1. Coconut can save your sole trader clients lots of time
Coconut is designed specifically for busy sole traders. Because it’s so easy and convenient to use, Coconut can save your sole trader clients lots of time and effort, so they can get on with other things that they’d much rather be doing – including making money and growing their business.
2. Coconut can help your sole traders to better control their cash flow
With just a few screen touches or mouse clicks, Coconut gives sole traders an accurate picture of their monthly income and spending, so they can better understand how well their business is performing. Better tracking their business income and expenses gives them the power to control their cash flow, rather than their cash flow controlling them. Having reliable, up-to-date cashflow knowledge enables better business decisions.
3. Coconut enables sole traders to stay on top of their invoicing
Getting invoices to customers ASAP is key to healthy cash flow. Wherever they are, Coconut enables your sole trader clients to produce and send professional, own-branded invoices in seconds. They’ll also be able to better track payments received and those overdue that they need to chase. Again, this keeps their business finances better organised, while saving them time and effort on invoicing and credit control.
4. Coconut ensures better sole trader expense management
It’s a classic scenario an done you probably dread. Sole trader stuffs weekly sales receipts into a carrier bag, which soon becomes a bulging, unfathomable mess that takes hours to sort out when their Self Assessment tax return needs completing. Coconut offers afar better solution – for them and you. They can snap photos of their receipts and store them in the cloud. Job done. Then they can easily claim all of their allowable expenses and minimise their tax bill.
5. Coconut enables sole traders to better budget for paying their tax bills
When you’re a sole trader, few things are worse or more shocking than receiving a hefty tax bill you can’t afford to pay because you haven’t been putting enough away each month to cover it. Some sole traders put away some money, but not enough, because they’re not sure how much tax they’ll owe. Doesn’t have to be that way. Coconut users can manually run a tax report to receive a reliable estimate showing how much tax they owe. Once Coconut is full integrated with GoSimpleTax (see 8), an accurate tax calculation will be available.
6. Sole traders can bank on Coconut
Bank accounts and credit cards from more than 30 UK providers can be connected to Coconut, so that sole trader bank accounts sync automatically, with new transactions visible in real time. Sole traders can categorise their costs and keep a close eye on their bank finances and credit card spending. They can connect as many accounts as they like to Coconut.
7. Coconut can help you to better advise your sole trader clients
You can gain direct access to your sole trader’s Coconut account, so you don’t have to request or wait for the data that you need to provide reliable advice on vital tax and finance challenges and decisions. All your sole trader clients need do is invite you via the Coconut app – it’s that simple. This can save you and your sole trader clients lots of time, especially when you’re completing their Self Assessment tax return.
8. Filing your sole trader clients’ tax returns will be much simpler and cheaper
Coconut has been bought by GoSimpleTax, the Self Assessment tax return software that’s used by thousands of sole traders and landlords. Full integration between GoSimpleTax and Coconut is scheduled for December 2023, before the January 2024 online-filing deadline. Then, figures will automatically transfer from Coconut into GoSimpleTax, making it even easier for you to fill out and file their Self Assessment tax return. This offers a quicker, easier and much more cost-efficient option for you and them.
9. Your sole trader clients get a FREE Coconut trial!
We’re so confident that your sole trader clients will love Coconut that we’re happy to give them a FREE 30-day trial, so they can check out Coconut for themselves. No card details are required. After that, they can sign up to use Coconut for just £9 a month, which is, of course, tax deductible. We’re also confident that your sole trader clients will love you for telling them about Coconut.
This is not a monthly process, the use has to manually run the tax report and the tax is only an estimate, we need to make this clear.
Full tax calculation will be available via GoSimpleTax once the integration has been completed.