Here’s a quick guide to help you get started using Coconut. You'll find answers here about how to make your first payments in the account, as well as how you can use Coconut to track your expenses and help you stay on top of your taxes.
Your new account details
Your Account Number and Sort Code
You’ll find your account details in the app at any time, plus you can send them in a few taps to yourself or your clients. Your account details are found on your card too.
If you ever get asked for the bank address, you’ll need to provide the details of our banking partner, PPS, which you can find here.
We currently only support UK bank transfers in and out. This means that our accounts don’t come with an IBAN right now. This is on our roadmap.
How long do payments take
Whether you're sending or receiving a payment, on average they take about an hour, but allow for up to 2 hours.
Our bank transfers use a system called Faster Payments and are processed through Barclays Bank. The speed of payments will also depend on any fraud checks performed by the sender's bank, as well as their processing speed.
You'll receive a notification for any payments into your account.
Your Coconut card
Receiving your card
Once you’ve ordered your card, we’ll get it printed and send it out to you First Class. If it hasn’t arrived within 7 days, please contact us as it could be lost so we’ll need to get a fresh one sent out to you.
Once your card arrives, just head into the app to activate it by entering the last 4 digit on the card.
Finding your PIN
Once you've activated your card, you can find the PIN in the app at any time. You'll just need to type in the 3 digit security code on the back of your card to reveal it.
You can change your PIN at most UK ATMs.
Track your Expenses
How we categorise your expenses
Every time you make a purchase on your Coconut card, we’ll assign a business category to the expense automatically.
If it’s a merchant we’ve not seen before, then the category will be less accurate. But if it’s one we’ve seen previously, it will have been through our enrichment process to assign a more accurate category, plus clean it up a bit and add a nice logo.
You can (and we encourage you to!) update the categories if you think what we’ve assigned isn’t accurate. Ultimately it’s your responsibility to make sure that your records are accurate, but we’ll go as far as we can to help you with this.
Making personal purchases
If you make a personal purchase on your card, you can simply assign this to the “Personal” category to remove it from your tax workings.
To get help with knowing what you can and can’t claim as business expenses to reduce your tax bill, you can access the handy guidance whenever you open the categories list.
You can attach receipts to your transactions, either using your phone’s camera, photo library or cloud storage apps that you’ve got on your phone. You can add Notes to your transactions too.
Your Tax Estimate
How it works
When you work for yourself, budgeting for your tax bill can be a real challenge. Coconut looks at your business income and expenses to give you an estimate for your tax bill so you know how much to set aside.
How accurate is it
Whilst we do our best to ensure the results are accurate, they are only as accurate as the data that’s put into it. If you have more complicated tax affairs, then this might not be right for you. And you should expect differences between what the estimate says and your final HMRC bill, as they often have information about your tax status that we don’t.
Your Tax Profile
To help improve the accuracy of your estimate, you should make sure that your transactions are categorised correctly, and you can also fill out your Tax Profile with:
- Business income and expenses you had before you started using Coconut
- Employment income
- Property income and expenses
You can find more information about how to use the tax estimate here.
Your Tax Return
At the end of the year, you’ll need to complete a tax return for your self-employed business. If you’re a sole trader, this is called an “SA103”. Coconut gives you a summary which you can use to help you fill this out quickly at the end of the year.
To get a breakdown of the figures, you can export your data.
Sharing your records
Export to CSV/OFX/PDF Statement
To help share your records with other people or software packages, you can export your data in a couple of formats:
- CSV (Comma-Separated Values) - Exports all your data to a spreadsheet friendly format, including all your categories and notes that you’ve added.
- OFX (Open Financial Exchange) - A universal format that’s compatible for importing into budgeting and accounting software.
- PDF (Portable Document Format) - Displays your data in a traditional 'bank statement' view, with itemised transactions, your current balance and account details.
Here's a helpful article that walks you through doing this in the app.
We’re constantly adding new features to the app, and you can see our roadmap here, which shows what we’re working on.