Frequently asked questions

Sole traders don’t need to register with Companies House, so no information about your business will appear in their records or on their website.

None whatsoever! Online accounting software allows you to manage your finances on the go, anytime, anywhere, safe in the knowledge that your data is secure. You can automate certain processes to cut down on your admin, connect your bank account straight to your software for swifter reconciliation, and stay compliant with the government’s Making Tax Digital scheme.

Yes there are - most importantly it needs to be unique, there cannot be another company with the same name (or too similar name) registered at Companies House. Use our name checker at the top of the page to see if your chosen name is available. We’ve got a helpful article to make naming your company just a little easier. We cover ways to come up with a great name, sensitive words or phrases you can’t use, the difference between limited or Ltd, and loads more. Read our article on finding a great company name.

Yes! If your business exceeds the VAT threshold, you are legally required to register for VAT. In some cases it can be beneficial to register for VAT before your turnover reaches the threshold.We can advise you as to when you should register and will handle the registration on your behalf for no extra charge.

You can claim expenses for your businesses accountancy fees, providing the accountant's time is being spent working on your sole trader accounts and not on personal items, such as the production of your annual Self Assessment.

Sorry, our bookkeeping service is only available to Crunch clients. If you're looking for help and support with bookkeeping, we have a helpful article with handy tips on how to streamline things and keep on top of your bookkeeping. Of course, we’d also be happy to show you how our great online accountancy service can make looking after your business finances a breeze.

You can register your interest online, but our advisors will need to contact you to start the process and perform the necessary security checks, which can't be done online. Once you've spoken with an advisor, you'll be introduced to your client managers who will be on hand to answer any questions.

You can use our accounting software on a range of tablets, including iPad and Android devices. We also offer iPhone and Android apps to help you record expenses on the move and track your business mileage.

Absolutely, however, there may be benefits to you becoming a Limited Company. Something our advisors can discuss with you. If you're a sole trader and just starting out on your ecommerce journey, we also provide our Sole Trader Pro plan.

Absolutely - if you become a Crunch limited company accountancy client, we can set up your limited company as part of our onboarding process. For a small additional fee, we’ll register your company for you and deal with all the setup and registration with HMRC and Companies House on your behalf. This includes registering you for all the relevant taxes such as Corporation Tax and VAT if you think your turnover will be above the VAT registration threshold. The fee will be agreed as part of your initial setup costs. Speak to one of our friendly advisors or book a callback using the details at the top of the page for more information.

If your ecommerce limited company has made a profit, it can pay a dividend to shareholders. It’s important to remember that dividends aren’t a business expense when calculating your Corporation Tax, and that it’s illegal to pay a dividend if your company doesn’t have sufficient profit after tax available to cover the dividend amount.

You’ll need to include every business bank transaction that relates to your limited company to ensure your accounts remain in balance and you can reconcile them at year-end.‍With secure Open Banking connections, you can link your business bank account in multiple currencies directly to your Crunch ecommerce account and import all of your transactions. From there, reconciling your bank accounts becomes a simple job!

As a sole trader, all of your business profit is taxable to you personally, and legally there is no difference between you and your business. But unless you want to pay more tax than necessary, you’ll usually want to claim sole trader business expenses when it comes to submitting your annual Self Assessment tax return. You need to be able to prove your business expenses are allowable. Having your business and personal expenses in the same bank account can cause all sorts of headaches and means getting your accounts ready takes longer than necessary.With secure Open Banking connections, you can link your business bank account directly to your Crunch account and import all of your transactions in one simple click. From there, reconciling your bank accounts becomes a simple job!

There’s no legal obligation for a limited company to have an accountant, but given the legal responsibilities you’ll have as a limited company director, as well as the various taxes your company will need to pay, an accountant is a vital ally.A good accountant can help you stay on top of your business finances, submit your tax returns, and free up your time so you can do what you do best - run your business!

