An introduction to the Tax Timeline
This article explains how FreeAgent’s Tax Timeline works and how you can use it to manage your tax obligations.
Please note:
- You’ll need level 7 access or above in FreeAgent to see the Tax Timeline. You’ll also need level 7 access to view the Tax Timeline in the Mettle app, if you’re a Mettle user.
- If the dates in FreeAgent don’t match those on record with Companies House or HMRC, the actual filing and payment dates might be different
- If you view your Self Assessment tax liability in FreeAgent before the figures for the tax year in question have been updated, the liability you see won’t take into account HMRC’s latest rates and thresholds.
- During this time, FreeAgent provides a projection of your Self Assessment liability using the rates and thresholds from the previous tax year. Once FreeAgent has updated its Self Assessment figures for the tax year in question, a more up-to-date liability calculation will be available.
The Tax Timeline panel on the Overview screen is a calendar overview of the important tax dates and payments for you and your business based on the accounting dates and VAT return dates in your VAT settings. Find out how customise which items and amounts are displayed.
The items on the Tax Timeline will automatically update when something has been filed, marked as filed or marked as paid from the bottom of the tax return page itself. Please note that explaining a bank transaction as payment for the tax will not automatically update the Tax Timeline.
You can also complete an item directly from the Tax Timeline.
How to complete an item on the Tax Timeline
You can file a tax return and mark a liability as paid directly from the Tax Timeline when they are ready to be filed.
File a tax return
To file a tax return from the Tax Timeline, select the three dots to the right of the item and select ‘File online with HMRC’ from the drop-down menu.
This will take you straight to the submission page without having to navigate multiple pages.
Alternatively, if you’re filing the tax return outside of FreeAgent, you can mark it as filed on the Tax Timeline by selecting the three dots to the right of the item and selecting ‘Mark as filed’ from the drop-down menu.
If you need to make any changes, you can mark it as unfiled again by selecting the three dots to the right of the item and selecting ‘Mark as unfiled’ from the drop-down menu.
Mark a liability as paid
To mark a tax liability as paid, select the three dots to the right of the item and select ‘Mark as paid’ from the drop-down menu.
You can also mark a tax liability as paid from the bottom of the tax return page itself.
Please note:
- Explaining a bank transaction as payment for the tax will not automatically update the Tax Timeline.
- Marking a liability as paid will not exclude it from the Cashflow calculation unless you hide the event.
How to filter the Tax Timeline
You can filter the Tax Timeline to view ‘All items’, ‘Upcoming’ or ‘Paid/Filed’ items using the drop-down menu in the top-right of the panel. This can help you get a more focused view of the tax obligations for you and the business and prioritise upcoming tasks.