The Business Toolkit
Eligibility & Overview
- Does the Toolkit offer a Profit and Loss (P&L) statement?
- What is the Business Toolkit?
- As a sole trader, am I eligible for the Business Toolkit?
- I have several Sole Trader accounts, does the Toolkit work across all of them?
- Which VAT schemes does the Business Toolkit support?
Subscription
- How does the April 2021 3-months-free offer work?
- I’m an existing customer. How do I subscribe to the Toolkit?
- What does it cost to subscribe to the Business Toolkit?
- When will I get billed for the Business Toolkit?
- How can I cancel my subscription?
Business Spending Categories
- How do the business spending categories influence my tax and VAT estimates?
- What are the new business spending categories?
- How do I use the new business spending categories?
- Will my old transactions be updated automatically to the new business spending categories?
- Will I still be able to assign one of the old categories to a historical transaction?
Invoicing
- How can I show discounts on invoices?
- What does this feature allow me to do?
- How do I create an invoice?
- How do I send the invoice to my customer?
- Can I set the invoice number myself?
Tax
- I’ve bought a business car, how do I claim capital allowances for it in my tax estimation?
- What is the sole trader tax estimation section in the Toolkit?
- What sort of businesses is the sole trader tax estimation tool suitable for?
- How do I know which accounting method I am using?
- Is there a tax estimation tool available for Limited companies?
VAT
- Why am I getting an error when I try to connect or sync the Business Toolkit with the HMRC MTD VAT Service?
- How do I account for transactions under the domestic reverse charge for construction and building services?
- What is irrecoverable VAT?
- How do I apply VAT adjustments through Toolkit?
- How does the allowable tax amount affect my VAT?
Bookkeeping
- How do I share my Bookkeeping information with my accountant?
- How do I upload receipts and invoices?
- What does the Bookkeeping feature allow me to do?
- What do the purple and red warning symbols mean?
- How do I see which transactions haven’t been reconciled (‘completed’)?
Bills to Pay
- What does `Bills to Pay` allow me to do?
- How do I upload and schedule a bill payment?
- What file formats can I upload?
- What do I do if I upload the wrong bill?
- What is the ‘Payment amount’?