GoSimpleTax plus Coconut equals great news for sole traders, business partners and landlords

Imagine an accounting app that’s dead simple to use, one that makes your life much easier when keeping records of your business or rental income and expenses. It also enables you to send and track invoices…

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Last Updated: 10th July 2023

Imagine an accounting app that’s dead simple to use, one that makes your life much easier when keeping records of your business or rental income and expenses.

It also enables you to send and track invoices to your customers, so you can better manage your business finances and keep your cash flow healthy, while ensuring that you claim your tax expenses and put enough away each month to cover your tax bill. Sounds great, right?

Excellent news

Now imagine that it could be easily integrated with award-winning Self Assessment tax software, so that your business/rental income and tax expense figures could be effortlessly transferred into your annual tax return, which was then filed without any fuss. What a combination that would be, eh?

Well, imagine no more, because the people who own GoSimpleTax have just bought Coconut, which is excellent news for sole traders, landlords and others, because they’ll be able to enjoy additional time- and money-saving benefits. Potentially, the link up between GoSimpleTax and Coconut provides a proven end-to-end bookkeeping and filing solution for millions of UK taxpayers. 

What is Coconut? 

  • Coconut was launched in 2018 as a digital current bank account for small businesses.
  • It was soon transformed into a bookkeeping/accounting app for sole traders and freelancers.
  • Easy to use, Coconut enables you to track your business/rental income, send and track own-branded invoices, claim your expenses and work out how much to put away each month to pay your tax bill.
  • Coconut also features a super-convenient receipt scanner, so you can scan receipts for business purchases and store them safely and securely in the cloud.
  • Conveniently recording and categorising your costs and expenses is easy with Coconut.
  • Once you download the Coconut app (available for free from the Apple AppStore or Google Play), connect your bank account and you’re up and running.
  • Accounts from 30+ banks and cards can be connected to Coconut.
  • Coconut also makes it easy to share your financial records with an accountant if you use one.

Added value

GoSimpleTax continues to grow by attracting many new users, with many of them sole traders or landlords who also need bookkeeping support. Buying Coconut, a leading bookkeeping solution, made perfect sense for GoSimpleTax. The link up provides significant added value for both GoSimpleTax and Coconut users.

According to Sam O’Connor, who founded Coconut with Adam Goodall (both retain a stake in Coconut): “The combination of GoSimpleTax and Coconut creates a formidable player in the accounting software space, filling the gap left by the traditional cloud players for a simple solution for self-employed people, landlords and micro businesses.”

GoSimpleTax is retiring its own invoicing and bookkeeping solutions and users are being encouraged to start using Coconut instead. By December 2023, full integration between GoSimpleTax and Coconut should be achieved, so that the necessary figures will automatically transfer from your financial records into GoSimpleTax, making it even easier to fill out and file your Self Assessment tax return.

GoSimpleTax users can sign up to start using Coconut now. A 30-day FREE trial is available; all you need do is visit the Coconut website and input your email address. Coconut monthly plans are available for just £9.

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Blog content is for information purposes and over time may become outdated, although we do strive to keep it current. It's written to help you understand your Tax's and is not to be relied upon as professional accounting, tax and legal advice due to differences in everyone's circumstances. For additional help please contact our support team or HMRC.

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