You might think it's too late to get started with Coconut if you're part-way or even almost through the current tax year.
There's actually a really easy way to account for all of your business-related income and expenses in the app.
Manually adding income/expenses to Coconut
- Head to the 'Taxes' tab
- Within 'Your tax profile', toggle the option to 'Add self-employed income not captured in Coconut' on
- Add the total figures for any extra income, expenses and profit so this is recorded in your tax estimate
We've included some extra fields in your tax profile to help you account for things like your Student Loan and Property income. If you've been on the payroll in the current tax year, you can also record your pre-tax PAYE income (salary).
Why is this important?
Your tax estimate needs to include all of your income and expenses to give you an accurate figure when you submit your tax return to HMRC.
You can read more about how the tax estimate works here.