Are you filing self-assessments for your sole trader clients?
Coconut allows you to copy and paste summaries of transactions in one click by using SNF format. It means you can copy and paste the summaries directly into your major taxfiling software like Taxfiler, Taxcalc and VT without having to do any mapping or calculations in Excel.
SNF stands for Standard Name Format, a standard way to transfer data from accounting software to tax filing software.
How do I use it?
1. Make sure the transactions are categorised correctly
On your transaction tab, you can filter by reviewed status, VAT rate or category to help you make sure the transactions are assigned correctly.
2. Click on Reports tab
Select Reports tab at the top of the portal
3. Select SNF report
This will open up a modal. Select the tax year that you want to copy the data for. Preview the data, and you can click 'copy'.
By default you can preview the last tax year displayed in the modal.
4. Open up your tax filing software
Log in to your taxfiling software, and go to the input page for self-employment section of the self-assessment you are filing.
Simply paste the data in the relevant input field - and the tax filing software will incorporate the data from Coconut in one click!
They'll likely round the numbers to remove the digits after the decimal point to make it compatible for HMRC. Don't worry, this is expected!
Instructions will depend on which tax filing software you are using.
How are the SNF category totals calculated?
The categories associated with each transaction in Coconut are summarised and map to the SNF categories using the following mapping:
Business name (legal)
End date for the period selected by the accountant in the portal
Income, Reimbursements, Client refunds,
Equipment, materials, stock
Venue Hire, Workspace
Phone, Postage, Stationery, Web hosting
Business Accommodation, Food & Drink, Fuel, Parking & Tolls, Travel
Equipment hire, insurance, other costs, software, subscriptions, uncategorised, work clothing
Which transactions are included?
We include all business transactions from your client's Coconut account.
For sole traders, this includes:
- any transactions in accounts specified as their 'business' account
- any transactions in accounts specified as their 'personal' account (or a 'mix of both') and the client has assigned a category to the transaction
This does NOT include:
- any transactions in accounts specified as their 'personal' account (or a 'mix of both') and the client has associated the category 'Personal'
- any transactions in accounts specified as their 'personal' account (or a 'mix of both') and the client has not selected whether it is a business or personal transaction
For registered companies, it only includes business transactions
Need more help?
Get in touch through our chat widget on the screen or email us!