GoSimpleTax is set to announce Coconut acquisition to create a challenger accounting platform

GoSimpleTax is set to acquire bookkeeping and accountant platform, Coconut, to create an end-to-end bookkeeping and filing challenger accounting platform for the self-employed, landlords and business users. • James Cryne says: “As GoSimpleTax grows we’re getting more customers needing regular bookkeeping support - the Coconut platform is the leading provider for our segment. Once combined tax return preparation will be even easier for both accountants and individuals, and the future transition to Making Tax Digital seamless.” • Sam O’Connor says: “the combination of GoSimpleTax and Coconut creates a formidable player in the accounting software space, filling the gap left by the traditional cloud players for a simple solution for self employed people, landlords and micro businesses.”

"the combination of GoSimpleTax and Coconut creates a formidable player in the accounting software space"

Sam O’Connor, CEO, Coconut

GoSimpleTax is excited to announce that the company is in the final stages of acquisition negotiations with Coconut with a deal expected to be announced in the coming weeks. GoSimpleTax is a leading UK tax filing solution, providing 20k customers with self- assessment and VAT MTD filing. Coconut provides an innovative bookkeeping solution which has a growing number of self-employed people, landlords and accountants using the software. The combined business creates a new challenger in the UK cloud software space, with end to end bookkeeping, seamless bank account integration, through to filing for small businesses and their accountants. The acquisition creates immediate value for both Coconut and GoSimpleTax customers. Following integration all customers and accountant partners will have bookkeeping, bank feeds, self-assessment and VAT filing in one product. This end to end proposition tailored for self-employed people and landlords will create a new challenger in the UK cloud accounting market. About GoSimpleTax and Coconut GoSimpleTax GoSimpleTax continues the journey in tax started by James Cryne, Anthony Boggiano and Glyn Rigby through their business Keytime Objective Limited, which grew to be one of the biggest independent tax software houses in the UK, with a complete range of tools for accountants in practice, until acquired by Iris Group in 2015. Since then, the focus has been on GoSimpleTax, making easy to use, sophisticated, fully featured tax return filing software for individuals, ready for Making Tax Digital - 20,000 tax filers seem to like it, and use it to file their self assessment and partnership tax returns. Tax Calculators and ‘VAT for MTD’ filing have been added in as demand grew, expanding the offering for specific users such as Landlords, Self Employed and Accountants in Practice.

Coconut

Coconut was founded by Sam O’Connor and Adam Goodall, who met 13 years ago when training as accountants at PwC. After selling their first business (fintech company ProConfirm) to Confirmation.com in 2014, they started freelancing. With the unique insight that they’d gleaned from working on both sides of the fence, in 2018 they founded Coconut: simple tax and accounting software for sole traders, landlords and their accountants. Coconut has built a simple mobile app that helps clients stay on top of their bookkeeping all year round by allowing them to connect their bank accounts, categorise their transactions, and capture receipts, bills, and invoices, all in one place. And through the Coconut Platform, accountants have instant access to all of that real-time accounting information, whenever they need it. For further information on how Coconut helps sole traders, landlords and accountants work together, please visit: https://getcoconut.com/accountant-software For further information on how GoSimpleTax helps individuals, sole traders, and landlords, please visit: https://www.gosimpletax.com/