Hi Reader,

DON'T LEAK CASH - RECONCILE, CHASE INVOICES, AND CAPTURE RECEIPTS BEFORE THE LAST-MINUTE SCRAMBLE

Most businesses don’t fail from one big mistake.

They bleed out from small leaks: messy records, missed expenses, late invoices, and last-minute panic.

So this week is boring — in the best way.

Here’s a business-only checklist to run before 5 April, plus the one MTD habit that’ll save Future-You a lot of grief.

💷 END-OF-TAX YEAR MOVES (UK) - BUSINESS-ONLY. NO FLUFF

Quick wins to consider before the year-end rush:

1. Get your books up to date

• Reconcile your bank feed
• Categorise transactions properly
• Capture missing receipts (especially software/subscriptions)

2. Stop cash leakage

• Chase overdue invoices (set a 2-step chase: email + call)
• Write off true bad debts (so you’re not kidding yourself about cash)

3. Make sure you’re claiming what you’re allowed

• Mileage/travel (where valid)
• Business use of home (where applicable)
• Tools/software/subscriptions used for the business

4. Plan any genuine business purchases

• If you already need equipment or software soon, timing can matter — but don’t buy stuff just for “tax reasons”.
• If it’s a meaningful spend, sanity-check with your accountant.

5. Ltd company owners: keep drawings tidy

• If you take money out, make sure it’s recorded correctly (salary/dividends/expenses).
• This is where DIY gets expensive if it’s messy.

🧰 BASICS CORNER: SOLE TRADER VS LIMITED COMPANY (QUICK TAKE)

Limited company

• Pro: Limited liability, clearer separation, can be tax-efficient as profits grow
• Con: More admin, stricter filings, separate legal entity

Sole trader

• Pro: Simple setup, fewer filings, quick to start
• Con: You’re personally liable, can get messy mixing business/personal money

Rule of thumb:

• Testing something low-risk? Sole trader is often fine.
• Taking on contracts, hiring, or higher risk? A Ltd can be the cleaner option.

(DIY note: fine to choose yourself. Pro advice is recommended if you’ve got partners, meaningful risk, or you’re unsure how to pay yourself.)

🧾 MAKING TAX DIGITAL (MTD) REMINDER

As currently scheduled: from April 2026, sole traders and landlords with business/property income over £50,000 must follow MTD for Income Tax Self Assessment.

Translation: more frequent reporting and better digital records.

What to do now (simple and realistic):

• Keep digital records from this month (build the habit)
• Choose software and set a cadence (weekly beats “whenever”)
• Do one catch-up session to tidy the last 60 days

🔎 Worth Checking Out This Week

🤔 We’re curious …

What’s your least favourite admin job right now — invoicing, expenses, or bookkeeping?
Hit reply with one word.

We’re here to help you make better business decisions quicker — right from BEFORE day one.

All the best,

Graeme and Neil

Co-founders, Basics of Business (BoB)

P.S. Don’t leave year-end admin to 4 April! Block 30 minutes this week to reconcile, chase invoices, and capture receipts. It really is the simplest “profit increase” you’ll ever make!