Business types Sole trader
Type of business
Proper books for one-person businesses.
A sole trader is one person trading in their own name, registered with HMRC rather than Companies House. VexLedger keeps the business records tidy, separate from your personal money, and ready for tax.
Your businessRegistered with HMRC
- Type
- Sole trader
- Business name
- Example Trading
- Tax reference (optional)
- Entered by you
- Books kept in
- GBP
- VAT
- Not registered
What a sole trader gets.
- Quotes, invoices, expenses and receipts
- Bill clients and keep the paper behind every cost.
- Bank reconciliation
- With live feeds or statement import, matched to what you have billed.
- VAT returns, if you are VAT registered
- Worked out from your books and filed with HMRC.
- Profit and tax summaries
- The figures for your Self Assessment return, kept up to date as you go.
The facts
- Registered with
- HMRC
- Company number
- Not needed
- Tax reference
- Optional, recorded for you
What is not part of it
- Self Assessment filing
- Statutory company accounts (they do not apply to sole traders)
A typical week.
1. After a job
Send the invoice
A professional invoice, emailed with a link to view it online, in about a minute.
2. Through the week
Snap the receipts
Upload a receipt and attach it to the payment it belongs to.
3. Every Friday
Match the bank
Reconcile in minutes. Payments are matched to invoices and your profit is up to date.
4. Each quarter
File VAT, if registered
The return is worked out from your books, then filed with HMRC.
Ready to see your books clearly?
Talk to us about getting set up, or sign in if you already have an account.