Knowledge hub

Confused about whether you need to file a Self Assessment tax return this year? You're not alone. HMRC has specific rules for each different situation, and it can quickly get confusing. Read on for our full guide to who needs to file a return.

On 17th November 2022, Chancellor of the Exchequer Jeremy Hunt made his Autumn Statement to the House of Commons. In this article, we’ve summarised everything you need to know about how it will affect you (or your clients) as a sole trader or landlord.

In his first major announcement since taking office, the new Chancellor Kwasi Kwarteng has today announced an array of changes to tax and duties in his ‘mini-budget’. But what do the changes mean for sole traders and unincorporated landlords?

Under the Construction Industry Scheme, subcontractors have a portion of their earnings deducted and sent directly to HMRC as an advance payment towards their tax bill. But the scheme can make keeping track of finances tricky for both subcontractors and their accountants—read on for more info about CIS and how Coconut can help.

Ensuring that our software is MTD-compliant ahead of time is our primary focus at Coconut, but it’s also critical that we keep our Partner Firms up-to-date with what we’re working on and why. Read on to find our what we're doing to ensure that our accounting and tax software is ready for this major change to millions of taxpayers’ processes.

A huge proportion of unincorporated landlords own fewer than 5 properties, but aren’t serviced properly by the accounting software industry. With MTD ITSA on the horizon, this is an issue that needs resolving. In this guide, we discuss the accounting challenges of ‘non-professional’ landlords, and how accountants & bookkeepers can overcome them ahead of the 2024 deadline.

We’re delighted to announce that Coconut’s simple accounting and tax software for sole traders and accountants now supports subcontractors on the Construction Industry Scheme—taking us yet another step closer to ensuring that our software supports the whole of the UK’s sole trader community ready for MTD 2024.

We commissioned Opinium to survey 500 UK sole traders to better understand their views on Making Tax Digital for Income Tax, how prepared they are for the changes, and what action they expect to take to become compliant with the rules. The results revealed an incredible opportunity for the accounting industry.

Self Assessment tax returns are a key task in every self-employed person’s to-do list. In this guide, we cover everything you need to know about completing your tax return for HMRC, so you know exactly what income you need to declare.

We recently announced that all Coconut current accounts will be closing on 30th June 2022. Read on to find out more about what this change to our service means, why we’re doing it, and what it means for the future of Coconut.

For the new tax year, we’ve decided to make some key changes to our Tax tab—which we hope will make it significantly easier for you to find out how much of your earnings you should set aside for tax.

Making Tax Digital for Income Tax will change how freelancers keep records and declare their income from April 2024. That might seem a long way off, but it's important to be prepared—here's our guide to everything you need to know.

Do you know when you need to be signed up for Making Tax Digital for VAT and Income Tax? This post contains all the important dates you need for your diary so you can be prepared well ahead of time.

Whilst the tax return for work you’re doing now may not be due for months, the beginning of the new tax year is the perfect time to build good tax habits. So, in this blog, we’ve outlined four ways you can make this tax year the easiest yet.

The start of a new tax year is a big day in the self-employed calendar. So, in this blog, you'll find seven key things you can do to ensure that the 2022/23 tax year is smooth sailing for your business.

If you're a VAT-registered freelancer, you need to sign up for Making Tax Digital for VAT by April 2022. And all freelancers earning more than £10,000 will have to sign up for MTD for Income Tax by 2024—read our guide to find out what you need to know.

Making Tax Digital for VAT will change the way freelancers keep VAT records and submit VAT returns to HMRC—but there's no need to panic! Here's everything you need to know to make sure you're prepared and ready to tackle MTD with confidence.

Freelancers: make “January panic” a thing of the past with our quick-start guide to doing your Self Assessment tax return. We've broken the process down into bite-sized chunks—so you can tick that job off your to-do list in half the time!

From Self Assessment deadlines to payment on account dates, we’ve listed all of the key tax dates that you need to bear in mind when you're self-employed as a sole trader. Pop them in your diary to ensure you're always on top of your finances!

If you're self-employed as a sole trader, here’s a summary of the key self-employed tax allowances, income tax and VAT rates, and national insurance contributions you need to know for the 2022/23 tax year.

On March 23rd 2022, the Chancellor delivered the Spring Statement to Parliament. In this blog, we’ve listed what was announced, and how each measure will impact self-employed people operating as sole traders in the year ahead.

The UK government has outlined plans to increase National Insurance contributions in the 2022/23 tax year, as part of the new Health and Social Care Levy. Below, we've summarised what these changes involve, and how they will affect you as a self-employed person.

