Year-End Financial Review: Tax Season Preparation Guide for UK SMBs

Why Year-End Financial Review Matters

As the tax year draws to a close, UK small business owners face a critical window of opportunity. The decisions you make now can significantly impact your tax liability, cash flow, and financial health for the coming year.

UK Tax Calendar: Key Dates

For Companies (Corporation Tax)

• Filing deadline: 12 months after accounting period ends
• Payment deadline: 9 months and 1 day after accounting period ends
• Companies House accounts: 9 months after year-end (private companies)

For Self-Employed / Partnerships (Income Tax)

• Tax year end: 5 April
• Online filing deadline: 31 January
• Payment deadline: 31 January (balancing) + 31 July (payment on account)

The Year-End Review Checklist

1. Reconcile All Accounts

• Match every bank transaction to your accounting records
• Reconcile all bank accounts and credit cards
• Clear petty cash and intercompany accounts
• Document any adjustments needed

2. Review Accounts Receivable

• Chase all overdue invoices
• Review aged debt and assess collectability
• Write off genuinely uncollectable debts (bad debt relief for VAT)
• Set up provision for doubtful debts

Key Takeaways

• Start early - preparation should begin at least 3 months before year-end
• Reconcile everything - accurate records are the foundation
• Plan proactively - tax planning is legal and expected
• Document thoroughly - good records protect you in enquiries
• Get help when needed - professional advice often pays for itself