GoSimpleTax set to acquire bookkeeping platform Coconut

GoSimpleTax is set to acquire the bookkeeping and accountant platform, Coconut, to create an end-to-end bookkeeping and filing solution for individuals and small businesses.

James Cryne, Director at GoSimpleTax, said: “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, Co-founder at Coconut, added: “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.”

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 UK tax filing solution, providing 20,000 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 and 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.