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Does it matter if categories differ between FreeAgent and TinyTax?
I'm using FreeAgent (not the property version if that exists) and trying to map EPC / EICR in Freeagent so it pulls onto tinytax as 'Other charges'. The closest category I can find that pulls through to Other Charges is 'Admin expenses normally VATable - Sundries'. Should I
- put everything into Sundries that I want to end up in Other charges
- or not worry that I've one thing in FreeAgent and another in TinyTax?
- put everything into Sundries that I want to end up in Other charges
- or not worry that I've one thing in FreeAgent and another in TinyTax?
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Why the categories are different:
TinyTax uses the FRS 105 micro-entity categories required by Companies House for statutory accounts. These are standardised headings like:
- Turnover
- Cost of raw materials and consumables
- Staff costs
- Depreciation
- Other charges
FreeAgent uses its own bookkeeping categories designed for day-to-day accounting (like "Admin expenses - Sundries"). These are more granular but don't match the statutory format.
When you import your trial balance, TinyTax maps FreeAgent's categories into the correct FRS 105 headings. "Admin expenses - Sundries" mapping to "Other charges" is exactly right - that's where miscellaneous operating expenses belong in the statutory accounts format.
What matters for HMRC and Companies House:
- The total profit/loss figure is correct
- Expenses are in the right statutory category
- The numbers add up
What doesn't matter:
- What you called it in FreeAgent
- How granular your internal bookkeeping is
For a property company, EPC and EICR costs are legitimate expenses. Whether they sit in "Sundries" in FreeAgent or "Other charges" in the statutory accounts, they'll be correctly deducted from your rental income.