Let’s face it—tax season is the small business equivalent of a surprise spelling test at school. Stressful? Absolutely. Avoidable? Not so much. But here’s the thing: it can be less terrifying. With a bit of forward planning (and a dash of good habits), you can breeze through tax time with confidence...and it's not too late!
Here’s how to swap stress for success:
1. Know Your Numbers
If you don’t know what you owe, how can you plan? Spoiler: you can’t. At A B C S UK, we make sure our clients have a crystal-clear idea of what they need to put aside for income tax, National Insurance, and if you’re VAT registered, that too.
P.S. Unsure about VAT or how it applies to your business? Get in touch with us—we’re happy to guide you through the basics and help you stay compliant
The earlier you send us your figures, the sooner we can file your return and give you the heads-up on what’s due. No nasty surprises, just plain, simple clarity.
2. Get a Tax-Only Savings Account
Think of it as your virtual tax piggy bank or one of those tins you have to cut open with a can opener. Every time you get paid, slide a chunk (say, 20-30%) into a separate savings account. Out of sight, out of mind—until HMRC comes knocking, and suddenly, you’re the most prepared business owner there is.
Top tip: Some banks such as Monzo, Starling & Mettle let you create savings “spaces” within your account, so you can squirrel away funds for taxes, rainy days, or even your dream espresso machine.
3. Bookkeeping is Your New BFF
We know that bookkeeping doesn’t sound sexy. But trust us, nothing feels better than knowing exactly where your money’s going. Log your income and expenses regularly (monthly at the very least). This helps you stay on top of your profits and gives you real-time insights into your tax liabilities.
Pro tip: The more often you update your books, the less painful it feels. It’s like flossing but for your finances.
4. Quarterly Financial Check-Ups
Think of this as a mini health check for your business and are especially helpful to prepare for the inrtroduction of Making Tax Digital for Income Tax (or MTD IT) in 2026. Every three months, take a breather and review your finances:
What’s coming in?
What’s going out?
How’s that tax stash looking?
Not sure where to start? That’s where we come in. Our Management Reports service breaks down your cash flow and predicts trends, so you can pivot before any surprises hit.
5. Let Automation Do the Heavy Lifting
Why rely on willpower when you can rely on automation?
Set up automatic transfers to your tax savings account.
Schedule calendar reminders for tax deadlines.
Use software to keep tabs on your financial records.
A little tech goes a long way in keeping things stress-free.
6. Team Up with a Bookkeeper
Feeling like you’re drowning in spreadsheets? That’s where we shine. Partnering with a bookkeeper (hint: us!) means you get expert guidance, streamlined processes, and peace of mind. We’ll keep you organised and help you hit every tax deadline without breaking a sweat.
7. Turn Tax Time into a Business Power-Up
Who says tax season has to be boring? Use it as an opportunity to assess your business. Are you smashing your income goals? Could you tighten up expenses? Regularly saving for taxes gives you the freedom to focus on growth instead of panicking over brown envelopes and HMRC letters.
8. January Doesn’t Have to Suck
Saving throughout the year isn’t just smart; it’s sanity-saving. No more frantic post-Christmas last-minute calculations or unpleasant surprises. Just calm, cool, collected confidence.
Ready to remove the fear around tax time? Let’s chat. Contact us today - ask@abcsuk.com
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