How to Prepare and File Your 2024/25 Tax Return as Early as April!

Most business owners and self-employed professionals leave their tax returns until the last minute, facing unnecessary stress and pressure. But what if you could flip the script and have your 2024/25 tax return done as early as April? And be the COOL KID in the room

Imagine the relief of knowing it’s sorted, giving you clarity and control over your finances for the rest of the year!

Why File Early?

1. Peace of Mind – No last-minute scrambles, no worrying about missed deadlines.
2. Better Cash Flow Planning – Know your tax bill upfront and budget accordingly.
3. Avoid the January Rush – Accountants are less busy, and HMRC systems are smoother with fewer delays.
4. Speedy Tax Refunds – If you’re due a refund, filing early means getting your money back sooner.
5. More Time for Strategy – With taxes out of the way, you can focus on business growth and financial planning.

How to Get Started NOW – yes I know it is February!!

1. Get Your Books in Order
Ensure all transactions, invoices, and expenses for the 2024/25 tax year are accurately recorded. If you use accounting software, reconcile your accounts so everything is up to date.

2. Gather Necessary Documents
Prepare bank statements, receipts, invoices, and payroll records. If you’re unsure what’s needed, make a checklist based on last year’s return.

3. Review Allowable Expenses & Deductions
Maximise your tax efficiency by claiming all allowable expenses, from office supplies to home office costs. Check for new tax reliefs and allowances that apply to your business.

4. Check for Any Outstanding Payments
Make sure all invoices are settled and that you’re clear on any outstanding taxes owed.

5. Consult Your Accountant (If Needed)
If you use an accountant, schedule an early consultation. They’ll help ensure accuracy and advise on ways to reduce your tax bill.

6. File Online Through HMRC
Once everything is prepared, file your return via HMRC’s online system and keep a copy for your records.

The Best Part? You’ll Be Free to Focus on Growth!

By tackling your tax return early, you eliminate unnecessary stress and free up valuable time to plan ahead. Instead of worrying about deadlines in January, you can be strategizing for the next phase of your business.

So why wait? Start prepping in April, and by the time others are just beginning to think about their taxes, you’ll already be done!

About Action Your Accounts / Yarka Krajickova

Offering accountancy support that is simple to understand and is approachable. I speak plain English and im used to explaining jargon.