The extended tax season is over and so for accountants that means we’re gathering our thoughts and making our plans for 2022. What’s different this year is that it’s the last year before MTD ITSA really kicks in which will dramatically change how we work with sole traders. Read on below to learn how Coconut will support our Accountant Partners through this change.

Up until March 2020, Nancy was Deputy Head of Wardrobe for the Book of Mormon. But then her hard-earned career came to a halt when Covid-19 hit. In this edition of Community Spotlight, we spoke to Nancy about how she adapted to a tough situation, and used her skill, initiative, and courage to start her own business.

In this edition of Community Spotlight, we spoke to SQSP Queen, Katy. As is so often the case, going freelance has allowed Katy to live the life that she has always wanted: by the sea, doing a job she loves, on her terms.

In this edition of Community Spotlight, we spoke to self-taught jeweller, Esh: a self-taught, freelance jeweller building a more fulfilling career for herself; one that can fit around her life and potential health concerns in the long-term.

“I had an argument with my wife and went to Italy for 5 years” is the perfect example of an excuse that HMRC *won’t* accept for a late tax return. So what does count as a reasonable excuse? And is it ever okay not to submit a tax return? We explain all in this blog.

Are you ready for Making Tax Digital, or still figuring out what that means? This post contains everything you need to know to prepare for the new system and simplify your tax admin—so you can focus on the stuff that really matters.

Payments on account are designed to spread the cost of the upcoming year’s tax bill, but the assumptions used to work out your payments might not be quite right if your business has been impacted by the pandemic.

If you have a student loan or income from other sources, such as employment salary or rental income, this may affect what you’ll need to pay or the tax rate applied to your self-employment income. Here's what you need to know.

So you've decided to become self-employed—great news! Here's what you need to know about registering as a sole trader with HMRC.

When you’re self-employed, you can deduct a wide range of business-related costs from your taxable profit. Here’s a handy list of the most common things you can claim for as "allowable expenses".

Once you’ve got your income, expenses and any other allowances and adjustments organised in Coconut, you’re ready to fill in your tax return. You'll most likely be completing your Self Assessment online through the Government Gateway—so this article lays out what you can expect from the process.

Adjustments in Coconut are a way for you to account for any income or expenses that you haven’t already captured in your transactions. This could be extra income outside of your Coconut account, cash expenses, or work from home (WFH) allowance and mileage.

To ensure that all of the information in your Coconut tax return summary is right, it’s important to take the time to check that all of your transactions are categorised correctly. This helps us determine which transactions fall into income or expenses.

What is the UK's 'Rent a Room' Scheme, who can make the most of it, and do you have to declare the rental income on your tax return? We've summarised the key points in this article.

When you’re self-employed and VAT-registered, you can choose between the standard or flat rate VAT schemes. Here’s what you need to know about both.

We know that doing your Self Assessment can be a bit overwhelming. But it doesn't have to be that way! This guide will show you how to use the Coconut app to get to the right numbers for your tax return in six simple steps.

Coconut 2.0 signals a big shift in our business strategy—one that we think has the potential to revolutionise the working lives of self-employed people. But as well as all of the new things we’re working on, there are also a few things we won’t be doing in the future; most notably, opening new bank accounts. Here’s why we’ve made that decision, and what it means for the future.

2021 will be a year that we’ll remember at Coconut for a while. This year saw a big change in our business come to fruition.

The desktop version of our mobile app is live! Coconut Web gives you access to the transaction history of any bank accounts you’ve linked up to Coconut, and allows you to complete your key bookkeeping tasks, all within your browser. Give it a try now!

What's the difference between BACS, CHAPS, and Faster Payments? Here's what you need to know about all three types of bank transfer, and why we use Faster Payments at Coconut.

Join us on 15th December to find out how Coconut has evolved over the past 12 months, what our plans are for the future, and how “Coconut 2.0” will make it easier than ever for self-employed people—and their accountants—to manage their finances.

“The key thing for all accountants is time saving and efficiency, because there are never enough hours in a day I think any accountant who looks into Coconut will realise the potential time saving is massive.”

The barefoot accountant provides accountancy services to creative sole traders who just want to be fabulously creative and not worry about the boring stuff. Operating from a shop front in Hertfordshire, the firm delivers personalised tax and accountancy services in a relaxed and judgement-free zone.

Imagine if clients and you could un-muddle business and personal without having to open a new bank account?

Find out how the £1,000 income trading allowance from HMRC works and if you can use it with our helpful guide.

How and when to file your sell assessment form and complete you tax returns with HMRC if you're self employed or operating as a sole trader.

