If you’ve ever logged back into your computer after the festive break and felt completely unprepared for the January Self Assessment deadline, you’re not alone. A survey of 500 self-employed professionals and small business owners found that 45% 'dread' tax return season and postpone it as long as possible.
Thankfully Coconut is here to break that cycle, helping you stay ahead so that your tax bill is never a surprise. Here’s how:
Real-time income and expense tracking
Coconut seamlessly connects to your bank account so that your transactions update automatically. Every expense is categorised in the way that HMRC wants it to be so you don’t need to worry about manual logs or forgotten receipts. Instead, you’ve got clean and accurate records, 24/7.
Instant tax estimates
Coconut is busy working in the background, automatically estimating how much tax you should set aside based on your income, allowable expenses, your tax band and NI contributions. That way, you know how much of the money is actually yours.
No more receipt panic
With Coconut, you simply snap a receipt the moment you get it. The app then stores it, categorises it and matches it to the bank transaction. This means that when tax season arrives you already have every receipt, every expense, every category and every total. All organised and ready to go.
A clearer picture
Making Tax Digital is coming in April 2026 and will require those who fall under it to submit quarterly updates. Coconut keeps your records in the exact format needed for MTD. This means that you can submit your quarterly updates with ease. Even better, because you’re updating as you go, next year’s figures are already prepared - long before the deadline.
Simple collaboration
If you have an accountant, they can access your Coconut data easily meaning they see what you see in real-time. This makes your end of year tax planning much more effective as you’re both working from current numbers. No more lengthy email chains or confusing documents.
Fewer surprises, more control
Planning next year’s tax isn’t just about avoiding stress and knowing exactly how much you need to set aside. It’s also about making better decisions. Can you afford new equipment? Should you raise your prices? Are you on track with taxable profit? With up-to-date financial visibility, you can make business decisions that are proactive not reactive.
Plan smarter and feel lighter
With Coconut by your side, you can take control of your tax throughout the year - not just when deadlines hit. The result? No more overwhelm, no more scrambling for paperwork and no more shocking tax bills. Plus, when you sign up today, you get a 30-day free trial so you really have nothing to lose and so much to gain.
