The Final Countdown: Lessons from Self-Assessment Season and Preparing for the Future
As January comes to a close, we’re reflecting on one of the busiest months of the year for businesses and accountants alike. Self-assessment season is a time of last-minute filings, frantic receipt sorting, and late-night spreadsheets. But it’s also a time of learning. For many business owners, January reminds us of the importance of staying organised throughout the year.
At Exchange Accountants, we’ve seen it all this month—from early birds who prepared months in advance to last-minute filers scrambling to meet the 31st January deadline. Whatever your situation was this year, the end of January offers a valuable opportunity to take stock, plan ahead, and start fresh for the year to come.
A Look Ahead: Making Tax Digital (MTD) Rollout in 2026
One of the biggest changes on the horizon for businesses is the expansion of the Making Tax Digital (MTD) initiative. This government-driven move aims to modernise and streamline tax processes by requiring businesses to maintain digital records and use compatible software to submit their returns.
While MTD has already been rolled out for VAT-registered businesses with a taxable turnover above £85,000, the next major phase is set to launch in April 2026, when MTD will extend to all businesses and landlords earning over £50,000 annually. A year later, in April 2027, this threshold will reduce further to include those earning £30,000 or more.
What does this mean for you? Simply put, now is the time to prepare for the shift. Embracing digital accounting tools like Xero not only helps you stay compliant but also offers a host of benefits, including real-time insights into your finances and a reduction in manual admin work.
At Exchange Accountants, we’re here to guide you through this transition. As Xero Platinum Partners, we have the expertise to help you set up, navigate, and optimise your accounting software to ensure you’re ready for the MTD rollout and beyond.
Avoiding the January Stress in 2025
If January 2026 feels like a long way off, consider this a nudge to start preparing early. Here are some practical tips to avoid the last-minute rush next year:
Keep Track of Income and Expenses: Set aside time each week or month to update your records. Tools like Xero can automate much of this for you, making it easier to stay on top of things.
Schedule Quarterly Reviews: Reviewing your finances every quarter ensures there are no surprises at year-end. Plus, it gives you the opportunity to seek advice and plan for any upcoming changes.
Don’t Procrastinate: If you have all your documents ready in early April, why not file your self-assessment early? It’s one less thing to worry about as the months go by.
Work with the Right Accountant: Having a trusted partner like Exchange means you don’t have to manage everything alone. We’ll remind you of deadlines, provide expert advice, and ensure your accounts are compliant—so you can focus on growing your business.
Why Exchange is the Perfect Partner
At Exchange, we pride ourselves on being more than just accountants. We’re proactive advisors who understand the challenges of running a business. Here’s what sets us apart:
- Fixed Monthly Fees: No surprise costs, just predictable pricing to help you budget effectively.
- Expert Support: Our team of Xero-certified accountants is always available by phone, email, or video call.
- Tailored Services: We customise our packages to suit the size, industry, and complexity of your business.
- Forward-Thinking Advice: From Making Tax Digital to scaling your business, we’re here to help you plan for the future.
Let’s Get Started
With the January rush behind us, now is the perfect time to plan ahead. Whether you’re preparing for MTD in 2026 or simply looking for a more streamlined accounting experience, Exchange is here to support you every step of the way.
Want to know more? Book a consultation call with one of our experts and start 2025 on the right foot. Together, we can make next January stress-free—and set your business up for success in the years to come.
