You know that feeling — it’s a few weeks before your business year end, and you suddenly remember there’s planning you probably should’ve done. But it’s not too late.
Whether you’re a sole trader with a 5 April year end or a limited company with a different accounting year, the run-up to your year end is a critical window. Once it closes, your numbers are locked in — so what you do now can still influence your tax bill and set you up for the year ahead.
Year-end is a deadline — but also an opportunity
Think of your year end like the end of a football match. Once the whistle blows, you can’t change the score. But until then, you’ve still got time to make tactical decisions — and some of them can have a meaningful financial impact.
What you should be looking at right now
Before the shutters come down, here’s what you can (and should) review:
Outstanding Invoices
- Chase up unpaid invoices — or write off genuinely bad debts now
- This can affect your profit and, in turn, your tax
Unbilled Expenses
- Make sure all costs for the year are recorded, including:
- Mileage
- Subscriptions
- Home office use
- Phone/internet costs
Asset Purchases
- Planning to buy equipment or tools?
- If your year end is approaching, buying before the year end could mean earlier tax relief (via Annual Investment Allowance)
Staff Bonuses or Director’s Salary Top-Ups
- If you’re on the cusp of a higher tax band, time any top-ups carefully
- For companies, salaries must be incurred before the year end to get Corporation Tax relief
Dividends
- Want to declare a dividend? You’ll need either full or interim accounts to support it
- Make sure retained profits are available — not just cash
Plan before, review after
It’s not just about what you do before year end — what you do right after matters too.
After your year end:
- Review the management accounts — what’s the true profit?
- Think ahead to next year’s tax and cash obligations
- Use the numbers to guide decisions about pricing, investment, or cost-cutting
Don’t treat the accounts as history. Use them as a base for the future.
Common mistakes to avoid
- Leaving decisions until after the year end
- Assuming you’ve claimed everything without checking
- Confusing cash in the bank with actual profit
- Taking dividends without confirming retained earnings
- Forgetting about personal tax impacts (e.g. payments on account)
How My Finance Department can help
At My Finance Department, we work with business owners to plan before the shutters come down — not just report on what’s already happened.
We can support you with:
- Year-end tax readiness checks
- Dividend and salary planning
- Accruals and cut-off reviews to maximise reliefs
- Post-year-end strategic planning for the next 12 months
You don’t need to become an accountant to manage your business better. But you do need to act before the year end shuts the door.
Even a 30-minute review can help you keep more of what you earn — and make better decisions going forward.
