Under the new agreement, PPS provides full banking infrastructure and card technology to help Coconut deliver its account, aimed to help freelancers manage their finances and prepare for the implementation of Making Tax Digital. Using the transaction information from the cards provided by PPS, the challenger bank will be able to offer personalised products to its customers.
The Coconut account includes a smartphone app featuring fully-automated tax management and expenses tools, as well as a contactless Mastercard for making payments in store and online. An account can be opened in minutes on a user’s mobile, and offers instant notifications on all transactions, in addition to a function for storing receipts, all feeding into a real-time tax assessment preview to help budget for tax bills.
Accounting for 15% of the workforce, many of the UK’s 4.9m self-employed community do not have access to appropriate money, tax and expense management tools. HMRC’s Making Tax Digital Initiative, which will require all small businesses and self-employed people to file quarterly tax from April 2020, is said to compound this issue for unprepared freelancers.
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