Tax Year-End Checklist – What Health & Wellness Business Owners Need to Do Now
As a health and wellness business owner, you’re focused on helping others feel their best—but don’t forget to look after your own business health too. With the UK tax year ending on 5th April, now is the perfect time to give your finances the attention they deserve.
This insightful checklist will help you wrap up the year with clarity and confidence, so you can step into the new tax year fully prepared and in control.
Review and Organise Your Financial Records
Well-maintained records are the foundation of good financial management and a smooth tax filing process. By reviewing your accounts now, you avoid scrambling at the last minute—and you gain a clearer picture of your business performance.
Key tasks to focus on:
Reconcile all bank and credit card statements
Double-check that every transaction is correctly categorised (e.g. marketing, equipment, travel)
Identify and follow up on any unpaid invoices or outstanding client payments
Collect and store receipts (digitally where possible—cloud storage is ideal)
Why it matters: Clean records reduce errors, help you claim every allowable expense, and demonstrate professionalism if you’re ever audited by HMRC.
Insight: Think of your financial records like a wellness plan—when they’re monitored and reviewed regularly, your business health improves dramatically.
Maximise Your Allowable Expenses
Every eligible expense you claim reduces your taxable profit—and ultimately, your tax bill. Yet many small business owners overlook key deductions that they’re entitled to.
Common claimable expenses include:
Business insurance and liability cover
CPD courses, workshops, and coaching
Therapy tools and equipment (e.g. yoga mats, massage tables, treatment couches)
Office stationery and admin supplies
Business-related travel and mileage
Marketing costs and software subscriptions
Mobile phone bills (business use portion)
Why it matters: Properly tracking and claiming your expenses not only lowers your tax liability but also highlights where you can improve spending efficiency next year.
Insight: Many wellness professionals miss out on hundreds of pounds in tax relief each year—just because they didn’t keep receipts or didn’t realise a cost was deductible.
Review Your Tax Payments and Liabilities
A proactive approach to tax means fewer surprises and more financial control. The year-end is a great time to ensure you’re up to date and make strategic decisions that could reduce your tax bill.
Your tax year-end review should include:
Checking any outstanding Self Assessment payments
Reviewing Corporation Tax estimates (if you run a limited company)
Ensuring VAT submissions are up to date and accurate (if VAT registered)
Your tax year-end review should include:
Checking any outstanding Self Assessment payments
Reviewing Corporation Tax estimates (if you run a limited company)
Ensuring VAT submissions are up to date and accurate (if VAT registered)
Confirming payroll and PAYE records are correct
Making final contributions to a pension (which may be tax-efficient)
Why it matters: Understanding your liabilities allows you to set aside the right amount in advance, avoid penalties, and potentially reduce your tax through well-timed contributions or investments.
Insight: Year-end is often your final opportunity to take advantage of reliefs, allowances, or tax-saving contributions before they reset.
Submit and File On Time
Even though your Self Assessment tax return isn’t due until January, preparing your figures early puts you in control. And if you operate a limited company, deadlines come around quicker than you think.
Key tasks to prepare and file early:
Finalise your income and expenses for the tax year
Submit your Self Assessment well ahead of the January deadline
Ensure your limited company accounts are submitted to Companies House on time
Key tasks to prepare and file early:
Finalise your income and expenses for the tax year
Submit your Self Assessment well ahead of the January deadline
Ensure your limited company accounts are submitted to Companies House on time
File your Corporation Tax return with HMRC
Prepare necessary documents such as dividend vouchers, director loan accounts, or salary records
Why it matters: Early preparation removes last-minute panic, avoids late filing penalties, and gives you plenty of time to address issues if anything is missing.
Insight: Filing early can also give you earlier visibility of your tax bill—so you have time to plan, budget, or save.
Plan Ahead for the New Tax Year
The end of the tax year isn’t just about closing your books—it’s a chance to set goals for the year ahead. Proactive planning puts you in the driver’s seat of your business finances.
Things to consider for the new tax year:
Set clear revenue and profit targets
Revisit your pricing structure—does it reflect your value?
Forecast cash flow month by month to avoid shortfalls
Plan any big investments or business upgrades
Start a savings plan for next year’s tax obligations
Review your bookkeeping and accounting systems—is it time to upgrade or outsource?
Why it matters: Businesses that set financial intentions are more likely to stay profitable, grow sustainably, and feel financially confident.
Insight: You don’t need to do everything alone—building a team of expert support helps you focus on what you do best: helping others thrive.
Final Thoughts
The tax year-end doesn’t have to be a burden—it can be an opportunity. With a clear plan and expert support, you can reduce your stress, optimise your finances, and start the new tax year feeling confident and in control.
If you’re feeling overwhelmed or unsure where to start, you’re not alone. At Serenity Accounting Services, we specialise in supporting health and wellness professionals just like you to manage their business finances with ease.
Let us handle the numbers—so you can focus on what you do best.
Contact us today for personalised support, expert insights, and peace of mind before 5th April.