Does it handle both sole traders and limited companies?

Yes. PrepIQ uses the correct template for the entity you choose. Sole trader sets carry the self-assessment splits and roll the equity accounts into capital; limited company sets handle directors' loan accounts, dividends, reserves and the corporation tax charge for profitable companies.

Can it carry forward last year's figures?

Yes. Provide last year's working papers and PrepIQ rolls them forward. The closing balance sheet becomes this year's opening balances, proven to tie, and the fixed asset, capital allowance and finance schedules carry their brought-forward history. Without a prior file it treats the client as new and opens at nil.

What records do I need to give it?

A general ledger or bookkeeping export from any platform (Xero, QuickBooks, Sage, Pandle and others), plus the supporting paperwork: bank statements, hire-purchase and loan agreements, completion statements, mortgage interest certificates, and scanned or photographed receipts and invoices. There is no special export format to produce.

How do I get access to PrepIQ?

PrepIQ is in private beta for accountants and practices. Request early access and we will be in touch. It joins ReconcileIQ, CodeIQ and LedgerIQ in The IQ Suite, one login, one subscription across all four.

Private beta · for accountants & practices Issued ISS. I · 2026

Working papers.
Prepared for you.

Hand RiQ the client's records. Get back the complete year-end set — balanced, cell-linked, ready for your review.

Request early access Watch the demo

Sole trader & limited company · The IQ Suite

hartley-joinery-ye25.xlsx — prepared by RiQ Check row · 0.00

0030 Plant & machinery → FA 24,800.00—

0031 Accum. depreciation → FA —9,920.00

2102 HP liability · van → HP1 —9,418.22

2202 VAT control → VAT —4,211.40

2300 Corporation tax → COMP —7,904.00

··· 41 further nominals, all cell-linked ···

Totals 196,418.00196,418.00

Difference 0.00

0 schedules

In a finished set

Posted figures cell-linked to source

0.00

The only check row it will hand you

0 templates

Sole trader & limited company

§ Watch

A year-end set, taking shape.

§ PrepIQ How it works · both entities

Unedited

Prefer the real thing?

The actual product, preparing an actual set.

or open on YouTube →

§ 01 · How it works

Hand over the records.
Get back the papers.

Four steps. Only two are yours.

Step 00

Hand over

Ledger, paperwork, last year's file.

You · two minutes

Step 01

RiQ prepares

Reconciles, builds the schedules, posts the TB. No plugs.

RiQ · unattended

Step 02

You review

Every judgement flagged. Ask for changes; it reworks the set.

You · ask RiQ

Step 03

Sign off

Approve and download — in your firm's template.

You · final word

§ 02 · What it builds

The complete set.

Not a draft. The set your firm files behind a return.

Schedule · 01

Extended trial balance

Opening, recorded, unrecorded and adjustment columns — footing, self-balancing.

ColumnsRecorded · unrecorded · adj

FootingSelf-balancing

Check row0.00

Schedule · 02 · Tax

Capital allowances

AIA, FYA, pools, private-use restriction — tax-side only.

AIA

Schedule · 03

Fixed assets & depreciation

Built or rolled forward, NBV linked to the balance sheet.

Schedule · 04

Finance reconciliations

One cell-linked sheet per agreement, tied to the TB.

Schedule · 05

VAT & the tax computation

VAT reconciled; add-backs, allowances, corporation tax posted.

§ A real set · names redacted

Not a mock-up. An actual year-end set.

A real limited-company set, prepared by PrepIQ. Swipe through.

PrepIQ extended trial balance for a limited company — 01 · Extended trial balance
The whole set, on one sheet.
Footed, balanced, check row nil.

PrepIQ fixed asset schedule — 02 · Fixed assets
Built or rolled forward.
Additions, disposals, depreciation.

PrepIQ capital allowances schedule — 03 · Capital allowances
Kept tax-side.
Pools, AIA, FYA — feeding only the comp.

PrepIQ hire-purchase reconciliation — 04 · Hire purchase
One sheet per agreement.
Liability split current and non-current.

PrepIQ loan and finance reconciliation — 05 · Loans & finance
Tied to the paperwork.
To the penny, interest and capital split.

PrepIQ corporation tax computation — 06 · Tax computation
Profit to tax.
Add-backs, allowances, marginal relief.

PrepIQ notes and queries for accountant review — 07 · Notes & queries
Every judgement, flagged.
Where records fall short, it says so.

PrepIQ completion statement reconciliation — 08 · Completion statement
Reconciled line by line.
Broken out, posted, traceable to source.

Prepared by PrepIQ · reviewed and signed off by the accountant

§ 03 · Built for review

It flags like
your best senior.

Cross-checks the sources

Cashbook, agreements, correspondence — read together, clashes flagged.