You might find that their experience and expertise come in handy, but there’s no legal obligation to hire an accountant to file your Self Assessment.

There’s no legal obligation for a ecommerce business to have an accountant, but given the legal responsibilities you’ll have as a business director, as well as the various taxes your company will need to pay, an accountant is a vital ally. A good accountant can help you stay on top of your ecommerce business finances, submit your tax returns, and free up your time so you can do what you do best - run your ecommerce business!

Having adequate insurance in place helps protect you and your business, as well as your clients and the general public. Your clients may also demand you have business insurance.

You do need to give your personal address to Companies House when you set up a new private limited company. But you don't have to use your home address on anything that is made public. See our question above for details of our Registered Office and Service Address options.

If your limited company has made a profit, it can pay a dividend to shareholders. It’s important to remember that dividends aren’t a business expense when calculating your Corporation Tax, and that it’s illegal to pay a dividend if your company doesn’t have sufficient profit after tax available to cover the dividend amount.

There are complex rules surrounding the type of company which must have an audit. You can find out more if you check HMRC’s website.In general terms, if your company’s turnover is below £10.2 million, and its assets are below £5.1 million, you do not need to have an audit. However, some companies with turnover and assets below these amounts elect to have an audit to comply with financial covenants.

You’ll need to include every business bank transaction that relates to your limited company to ensure your accounts remain in balance and you can reconcile them at year-end.With secure Open Banking connections, you can link your business bank account directly to your Crunch account and import all of your transactions in one simple click. From there, reconciling your bank accounts becomes a simple job!

It’s unlikely your sole trade business will require an audit unless you begin reporting turnover of millions of pounds. In such cases, you’d need an accountant to guide you through any audit requirements.

As a sole trader, there’s no law that requires you to have an accountant, but an accountant can help you stay on top of your business finances, manage your legal obligations as a small business owner, and help with your statutory filings and tax returns.An accountant is especially helpful where your sole trade business is starting out and needs assistance with areas such as VAT, CIS, and employing others.

Yes, you need to invoice your customers and clients. This is so you can outline the costs for your products or services and request payment. Without an invoice, your client’s finance department won’t know who to pay, how much to pay or where to send the money.

We have either monthly subscriptions with a rolling 30-day contract, or annual subscriptions with a 12-month contract. If you have paid up to the end of a certain financial period, we will still complete and file any HMRC or Companies House submissions for that period, even if the deadline occurs after you leave Crunch.

As a sole trader, you pay yourself based on personal drawings from the business, and you pay Income Tax and National Insurance Contributions based on the profits your business makes.That’s why it’s important to keep a record of any drawings you take from the business to pay yourself. This helps you to keep on top of your accounts and helps when calculating your profits, which you eventually pay tax on. You’ll also need to put some money aside to pay your personal tax bill when you submit your annual Self Assessment.

Choose your company name and check its availability using our search tool. Once your name is set, proceed to our Crunch Formations site to start the easy online application process. The company formation service is priced at £50.

As a Crunch client, everything can be handled on your behalf if you sign up for one of our limited company accountancy packages, which include comprehensive online accountancy software and expert support.

Switching to Crunch is simple and easy:

1. Book a free consultation or call with our friendly agents who will explain different package options and guide you through the process
2. Let your previous accountant/service provider know your leaving
3. Get familiar with your new client manager who'll help you transfer over any data from your old accountant, and start using Crunch's service to enjoy all its awesome benefits!

As a Crunch client, you’ll be able to get a complete overview of what tax you owe with our real-time dashboard, giving you a clear and instant picture of your business finances. You’ll also be able to access all of your limited company records, such as your expense receipts, sales invoices - whether paid or unpaid - and records of your previous tax filings.

Sole trader taxes need to be filed with HMRC before their relevant due dates. You’ll need to start by registering as a sole trader with HMRC, and registering for tax returns such as Self Assessment. As a Crunch client, our team of Chartered Certified accountants can file your tax returns on your behalf. If you don’t have an accountant, though, you’ll need to file your returns yourself.

