Your first steps

➡️ Open a business bank account
➡️ Register for Corporation Tax
➡️ Connect your bank account to the software
➡️ Loan your company money
➡️ Tour the software
➡️ Add a property
➡️ Get help

As you’re using a limited company, you’ll need to open a business bank account in your company’s name. This is because your company is a completely separate entity from you and it is a legal requirement to keep your personal and business finances separate.

It’s a good idea to open a bank account as soon as you can after setting up your company.

In order to use Provestor, you'll need to choose a bank that supports Open Banking. Most banks do nowadays but for a full list of who we support, click here.

The process for setting up a business bank account may vary slightly between banks but the general requirements are:

• Proof of ID, and

• Proof of address details (usually for the past three years)

You’ll also need the following documents relating to your company:

• Certificate of Incorporation

• In some cases, you’ll need your company UTR (Unique Taxpayer Reference), which is posted to your registered office address within 14 days of your company being registered

Once your business bank account's set up, you'll need to connect it to the software via the 'Open Banking dashboard' page.

Select 'Connect to bank'.

Select your bank from the list of Open Banking compatible banks.

Read the consent page and select next. You'll then be taken to your online banking site to authorise Provestor.

Select the accounts you'd like to connect to the Provestor software. If you have multiple accounts with your bank, only select your business account.

Your account's now been added!

It's likely that you'll need to inject some cash into your business to cover start-up costs or the deposit on your first property. In order to ensure you're not left out of pocket, this will need to be recorded as a director's loan to the company.

When you've transferred the money from your personal to your business account, it'll appear in your bookkeeping records. Follow these steps to record it correctly:

1. Create new record

2. Select the transaction type as ‘Transfer’

3. To/From is 'YOUR NAME’s director loan account'

4. Select & save

The transaction will now be displayed in your director's loan account. The balance of your loan account will have decreased, as money is owed back to you from the company.

Take a look around! We've also put together an overview of our software which you can read here.

Whether you're incurring expenses for a potential purchase or have already had an offer accepted, entering the relevant details here allows you to track any costs you incur and your property's value over time.

To add a property, click 'New' and fill out the relevant details.

Once added, you can see:

• The tenants linked to the property

• The property details

• Add any property valuations

• Mortgages linked to the property

• The property status under 'Purchase and sale', which you can update depending on where you are in the buying journey

You can view your portfolio and click into each property via your 'Properties' homepage.

This help centre contains guides and FAQs that you can access 24/7. We regularly add new content based on your questions and feedback.

If you still need support, email your query to support@provestor.co.uk and we'll get back to you within 48 hours.

Please note that we don't currently offer phone support with our Property Tax Software plan. If you'd like a full accountancy service that includes phone support, please check out our Advisory packages here.