Knowledge Base Getting Started Frequently Asked Questions

Self Assessment

A quick tour of the Self Assessment screen in FreeAgent, and how to enter data there.

OK, I know what Self Assessment is. What does the screen in FreeAgent show me?

Self Assessment is the area of FreeAgent where income tax is worked out for a personal Self Assessment tax return. This will be based on your business's accounts if you're a sole trader and on your salary and dividends if you're a director of a limited company.

If you're a partner, secretary, shareholder or employee, unfortunately you won't be able to use FreeAgent to file Self Assessment to HMRC. However you will be able to refer to the information that FreeAgent generates in the 'Self Assessment' area of your FreeAgent account when you come to complete your tax return.

Where do I find the Self Assessment screen?

Navigate to the ‘Taxes’ tab at the top of your screen and choose ‘Self Assessment’ from the drop-down menu.


Choose which user's Self Assessment you want to look at, from the drop-down menu. FreeAgent calculates Self Assessment for all users except those set on the 'Users' screen as 'Accountants'.


Then choose which tax year you want to look at, and click on it. The year in which your FreeAgent start date falls is the earliest tax year you'll see displayed here.


Or you can navigate to the tax year from this menu here.


The Self Assessment screen loads.

There are four tabs on the right side of the screen for limited companies and 5 tabs for sole traders.

The Main Return tab


The colours and box numbers mirror those on your tax return so that it's easy to put the right number in the right box when you're filling in your tax return.

For example, here are two snapshots of what a self-employed individual would see.



The Tax Breakdown tab

You'll find this tab at the very bottom of the submenu.


It gives you a detailed breakdown of how your income is added up and your tax worked out.

I have more information to put in.

If you have other figures to put in, such as employment income from outside your business, bank interest received, or other dividends received, you can fill these directly on the pages under “Main Return” and “Employment” tabs.


Unique Tax Reference (UTR)

You might want to put in your 10-digit unique tax reference located in your user profile under Settings. You'll find this on most letters and Self Assessment tax forms you receive from HMRC.


Bank interest

Located under “UK interest and dividends” within the “Main Return” you can fill in your taxed bank interest in box 1 and/or untaxed interest in box 2. If you have more than one interest-bearing bank account, add the after-tax interest figures together and put the total in this box, but remember to omit interest received on tax-free accounts such as ISAs.



Dividends go in after tax credits. You'll find this figure on your dividend vouchers. If you're the shareholder of a limited company and the books are kept in this account on FreeAgent, don't put in any dividends here from that company, because FreeAgent will automatically put those into the computation.


Pension contributions

If you've made any personal or stakeholder pension contributions, put those in the “Money paid into Pensions Schemes” section of the “Main Return”, making sure you enter the amount you actually paid, without adding back any tax relief. Note though, these boxes should be left blank if your pension was deducted directly from your salary.


Self Employment Losses Brought Forward(Sole-Traders only)

If you are self-employed and your business made a loss in the previous year, but you need to change the figure that FreeAgent has carried forward - perhaps because you used some of the losses to set against other income last year - you can change the amount by selecting the “Self-Employment” tab on the right.


Scroll to box 28 and override the amount. Only change this figure if you want to override FreeAgent's calculation, otherwise leave it as it is.


Employment income

If you're a director or other employee of a limited company whose books are kept in this account on FreeAgent, don't put your salary in here, because FreeAgent will automatically add that into the computation. But if you have employment apart from that, select the”Employment” tab.


Then fill out the employer name and select “Add Employment”.


This will produce boxes for you to fill in for that employer. If you had more than one employment during this tax year, be sure to add one for each employer.


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