When managing your business accounts, it can feel overwhelming. Below are some easy ways you can reduce the stress.

1. Consider Working with an Accountant

• An accountant can help you claim all eligible deductions and avoid mistakes.

• Some specialize in freelancers or beauty professionals.

• Even a one-time consultation can give you clarity and confidence.

• Whilst it is a cost, it can end up saving you money.

2. File Early, Future You Will Thank You

• Don’t wait until the deadline!

• Filing early reduces stress, avoids penalties, and helps you plan.

• You might even get your tax refund faster if applicable.

3. Know your Tax Rate and Allowance

The table shows the tax rates you pay in each band if you have a standard Personal Allowance of £12,570.

Income tax bands are different if you live in Scotland.

https://www.gov.uk/income-tax-rates

4.Track Your Income (Even Cash)

• Report all income, including cash payments - which is easy to do with booking software app

• Use a spreadsheet or accounting software.

• Log earnings and expenses weekly or monthly to stay ahead.

5. Register and Know Your Deadlines

The last tax year started on 6 April 2023 and ended on 5 April 2024.

The current tax year started 6 April 2024 and will end on 5 April 2025.

• Register as self-employed

• Know when your tax returns and payments are due

💡File your returns on time, preparing early helps you meet deadlines and avoid penalties, interest charges, underpaying or overpaying tax.

For the 2024/25 tax year, submit paper or online tax returns by 31 October 2025 or 31 January 2026, respectively.

https://www.gov.uk/self-assessment-tax-returns/deadlines

• Look into VAT registration if you’re nearing the income threshold

💡 You must register if either: your total taxable turnover for the last 12 months goes over £90,000 (the VAT threshold) you expect your taxable turnover to go over £90,000 in the next 30 days. https://www.gov.uk/register-for-vat