Many property businesses in the UK operate through limited companies for various reasons including tax efficiency and liability protection. However, there is a significant issue faced by such businesses when it comes to filing their Corporation Tax returns (CT600) using FreeAgent.
Currently, FreeAgent lacks support for Box 190, a crucial field for limited companies involved in property business activities. This omission poses a significant challenge for property businesses using FreeAgent as their accounting software, as it prevents them from seamlessly filing their CT600 forms.
The absence of support for Box 190 means that users of FreeAgent with property businesses must resort to manual or alternative methods for filing their CT600 forms, often requiring the use of additional software or services. This not only introduces complexity and inconvenience but also increases costs for users who expected a comprehensive solution when they opted for FreeAgent.
It is imperative to address this issue to ensure that FreeAgent remains competitive and meets the needs of its users, particularly those in the property business sector. With approximately 2.9 million property businesses (excluding partnership property businesses) declaring property income in personal tax returns for the 2019-20 tax year, there exists a substantial market of potential FreeAgent users who could benefit from this feature.
By incorporating support for Box 190, FreeAgent can provide a comprehensive solution for property businesses, enabling them to manage their accounts effectively and seamlessly file their CT600 returns within the same platform. This enhancement would not only improve user experience but also attract a significant number of new users who require this functionality.
Considering the prevalence of property businesses and the growing demand for streamlined accounting solutions, adding support for Box 190 is not only a necessary feature but also a strategic move to capture a sizable market share and maintain FreeAgent’s position as a leading accounting software provider.
In summary, the inclusion of support for Box 190 in FreeAgent is essential to address the needs of property businesses operating through limited companies, streamline the CT600 filing process, enhance user experience, and capitalize on a significant market opportunity.
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