In the past, many small business owners stored physical receipts in shoeboxes, but these days, we have far more effective solutions in the form of online accounting software.

With Crunch, you can upload your expenses directly to your Crunch account simply by taking a picture of your receipt. You can also connect your business bank account to your Crunch software through a secure Open Banking feed, which allows you to directly import your transactions and simplify the bank reconciliation process.

Once your Self Assessment has been submitted, HMRC will tell you how much tax you owe. This can usually be paid by debit card.

Many major banks don’t give you the option to open an account for your small business online, but usually, you’ll be able to start your application on the bank’s website, prior to meeting a representative in person or over the phone.Some banks will allow you to walk into the branch and make a same-day appointment, but of course, this cannot always be guaranteed.Crunch is also partnered with a number of trusted banks, including Tide, Metro, Barclays, and Revolut. You can even enjoy special offers and discounts when you open a business account through one of these providers as a Crunch client!

When it comes to online accounting software, the golden rule is that you get out what you put in. Online software can help you stay organised and file your tax returns earlier and more accurately than ever, but if you don’t update it frequently, you’re setting yourself up for a fall.Once you’ve signed up to a Crunch account, the best working practice is to carve out time every day or week, depending on your schedule, to update your account with all of your latest expenses and records. The better your record-keeping, the greater the benefits of online accounting software!

Crunch offers a range of free invoice templates for hours worked in the UK. If you go for our templates for Microsoft Excel or Google Sheets, you can add custom formulas to your template. So if you or your employees work on a fixed hourly rate, you can work out your pay in seconds and make sure that you’re charging the right amount for your work.

Invoicing is simple. Download one of our invoice templates and customise the details to suit you. You’ll need to include information about your business and your client, plus the products or services you’re charging them for. Then you just need to export a PDF and send it off.

You can create an invoice by downloading one of our blank invoice templates. Available for Microsoft Word, Microsoft Excel, Google Docs, and Google Sheets, you’re free to choose the template that suits you and your business. But, if you prefer a pen-and-paper approach, you can go for our printable PDF VAT registered limited company invoice template instead.

It’s simpler than you might think! Once you’ve signed up to one of Crunch’s software packages, you’ll be able to log into your account. From there, you can set up your company’s basic information, recurring invoices and expenses, connect your business bank account through a secure Open Banking feed, and much, much more. If you ever need any assistance with your accounting software, you can visit our handy Help Centre for all the guides and support you need, or if you’re on a paid package (such as Pro or Premium), you can call or email your team of Chartered Certified Accountants for help.

It's easier than you might think, but as every business is unique, our advisors will walk you through the process to ensure it is as seamless as possible.

Switching to Crunch from another accountant is quick and simple. If you've just completed a previous financial period, it may be as simple as inputting your opening balances, which can be done in seconds.Your dedicated client manager will help you with the switching process, including contacting your previous accountant and arranging for the transfer of records, and notifying HMRC and Companies House of the change.A setup fee may apply depending on the time of year you switch. Please contact us for individual details.

‍You must keep records for six years from the end of the last company financial year they relate to, or longer, if:

• they show a transaction that covers more than one of the company’s accounting periods
• the company has bought something that it expects to last more than six years, like equipment or machinery
• you submitted your Company Tax Return late
• HMRC has started a compliance check into your Company Tax Return.

Check out our Knowledge article, “How long should company records be retained for?”, for more information!

‍You must keep records for six years from the end of the last company financial year they relate to, or longer, if:

• they show a transaction that covers more than one of the company’s accounting periods
• the company has bought something that it expects to last more than six years, like equipment or machinery
• you submitted your Company Tax Return late
• HMRC has started a compliance check into your Company Tax Return.

‍
Check out our Knowledge article, “How long should company records be retained for?”, for more information!

