The turn of a new year presents a genuine opportunity to reset how you handle your finances and establish practices that will benefit your business or personal finances for the next twelve months.
With that said, most people waste January scrambling to catch up on last year’s paperwork instead of positioning themselves for success ahead.
2026 is different. You’re reading this now, which means you have time to prepare properly.
Whether you’re a sole trader, company director, landlord, or high-net-worth individual, the steps you take in these early weeks will determine whether you spend the rest of the year reacting to deadlines or confidently managing your finances.
Let’s look at what needs your attention right now, and how to set yourself up for a year where money matters don’t constantly nag at you.
If You Need to Do a Self-Assessment
Before you charge into 2026 planning, you need to deal with the tax year that ended on 5 April 2025. If you need to do a self-assessment, the 31 January 2026 deadline for submission and payment is approaching fast. If you haven’t filed yet, this needs to be your immediate priority.
Missing this deadline costs you straight away, with additional penalties piling up the longer you delay. Beyond the financial hit, starting a new year with outstanding tax obligations creates unnecessary stress and limits your ability to plan effectively.
If you’re behind on this, stop reading and either get your return filed or contact an accountant who can handle it for you! Contact Double Point.
Set Up Systems That Work for You
Fantastic financial management isn’t about superhuman discipline. It’s about creating systems that make the right actions easier than the wrong ones.
Go Digital With Your Records
Use accounting software, or even just a dedicated folder system on your phone, to photograph receipts as soon as you receive them.
This will be required for some in April as MTD for ITSA rolls out for the £50,000 and above brigade. Read our guide here.
Separate Business and Personal Finances
Mixing business income and expenses with personal spending creates confusion and increases the likelihood of errors.
A dedicated business bank account isn’t just good practice – for limited companies, it’s essentially mandatory. For sole traders, it’s not legally required, but it will save you hours of sorting and reduce mistakes.
Automate Your Financial Tasks
Set up standing orders for regular payments, such as VAT, estimated tax payments, or pension contributions. Schedule quarterly reviews in your calendar. Create reminders for key deadlines. The less you rely on remembering things, the fewer things you’ll forget.
Know Your 2026 Deadlines
Tax operates on predictable cycles, yet somehow deadlines still catch people off guard. Here are the dates that should be in your calendar right now as a personal taxpayer:
- 31 January 2026 – Self-assessment submission and payment for 2024/25, plus first payment on account for 2025/26
- 31 July 2026 – Second payment on account for 2025/26
- 5 October 2026 – Deadline to notify HMRC of new income sources or if you need to complete self-assessment for 2025/26
- 31 January 2027 – Seems far away, but this is when your 2025/26 tax return will be due
If you run a limited company, you’ll also have corporation tax returns due twelve months after your accounting period ends, and confirmation statements to file at Companies House.
VAT-registered businesses have quarterly return deadlines that vary depending on when you registered. These need to be in your calendar with alerts set well in advance.
Make Tax Planning Part of Your Year
Tax planning isn’t something you do once in December when you panic about your bill. It’s an ongoing process that should inform your financial decisions throughout the year.
Maximise Your Pension Contributions
Pension contributions remain one of the most effective ways to reduce your tax liability while building long-term wealth.
Contributions receive tax relief at your marginal rate, meaning higher earners get 40% or 45% relief. For the 2025/26 tax year, the annual allowance is £60,000 (though this tapers for those with income above £200,000).
Consider Your Business Structure
Incorporation might be worth considering if you’re a sole trader with growing profits. Limited companies pay corporation tax at 19% on profits up to £50,000, which is considerably less than the 40% or 45% that higher-rate individuals pay on self-employment income.
However, incorporation brings additional administrative requirements and isn’t right for everyone. This decision requires a thorough analysis of your specific circumstances.
Time Your Income and Expenses Strategically
The timing of income and expenses can change your tax liability between years.
If you’re approaching a threshold that would push you into a higher tax bracket, deferring income to the next tax year or bringing forward expenses might make sense. This requires planning ahead rather than reacting when your tax bill arrives.
Review Your Business Structure and Strategy
The start of a new year is an ideal time to assess whether your current business structure still serves you well.
Have your circumstances changed? Has your business grown to a size where incorporation makes sense? Are you working with partners in a way that might benefit from formalisation?
Don’t Undervalue Your Services
Beyond structure, consider your pricing. Many small business owners haven’t reviewed their rates in years, effectively giving themselves a pay cut as their costs increase. If you haven’t adjusted your prices recently, 2026 might be the year to do so.
Claim All Eligible Expenses
Look at your expenses too. Are you claiming everything you’re entitled to? Common missed deductions include:
- Home office expenses (using the simplified flat rate if appropriate)
- Business mileage at 45p per mile for the first 10,000 miles
- Professional subscriptions and training costs
- Business proportion of phone and internet costs
You’re not trying to be aggressive with expense claims, but you shouldn’t be paying tax on money you’ve legitimately spent running your business.
Get Professional Support in Place
Trying to handle complex tax affairs yourself when you’re not a tax professional is a false economy. Yes, accountants cost money. But they typically save or earn you far more than they cost through:
- Identifying tax reliefs and allowances you didn’t know existed
- Ensuring you’re structured optimally for your circumstances
- Keeping you compliant so you avoid penalties
- Freeing up your time to focus on what you do best
The beginning of the year is the perfect time to establish this relationship rather than rushing to find help when you’re up against a deadline. A good accountant doesn’t just file your returns – they become a strategic partner in your financial success.
Why Double Point Should Be Your Partner in 2026
Getting your finances right from the start of the year requires expertise, attention to detail, and ongoing support. At Double Point, we specialise in helping businesses and individuals do exactly that.
Our team of chartered accountants brings nearly 40 years of combined experience to your financial affairs. We don’t just prepare tax returns – we work with you throughout the year to ensure you’re making tax-efficient decisions, claiming every relief you’re entitled to, and staying ahead of deadlines rather than chasing them.
Every client gets a dedicated account manager and regular check-ins to review your financial position and address challenges before they become problems.
Whether you need help with self-assessment, company accounts, tax planning, or any other aspect of your financial affairs, we’re here to make 2026 your most financially successful year yet.
Book a free consultation with us today and start 2026 with confidence.