Tax Year-End Preparation Checklist

Month-by-month checklist to prepare for the end of the tax year

Tax Year-End Preparation Checklist

This is a template - always read the linked guide first. BeautyKiln gives general information, not legal advice.

The tax year runs from 6 April to 5 April. Use this checklist from January onwards so you're not scrambling at the last minute.

January - Start Getting Organised

• Check your record-keeping is up to date through December
• Chase any outstanding invoices from earlier in the year
• Start a folder (physical or digital) for this year's tax paperwork
• Check if you need to make a payment on account by 31 January
• File your previous year's Self Assessment if you haven't already (deadline: 31 January)

February - Gather and Reconcile

• Gather all receipts - product purchases, equipment, training, insurance
• Reconcile your bank statements against your records month by month
• Check your mileage log is complete (date, destination, miles, purpose for each trip)
• Review your expense categories - make sure nothing is miscategorised
• Download annual statements from your card machine provider
• Download your annual summary from your booking system if it has one

March - Review and Verify

• Review your total income figure - does it look right compared to last year?
• Check for any cash payments you may have forgotten to record
• Verify your National Insurance contributions are on track
• Review any pension contributions you've made (and check if you could contribute more before 5 April for tax relief)
• Check your student loan status if applicable - are you on the right repayment plan?
• Look at any big purchases - should they be claimed as capital allowances?
• Review any use-of-home claims (hours worked from home, or room proportion)
• Check if you've claimed for phone and internet (business proportion only)

April (Before 5th) - Final Actions

• Make any last tax-efficient purchases you've been planning (stock, equipment, training)
• Top up pension contributions if you want them in this tax year
• Save a backup of all your records
• Note your total income and expenses somewhere easy to find
• Take a photo or scan of any paper receipts that might fade
• Check you have confirmation of all insurance policies for the year

Documents to Have Ready

• Bank statements for all business accounts (full year)
• Card machine/payment processor annual summary
• Receipts for all expenses over £50 (keep smaller ones too, but prioritise these)
• Mileage log with dates and business purposes
• Insurance certificates and premium confirmations
• Training certificates and course receipts
• Loan or finance agreement statements
• Any HMRC correspondence received during the year
• P60 or payslips if you also have employed income
• Pension contribution statements
• Gift Aid donation receipts (for your personal tax return)

Common Mistakes to Avoid

• Forgetting cash income - every payment counts, even tips
• Claiming personal expenses - only business costs are allowable
• Missing the 31 January deadline - late filing means an automatic £100 fine
• Not keeping receipts - digital photos are fine, but you need something
• Mixing personal and business accounts - it makes everything harder

Notes

[YOUR NOTES]

Tax year: 6 April [YEAR] to 5 April [YEAR] Prepared by: [YOUR NAME] Date reviewed: [DATE]