Coconut Bridging Software
bridging software?
A: Yes we do.
Q:Do you offer a free trial?
A: Yes, we offer a 14 day free trial, during this trial period you can access all the features available in Coconut not just the bridging element.
During the trial period you can, if you wish, connect your business bank account to try out the open banking and transaction categorisation, send invoices to your customers and use the self assessment reports.
For MTD you can connect to your HMRC MTD account to see your quarterly submission obligations. If you have tried the open banking then the MTD report will be populated for you, but don’t worry you can overwrite these figures by uploading our excel template with your figures. There is one restriction, I am afraid to make the submission to HMRC you must make payment, the submission is not included in the free trial.
Q: Who is it for?
A: For anyone that is using a spreadsheet for their bookkeeping and do not want to change to use a full feature bookkeeping and MTD solution.
Q: How does it work?
A: You continue to keep your record in excel, you would download a Excel template that is compatible with the MTD quarterly submission process in Coconut. Insert this template in your spreadsheet and map your totals to the template headings.
This is crucial to comply with the HMRC rules on creating digital links.
Then each quarter upload the template to Coconut and submit the quarterly update to HMRC.
Q: Should I move away from bridging software?
A: You may want to switch to full software if:
You find quarterly updates time-consuming
You want automation (e.g. bank feeds)
You’re unsure about categorising expenses correctly
Your income sources become more complex
You send invoices to your clients/customers
Q: is it easy to upgrade Coconut from bridging to the full MTD package?
A: Yes, simply head to MY PROFILE > ACCOUNT DETAILS and select MANAGE PLAN and select from either the annual or monthly plan. Once you have upgraded you will have full access to all the features in Coconut
See how much tax you owe and file your self assessment tax return to HMRC using GoSimpleTax
Unlimited auto-categorisation of your transactions
Send unlimited invoices
Add your logo to your invoices
Connect your accounts from 5 institutions
See up to 24 months transaction history
Q: How does the bridging software work?
A:
1. The first steps are to ensure you have registered for MTD with HMRC. You may already have a Gateway account, however you still need to complete a short registration process with HMRC at Sign up for Making Tax Digital for Income Tax - GOV.UK
2. Then connect your Coconut account to your HMRC account, please follow the instructions MTD for Income Tax – Connect Coconut to HMRC | Coconut Help Center
3. Download our excel template from here, and insert and map in your existing spreadsheet.
4. Upload the completed template to Coconut and submit to HMRC
-Navigate to the MTD ITSA page
-Enter your national insurance number, this is mandatory as this is used by HMRC to link to the bridging software
- Connect the Coconut software to HMRC.
-Give Permission
Once connected we will display your HMRC MTD details, including the for quarter updates needed.
- Click Q1, of the latest quarter you need to update
- Upload the completed excel template, you will the numbers updated to reflect the entries on the spreadsheet.
- When happy with the figures you can submit information to HMRC
- Click to confirm you are happy, if your annual turnover is less than £90,000 then you only need to send a total for income and a total for expense.
After around 5 minutes the system will update to show the submission has been accepted by HMRC by displaying a green tick