Sail through your financial year end with Xero
Get your books in order for the end of the financial year with Xero. From reconciling accounts and preparing financial statements to complying with HMRC regulations, Xero simplifies the essentials to help you comply with the rules – making your tax season less taxing.
End of financial year explained
The UK’s financial year ends on 5 April. You need to make sure your accounts are up to date, you've filed your tax returns, and met HMRC’s deadlines. From Self Assessment deadlines to corporation tax submissions, Xero’s tools streamline your year-end process, saving you time and reducing admin.
What is the ‘end of the financial year’?
A financial year, sometimes called tax year, is a 12-month accounting period used for tax and financial reporting – its dates are typically different to the calendar year. At year-end, small business owners must review their accounts, calculate their taxable income, and file their returns with HMRC.
What are the dates of the financial year?
In the UK, the tax year runs from 6 April to 5 April for sole traders, individuals, and partnerships. Limited companies, however, can set their own financial year-end dates, so their due dates for filing annual accounts and meeting tax obligations are based on the dates they choose.
How do I complete a tax return?
To file a tax return, first organise and reconcile your financial records, making sure all your income and expenses are accurate. Sole traders, partnerships, and the self-employed need to submit a Self Assessment tax return through HMRC’s online portal. Limited companies need to file a Company Tax Return (including the CT600 form) with HMRC and submit annual accounts to Companies House.
What are the deadlines for small businesses?
For sole traders and partnerships, paper tax returns are due by 31 October, while online submissions close 31 January the year following – which is also the first tax payment deadline. Limited companies must file annual accounts within 9 months of their accounting year end and tax returns 12 months after the year end. Additionally, corporation tax is due 9 months and 1 day after year end – yep, corporation tax is due before you submit your tax return!
How Xero helps small businesses with EOFY
Xero helps make the end of tax year simple so you can focus on running your business. Bring all your data together to reconcile transactions quickly, generate accurate reports, and prepare what you need for the financial year end with confidence.
- Real-time reporting means no last-minute surprises
- Direct HMRC connections help streamline tax filing
- Cloud accounting keeps your finances up to date year-round
Xero tools and resources for the financial year end
Xero has resources to help small businesses, accountants, and bookkeepers like you stay organised during the end of the financial year. From key dates to step-by-step guidance, these tools are designed to take the guesswork out of year-end tasks. In Xero’s resources, you’ll find:
- A clear calendar of important UK tax year dates and deadlines
- Practical support for Self Assessment filing
- Support on getting ready for Making Tax Digital for Income Tax
Ace your financial year end with Xero Payroll
Xero payroll software automates key payroll and tax tasks, helping you stay compliant and streamline end of year. From calculating pay and deductions to handling HMRC submissions, Xero reduces manual work so you can close out the year accurately and move into the next with everything in order.
- Streamline year end tasks like P60s and HMRC submissions
- Comply with Making Tax Digital’s digital record-keeping mandates
- Manage pay, statutory leave, and workplace pension in one system throughout the financial year
EOFY resources for your business
When to submit your tax return
Paper returns are due by 31 October. Online returns are due by 31 January, which is also the deadline for any tax owed.
Here’s more detail from the government on deadlinesKey financial year dates
Get a clear overview of the key dates and deadlines for the UK financial year with Xero’s detailed guide.
Here are the financial year dates to rememberFiling your Self Assessment tax returns online
Do it all online – declare how much income you earned and what business expenses you can claim as a deduction.
Learn how to file your Self AssessmentKeeping financial records
Under UK tax law, you must keep financial records for at least 5 years after the tax year's deadline.
Here are the government’s rules for storing business recordsEssential apps to supercharge your EOFY
Simplify financial year-end with Xero apps – manage your business in one place and start the new financial year strong.
Work smarter with apps from the Xero App StorePrepare for Making Tax Digital for Income Tax
MTD for Income Tax starts in April 2026 for sole traders and landlords earning over £50,000. Find out what’s required.
Read our MTD for IT guide
Xero gives the team at Popcorn Shed more freedom
Laura uses Xero to check on her finances any time
FAQs on the UK’s end of financial year
Once you’ve registered with HMRC and gathered your records, it’s pretty simple. First, register with HMRC to receive a Unique Taxpayer Reference (UTR) to access the system. Then collect your income records, expenses, and National Insurance number. Log in to your HMRC account, enter your income and expenses, check for errors, and submit your return. Make sure you pay taxes owed by the deadline for filing to avoid penalties.
