With MTD ITSA fast approaching, it will be important that you identify yourself correctly in Coconut so you get the right setup for your account.
Here's some more information about the types you can choose:
Sole Trader (Self-employed)
If you have started working for yourself, but you haven't registered your business with Companies House, then you're probably a sole trader.
Sole Traders have to register with HMRC within their first year or two of trading. If you haven't done this yet don't worry, you can still use Coconut.
If you've incorporated your business with Companies House, you'll have a registered company number
Limited Companies have Shareholders and Directors and they are a separate entity from their owners.
You own one of the following:
UK Property - you own one or more residential/commercial UK properties that do not fall into the FHL category (see below).
UK Furnished Holiday Letting - you own one or more furnished holiday lets. In order to qualify as a FHL a property must be in the UK or EEA and must be available for letting for 210 days or more and must be let for 105 days or more.
EEA Furnished Holiday Letting - you own one or more properties overseas in the EEA that are available for letting 210 days or more and are let for 105 days or more.
Foreign Property - you own one or more properties overseas that you receive income from that do not qualify as EEA Furnished Holiday Lets (see above).
Multiple business or properties
Don't worry! Choose the business type that most accurately represents your primary income stream now and you'll be able to add more income streams once you're in the application.