Get a dedicated tax vault
Easily set money aside to pay your tax bill with a dedicated tax vault. By separating the money you need to pay your tax bill from your day-to-day business account you’ll always know where you stand. With the freedom to top-up or withdraw from it manually you’ve got complete control.P.S. you’ll need a Coconut current account to get started, but soon you’ll be able to use Tax Vaults with any current account.
Automate your saves
By looking at your income, we’ll recommend the right amount to save automatically move the money into your tax vault. With VaultAgent taking the effort out of calculating and saving your tax, you can focus on driving your business forward.
Always know where you stand
We’ll show your progress against your tax estimate – how much you’ve saved vs how much you owe. No more worrying about whether you're under or over saving.
Customise how and when you save
You’re 100% in control. We’ll notify you about an upcoming payment and ask you to confirm it before we move the money into your tax vault. You can choose to skip or change the amount you save.
We’ll keep you updated
We’ll always let you know when money is being moved out of your account and into your vault. Even better? You’ll get a heads up if you don’t have enough money to cover the next save so you have time to change it.
Connect any account
We want to make saving for tax easy for all self-employed people. So if you don't have a Coconut Current Account, don't worry. Soon you'll be able to set up a tax vault and start setting money aside from any UK bank account.
Payments on account
For all the Sole Traders out there, we’ll provide support for Payments on Account. You’ll be able to save for the actual amount you owe, with an overview of your upcoming bills.
Save the exact amount
We’ll move away from saving a percentage of your projected income, to providing you with exact recommendations of amounts. This will vary depending on your expenses and income.
Pay your tax bill directly from Coconut
The name says it all. When you’ve saved enough for your next tax bill, you’ll be able to pay HMRC directly from your tax vault.
Chat to our support team through the app whenever you need help.
High level security
We apply high level security to protect your account and data
Funds are protected
All of your funds are held in a safeguarded account
Peace of mind
Coconut is regulated by the FCA as an Account Information Service Provider, registration number 931194