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FreeAgent Unveils New Corporation Tax and end-of-year Accounts Filing

FreeAgent Unveils New Corporation Tax and end-of-year Accounts Filing | Fintech Finance

FreeAgent, the cloud accounting software designed for the UK’s smallest businesses and their accountants, has launched an innovative new feature enabling customers to prepare and submit their end-of-year accounts.

From today, FreeAgent users will be able to file Corporation Tax (CT600) returns and final accounts reports directly from within their FreeAgent accounts – instead of having to manually submit through HMRC’s online portal or send information separately to Companies House.

By introducing the functionality, FreeAgent is believed to be the first UK cloud accounting software to offer a fully-integrated Corporation Tax filing process within its core system. The company estimates that the new feature will potentially save small business owners and their accountants from hours of time-consuming financial admin.

The filing feature represents the latest step on FreeAgent’s journey to help small businesses and their accountants prepare for the government’s ambitious Making Tax Digital (MTD) agenda, which aims to digitise all taxes for UK businesses and individuals over the coming years. Under the legislation, MTD for Corporation Tax is expected to be introduced in 2026.

Ed Molyneux, CEO and co-founder of FreeAgent, said: “We’re delighted to bring end-of-year accounts and Corporation Tax filing into FreeAgent, the culmination of several years of work by our product teams. This is a really important tax submission feature that we think will make a huge difference for both our small business customers and our accountant partners.

“Our mission is to help make tax easier and build the best tools possible for managing small business finances. With MTD due to continue expanding in the years ahead, this now means we are perfectly placed to help our customers and their accountants manage and file a wide range of tax information easily and directly from within FreeAgent – from VAT all the way through to Corporation Tax.”

Jonathan Amponsah, partner at accountancy firm The Tax Guys, who have been trialling the functionality, said:

“This is a really important, timely feature which will be a game-changer for many accountants. By streamlining the filing process and having everything in one place in FreeAgent, we’ll no longer have to deal with things like manual trial balance entry, mapping of accounts codes from different systems or opening balance issues – which can be incredibly time-consuming.

“We estimate that we’ll end up saving between one or two hours for every accounts and Corporation Tax preparation job that we do. That’s a massive benefit which will enable us to provide the most efficient services possible for our clients.”

The new Corporation Tax functionality builds on FreeAgent’s existing range of innovative tax features, which include direct filing of VAT returns, Self Assessment returns and RTI-compliant payroll to HMRC.

For more information, visit: https://www.freeagent.com/

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