Coconut is the current account that takes care of your accounting and tax, designed specifically for self-employed people and small business owners. Now with 3,000 accounts open, they combine banking & accounting in one simple product to automate accounting & tax using rich, real-time payments data.
After selling their first fintech business, Sam and Adam joined the freelance community. They quickly found that working for themselves presented very common challenges like managing expenses, getting paid and the dreaded tax return.
Despite qualifying as accountants at PwC, they spent a lot of time and money on traditional cloud accounting packages and business bank accounts, but couldn’t find a way of getting real-time visibility and control over the finances and tax.
They’ve built Coconut to solve this problem. It’s a current account that takes care of your accounting and tax, designed specifically for self-employed people and small business owners.
Coconut automatically tells customers which transactions are tax deductible, provides guidance about the tax rules, forecasts their tax bill and fills out their tax return automatically.
They want to be the one place self-employed people and small business owners go to manage their business:
- Automating their accounting and tax
- Connecting them to accountants to chat through the app if they have a question
- Automating the review and file process for tax returns and accounts
With an estimated 5m owner-managed businesses in the UK and half a billion worldwide, the Coconut team is on a mission to free 20m people around the world from business admin by combining banking and accounting into one simple product.