If you’re entitled to a refund, you should allow four weeks for the refund to be sent to your bank account. If you owe any tax within 35 days of your Self Assessment submission, your refund will be deducted from your total owed.

When it comes to your Self Assessment with Crunch, your part can be over in as little as 15 minutes (subject to the size of your tax return). Once your documents have been uploaded onto our online software, you can sit back and wait for our helpful accountants to get in touch.*On rare occasions, Crunch may not be able to complete your Self Assessment ourselves. In which case, we’ll offer to refer you to one of our partners, which may incur additional costs. Under no circumstances would Crunch pass on your data without your explicit permission.

It’s hard to know for sure how many businesses in the UK are using online accounting software, but here’s what we do know: here at Crunch, we have an active client base of over 10,000 small business owners on our paid Crunch packages, and thousands more on our forever-free Crunch Free package.As we’ve mentioned, though, every business will need to use online accounting software as more tax returns become subject to MTD regulations.

If you’re a small business owner, or the director of your own limited company, we would recommend either our Limited Company Pro, Limited Company Premium, or Small Business packages. Which of these packages is right for your business will depend on factors such as your annual turnover, how many employees you have etc. In this instance, we’d recommend giving our friendly advisors a call, who will be happy to help you decide which package is right for you.

You get unlimited advice from your client managers and our accountants at any time during office hours, over both email and phone. You don't need to book an appointment or find time in your busy day to visit us, we're available as and when you need. Our office hours are Monday to Friday, 9am to 5.30pm.

That depends on your needs - we'll look at the number of transactions in your Crunch account to help you decide the amount of bookkeeping support you need. This will be based on how many business bank accounts, or credit cards you have and how many monthly transactions are involved.

Many bookkeepers charge an hourly fee, which can quickly tally into a hefty bookkeeping bill by the end of the month. At Crunch, our pricing is clear, straightforward, and incredibly cost effective.

If you choose to buy a one-off bookkeeping service from Crunch, our prices begin from just £32.50+VAT a month. Alternatively, our complete accountancy packages start from just £24.50+VAT a month, where our expert Chartered Certified Accountants are available whenever you need them for bespoke support.

At Crunch, our complete Limited Company Pro package costs just £86.50+VAT per month. You get access to a whole team of expert accountants and client managers who can help you manage your business finances, tax responsibilities, and so much more!If you’re happy managing your own accounts, or you have your own accountant already, you can sign up to a Crunch Free account to help you organise your expenses, sales invoices, and other important records.

At Crunch, our Ecommerce business packages start from as little as £159.50 + VAT per month depending on your annual turnover. Our accounting experts will be able to advise the best package for you and your business. You get access to a dedicated accountant, bookkeepers and client managers who can help you manage your ecommerce business finances, tax responsibilities, and so much more!

At Crunch, it can start from the low-low price of absolutely nothing! Crunch Free is exactly what it sounds like - completely free! If you need more bespoke support and access to our team of expert client managers, our paid packages start from just £24.50+VAT a month for sole traders, and £79.50+VAT a month for limited companies.

At Crunch, our paid accountancy package for sole traders is available for just £26.50+VAT a month! As a Crunch client, you’ll get access to a team of Chartered Certified accountants and expert client managers, available whenever you need them to help your business thrive.

To activate your Crunch account you need an active limited company, a business bank account, and your historical accounting data from your previous accountant, if applicable.If you have these, your account can be set up in a few minutes. If not, we'll help you get set up. Your client managers can form your limited company, send you information on opening a business bank account, and assist you with transferring your accounting data over from your old accountant.

Once you’ve sent us all the documents we need - such as receipts and your company’s banking information (on a CSV file or direct bank feed) - we will ensure your bookkeeping is completed within 20 working days of receiving all the information we need. If you don’t have a CSV file or bank feed, you can send us copies of your company's bank or credit card statements, but the service will cost more due to the additional time involved in processing these.

