagent.com/guides/expenses/working-from-home-expenses-sole-traders/) and [limited companies](https://freeagent.com/guides/expenses/working-from-home-expenses-limited-companies).
Keywords: use of home, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Motor Expenses expense category and what should I use it?
There are several different ways you can calculate how much cost to include for a car that you use for your work. If you're a sole trader or partner, there's more information on this [in our guide](https://www.freeagent.com/guides/expenses/mileage/). If you’re using the mileage claim option in FreeAgent, the mileage will automatically be allocated to its own separate category.
Keywords: motor expenses, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What if I need a letter forwarded?
For customers with a digital mail forwarding package or "Advanced Virtual Office", they will receive a scan of their mail when it is received. When a scan of the mail is sent, customers will be able to select a "Forward" option. This will then add a £1.50 + VAT charge to their account for each piece of forwarded mail. If the "Forward" option is not selected then the mail will be shredded by default on the following Friday e.g. if mail is scanned on Tuesday 10th October, you will have until 11AM on Friday 20th to decide if this should be forwarded or not. If you have not selected the forward option then your mail would be shredded on Friday 20th.
Keywords: mail forwarding, virtual office
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Do you work with property investors and landlords?
Yes, we manage rental property accounts, capital gains calculations, and property investment tax planning.
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What is the Business Entertaining expense category and what should I use it?
The ‘Business Entertaining’ category would be used for the cost of entertaining anyone who isn’t a current employee of your business. An example of business entertaining would be taking a customer or supplier out for a meal, buying a cup of coffee for a potential new subcontractor, or taking a group of your customers to a sporting event.
Please note that you **can’t** use this cost to reduce your tax bill, nor can you usually reclaim VAT on business entertaining. If you select this category, FreeAgent will handle both of these correctly.
Keywords: business entertaining, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Can I get help outside normal business hours?
We have full 24 hour phone coverage for you to speak to our general reception team. For responses over email, livechat and WhatsApp we are online 9am to 6pm, Monday to Friday.
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What is the Cost of Sales expense category and what should I use it?
The generic ‘Cost of Sales’ category can be used for costs that relate directly to particular individual sales that your business makes. For example, delivery costs or the cost of materials to make goods for sale.
Keywords: cost of sales, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Commission Paid expense category and what should I use it?
The ‘Commission Paid’ category can be used for commission if you’re making sales through a third party. If you are making sales and having commission deducted, you need to include the full amount of the sale, pre-commission, as sales, and the commission as a cost to your business, otherwise your sales figure for VAT and other taxes will be too low.
Keywords: commission paid, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Charitable Donations expense category and what should I use it?
The ‘Charitable Donations’ category can be used if your business gives money to charity.
Keywords: charitable donations, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Internet & Telephone expense category and what should I use it?
The ‘Internet & Telephone’ category can be used for broadband and landline phone bills. You may also choose to allocate costs for running a mobile phone, such as pay-as-you-go vouchers, to this category. Alternatively, you might want to use the ['Mobile Phone'](https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost#h_01FHD18D268QZS82JK84QFANTY) category, which is where you would allocate your monthly mobile phone bills.
If your business is a limited company and a bill is in the company’s name, you can usually include the whole bill as a cost. If the bill is in your name, please ask your accountant what proportion of the bill you can include.
Keywords: internet & telephone, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What happens when I receive a parcel?
When a parcel arrives, we will inform you by e-mail, and the parcel must be collected within 48 hours. You are welcome to arrange for a courier to collect your parcel. We can arrange a courier on your behalf but be aware there will be an admin charge added to the courier's fee, which would need to be paid upfront. Parcels up to 45x35x16cm and no heavier than 3kg – store free for 48 hours and then charged at **£2.50 a day**. Parcels between 45x35x16cm and no heavier than 3kg and 61x46x46cm and no heavier than 10kg are free for 48 hours and then charged at **£4.50 a day**.
1.6. If parcels are not collected within **14 working days**, they will be disposed of, and a **charge of £5.00** will be added to your postage account. We'll let you know by telephone before we take care of any parcels.
Keywords: parcels, packages
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What is the Accommodation and Meals expense category and what should I use it?
If you travel on business and stay away from home overnight in a hotel, bed and breakfast, guest house or rented room, you might allocate the costs to the ‘Accommodation and Meals’ category.
When you’re travelling on business, costs for meals and other food and drink that you purchase might be allocated to the ‘Accommodation and Meals’ category. Make sure to ask your accountant whether you can claim the costs of your food and drink before you do so. Please note that the cost of a meal shared with anyone else would usually be allocated to either the ‘Business Entertaining’ or ‘Staff Entertaining’ categories, depending on who you were with.
Keywords: accommodation and meals, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Do you offer payroll services?
Yes, monthly payroll is included in our limited company accounting packages, with PAYE registration, RTI submissions, and payslips provided.
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Do you support business bank account setup?
We can't directly set up accounts but offer partner discounts with leading business banks.
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How quickly do you respond to queries?
We aim to respond the same day to queries that are received before 3pm on a weekday.
