FreeAgent has launched a major replace to its platform, geared toward simplifying the administration of the Building Trade Scheme (CIS) for contractors and serving to them adjust to the federal government’s Making Tax Digital (MTD) laws.
The brand new performance permits contractors to trace CIS deductions, generate CIS300 returns, and create Fee & Deduction Statements, all inside FreeAgent’s software program.
Beforehand, the platform supported subcontractors, however with this replace, the system now absolutely accommodates all companies working underneath the CIS umbrella.
The replace is designed to help contractors in assembly the brand new MTD for Earnings Tax necessities, which come into impact in April 2026.
Underneath these guidelines, self-employed people incomes greater than £50,000 yearly can be required to take care of digital tax information and submit quarterly updates to HMRC.
FreeAgent’s new options goal to assist contractors put together for this transition by streamlining their CIS and tax processes upfront of the deadline.
Roan Lavery, CEO and co-founder of FreeAgent, commented:
“We’ve lengthy supported subcontractors working underneath the Building Trade Scheme, so we’re delighted to now be capable of present full CIS assist for contractors and their accountants. This has been some of the requested options from our contractor accountant companions, and we anticipate will probably be warmly welcomed and appreciated.”
The introduction of those new instruments is anticipated to enhance effectivity for accountancy practices, enabling them to raised help their CIS contractor shoppers as they transition to digital tax reporting. Lavery added:
“With MTD for Earnings Tax coming into impact from subsequent yr, we’re going to see many extra contractors being required to make use of digital software program to maintain their information and make tax updates to HMRC. With CIS assist now constructed into FreeAgent, accountants may have an entire resolution for his or her contractor shoppers that can assist digitise their funds and allow them to completely adjust to their legislative necessities.”
