Your year-end is more than a deadline

The end of your financial year isn’t just a date on the calendar. It’s a key opportunity to reflect, tidy up your finances, and prepare for the year ahead.

Many businesses rush through it, focusing only on compliance, be that tax returns, financial statements and ticking boxes. If that’s all you’re doing, you could be missing valuable tax savings and planning opportunities. 

What many businesses miss 

At year-end, it’s easy to overlook tax allowances that disappear if unused, planning ahead for cash flow and growth, reviewing your performance in detail and ultimately setting up your next financial year for success. 

Here are five smart moves to make before your year closes. 

1 - Review your numbers

Don’t just glance at your income - dig deeper. Look at:

• Profit margins 
• Anticipated tax amounts 
• Cash flow patterns 

Understanding your financial picture helps you make better decisions and spot what’s working (and what’s not). 

2 - Use you allowances 

Some allowances reset each year, and if you don’t use them, they’re gone. These include: 

• Annual investment allowance (for tools, equipment, and assets) 
• Dividend allowances 
• Pension contributions 
• Director loan repayments

An accountant can help identify which apply to your business and ensure you don’t miss out. 

3 - Make smart purchases 

Need new equipment or software? Buying it before your year-end could lower your tax bill by reducing your profits. However, don’t spend just for the sake of it. Make sure it’s something your business genuinely needs. 

4 - Tidy up your books and records

Up-to-date bookkeeping is a must. Check that:

• All invoices and receipts are recorded 
• Mileage and expenses are logged 
• Bank statements are reconciled 

Clean records mean quicker turn-around time for accounts preparation, fewer errors, and a smoother process overall. 

5. Plan for the year ahead

Use this time to set your goals and create a basic forecast. Think about:

• Sales and growth targets 
• New products or markets 
• Hiring or investment plans 
• Cash flow needs

Planning now avoids surprises later and keeps you focused on what matters. 

Don’t leave it to the last minute!

Many small businesses wait until the final week of the financial year to take action, and it shows. Rushed decisions, missed savings, and extra stress become byproducts of this late preparation.

With some early planning and the right advice, you can pay less tax, feel more in control and start the next year strong.

Need a hand? 
We support small businesses through year-end with expert tax advice, planning, and forecasting. If you’re short on time or unsure where to begin, let’s chat! We’ll help you wrap up the year with confidence.