As safe as houses! Information you store on your computer in files and spreadsheets can be attacked by viruses or lost due to technical failures, or even simple mismanagement and disorganisation - and lets not even go into all the things that could go wrong if you still keep your receipts in a ratty old shoebox. We use encrypted connections to reliably and securely store your data within our cloud accounting software, which not only gives you the peace of mind that your data is safe at all times, but also allows you to create reliable backups.

Your limited company will have an accounting period. When the accounting period ends, you’ll need to prepare accounts and submit them to Companies House and HMRC. Accounts are usually produced using accounting software. To make this process as smooth and accurate as possible, all of your limited company records, such as your expenses, sales invoices etc. should be stored in secure online accounting software. Not only will this help you stay compliant with HMRC’s Making Tax Digital (MTD) rules for VAT and other taxes, it’ll also help you stay more organised and simplify your tax returns.Of course, we would also highly recommend getting an accountant using accessible accounting software to do the heavy lifting for you!

Your business will have an accounting period. When the accounting period ends, you’ll need to prepare accounts and submit them to Companies House and HMRC. Accounts are usually produced using accounting software. To make this process as smooth and accurate as possible, all of your ecommerce business records, such as your expenses, sales invoices etc. should be stored in secure online accounting software. Not only will this help you stay compliant with HMRC’s Making Tax Digital (MTD) rules for VAT and other taxes, it’ll also help you stay more organised and simplify your tax returns.With our ecommerce business plans, you also get an experienced ACCA chartered certified accountant to do the heavy lifting for you!

We pride ourselves on the ease of use of our software, which makes your bookkeeping quick and efficient. If you ever need help, your client managers will be more than happy to assist.We also have a wealth of templates and business guides available, which will help you with everything from invoicing, to chasing funds to finding out about expenses.

Crunch’s Self Assessment service is a one-off price - with no hidden charges! No matter how complicated you think yours may be, Crunch’s accountants can help, providing a hassle-free and easy experience for our clients.*On rare occasions, Crunch may not be able to complete your Self Assessment ourselves, in which case we’ll offer to refer you to one of our partners, which may incur additional costs. Under no circumstances would Crunch pass on your data without your explicit permission.

If you have an existing Crunch account, just log in, select ‘Self Assessment’ on the left-hand side and click ‘Start’. Our accountants will complete it, request your approval and submit it to HMRC on your behalf.

Yes! For all new clients, just sign up for a Crunch Free account, log in, and get started! For further help on this, our friendly handy experts are available on 01273 257165. For existing Crunch clients, you can log in to your account and get started right away. For more information, if you pay for your Crunch subscription, you can get in touch with our client managers at support@crunch.co.uk or 01273 257091

Yes, you will receive a Self Assessment for the trading year 2024-2025.

In our Crunch system, it shouldn’t usually take more than a few hours a month to keep your account up to date. It all depends on the number of transactions involved. Your client managers can give you tips on how to make your bookkeeping easier with tools like automated bank feeds, our Snap expenses app, and Tripcatcher mileage app. If you have more complicated accounts, or you simply need to free up more time, then our bookkeeping service could be ideal.

With Crunch’s Self Assessment service, we’re completely upfront with all of our fees. Our price increases throughout the year the shorter the window for completion is before the deadline. If you’d like our extra speedy express service, for last-minute Self Assessment filing, we offer this at an additional fee of £105.50+VAT. Our friendly accountants will give you a stress-free experience, so you feel prepared for the next tax year.*Our prices increase the closer to the submission deadline due to the urgency and turn around time for our team. On rare occasions, Crunch may not be able to complete your Self Assessment ourselves. In which case, we’ll offer to refer you to one of our partners, which may incur additional costs. Under no circumstances would Crunch pass on your data without your explicit permission.

