This article describes how to explain a Self Assessment payment that has been paid out of your bank account to HMRC.
Once the relevant bank transaction has been imported into your FreeAgent account via a bank feed or uploaded from a bank statement, you will need to explain it using the appropriate ‘Type’ and ‘Category’ as detailed below. You’ll see different options depending on whether your business is listed as a sole trader, partnership, LLP or limited company in FreeAgent.
Please note that FreeAgent supports the filing of a Self Assessment tax return to HMRC only if you are a sole trader or limited company director. If your business is a partnership or LLP, you can refer to the figures in FreeAgent, but you will need to file your Self Assessment tax return outside of FreeAgent, then explain the bank transaction as detailed below once your Self Assessment payment has been paid out of your bank account.
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services.
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