Choose the appropriate business type and category
This article explains which business type and category to select when setting up your FreeAgent account.
If you’re setting up a FreeAgent account for a charity or community interest company, find out how to choose the appropriate business type for a charity.
If you’re setting up a FreeAgent account for a landlord, find out how to choose the appropriate business type for a landlord.
If you have a business account with Mettle, find out how to set up a new Mettle-funded FreeAgent account.
Please note that if you have multiple companies or businesses, you'll need separate FreeAgent accounts for each company or business. For example, if you need to comply with Making Tax Digital (MTD) for Income Tax and you're a sole trader who also rents out properties, or a landlord who also has a self-employed business, you'll need separate sole trader and unincorporated landlord accounts in FreeAgent. Read more about how to use FreeAgent for MTD for Income Tax if you’re a sole trader with multiple businesses or rental income.
Choosing a business type
If your business is one of the following business types, select it as the business type for your FreeAgent account:
- UK Limited Company
- UK Limited Liability Partnership
- UK Partnership
- UK Sole Trader
- UK Unincorporated Landlord
If you don’t require some of FreeAgent's more detailed bookkeeping functionality, you can choose the Universal option.
What is a Universal FreeAgent account?
The Universal account in FreeAgent doesn’t contain some of the complex functionality that other business types require such as VAT, payroll, Self Assessment, Corporation Tax or preparing accounts using cash basis accounting.
If you do require any of these features, please select one of the business types listed above.
You can also choose the Universal option if you’re setting up a FreeAgent account for a charity, not-for-profit organisation, social enterprise or community interest company (CIC), that doesn’t require detailed bookkeeping functionality. Find out more about choosing the appropriate business type for a charity.
Choosing a business category
Select the category that best describes your business from the ‘Business Category’ drop-down menu. The category you choose won’t affect your FreeAgent experience so if there isn’t a category that matches your business, please choose the category closest to your business.
If your business is a charity, not-for-profit organisation, social enterprise or community interest company (CIC), select ‘Charity/NFP/CIC'.
Please note that the property functionality is only available in an unincorporated landlord account. Selecting the 'Property / Landlord' business category in a sole trader or limited company account won't allow you to add or manage properties in FreeAgent.