Limited company tax reports are here
We’ve now rolled out tax support for limited companies 🥳.
As a limited company owner, at the end of your financial year, you pay 19% of the profit your company has earned over to HMRC in corporation tax.
Coconut now works out an estimate for your corporation tax as you go, helping you to plan ahead, know roughly how much money to set aside, and avoid any unexpected tax bills.
It’s been a long time coming, we know. We’ve provided sole traders with a similar tax report from the outset, giving them an estimate of their personal tax liability for the tax year. Since then we’ve learned a lot about what to improve in the way this area of the app works – for example, useful insights such as total income, expenses, profit and take-home pay were hidden behind a swipe interaction and users didn’t always realise they were there.
Now we’ve ironed out those kinks in the design, we’re ready to release our tax reports for limited companies, as well as upgrading our tax reports for sole traders.
We’ve surfaced the insights you need at the top level of your Taxes tab, so you can clearly see them in one place and make sense of how your income and expenses relate to your profit figure.
You can also tap into your income and expenses to see the figures that make up your insights and easily re-categorise any transactions that are incorrect.
Here’s the new look tax tab for both limited companies and sole traders:
This is a first step that we’ll be building on to add even more insights to the app, so watch this space. If you have any questions or feedback, as always, message us through the in-app chat or email our team at [email protected]