In 2019 735,258 people left submitting their tax return to the last day (31st Jan). In 2020 the picture isn't much different...
One week before the deadline, more than 3 million people were still yet to submit their annual self-assessment tax return, according to HMRC.
Why do so many of us leave it to the last minute? The short answer: because it takes time, energy and money.
I know from my own experience as a freelancer, that it always felt that there was something else more ‘urgent’ to do that day, that meant I kept putting it off. I didn’t quite leave it to the last day, but I certainly got close!
At Coconut we're passionate about supporting the 5m self-employed people in the UK and we want to transform the way you work. That includes removing the stress and ambiguity related to taxes.
For Sole Traders and Limited Companies we estimate how much you need to set aside for tax, so you'll never get to the end of the year with an unexpected bill.
No more spreadsheets or last minute calculations. Get the numbers you need to complete the self-employment part of your tax return straight from the app.
In December 2019 we opened a new chapter for Coconut. We wanted to give everyone the ability to boost their business banking with our smart accounting and tax insights. So we opened up our powerful accounting product to anyone with a current account or credit card from 20 of the UK major banks.
By blending banking tech with mobile-app-based accounting, we’ve stripped away all the outdated complexity you often find elsewhere and got smart where it matters.
You don't need to wait until April 6th to get organised for the next tax year.
Simply connect the account you're currently using to manage your business income and expenses to the Coconut app and we'll pull in and analyse all of your transactions for the last 12 months.
You can also capture any PAYE or rental income, student loan repayments in the app, so we can take that into account in your tax estimate. So if you’re still spending too much time worrying about your finances, maybe now’s the time to give Coconut a try.
There are some important tax implications to be aware of when you are self-employed, like registering for VAT once you reach a certain income threshold. If in doubt it's always worth chatting to an accountant.
We created the Coconut Accountant Portal, used by over 1,000 accountants, to make it as easy as possible for you to work together. You can read more on how it works here.
Coconut gives you the power of a finance team in your pocket.
With expenses, invoicing and tax all in one, it’s the ultimate accounting and tax tool for self-employed people.
Download the app and sign up for free today.
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As part of HMRC’s Making Tax Digital, sole traders will soon be required to complete 4 tax submissions per year instead of 1.
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.