Coconut – accountancy software for sole-traders

Sole-traders and freelancers often struggle to keep their personal and business finances separate and to meet tax reporting obligations. When MTD for ITSA arrives, there will be four reporting periods and an end of year report too. Although, on the positive side, this will mean you have a much clearer idea of how much tax you will pay. 

 

Coconut provides tax, bookkeeping, and invoicing tools, and you can link with open online banking providers, so you can choose the one that suits you best. 

 

With Coconut’s accounting software for sole-traders you can easily track income, categorise expenses, send invoices, and work out how much tax you owe in real-time. Once you’ve securely connected your bank and credit card accounts to Coconut you can see all your finances in one place. The bookkeeping tools allow you to: 

 

With easy-to-access figures at your fingertips, you can work out how much you can pay yourself or re-invest into your business each month and you can be sure you’re claiming all your relevant allowances as a sole-trader. You’ll also receive reminders to help you keep an eye on any late payers. 

 

You can take photos of receipts and securely store them in the cloud, so your records are accessible whenever you need them. 

 

You’ll be able to see your income and payments in one place so you reliably work out how much to set aside for savings and tax. 

 

You can easily share your bank statements and business records with us using Coconut. Once you’ve invited us through the app, we’ll be able to view your business activity and financial information whenever we need to. 

 

Because we will have access to all the information we need for your tax returns automatically we can complete them more easily without lots of conversations, emails and searches for receipts. Throughout the year we can check to make sure all the right information is included and troubleshoot any issues before they become problems.