description Coconut Overview
Coconut is a UK-focused mobile app that combines a business bank account (via Prepay Technologies) with automated accounting for sole traders. It automatically categorizes transactions, estimates tax liabilities, and helps you set money aside for tax. It tracks mileage, captures receipts, and generates self-assessment reports. The all-in-one approach simplifies finances dramatically for new freelancers.
However, its accounting features are basic, lacking advanced invoicing or double-entry ledgers. It's perfect for UK sole traders, especially in trades or gig work, who want a dead-simple way to separate business finances, track tax, and avoid accounting complexity, all from their phone.
help Coconut FAQ
Is Coconut suitable for businesses with multiple employees?
Coconut is primarily designed for sole traders and may not have all the features needed for larger teams.
Can I use Coconut without a business bank account?
No, Coconut requires integration with Prepay Technologies to function properly.
How often does Coconut update its tax estimates?
Coconut updates tax estimates regularly but users should consult official sources for the most accurate information.
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