Preparing for the Self Assessment Deadline: What You Should Do Now
- bes Accountancy Services
- Aug 31
- 9 min read
Updated: Sep 12
If you run a business in London or anywhere across the UK, the self assessment deadline can creep up faster than you expect. The smartest way to avoid stress and penalties is to prepare early and prepare well. In this guide, we explain exactly how to get ready for the self assessment deadline, what information you need to gather, and how to streamline your self assessment tax return preparation so you can stay compliant and focus on running your business.
Founded in 2020, BES Accountancy is a London based firm serving clients across the UK. Led by Besnik Vata, a certified bookkeeper with an AAT licence, our five person team supports self employed professionals and companies of all sizes. We deliver bookkeeping, payroll, VAT, financial accounting, and account preparation for sole traders and partnerships. Our expertise in Xero and QuickBooks means digital records are accurate and efficient, which makes your self assessment tax return preparation smoother and faster.
Do you want to save time preparing for the self assessment deadline?
Call our director Besnik today: 07816264205
Why the self assessment deadline matters for busy owners
Leaving things until the last minute is risky. Late filing leads to fixed penalties, interest, and extra admin at the worst possible time of year. For owners in construction, hospitality, and skilled services, cash flow is often tight in winter, staff are stretched, and big projects demand attention. Filing on time protects your finances and your focus.
Expert view:
“Preparation is the single best way to avoid fines and stress. When clients involve us early, we can plan payments, tidy records, and spot tax saving opportunities before the year end.”
— Besnik Vata, director of BES Accountancy, a London based accounting company
Early preparation also gives you time to use allowances and reliefs. Capital purchases, pension contributions, and accurate expense claims can improve your tax position. The earlier you start, the more options you have.
Want to dive deeper into accounting for businesses?
Read our related blog, where we provide a full guide to submitting your File Your Tax Return Early.
Self assessment tax return preparation, what to do now
The quickest way to make the deadline easy is to work through a simple checklist. Below are the core steps we help clients complete from October through January.
1. Confirm your obligations and registration status
Check that you are registered for self assessment and that your Government Gateway details work. New sole traders must register after starting to trade. Company directors who receive dividends and anyone with untaxed income also need to file. If you have switched from employment to contracting, confirm whether you fall under the Construction Industry Scheme.
2. Gather the right documents and figures
Create a secure folder for the year. Keep income, expenses, bank statements, and payroll records together. For most owners, that means:
Sales invoices, till reports, and platform statements
Purchase invoices and receipts, including fuel and travel
Bank and credit card statements, including business loans
CIS statements and deductions if you are a contractor or subcontractor
Interest and dividend certificates
Pension contribution confirmations
Mileage logs and home working evidence where relevant
Accuracy here is vital. Clean records reduce the risk of HMRC enquiries and give you a clear picture of profits and cash flow.
BES Accountancy uses tools like Xero and QuickBooks to help clients prepare property tax forecasts, file returns, and avoid costly surprises.
3. Reconcile your books in Xero or QuickBooks
If you use cloud software, reconcile every bank line and resolve uncoded transactions. For Xero and QuickBooks, that means matching each item to an invoice, bill, or expense, then reviewing your profit and loss and balance sheet. If you are moving from spreadsheets, we can perform a fast Xero bookkeeping setup or QuickBooks accountancy help to get you ready.
Tip:
Regular reconciliation saves time at year end. Many clients now choose monthly bookkeeping services London with BES so there are no surprises when the deadline approaches.
4. Check VAT status and payroll data
If you are VAT registered, verify that all quarterly VAT returns are filed and that figures match your books. If you are near the threshold, plan for VAT registration UK and keep tidy digital records to meet Making Tax Digital compliance UK. For employers, confirm gross pay, payslips, and PAYE submissions match your year to date totals.
5. Claim legitimate business expenses with confidence
Owners often leave money on the table because they are unsure what is allowable. Common examples include tools and materials for contractors, staff meals and uniform for restaurants, and software subscriptions for agencies. We help clients distinguish between personal and business costs, and we document the reasoning so you feel confident if HMRC asks for support.
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6. Review payments on account and plan cash flow
If your last bill triggered payments on account, budget for the January and July instalments. Many London based businesses operate with tight winter cash flow. A short planning session can prevent last minute borrowing. We can project tax based on year to date figures so you know what to expect.
7. File early, then rest easy
Once your figures are complete, we file your return and give you a simple statement that shows what you owe and when to pay. Early filing does not mean early payment. It only means fewer surprises and more peace of mind.
Self assessment deadline, key dates and what they mean
There are several milestones in the self assessment calendar. The most discussed deadline is in January. Paper filers face an earlier date in autumn. Payments on account fall in January and July. If you are new to self employment, registration comes first. For definitive guidance, see the official HMRC page on Self Assessment tax returns which includes current dates and requirements. External reference: HMRC Self Assessment tax returns, official guidance
Opinion from our team. Treat these dates as guardrails, not targets. Owners who file before December report less stress and better financial control. It is the simplest win you can give yourself each year.
Industry specific guidance for London owners
Construction and property trades
Contractors and subcontractors must track CIS deductions, materials, and labour clearly. Keep supplier invoices and delivery notes, and reconcile each CIS statement. If you buy tools or vans, keep finance agreements and mileage logs. Where property is involved, retain completion statements and agent invoices. For those learning about property taxes, this short post is a useful primer:
Hospitality, restaurants, and boutique hotels
Record cash and card sales daily. Keep separate logs for staff meals and wastage. Stock counts help validate cost of sales. Track tips and service charges carefully because treatment differs by scheme. For VAT, confirm the correct rate across eat in and takeaway. Payroll timing around holidays often needs attention, so keep calendars and rotas alongside payroll records.
