Start with a dated business balance
- Use the latest reliable balance for the business accounts you include.
- Label statement balances with their update date when they are not live feeds.
- Check overdrafts and negative balances rather than treating them as zero.
Protect money before spending
- Estimate tax from current records and assumptions.
- For VAT-registered businesses, consider the estimated net VAT position rather than all VAT received.
- Remember that a protected amount is a recommendation, not money physically moved.
Look ahead
- List bills and committed payments due soon.
- Follow up overdue invoices with clear, professional communication.
- Use conservative assumptions where information is incomplete.
Review changes, not just totals
- Revisit the plan when income, expenses or transaction categories change.
- Investigate uncategorised transactions that may alter the result.
- Discuss major decisions with an accountant or regulated adviser where appropriate.
Continue your research
For current UK tax rules and record-keeping requirements, check official HMRC guidance or speak with a qualified accountant.
HMRC self-employed records guidance