Estimated reading time: 3 minutes
Introduction
As the end of the tax year approaches on 5 April, it’s a good opportunity to review your finances and ensure you’re ready for your reporting obligations. Whether you’re self-employed, run a limited company or receive income from investments or property, taking time to prepare can make the year-end process much smoother.
Key Points at a Glance
- Keep your accounting records up to date throughout the year.
- Check that all income and allowable expenses have been recorded.
- Review your tax position before the end of the tax year.
- Understand your upcoming HMRC filing and payment deadlines.
- Speak to your accountant early if your circumstances have changed.
Why Prepare Before 5 April?
Preparing before the tax year ends gives you time to identify missing information, correct bookkeeping issues and understand your likely tax position before returns become due.
Review Your Business Records
- All business income received.
- Allowable business expenses.
- Purchase invoices and receipts.
- Bank statements.
- Details of business assets purchased or sold.
- Mileage or other business travel records where applicable.
Consider Any Changes During the Year
- Started employing staff.
- Purchased new equipment.
- Began receiving rental income.
- Started trading through a limited company.
- Bought or sold business assets.
Be Aware of Important Deadlines
- Self Assessment filing deadlines.
- Corporation Tax filing and payment deadlines.
- VAT Return deadlines.
- Payroll reporting obligations.
- Capital Gains Tax reporting deadlines where relevant.
Plan for Future Tax Payments
Keeping accurate records throughout the year can help estimate future tax liabilities, allowing you to budget and set funds aside before payment deadlines arrive.
How We Can Help
We can review your bookkeeping, identify missing information, estimate your likely tax liabilities, prepare your returns and keep you informed of important HMRC deadlines.
Further Reading (HMRC)
- Self Assessment tax returns – https://www.gov.uk/self-assessment-tax-returns
- Records you must keep if you’re self-employed – https://www.gov.uk/self-assessment-tax-returns/records-you-must-keep
- Corporation Tax – https://www.gov.uk/corporation-tax
- VAT – https://www.gov.uk/browse/tax/vat
- HMRC tax guidance – https://www.gov.uk/browse/tax
Disclaimer
This article is intended as general guidance only and is based on HMRC and GOV.UK guidance available at the time of writing. Tax legislation and HMRC guidance may change, and individual circumstances differ. Please contact us if you require advice specific to your situation.
Last reviewed: July 2026
