Anyone using a fault code reader/reset tool on a 1998 4.6 ?

Hi all,
I have done a search on here and looked through "ebay" for a fault code reading and resetting tool for my recent 1998 P38 - 4.6( Petrol obviously ).
A lot of the info is a bit old so am asking if anyone here has recently bought a unit and which one ?
Would such a reader ( stand alone ) find some or all faults and which "systems" do they read ? Some under £100 units read engine only - separate cable etc required for the EAS for example - as you all know.
My previous RR was an old Classic some years ago so I am not very clued up.
Also is the 1998 4.6 OBD 11 compliant ?
Hope some of you can point me in the right direction.
Regards

you can get faul readers but none that i know of will clear them unless you get a faultmate or the likes