Enter brought forward figures in FreeAgent
This article explains how to put your company's brought forward tax losses and the tax written down value of its asset pool into FreeAgent.
On the Initial Tax Data screen, you can enter the brought forward losses and the figure for the asset pool. The Writing Down Allowance will then be claimed at the appropriate rate for the year, which may be 14% or the historic rate of 18%.
Please note:
- The asset pool value should only be used to record assets that qualify for the Writing Down Allowance of 14% / 18%. Don't include any assets in a special rate pool. If you're unsure whether an asset qualifies for the Writing Down Allowance, please ask your accountant.
- If the balance is less than £1000, it should be claimed through the Small Pool Allowance instead and the entire value will be claimed in the first Corporation Tax return in FreeAgent.
- If your FreeAgent start date is part-way through an accounting year, enter the tax written down value as at the start of that accounting year.
- You'll need level 7 access or above to FreeAgent to add brought forward figures.
Select 'Settings' from the drop-down menu in the top-right corner and then select 'Initial Tax Data'.
Enter both figures as positive amounts with no minus sign in the front of them and select 'Save Changes' at the bottom of the screen.