The Business Toolkit offers a high level P&L and Tax Estimation for Sole Traders who use a cash basis method of accounting. This is mirrored to HMRC's SA103 form to enable Sole Traders to complete their Self Assessment tax return.
We look at the transactions in and out of your bank account, and any transactions that you manually add in to the Toolkit. Based on the category of each transaction, we set an allowable amount for tax which you can manually edit. We calculate your taxable profit based on the difference between your taxable income and your allowable expenditure.
At present, the toolkit does not provide a balance sheet or trial balance. The high level P&L is only available to Sole Trader Accounts and not Limited Companies.