Sole Trader FAQs

Watch our Getting Started Tutorial here

Video Tutorial Our expert Client Manager, Tom, will walk you through the basics of using your new Crunch Sole Trader account. He will cover all the topics that will help you hit the ground running from; creating your first invoice, recording some expenses and bills and even how to match your bank a...

Sole Trader FAQS

Crunch Sole Trader FAQs If you have a question isn’t answered here, or you’d like to clarify anything further, don’t hesitate to get in touch with your Client Manager. How do I pay myself? In the sole trader world paying yourself is called ‘drawings’. You’ll do this by transferring m...

How do I pay myself and how are my taxes calculated

How are my taxes calculated and how do I pay myself? As a Sole Trader, you’re taxed on the profits that your business makes. Essentially, your profit is the income that your business receives, minus the allowable business expenses that have been incurred. These expenses must be purely for bus...

Should I register for VAT?

VAT Registration Options In this article, we’ll help you decide whether you should register for VAT and what scheme is best for your business. What are my options? Most clients have three options: Don’t register for VAT Register on standard rate VAT Register on the VAT Flat Rate S...

How to keep your account healthy

You should log in on a monthly basis to keep your accounts up to date. Regular updates to your finances is key to ensuring that the advice we give you is correct and relevant. We’re here to help, so if there’s anything you’re not sure about just get in touch with your Client Manager. Top tips ...

Bank reconciliation

Bank reconciliation (also known as bank rec) is the process of ensuring that the transactions in your business account correlate to transactions recorded in your Freeagent account. In other words, it’s matching up your accounts so they contain the same information. Doing this is an absolute must if ...

Explaining your bank transactions and reconciliation

Matching your transactions to your bank statements Bank reconciliation (also known as bank rec) is the process of ensuring that the transactions in your business account correlate to transactions recorded in your Freeagent account. In other words, it’s matching up your accounts so they contain the ...

Expenses

What are the main expenses I can claim and how do I record these? Every business will have expenses in the line of carrying out their work. If you claim on them, you can offset the amount of tax you have to pay come Self Assessment time. This sounds great but can often lead people to overclaim in o...

What are the main expenses I can claim?

Your business will naturally incur running costs. These can be deducted from profits provided they are allowable business expenses. This does not include money taken out of the business to pay for personal expenses. You can claim the majority of costs that are directly related to your business. For...

Do I need a separate bank account?

For the Crunch service, you must have a separate business bank account. This is designed to make it easier when recording business transactions. Although not a legal requirement, it will make your life a lot more straightforward. Trying to sift through potentially hundreds of transactions in your p...

711d105a28b7d7e22aef3b8da8af5462@crunch.desk-mail.com
https://cdn.desk.com/
false
desk
Loading
seconds ago
a minute ago
minutes ago
an hour ago
hours ago
a day ago
days ago
about
false
Invalid characters found
/customer/en/portal/articles/autocomplete