Here are the most frequently asked questions we've received from Limited company contractors in April 2022, with answers from the experts at Orange Genie Accountancy:
What is FreeAgent “Capture for Later”?
The “Capture for Later” feature is available within the FreeAgent app, making bookkeeping quicker and easier. You can take a picture of your receipt or bill and save it in the Files area of your FreeAgent portal. FreeAgent’s ‘Auto Extract’ functionality automatically extracts the date and amount from files that are added using ‘Capture for later’. These files will then automatically be assigned to ‘Money Out’ bank transactions that are marked ‘For Approval’ that have a matching date and value. No need to keep physical receipts with “Capture for Later”.
How are the Scottish tax rates different?
Bands | Band name | Rate |
£12,571* - £14,732 | Starter Rate | 19% |
£14,733 - £25,688 | Scottish Basic Rate | 20% |
£25,689 - £43,662 | Intermediate Rate | 21% |
£43,663 - £150,000** | Higher Rate | 41% |
Over £150,000** | Top Rate | 46% |
* assumes individuals are in receipt of the Standard UK Personal Allowance.
** those earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000.