Catches incompleteness

A recurring item appearing once means the records are short. It says so.

Refuses to fabricate

Posts only what is evidenced. Gaps shown, never plugged.

Drafts the client queries

Open questions become a ready-to-send client email.

It flags like a senior — not a guarantee it catches every error. Your review is the final word.

RiQ Review notes · hartley-joinery-ye25 3 flags

Flagged

HP agreement missing the final payment schedule. Drafted a client query for the closing figure.

Records gap

Fuel recurs monthly; October is missing. Marked TBC — nothing posted.

Your call

£6,000 to the director — dividend or DLA? Left unposted; both treatments noted.

client-email.txt — query email drafted, awaiting your edit

“We tried to catch it out. It corrected the client's errors, then it corrected ours.”

§ From PrepIQ's own test programme

§ 04 · Entities

Sole trader, or limited company.

The right template and rules per entity.

For · sole traders

Self-assessment, right.

Trade, property and savings split
Capital and drawings handled
Private-use restrictions applied
Equity rolled into capital

For · limited companies

Corporation tax, posted.

Corporation tax computed and posted
Directors' loan accounts, never merged
Dividends against reserves, queries raised
Reserves carried forward cleanly

§ 05 · Inputs

Any records.
Any platform.

No special export to produce — give it what the client already has.

GL exports

Xero, QuickBooks, Sage, Pandle, any CSV / Excel.

Bank statements

PDFs, scans and CSV.

Finance agreements

HP, loan, completion — one rec each.

Receipts & invoices

Scanned or photographed.

Prior-year papers

Closing becomes opening, proven to tie.

Your template

Your layout, preserved year to year.

Reads ledgers from XeroQuickBooksSagePandleFreeAgentany GL · CSV / Excel

Request early access.

§ 06 · Privacy

Private by default, yours to release.

Scoped to you. Cleared when the job is done.

Scoped

Scoped to you

Jobs isolated. Nothing shared across accounts.

Reviewed

Review before release

A finished set waits for your approval.

Removed

Removed when finished

Close the job; the documents are cleared down.

§ 07 · The suite

PrepIQ ships with three siblings.

Reconcile · code · analyse · prepare.

§ ReconcileIQ

Bank to books.

Bank and invoice matching, any bank.

AI bookkeeping, end to end.

Codes, VAT, posts to the platform.

Board-ready analysis.

40+ modules, one-click board pack.

Year-end working papers.

The full set, every figure cell-linked.

you are here

§ 08 · Common questions

Frequently asked.

Anything else, email [email protected].

What does PrepIQ actually produce?

A complete set in your firm's template — extended trial balance, fixed assets, capital allowances, finance recs, VAT, tax computation — every figure a live cell link.

Sole traders and limited companies?

Yes — self-assessment splits for sole traders; DLAs, dividends, reserves and corporation tax for companies.

Does it roll last year forward?

Yes. Last year's closing balances become this year's openings, proven to tie. No prior file, the client starts at nil.

Do I still review the work?

Always. Every judgement is flagged and nothing releases until you approve it. Send follow-ups and it revises the same set.

What records does it need?

A ledger export from any platform, plus the paperwork — bank statements, agreements, receipts. No special format.

How do I get access?

PrepIQ is in private beta for practices. Request early access and we will be in touch. One IQ Suite subscription covers all four products.

§ 09 · Early access

In private beta
for practices.

Private beta access. One subscription, the whole IQ Suite.

Request early access Private beta · UK practices

What you get

The full set, your template
Sole trader and limited company
Every figure cell-linked, tied out
Released only on your sign-off

See the full feature tour →

Before the year-end set

Clean books first.
Then the papers.

CodeIQ, the intelligent automated AI bookkeeper, gets the books clean first — minutes per client.

Codes and VAT-classifies the ledger
Matches invoices, detects transfers
Posts to QuickBooks, Xero, Sage and Pandle

Explore CodeIQ · included in the suite →

SHELL → Motor Expenses97%

ADOBE → Software91%

STRIPE → Sales94%

HMRC → PAYE88%

clean books, ready to prepare

One subscription · four products · one RiQ

After the year-end set

Papers prepared.
Now advise.

LedgerIQ turns the same ledger into board-ready analysis. RiQ writes the commentary.

40+ modules: DuPont, Z-Score, CVP and more
Established formulae, no black-box guesswork
One-click board packs and Excel exports

Explore LedgerIQ · included in the suite →

2.4×Current

18.2%ROE

A+Z-Score

38dDSO

£412KQ1 rev

3 flagAnomaly

40+ modules

Give RiQ the records.
Get back the papers.

Request early access See the feature tour Private beta · data cleared when the job is done