Want to make bookkeeping simple as a Sole Trader?

No, you don't. Our toolkit is designed to be user-friendly and suitable for beginners. We provide clear instructions and support to help you navigate the process. You'll be a bookkeeping pro in no time.

MTD-ready means that our toolkit is compliant with the UK's Making Tax Digital regulations. This ensures that you meet all necessary tax requirements. It's one less thing for you to worry about.

Our membership includes ongoing support to help you navigate any challenges. This includes access to a community of fellow traders and accountants along with regular updates to the toolkit.  We will also be adding webinars and spot-light podcasts for members.

This varies from sector to sector and whether you are a sole trader or limited company. 

We are planning to have sector specific advice within ookkeeversity, so this would be a great place to get clarification, plus if you can't find what you need, we have a team that will find it for you.

Within ookkeeversity we're going to break down all of the VAT jargon and make sure you have all the information to help you select the best scheme for your business.

If it's right for you and your business you can register for VAT whenever you like. 

You have to register for VAT once your turnover reaches £90,000 in a rolling 12 month period, not your year end total. (This also depends on your sector and VAT exemptions)

You can register yourself or get your bookkeeper or accountant to do it for you, which they will usually charge for.

Once registered you are responsible for submitting your VAT returns, but if you're using software and code everything correctly, its fairly straight forward.

There are also lots of other things you'll need to do, but we're here to help and give advice.

The short answer is no, you don't "need" to use software, but, if used correctly it will save you lots of time and money when dealing with your accountant.

There are many types of software available, but it all depends on what you need it for and if you are VAT registered.

With your Ookkeeversity subscription you'll have DEXT Solo included to get you started.

We'll also have lots of support and tuition to keep you on the right track

The short answer is no, you don't "need" business bank account at all.

You can use a normal bank account to get started and take advantage of free banking.

We'd recommend always having a separate account for all of your business transactions to keep things tidy and in one place.

You just need to make sure the bank you want use is compatible with the software you are using, but we can give you pointers here, when and where needed.

I'm afraid so.  You're accountant or bookkeeper can deal with a few things on your behalf and you'll have to fill out a consent form called a 64/8 (don't worry your accounting professional will provide this for you).

For the most part you'll have to set up a government gateway login so you can access all of your HMRC accounts.

If you get stuck, we have some useful hints and tips for dealing with HMRC and how to ensure you stay on the front foot at all times.

There are lots of reasons for going limited, but you don't have to.

A lot of times this is done so that you can have a level of kudos to work with other businesses.

Financially there are a few other reasons, firstly you will have no personal liability for business debts (unless you sign any personal guarantees)

Secondly you have the potential for personal tax efficiencies by using salaries and dividends to pay yourself.

Finally, going limited offers you the option to leave profits in the business rather than draw them taxable income.

Remember, you will be taxed on everything you earn as a sole trader (less costs).