If you have a Crunch Free, Sole Trader Pro, or Small Business plan, there’ll be a small one-off charge. However, if you have a Limited Company Premium plan, your Self Assessment is included in your monthly subscription.

Yes, if you’re facing a looming deadline, or even worse a fine, then you may be interested in our Crunch Express Bookkeeping and Accounts Preparation Service. We’ll complete the bookkeeping necessary to reconcile your company’s accounts up to the end of its accounting period.

Our expert accountants will then prepare your Accounts for you to review and when approved we’ll submit them to HMRC and Companies House in the shortest possible time. The cost and timescales will be confirmed to you in a personal quote. The minimum turnaround period for the Express Bookkeeping and Accounts Preparation Service is 20 working days.

There are differences to each structure, particularly when it comes to tax and administration issues. Speak to one of our friendly advisors or book a callback using the details at the top of the page for more information. Our jargon-free article will help you understand each option and decide which is right for you: sole trader, limited company, or umbrella company.

Usually, the most tax-efficient way to pay yourself as a limited company director is by taking a combination of a salary and dividends from your limited company. Most directors prefer to keep their salary low, and below the National Insurance threshold, and pay themselves more in dividends. The salary will be paid to you as a director, in the same way as a regular employee. Our article, "How much should I take as a salary from my limited company?", can talk you through this process in much greater detail.

Learn the basic legal requirements and best practice when taking on an employee for your business, and get tips on how to find the best candidates in our handy Knowledge article and checklist.

Tax returns sole traders are required to file include VAT (if your business is VAT registered), and your annual Self Assessment, which covers your personal Income Tax and National Insurance liabilities. You can read more about your tax obligations in our “What is a sole trader?” article.

Setting up a limited company, but confronted by scary-looking questions regarding shares and share value? Don’t worry, it’s not as confusing as it seems. We’ve got an article that explains all about company shares, share value and share capital when you’re registering a limited company. If you're interested in getting expert advice and support for questions like this, as well as how Crunch can help you stay on top of your business finances with our limited company accountancy packages, speak to one of our friendly advisors or book a callback using the details at the top of the page for more information.

As a limited company director, you’ll have certain responsibilities. You’re required to file various forms and returns to both Companies House and HMRC. Knowing what to file (and when) can get a bit confusing. At Crunch, we love to be helpful, so we’ve pulled all your company director responsibilities into a simple, easy-to-read article. If you're interested in how Crunch can help you stay on top of your business finances with our limited company accountancy packages, speak to one of our friendly advisors or book a callback using the details at the top of the page for more information.

In order for us to generate your VAT returns, Corporation Tax and year end documents, you need to keep your Crunch records updated. We recommend that you reconcile your bank account on Crunch once a month. You can verify your entries using our bank reconciliation system before every tax filing.Depending on your company activity, updating your Crunch account can take as little as a few minutes per week.

There’s more to running a limited company than just forming the company. Our handy article takes you through all the steps as well as explaining the other things you need to think about - such as having a business plan, a business bank account, the right business insurance, what records you need to keep, and how to stay on top of everything. Find out about how to set up a limited company. If you're interested in how Crunch can help you stay on top of your business finances with our limited accountancy packages, speak to one of our friendly advisors or book a callback using the details at the top of the page for more information.

It’s true that not all online accounting software is created equally. Many of our competitors will lock fundamentally important parts of their software behind paywalls, or restrict your usage (i.e. limiting you to a certain number of expenses per day/month etc.).When considering which online accounting software package you’d like to use, you need to be sure that everything you need is covered in your package. With Crunch Free, for instance, you get all of the basics, fundamental necessities of good online accounting software, such as expenses, invoices, and Open Banking. If you’re ever in doubt as to which package is right for you, don’t hesitate to call our wonderful advisors, who’ll be happy to help you better understand which of our packages meets your needs.

You can use our Ask an Accountant service and now pay just £24.50+VAT (was £39.50+VAT) for help from a specialist accountant.

