By now, most business owners have had at least one nudge from HMRC. When the 31 January deadline’s close, even people who are usually on top of things can start to feel a bit of anxiety and doubt their numbers. But hold your nerve - this isn't the time to panic or start redoing your good work. It’s just a good time for a quick sense check of the things that most often cause problems.
Here’s what’s worth reviewing before you submit.
Make sure you actually need to file
If you’re a sole trader, a partner or a company director with income outside PAYE, you’ll usually need to file a return. Directors often forget dividends or side income. Others keep filing even when they no longer need to. If anything changed last year, it’s worth a fast check.
Check your income is complete
The biggest mistakes are usually small. Missing invoices, freelance work, platform income or jobs that were invoiced but not yet paid. Do a final scan of your bank statements and accounting software. Make sure nothing’s sitting in drafts or uncategorised buckets.
Keep expenses simple and sensible
Expenses don’t need to be clever. The cost should be clearly for business use. If you’re claiming home working, phone use or a vehicle, stick to a method you can explain. If something feels borderline, it’s often safer to leave it out than argue later.
Don't forget dividends and interest
If you run a limited company, double-check your dividend figures and vouchers. They need to match your company records. Savings interest is easy to miss too. Banks often report it, but you’re still responsible for declaring the right amount. Check your statements rather than guessing.
Look at payments on account
If you paid tax in January and July last year, those payments should already be credited. Make sure they’re included so you don’t overpay. If your income’s dropped, you may be able to reduce the next payments, but only do this if you’re confident. Getting it wrong can mean interest later.
Check payment timing, not just filing
Filing and paying are separate. Know how much you owe and how you’re going to pay it. Bank transfers can take longer near the deadline. If cash flow’s tight, look at Time to Pay options early. They’re harder to sort out at the last minute.
Log in before the final weekend
Check your HMRC login now. Password issues and locked accounts cause more stress than any tax calculation. If an accountant files for you, confirm it’s been submitted and accepted.
One last thing
Once you’ve filed, save a copy and note anything that felt messy or unclear. It’ll make next year easier.
This deadline doesn’t need to be dramatic. A calm check now usually saves a bigger headache later, and lets you get back to running the business.
