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At Gorilla Accounting, we use FreeAgent’s cloud-based bookkeeping software to change the face of accounting for Contractors and Freelancers.

We recently posted a special feature on Business Quarter which got us thinking – how can we continue to revitalise the accounting process and make managing your finances even easier.

As the director of a limited company, you’re legally responsible for filing the necessary paperwork. You are required to:

– follow the company’s rules, shown in itsarticles of association

-keep company recordsandreport changes

-file your accounts and your Company Tax Return

– tell other shareholders if you might personally benefit from a transaction the company makes

– payCorporation Tax

-register for Self Assessmentandsend a personal Self Assessment tax returnevery year

Even though you may hire an accountant for handling your financial paperwork, the legal responsibility will lie with you, including filing the company record’s, accounts and performance. If you fail to meet these criteria, you could be on the receiving end of a hefty fine.

FreeAgent – what you need to know

Our reasoning behind partnering with FreeAgent is that they innovatively use technology to simplify a process – which we admit, can be quite bland if you’re not a fan of juggling with numbers.

So, what’s FreeAgent? It’s a cloud-based bookkeeping tool which provides a real-time view of your accounts from anywhere in the world. You’ll be able to integrate your transactions by linking to your bank-feed, and there’s a helpful app.

Ed Molyneux, Managing Director of FreeAgent, told Business Quarter,

“Our mission is to make people feel in control of their day-to-day business accounts, relax about tax and work more effectively with their accountants.”

If you would like to try a free demo of FreeAgent, get in touch with our New Business team by calling 0330 024 0406 or email info@gorillaaccounting.com.