UK bookkeeping fintech Coconut embarks on crowdfunding path

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Coconut, which offers a bookkeeping and tax app for UK sole merchants, has launched a crowdfunding push utilizing the Crowdcube platform.

Coconut has round 8,000 prospects

That is forward of serious adjustments that can see the UK’s 3.5 million sole merchants having to finish 4 tax submissions per 12 months as a substitute of 1, by way of a digital product resembling Coconut.

This isn’t the primary time that the fintech has gone the crowdfunding route, elevating £2.37 million from 2,900 traders final 12 months.

Coconut launched in 2018 and now has over 8,000 paying prospects, with a claimed a sixfold progress since December 2019 and annualised revenues of £930,000 in March 2021.

Pre-registration for the most recent crowdfunding spherical has opened with a minimal funding is £10. A primary subscription to the platform prices £3.60 per thirty days, with a Skilled choice at £12 per thirty days.

Coconut connects to customers’ financial institution accounts to assist monitor revenue, declare bills, and put together and submit tax returns. The agency has usually added options to its providing and says the most recent funding will help additional enhancements.

The shift to quarterly on-line submitting stems from HMRC’s Making Tax Digital (MTD). HMRC’s said ambition is “to turn into one of the crucial digitally superior tax administrations on the planet”.

VAT-registered companies with a taxable turnover above the VAT threshold (£85,000) shall be required to maintain digital data and use software program to submit their VAT returns from April 2022. Anybody under the VAT threshold can voluntarily be a part of the MTD service.

Associated: Coconut searching for new CTO

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