Here’s how to fill in a Self Assessment tax return onlineOnce you’ve registered with HMRC and gathered your records, it’s pretty simple. First, register with HMRC to receive a Unique Taxpayer Reference (UTR) to access the system. Then collect your income records, expenses, and National Insurance number. Log in to your HMRC account, enter your income and expenses, check for errors, and submit your return. Make sure you pay taxes owed by the deadline for filing to avoid penalties.
Here’s how to fill in a Self Assessment tax return onlineMaking Tax Digital (MTD) for income tax is being phased in from 2026. It’ll apply to sole traders and self-employed individuals earning over £50,000 at first, with the threshold lowering to £30,000 by 6 April 2027. Under MTD, businesses must keep digital records, send quarterly updates, and submit a final declaration during the financial year in the UK. You'll need MTD-compatible accounting software, like Xero, to handle the process.
Here’s everything you need to know about MTDMaking Tax Digital (MTD) for income tax is being phased in from 2026. It’ll apply to sole traders and self-employed individuals earning over £50,000 at first, with the threshold lowering to £30,000 by 6 April 2027. Under MTD, businesses must keep digital records, send quarterly updates, and submit a final declaration during the financial year in the UK. You'll need MTD-compatible accounting software, like Xero, to handle the process.
Here’s everything you need to know about MTDYes, you can. Xero’s workplace pensions automation helps you streamline auto-enrolment and stay compliant with UK pension regulations from one convenient place, ensuring accurate pension contributions and financial reporting.
Learn more about Xero's automated workplace pensionsYes, you can. Xero’s workplace pensions automation helps you streamline auto-enrolment and stay compliant with UK pension regulations from one convenient place, ensuring accurate pension contributions and financial reporting.
Learn more about Xero's automated workplace pensionsMissing a tax deadline can lead to HMRC issuing penalties and interest. A late tax return will result in an initial £100 penalty. After 3 months, daily penalties of £10 begin accruing, and after 6 months, an additional penalty of 5% of the tax due or £300 – whichever is greater – is applied. After 12 months, the 5% or £300 penalty applies again. It’s best to submit your Self Assessment soon as possible to avoid penalty costs.
Learn more about HMRC penaltiesMissing a tax deadline can lead to HMRC issuing penalties and interest. A late tax return will result in an initial £100 penalty. After 3 months, daily penalties of £10 begin accruing, and after 6 months, an additional penalty of 5% of the tax due or £300 – whichever is greater – is applied. After 12 months, the 5% or £300 penalty applies again. It’s best to submit your Self Assessment soon as possible to avoid penalty costs.
Learn more about HMRC penaltiesYes, you can make changes to your tax return after filing as long as the correction is made within 12 months of the Self Assessment deadline. You can update your return online or by sending another paper return. Your tax bill will be updated based on the new report.
Read more about correcting a tax returnYes, you can make changes to your tax return after filing as long as the correction is made within 12 months of the Self Assessment deadline. You can update your return online or by sending another paper return. Your tax bill will be updated based on the new report.
Read more about correcting a tax return
Set up for end of fiscal year with Xero
Whether you’re preparing your first tax return or filing every year, these resources help you tackle year end with confidence.
Prepare your tax returns
Get step-by-step guidance to prepare and submit income tax returns.
File sole trader Self Assessment tax returns
Learn how to file your Self Assessment tax return correctly.
The complete guide to self-employed taxes
Understand self-employed income tax, National Insurance, and MTD compliance.
Start using Xero for free
Access Xero features for 30 days, then decide which plan best suits your business.
Run your business with Xero
Xero gives you everything you need to handle the end of the financial year with ease and confidence.
Easy online invoicing
Send online invoices as soon as the job’s done and set automatic reminders to get paid faster.
Simple bank reconciliation
Stay on top of cash flow with Xero’s easy bank reconciliation. Save time and keep your numbers up to date.
Instant data capture with Hubdoc
Automate bill and receipt entry with Hubdoc. Simply take a photo of receipts or scan bills directly into Xero.