{"id":46573,"date":"2026-02-17T09:38:09","date_gmt":"2026-02-17T09:38:09","guid":{"rendered":"https:\/\/www.simplybusiness.co.uk\/?post_type=knowledge&p=46573"},"modified":"2026-03-30T13:03:58","modified_gmt":"2026-03-30T13:03:58","slug":"how-to-prepare-for-the-new-financial-year","status":"publish","type":"knowledge","link":"https:\/\/www.simplybusiness.co.uk\/knowledge\/business-tax\/how-to-prepare-for-the-new-financial-year\/","title":{"rendered":"4 thing to do before the new financial year"},"content":{"rendered":"\n

If you run a small business, 6 April is an important date in the calendar. The start of the new tax year brings a number of changes that could impact your finances. <\/p>\n\n\n\n

The 2026-27 tax year starts on Monday 6 April 2026. There\u2019s no shortage of changes for small business owners to be aware of this time around. <\/p>\n\n\n\n

From Making Tax Digital to new tax rates and payroll information to update, here are four things to focus on ahead of the new financial year.<\/p>\n\n\n\n

1. Use your tax allowances<\/strong><\/h2>\n\n\n\n

There are business tax reliefs and personal allowances<\/a> you can claim each year to reduce your tax bill<\/p>\n\n\n\n

Some allowances and reliefs reset at the end of the tax year (5 April), so it\u2019s important to take advantage before the new financial year starts.<\/p>\n\n\n\n

For example, each year you have a \u2018use it or lose it\u2019 Individual Savings Account (ISA) allowance of \u00a320,000. You can use an ISA to save money or invest without having to pay tax. <\/p>\n\n\n\n

Other allowances to use before the end of the tax year include the dividend allowance, the capital gains tax<\/a> (CGT) allowance, and the marriage allowance. <\/p>\n\n\n\n

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What do do before 6 April:<\/strong> <\/h3>\n\n\n\n