TL;DR: Financial year-end is the annual close of your accounting period. Done properly, it means accurate accounts, minimised tax liability, and compliance across all obligations. This checklist walks you through every step — from reconciling accounts to filing returns and preparing for the year ahead.
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Year-end feels overwhelming to many business owners. But it is really just a series of manageable tasks completed in the right order. Miss a step and you risk penalties, missed deductions, or inaccurate financial statements. Work through this checklist methodically and you will emerge with clean books, filed returns, and a clear picture of your financial position.
Your financial year-end is not always 31 December. It depends on your jurisdiction and, in many cases, a date you chose when incorporating.
| Country | Common Year-End Dates | Statutory Deadline Context |
|---|---|---|
| UK | Any date; 31 March and 31 December most common | Accounts due 9 months after year-end (private companies) |
| France | 31 December is mandatory for most structures | Accounts due 6 months after year-end |
| Sweden | 31 December (calendar year) | Annual report due 6 months after year-end |
| Australia | 30 June (statutory income year) | Tax return due October or February (via agent) |
| New Zealand | 31 March (standard) or company's own date | IR4 due 7 months after year-end |
| Canada | First year-end set on incorporation; then fixed | Corporate return (T2) due 6 months after year-end |
| USA | Calendar year (31 December) or fiscal year | Form 1120 due 3.5 months after year-end; extensions available |
Action: Note your year-end date and all associated filing deadlines. Enter them in a calendar with 30-day and 14-day reminders.
Pull your profit and loss statement. Understand your approximate taxable profit. This is the time for legitimate tax planning — not after the year closes.
Before the year closes, ensure you have claimed every available deduction:
For director-shareholders, the split between salary and dividends has tax implications that should be reviewed before year-end with a qualified accountant.
If you have invoices you are certain will not be paid, write them off before year-end. This creates a deductible expense (where the tax rules permit) and cleans your receivables.
If you have multiple entities, ensure all intercompany loans, charges, and transactions are documented and at arm's length.
Use our free tool: Cost Calculator
Try it free →Reconcile all bank and credit card accounts as of the last day of the financial year. Every line item must match.
Count physical cash. Reconcile to your records. Post any missing receipts.
Ensure income and expenses are recorded in the correct period:
Physical stock count at year-end is required for accurate cost of goods sold and closing stock valuation. Damaged or obsolete stock should be written down to net realisable value.
Check that all physical assets still exist and are correctly recorded. Dispose of assets sold or scrapped, and record any depreciation. Ensure new assets purchased during the year are on the register with correct depreciation rates.
Record all known liabilities not yet invoiced: accountancy fees, bonuses payable, holiday pay accrual, corporation tax provision.
Identify payments made in this period that relate to the next period (e.g., annual insurance premium paid in December for next year) and record as prepayments.
Your accountant (or accounting software) will prepare:
UK: Submit final Full Payment Submission (FPS) and Employer Payment Summary (EPS) to HMRC. Issue P60 to all employees by 31 May.
France: Submit Déclaration Sociale Nominative (DSN) annual data. Distribute employment certificates.
Sweden: Submit employer income return (arbetsgivardeklaration) to Skatteverket. Distribute income statements (kontrolluppgifter) to employees.
Australia: Single Touch Payroll (STP) finalisation event lodged with ATO by 14 July. Payment summaries replaced by STP data.
New Zealand: Employer Annual Schedule (EAS) or equivalent STP finalisation by 31 May.
Canada: T4 slips issued to employees by last day of February. T4 summary filed with CRA.
USA: W-2 forms issued to employees by 31 January. Copy A filed with Social Security Administration.
Reconcile VAT/GST collected and paid for the year against your returns. Investigate and correct any discrepancies. In the UK, complete the annual VAT adjustment if using the Flat Rate Scheme.
Calculate your estimated corporation tax liability for the year. Record the provision in your accounts. This is the amount you will owe — ensure cash is available.
If you have a director's loan account, ensure it is settled by 9 months after year-end, or you will face a 33.75% S455 tax charge (repayable when the loan is repaid).
| Country | Annual Accounts | Corporate Tax Return | Payment Deadline |
|---|---|---|---|
| UK | 9 months after year-end (Companies House) | 12 months after year-end (HMRC) | 9 months and 1 day after year-end |
| France | 6 months after year-end (Greffe) | 3 months 15 days after year-end | Same as return |
| Sweden | 6 months after year-end (Bolagsverket) | 2 months after year-end | Advance payments during year; balance by April 30 |
| Australia | N/A (no general statutory annual accounts filing for small companies) | October 31 (self-prepared) or Feb/May via agent | December 1 (for balance < AUD 20,000 prior year) |
| New Zealand | 7 months after year-end (IR4) | Same | Same as return |
| Canada | 6 months after year-end (T2) | Same | 2 months after year-end (most corps) or 3 months (CCPC) |
| USA | 3.5 months after year-end (Form 1120, 15 April for calendar year) | Same | 15th of 4th month after year-end |
Government sources:
Year-end is not just a close — it is a launch pad for the next year. Before you file and move on:
Review management accounts. Which products or services were most profitable? Where were expenses unexpectedly high?
Set budgets. Build a monthly budget for the new year based on actuals. Identify the top 3 financial priorities.
Update your financial projections. If you have investors or a board, update your financial model with actuals and revised forecasts.
Review your accounting software setup. Update VAT rates, payroll rates, and any changed chart of accounts items.
Schedule key dates. Block calendar time for quarterly tax estimates, payroll deadlines, and VAT return submissions.
The MmowW Filing Deadlines tool provides country-specific deadline tracking so you never miss a submission date.
The MmowW Cost Calculator helps you budget for accountancy and compliance costs in your jurisdiction.
Can I change my company's financial year-end?
Yes, in most jurisdictions, though there are restrictions. In the UK, you can shorten your accounting period at any time but can only extend it once every 5 years. Changing year-end requires notifying Companies House or the equivalent registry. Consult a qualified accountant before changing your year-end.
What happens if I miss the year-end filing deadline?
Automatic penalties apply in most jurisdictions. In the UK, Companies House imposes immediate fines starting at £150 for private companies filed up to 1 month late, rising to £1,500 for more than 6 months. HMRC imposes additional penalties for late corporation tax returns. Consistent lateness triggers higher penalties and interest.
Do I need a statutory audit?
Most small companies are exempt from statutory audit. In the UK, exemption applies if you meet at least 2 of 3 criteria: turnover < £10.2M, balance sheet < £5.1M, employees < 50. Thresholds vary by country — check with a qualified accountant. Groups and subsidiaries of large groups may be required to audit regardless of size.
Should I pay myself a salary or dividend at year-end?
The optimal split depends on your personal tax position, the company's profit level, and jurisdiction-specific rules. In the UK, most director-shareholders take a small salary (up to the National Insurance threshold) and the remainder as dividends. In other jurisdictions different rules apply. This is a tax planning question — consult a qualified accountant.
How do I handle year-end if I am behind on bookkeeping?
Prioritise bank reconciliation from the start of the year to today. Categorise all transactions. If the volume is too large, engage a professional bookkeeper to catch up — the cost is less than penalties and the time you would spend doing it yourself under pressure.
MmowW Scrib🐮 is a document preparation service, not a law firm. We do not provide legal advice.
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