Year-End Filing

Year-end filing with Accounted

At the end of your accounting period, you'll need to wrap up your books and submit your final figures to HMRC. With Accounted, most of the hard work is done throughout the year — year-end is simply a matter of reviewing, confirming, and submitting.

The year-end process

Under Making Tax Digital, the year-end involves two key submissions:

1. End of Period Statement (EOPS) — A confirmation that your business records for the period are complete and accurate. This covers the same income and expense categories as your quarterly updates, but represents the final, confirmed figures.

2. Final Declaration — This replaces the traditional Self Assessment tax return. It brings together your business income (from the EOPS) with any other information needed to calculate your tax, such as:

   • Other sources of income (employment, rental, savings interest)
   • Personal allowances and reliefs
   • Student loan repayment status
   • Gift Aid donations
   • Pension contributions

Timeline

For the standard tax year (6 April to 5 April):

• 5 April — Tax year ends.
• By 7 May — Final quarterly update (Q4) submitted.
• By 31 January following — End of Period Statement and Final Declaration submitted. For example, the 2026/27 tax year must be finalised by 31 January 2028.

How Penny helps with year-end

As the tax year draws to a close, Penny will guide you through the process:

Pre-year-end review (March–April):

• Penny highlights any uncategorised or unreviewed transactions
• She flags expenses without matching receipts
• She identifies any unusual patterns that might need attention
• She checks that your income records match your bank statements

End of Period Statement:

• Penny prepares a summary of your full-year income and expenses
• You review the figures in your dashboard, comparing them against your quarterly submissions
• Once you're satisfied, you confirm the EOPS and Penny submits it to HMRC
• You receive a confirmation with HMRC's acknowledgement reference

Final Declaration:

• Penny prompts you to add any non-business income and personal tax information
• She calculates your final tax liability, including Income Tax, Class 2 NI, and Class 4 NI
• You review the complete tax calculation
• Once confirmed, Penny submits the Final Declaration to HMRC

Accountant review

If you have an accountant connected to your Accounted account, year-end is the ideal time to get their input. You can:

• Share your EOPS for review before submitting — Your accountant can check the figures, suggest adjustments, and approve the submission.
• Let your accountant submit — If you prefer, your accountant can handle the Final Declaration on your behalf through the Accounted portal.
• Request a year-end meeting — Your accountant can review your full records in Accounted and discuss tax planning for the year ahead.

Common year-end adjustments

Before submitting your EOPS, consider whether any adjustments are needed:

• Capital allowances — If you've purchased equipment, vehicles, or other capital items, you may be able to claim capital allowances rather than deducting the full cost as an expense.
• Use of home as office — If you work from home, you can claim a proportion of your household costs or use the simplified flat-rate method.
• Mileage — Ensure all business mileage has been recorded and claimed at the approved HMRC rate.
• Prepayments and accruals — Income received in advance or expenses relating to the following year may need adjusting.

Paying your tax bill

After filing, HMRC will confirm your tax liability. Key payment dates are:

• 31 January — Balance of tax due for the previous year, plus first payment on account for the current year.
• 31 July — Second payment on account for the current year.

Penny will remind you of upcoming payment deadlines and can help you estimate what you'll need to set aside.