We explain everything in our Knowledge article about setting up a limited company, but it's pretty simple really. You need to decide on a name for your new business and check its available and meets the rules on naming a UK company. Then you need to decide who will be the shareholders and company directors and how many shares they should have. You can also decide on who will be the company secretary if you're going to have one. You'll need to make sure that all the directors meet the criteria for being a company director and understand their directors' responsibilities.

You'll need to make a list of all the people who have significant control over the company (known as a person of significant control or PSC) and store it as your psc register - more details on our article: what is a PSC register.

You'll need to provide at least three pieces of personal information about yourself and your shareholders, for example:

• Mother’s maiden name
• Father’s first name
• Telephone number
• National Insurance number
• Passport number.

Cloud accounting software and online accounting are, basically, one and the same. When you’re talking about online accounting software, you’re talking about the software itself and the actions you can perform within it (i.e. recording your expenses, sending invoices etc.). When you’re talking cloud accounting software, you’re referring to data storage and backups.At Crunch, our online accounting software is also cloud accounting software, so with us, you don’t have to worry!

Self Assessment - often referred to as a ‘tax return’ - is a way for HMRC to calculate how much Income Tax and National Insurance Contributions you’ll need to pay. For contracted employees, your tax is deducted monthly on your employment income through the PAYE system. For the self-employed, or someone with other types of income (e.g. pension or dividends), HMRC needs a Self Assessment to assess the tax required to be paid.

Self Assessment - often referred to as a ‘tax return’ - is a way for HMRC to calculate how much Income Tax and National Insurance Contributions you’ll need to pay. For contracted employees, your tax is deducted monthly on your employment income through the PAYE system. For the self-employed, or someone with other types of income (e.g. pension or dividends), HMRC needs a Self Assessment to assess the tax required to be paid.

If you’re self-employed and running your own business as an individual, then you should be registered with HMRC as a sole trader. Being a sole trader means there’s no legal distinction between the individual and the business they own.Sole traders work in many industries and trades, including electricians, plumbers, management consultants, designers, and more. Check out our article on “What is a sole trader?” for more information.

As your registered office, Crunch will deal with your Companies House and HMRC post on your behalf. Once they arrive at our offices, the letters will be scanned, securely stored in your account and shredded. If action is required from you, your client manager will notify you and explain the situation.Anything that isn't from Companies House or HMRC will be returned to sender.

As authorised agents, we act on your behalf, dealing with HMRC and Companies House for your company.

If you run your own business as a sole trader, you’ll need to prepare accounts each year to show your income and expenses. This will enable you to calculate your annual profit and the amount of drawings you can take from your business. You will also be able to calculate the tax you owe to HMRC.Bookkeeping is the process of recording financial transactions to enable you to manage your business’s finances effectively.

With regular bookkeeping, you can see at a glance the money coming into your business and from where, how much you’re spending, and on what items. Bookkeeping also confirms when financial transactions occur.

At a minimum, you should be recording your business transactions every month and reconciling these to your bank accounts. If you don’t, you might struggle with paying for things like stock, suppliers, and even your taxes. It’s a good habit you really want to be getting into from the very beginning of running your own business. For more information, check out our “What is bookkeeping and why does it matter?” article.

Each of the following counts as one Sales Channel:

• A single Amazon Merchant ID (One region)
• A single Shopify store
• A single eBay store
• A single Etsy store

A single Amazon merchant ID can give access to multiple Amazon marketplaces. For example, when you connect a client’s Amazon Europe account (using their Amazon Europe merchant token) LMB will gain access to all Amazon Europe marketplaces they sell on.

This could be: Amazon.co.uk, Amazon.de,  Amazon.es,  Amazon.it,  Amazon.fr,  Amazon.nl,  Amazon.se, Amazon.pl,  Amazon.com.be

Not sure? Don't worry, our advisors can clarify this for you.

