Freeagent: UK Tax Recording intra-company payments /capital
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Post a project like this£80(approx. $100)
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Certified Accountant + Xero/Sage/QB Expert + loss claim, grant & loans
City of London
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Regensburg
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Description
Experience Level: Expert
Hi all,
So I am looking at using Freeagent for the book keeping of two companies. I am the director of both. I have imported bank statements and expenses. i really like Freeagent and want to press ahead with this. I know I shall need two licences of Freeagent. What I am lacking is a way to show the movement of capital between the two without triggering extra Tax Liabilities.
This is the scenario...
Company Acme owns Company Bailey 100%.
Company Acme has been putting capital into company Bailey.
Sometimes Company Bailey has returned some of this capital to Company Acme.
I need to find a way to record explanations for real bank account transactions without incuring any liabilities and it to be recorded correctly.
(Note: I shall also need to way to record the receipt of Capital from Company Acme in Company Bailey's FreeAgent. So the reverse as well.)
Notes:
I have tried setting up an 'Bank Account' for Company Bailey in Company Acme.
I tried setting up an employee.... did not look right.
I look forward to your help.
Thank you
Out of scope of this project:
It would be great to connect with a FreeAgent expert who i can call on as and when needed as well.
Plus also some who can check the accounts generated who is an accountant potentially.
So I am looking at using Freeagent for the book keeping of two companies. I am the director of both. I have imported bank statements and expenses. i really like Freeagent and want to press ahead with this. I know I shall need two licences of Freeagent. What I am lacking is a way to show the movement of capital between the two without triggering extra Tax Liabilities.
This is the scenario...
Company Acme owns Company Bailey 100%.
Company Acme has been putting capital into company Bailey.
Sometimes Company Bailey has returned some of this capital to Company Acme.
I need to find a way to record explanations for real bank account transactions without incuring any liabilities and it to be recorded correctly.
(Note: I shall also need to way to record the receipt of Capital from Company Acme in Company Bailey's FreeAgent. So the reverse as well.)
Notes:
I have tried setting up an 'Bank Account' for Company Bailey in Company Acme.
I tried setting up an employee.... did not look right.
I look forward to your help.
Thank you
Out of scope of this project:
It would be great to connect with a FreeAgent expert who i can call on as and when needed as well.
Plus also some who can check the accounts generated who is an accountant potentially.
Andy S.
100% (20)Projects Completed
15
Freelancers worked with
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Projects awarded
22%
Last project
18 Oct 2021
United Kingdom
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