Most contractors have to hire an accountant to do their books and taxes. What if you didn’t have to do that though…what then?
I will tell you what then…it would be a time of happiness and a time of relaxation. Not to mention a time of saving money on those “expensive accountants.”
Not only that, but if you are the kind of contracting cat that doesn’t need accountants and prefer to roll alone…the Lone Wolf…then you are no doubt getting a bit tired of all the time and effort it actually takes to maintain those books and get your tax return in on time.
That is why a start up bank called Coconut have come up with a solution…a solution that could very well be of interest to thousands of contractors and freelancers around the country.
What this new bank account for the self employed does is calculates your taxes for you…automatically. Kind of like a robot, but without having to worry about the robots taking over. For now anyway.
Instead, this is just a humble bank account, the kind where you pay in and pay out, mostly online (no need to queue anymore).
Humble maybe, but smart enough to automatically sort expenses into categories and then put all of that into your online tax return.
“Hello, is that my accountant? You are FIRED!” is what contractors and freelancers around the nation could very well be saying once they sign up for a bank account at Coconut.
Or will they? In my opinion, maybe not, because while this certainly does sound like a good idea from the folks over there at Coconut (not to be confused with the food), it has still got to be proven, and what could actually happen is, well, total disaster.
I can imagine it now…thousands of contractors sign up for a bank account and then sit back while Coconut (not the tropical food item) are supposedly hard at work sorting out their expenses, tax, and all that kind of stuff.
However, when it gets to the tax deadline day and these very same contractors log into their account at HMRC only to find that Coconut and their automatic system has gone a bit mental…to the point where it can barely even tell tell you who you are and where you are from. Never mind your taxes, Coconut wouldn’t even be able send faxes.
This is all just speculation you must understand, and Coconut might very well turn out to be the best thing since sliced ham sandwiches with cheese and mustard. Visit their website to find out or discover one of the many trusted accountants right here.
You could even play them off against each other…Coconut vs trusted accountant, in a brutal fight until one taps in submission. Who would win? The one who had a trusty “karate chop” maybe? Who knows.