Employers' liability insurance provides a financial award to a member of your staff who is injured or has property damaged whilst in your employ during working hours.

Online accounting software allows small business owners, sole traders, and limited company directors to manage their business finances in a secure and organised online system. Through online accounting software, you can track and automate your invoices and expenses, check your finances anytime, anywhere, and even file your tax returns

Professional indemnity insurance offers protection for your business against a customer suing you for a financial loss that they believe you caused through negligent advice and services.

Public liability insurance protects your business against a claim from the public for financial loss, accident, or injury.

At Crunch, we offer five different types of online accounting software packages: Crunch Free, Sole Trader Pro, Limited Company Pro, Limited Company Premium, and Small Business. Each of these packages are designed to support businesses as they grow and take on new responsibilities, each tailored to maximise the tax-efficiency of your business at each stage of its development

If you’ve not yet officially gone self-employed, or if you’re comfortable using accounting software and managing your own finances, Crunch Free is the perfect package for you. As the name suggests, the software is completely free, allowing you to record all of your invoices, expenses, and more!

Well that depends! All of our packages come with our market-leading online software, so in this instance, it would all boil down to whether you’re a limited company or a sole trader, and how big your operation is.In this instance, we’d recommend giving our friendly expert advisors a call and discussing your circumstances further. They’ll help you decide which package is the most appropriate for your business.

If you’re self-employed and running your own business as an individual, then you should be registered with HMRC as a sole trader. Being a sole trader means there’s no legal distinction between the individual and the business they own.

Sole traders work in many industries and trades, including electricians, plumbers, management consultants, designers, and more. Check out our article on “What is a sole trader?” for more information.Bookkeeping is the process of accurately recording and organising the financial transactions for your business; accounting covers the regular reporting of the financial position of your business.

You will have unlimited support from both your dedicated client managers and from our team of expert chartered certified accountants.We'll let you know of key dates in the financial year, helping you avoid fines and stay on the right side of HMRC and Companies House.You also have unlimited access to advice relating to your business from our team of expert chartered certified accountants, who can help you with everything from specific accounting or tax queries to business expenses.

As with all accountancy firms, the experience and qualifications of our accountants vary. Our accounting staff range from chartered certified accountants all the way through to apprentices. Our accountants undertake a programme of ongoing training so they are up-to-date with any accounting and tax legislation changes.Our accountants have a range of qualifications from the Association of Accounting Technicians (AAT) to the Association of Chartered Certified Accountants (ACCA). We're also an ACCA Accredited Employer.As with all accountancy firms, the experience and qualifications of our accountants vary. Our accounting staff range from chartered certified accountants all the way through to apprentices. Our accountants undertake a programme of ongoing training so they are up-to-date with any accounting and tax legislation changes.Our accountants have a range of qualifications from the Association of Accounting Technicians (AAT) to the Association of Chartered Certified Accountants (ACCA). We're also an ACCA Accredited Employer.

It’s common to include payment terms of 30 days on their invoices. This is because most companies take care of payroll on a monthly basis. So even if you complete your work on the first of the month, your client should be able to pay you by the end of that month. If you still haven’t been paid after 30 days, it’s probably time to start asking some questions.

Limited company directors may be required to pay a number of different taxes: some limited company taxes are mandatory for all directors, while others will depend on factors such as whether your company has employees.Some of the taxes you may be required to pay include Corporation Tax, National Insurance, and VAT. Check out our article on what taxes you pay as a limited company director for a more detailed rundown!

Ecommerce Limited company directors may be required to pay a number of different taxes: some limited company taxes are mandatory for all directors, while others will depend on factors such as whether your company has employees.Some of the taxes you may be required to pay include Corporation Tax, National Insurance, and VAT. Check out our article on what taxes you pay as a limited company director for a more detailed rundown!

Crunch Formations will let you set up a new private limited company, we do not set up limited liability partnerships. You can find out more about the difference in our setting up a limited company article.