Skilled services and creative agencies
Retainers, project deposits, and staged invoices must be captured correctly. Software subscriptions and equipment purchases should be assigned to the right category. If you work from home, keep a simple record of hours and costs to justify home working claims. If you are exploring digital tools or system change, see our note on embracing cloud accounting below.
Proof of partnership and community support
Strong results come from strong alliances. Our partnership with a respected London marketing firm Merx Marketing, directed by Daniel Nikolla, shows our commitment to wider client success. Read the announcement here to learn how we use joined up thinking to support growing businesses.
What great self assessment tax return preparation looks like with BES
Our approach is built on Availability, Efficiency, Trust.
Availability, you can speak to a human who knows your business.
Efficiency, we use digital tools and a repeatable workflow to cut time and errors.
Trust, we explain every step in plain English, with transparent pricing.
A typical project follows this simple pattern.
Discovery and scope, a short call to confirm your business model, deadlines, and bookkeeping status.
Data tidy up, we reconcile transactions, chase missing invoices, and align your VAT and payroll.
Review and plan, we prepare draft numbers, highlight tax saving options, and agree filing dates.
Submission and sign off, we file securely and provide a clear payment schedule.
Aftercare, we set reminders for payments on account and suggest improvements for the next year.
Owners often add bookkeeping services UK, payroll services UK, and VAT help UK so their entire year runs smoothly. For sole traders and partnerships, we provide account preparation services UK, bookkeeping for partnerships, and financial accounting for SMEs. We are also an AAT bookkeeper London and support Xero certification accounting London and QuickBooks certified bookkeeper services.
Related blog:
Do you own a construction company in the UK?
If so we strongly recommend you to read our recent 2025 blog on managing payroll, VAT and bookkeeping, written specifically to help construction companies in the UK.
Common mistakes that cause last minute panic
Mixing personal and business spend, leads to messy records and missed claims.
Forgetting payments on account, creates surprise bills in January and July.
Ignoring small invoices, small items add up and HMRC expects evidence.
Not reconciling bank feeds, uncoded items cause errors in profit and VAT.
Waiting for a quiet week, it rarely comes, start early and keep momentum.
Client outcome example A West London refurb contractor moved from spreadsheets to Xero in September. We reconciled six months of transactions, cleaned CIS statements, and filed in November. The owner avoided penalties, improved cash flow forecasting, and won time back for site work.
When to involve a London bookkeeping accountant
Bring in support when any of the following is true. You have grown past a few invoices a week. You employ staff or use subcontractors. You handle both VAT and CIS. You need clean numbers to bid for larger projects or extend your premises. At that point, the benefits of professional payroll services, consistent transaction reconciliation, and accounting software integration outweigh the cost.
For many readers of this blog, BES is the right fit. We provide accountancy services in London that scale with you. We give VAT advice for small businesses, help with how to register for VAT UK, and guide preparing accounts for sole traders. If you want to compare options, we can also explain Xero vs QuickBooks in simple terms.
Final word from our director
“Your time is precious. Give us your records and we will give you clarity. With the right system in place, the self assessment deadline becomes just another date in the diary.”
— Besnik Vata, director of BES Accountancy
Do not leave your self assessment to the last minute, contact BES Accountancy today and let us take care of your tax return with ease.
Call 07816264205 or visit us at our London office for a free consultation.
Frequently asked questions, self assessment and small business owners
1. Do I need to file a self assessment return if I am a company director with no dividends?
Yes in many cases. If you receive income that has not had tax deducted at source, such as dividends, rental income, or foreign income, you will need to file. If all income is taxed through PAYE and you have no other sources, you may not need to file. When in doubt, ask us to check your position. We provide quick eligibility reviews for directors across London and the UK.
2. What records should I keep for self assessment tax return preparation?
Keep sales invoices, purchase invoices, bank statements, payroll reports, and VAT returns. Include mileage logs, CIS statements, and pension confirmations if relevant. Keep everything for at least five years after the filing date. If you use Xero or QuickBooks, attach digital copies to transactions so evidence is ready on request. This makes HMRC compliance much easier and it speeds up review by your accountant.
3. What are the consequences if I miss the self assessment deadline?
Expect a fixed penalty and possible interest on late payment. Continued delay can lead to further penalties and enforcement action. The real cost is often the time lost untangling records under pressure. Filing early avoids penalties and gives you time to plan for payments on account. Our clients who file before December consistently report lower stress and better cash flow planning.
4. How can I reduce my tax bill without taking risks?
Claim all legitimate expenses, plan capital purchases sensibly, and consider pension contributions where suitable. Keep good records so you can evidence claims with confidence. If you run payroll, ensure directors and staff are paid through the right structure. We also review VAT returns filing UK and look for timing or scheme choices that suit your business. The goal is compliance first, then efficiency. No jargon, no shortcuts.
5. Should I choose Xero or QuickBooks for my London business?
Both are excellent. Xero is popular with construction and creative teams for simple bank reconciliation and job tracking. QuickBooks is a strong choice for hospitality owners who like a friendly mobile app and built in payroll. The best choice depends on your sector, your team, and the integrations you need. We set up computerised accountancy systems consultancy and train your staff so you get value from day one. The result is cleaner books, faster filing, and better decisions.
Internal resources to explore next
Ready to make the next deadline your easiest yet
BES Accountancy supports sole trader accounting support, partnership accounting services, and company directors across the UK. Whether you want payroll management London, VAT help London, or a full handover to a London bookkeeping accountant, we can help.
Do not leave your self assessment to the last minute, contact BES Accountancy today and let us take care of your tax return with ease.
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