When Coconut first launched in 2018, we offered a product that combined an accounting product with a business current account. We’ve now stopped opening new accounts, so that we can focus on making our bookkeeping and tax app for freelancers the best it possibly can be.

Take a look at the latest sole trader tax rates for the 2021/22 as well as our advice on how to prepare for the new tax year.

We want to help you protect yourself against Covid-19 fraud. Here’s what you need to be aware of and what to watch out for.

The SEISS has been extended until September, and there has been one significant change for the better. The grant has been extended to ~600,000 people who were previously excluded by including those who filed a 2019/20 Self-Assessment tax return by midnight 2nd March.

The SEISS has been extended until September, and there has been one significant change for the better. The grant has been extended to ~600,000 people who were previously excluded by including those who filed a 2019/20 Self-Assessment tax return by midnight 2nd March.

"What’s your rate?" It's a question freelancers get asked every day, but a surprisingly hard one to answer; there are many factors to consider when deciding how much to charge for your services, and many different ways to do so. Whether you're new to freelancing or have been in the game for a while, here are some of the top tips we've learned.

Saving can often be an afterthought when you're freelancing and have a fluctuating income. But it doesn't have to be—discover some money saving habits in this article.

For Paul, Covid-19 has brought many collaborations that will help his business to boom once the pandemic is over. Find out how he's adapted in this interview.

With January around the corner, here are some tips for everyone in the self-employed and freelance community to prepare for a deal or no deal brexit.

Freelancing can be really liberating and often helps people to take control of their careers. But how does that work if you start freelancing at the very beginning of your career? Find out by taking a look at Ben's story.

Self employed people come across plenty of challenges when they're building a business from the ground up. Find out how to overcome them in our latest blog.

Redundancy leaves many people feeling stuck and unsure what to do next. Instead of waiting for a new opportunity, why not create one? That's what John did.

With November's lockdown already upon us, we've put together a list of the latest government updates to make sure you can navigate your way through it.

We asked 500 self-employed people how they feel about saving for tax - take a look at the results and see how Coconut can help you to save for tax soon.

Find out how fitness instructor Elle Linton adapted her business when covid-19 hit the UK this year and the role that digital played in making it happen.

Covid-19 support for self-employed people: Bounce Back Loans. And we've teamed up with Swoop to help you navigate the application process.

Our answers to the big questions we've had about the Self-Employed Income Support Scheme from our customers and the wider self-employed community.

Here's our quick guide to effortless expenses to make sure you're not missing out on key tax savings.

Clyde is a chef working in London. He used to work in the kitchen of one of Britain’s top private banks before he decided to make the move to self-employment.

Understand the VAT Cash Accounting Scheme. Who it's for, how to qualify and what it could mean for you and your business.

It’s often the first question people have when starting their self-employment journey. Should I become a limited company or a sole trader? Read our guide to find out the pros and cons of each, and decide which is the best setup for you and your freelance career.

Read this short article on how to save your self-employed business time and money by separating your business expenses from your personal expenses.

The self-employed population contributes £271 billion to the UK economy - so why are so many still getting messed about when it comes to getting paid?

Time for your annual tax return for HMRC? We’ve created a list of the top five business expenses most commonly overlooked.

Coconut has won the final stage of Nesta’s Open Banking Challenge: Open Up. We’ve won £250k so far from the previous three stages. What does it mean for our customers? More here...

Rentable workspaces are making more appearances in some of the larger UK towns and cities. We speak to some industry players, as well as some people who have used this style of working.

Katy Carlisle from Freelance Folk looks at how 'imposter syndrome' can affect people who are self-employed, and discovers what other freelancers and small business owners do when they’re doubting themselves.

What is living life as a 'digital nomad' really like? And why is this work revolution on the rise? Coconut speaks to three freelancers who have lived and breathed the lifestyle, and give their advice to those considering the leap.

Worried about filing your taxes as a freelancer? In this article, we’ll show you how to plan ahead so you can nail your self-assessment like a pro.

Can you ever avoid procrastination? We find out how to beat procrastination and why our mind constantly tries to distract us.

Freelancers lack the support structure to guide us through the complexity of retirement saving. This article takes the mystery out of sole-trader pensions.

Can I get a mortgage as a freelancer? Yes. Will it be easy? No. But that’s not an exclusive issue for the freelancer demographic.

Freelancing can seem daunting, especially if you are going it alone for the first time. Making mistakes is part of any job, and freelancing is no different.

Most freelancers experience a client who doesn’t pay on time, especially those just starting out. So how do you deal with these clients?

Flying solo is pretty great. But how do freelancers look after their own mental health when it’d be all too easy to let the loneliness rule our lives?