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Do you send mail outside of the UK?
Physical mail forwarding is inclusive of delivery to any UK domestic address. This is subject to a fair use policy based on the volume of mail received. Our location should not be used as a high volume mail center or return address for ecommerce stores.
Keywords: international shipping, forwarding, mail handling
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What is the Net Salary Expense expense category and what should I use it?
This category is only available to users with an unincorporated landlord account, or those with other account types that have not set up payroll on their account. The ‘Net Salary Expense’ category should be used for payments of expenses related to the salary you pay your staff if you’re not running payroll in FreeAgent.
Keywords: net salary expense, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Interest Payable expense category and what should I use it?
The ‘Interest Payable’ category can be used for interest paid on business loans, hire purchase accounts and so forth. If you’re not sure how much of your payment is interest, please ask your accountant.
Keywords: interest payable, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
What is the Expense Account expense category and what should I use it?
You should record a business cost as an out-of-pocket expense if the cost was paid for using **personal funds** on behalf of the business. If the business then reimburses you for the cost, you will need to [explain the expense repayment](https://support.freeagent.com/hc/en-gb/articles/115001218150).
However, if the cost was paid for using **business funds**, you should [explain the bank transaction](https://support.freeagent.com/hc/en-gb/articles/115001218110) instead once it’s been imported into FreeAgent via a [bank feed](https://support.freeagent.com/hc/en-gb/articles/360006470520) or [bank statement upload](https://support.freeagent.com/hc/en-gb/articles/115001222684). Alternatively, you can [add a bill](https://support.freeagent.com/hc/en-gb/articles/115001222784) if the cost has been incurred but hasn’t yet been paid for. Find out more about [the difference between an expense, a bill and a bank payment](https://support.freeagent.com/hc/en-gb/articles/115001218210).
Keywords: expense account, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218190-How-to-add-an-out-of-pocket-expense
What if I need to provide more details after I've submitted a self assessment?
If more information is provided part way through the self assessment or accounts filing SLA window then this can delay filing and push back our SLA so we really require customers to provide all the details needed when they submit and confirm their information
Keywords: self assessment
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What is the Printing expense category and what should I use it?
The ‘Printing’ category can be used for any type of printing cost, for example having business letterheads or cards, brochures or leaflets printed.
Keywords: printing, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost
Do you include insurance in packages?
Insurance isn't bundled, but we provide competitive partner discounts with leading providers.
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What is the Benefit in Kind expense category and what should I use it?
Benefits in kind are non-cash rewards, such as a company car or private medical insurance, that an employer may give their employee. The employer must tell [HMRC](https://www.freeagent.com/glossary/hmrc/) about most benefits in kind that it provides for its employees by either including the value of the benefit on their [payroll](https://www.freeagent.com/glossary/payroll/) or by including it on the [P11D](https://www.freeagent.com/glossary/p11d/) form they issue to the employee. **Please note that benefits in kind need to be reported to HMRC outside of FreeAgent.**
Once the relevant [bank transaction](https://www.freeagent.com/glossary/bank-transaction/) has been imported into your FreeAgent account via a [bank feed](https://support.freeagent.com/hc/en-gb/articles/360006470520-How-to-set-up-a-bank-feed) or [uploaded from a bank statement](https://support.freeagent.com/hc/en-gb/articles/115001222684-How-to-upload-bank-transactions-from-a-bank-statement), you will need to explain it using the appropriate ‘Type’ and ‘Category’ as detailed below. Please note that the options listed below will only be available if your FreeAgent account is listed as a [limited company](https://www.freeagent.com/glossary/limited-company/).
If you want your company to claim [tax relief](https://www.freeagent.com/glossary/tax-relief/) on the cost of the benefit, you’ll need to explain the transaction to a [profit and loss](https://www.freeagent.com/glossary/profit-and-loss-report/) category. You can [create a new category](https://support.freeagent.com/hc/en-gb/articles/115001216910-How-to-add-a-new-accounting-category) if you need to, for example ‘Staff Welfare’ for the cost of private medical insurance. The benefit in kind category in FreeAgent is part of the [director’s loan account](https://www.freeagent.com/glossary/directors-loan/) and should only be used if you want to deduct the cost of the benefit from the amount owed to the director by the company. If you’re unsure which category you should choose, please ask your accountant.
Keywords: benefit in kind, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/4407006752274-How-to-explain-a-benefit-in-kind-payment-to-a-limited-company-director
Can you help doctors and healthcare professionals?
Yes, we understand medical professional tax requirements, including NHS pension schemes, private practice income, and medical insurance.
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What is the VAT Penalty expense category and what should I use it?
The ‘VAT Penalty’ category should only be used for penalties levied by HMRC for late filing of VAT returns and late or incorrect payments of VAT. Please see [this article](https://support.freeagent.com/hc/en-gb/articles/360021705739-How-to-explain-a-VAT-payment-to-HMRC) for instructions on how to explain a payment of VAT.
Keywords: vat penalty, expenses
Reference URL: https://support.freeagent.com/hc/en-gb/articles/115001218110-How-to-categorise-a-business-cost