Year-end doesn’t have to be stressful. With the right preparation, closing off your financial year is straightforward — and an opportunity to review your business performance and plan ahead. Here’s a practical checklist.
Get Your Records in Order
Reconcile all bank accounts, credit cards and loans. Ensure all invoices are raised for work completed. Make sure all purchase invoices are recorded. Clear any outstanding reconciliation items. The cleaner your records, the quicker and cheaper your year-end preparation will be.
💡 Key takeaway
Year-end accounts are only as accurate as the records behind them — clean books in December mean a fast, cheap accountant bill in January.
Debtors and Creditors
Review your aged debtors — chase any outstanding invoices and write off any genuinely irrecoverable debts (which are allowable as a tax deduction). Review your aged creditors and ensure all supplier invoices are accurately recorded.
Stock and Fixed Assets
If you hold stock, do a physical stock count and value it accurately. Review your fixed asset register — have you purchased or disposed of any assets during the year? Assets need to be correctly recorded and depreciated.
Expenses and Mileage
Make sure all business expenses are recorded with receipts. Compile your mileage log if you claim vehicle expenses. Ensure any use-of-home costs are calculated and claimed.
What Your Accountant or Bookkeeper Needs
Bank statements, credit card statements, all sales invoices, all purchase invoices and receipts, payroll records, VAT return records, details of any personal money introduced or withdrawn, and information on any assets bought or sold. The more organised you are, the lower your accountancy bill.
Frequently Asked Questions
When is my financial year end?
For sole traders, the standard year end is 5 April (aligned with the tax year). Limited companies can choose their own year end when incorporating.
How long does year-end preparation take?
With well-maintained records it can take just a few days. With poor records it can take weeks. Regular monthly bookkeeping eliminates the year-end scramble entirely.
How far in advance should I prepare?
Ideally start gathering information 1–2 months before your year-end. For sole traders, start in February for the April tax year end.
