At Brightson Accounting, we help businesses across Wolverhampton and the West Midlands stay compliant with HMRC. If you follow this simple compliance checklist, you'll avoid most common issues.
- Monthly: Reconcile bank accounts, chase invoices, update bookkeeping
- Quarterly: Submit VAT returns, review profit/loss, plan tax payments
- Annual: File Self Assessment, Corporation Tax, issue P60s, review tax strategy
- Print this checklist and tick off each task as you complete it
Registration Checklist (One-Time Setup)
- Register as sole trader or incorporate limited company
- Register for Self Assessment (if self-employed)
- Open separate business bank account
- Set up business insurance
- Choose accounting software
- Register for VAT when turnover exceeds £90,000
- Register for PAYE when you hire first employee
- Consider Making Tax Digital compliance (if income > £50k)
Monthly Compliance Tasks
- Reconcile bank accounts — Compare bookkeeping to bank statements
- Chase unpaid invoices — Follow up on overdue payments
- Review expenses — Categorize and file receipts
- Update bookkeeping — Enter all transactions into software
- Review cash flow — Ensure sufficient funds for tax payments
- Pay PAYE — If you have employees (19th/22nd of month)
Why Monthly Matters: Leaving bookkeeping until year-end = stress, errors, and missed expense claims. Monthly updates keep everything accurate and manageable.
Full guide: Bookkeeping Basics for Compliance
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- Submit VAT return — If VAT registered (deadline: 1 month + 7 days after quarter)
- Submit MTD updates — If applicable (quarterly digital submissions)
- Review profit/loss — Are you on track for year-end targets?
- Plan tax payments — Estimate and save for upcoming tax bills
- Review pricing — Are your margins healthy?
- Check compliance — Any changes to HMRC rules affecting you?
VAT Deadlines:
- Quarter ending 31 March → Submit by 7 May
- Quarter ending 30 June → Submit by 7 August
- Quarter ending 30 September → Submit by 7 November
- Quarter ending 31 December → Submit by 7 February
Full guide: VAT Compliance: Common Mistakes
Annual Compliance Tasks
- File Self Assessment — Deadline: 31 January (if self-employed/director)
- Pay Self Assessment tax — Deadline: 31 January
- Second payment on account — Deadline: 31 July
- File Corporation Tax (CT600) — Deadline: 12 months after year-end
- Pay Corporation Tax — Deadline: 9 months + 1 day after year-end
- Issue P60s to employees — Deadline: 19 May
- Submit P11D forms — Deadline: 6 July (if benefits in kind)
- Review tax planning — Can you reduce next year's tax bill?
- Update business plan — Set targets for new financial year
Full guide: HMRC Deadlines You Cannot Afford to Miss
Compliance by Business Type
Sole Trader Checklist
| Frequency | Task |
|---|---|
| Monthly | Update bookkeeping, reconcile bank |
| Quarterly | VAT return (if registered), MTD updates |
| Annual | Self Assessment return (31 Jan), payments on account |
Limited Company Checklist
| Frequency | Task |
|---|---|
| Monthly | PAYE payment, payroll submission, bookkeeping |
| Quarterly | VAT return (if registered), board meetings |
| Annual | Corporation Tax (CT600), Self Assessment (directors), P60s, P11Ds, annual accounts, confirmation statement |
Full guide: Corporation Tax Compliance Explained
Software & Tools Recommendations
To make compliance easier, we recommend:
Accounting Software
- Xero — Comprehensive, MTD-compliant, cloud-based
- QuickBooks — User-friendly, good for small businesses
- FreeAgent — Designed for freelancers and contractors
- Sage — Traditional option, widely used
Receipt Management
- Dext (Receipt Bank) — Photo receipts, auto-extract data
- Expensify — Expense tracking and approval
- AutoEntry — Invoice and receipt capture
Calendar & Reminders
- Google Calendar with recurring deadlines
- Accounting software deadline alerts
- Work with accountant who tracks deadlines
How to Use This Checklist
- Print this checklist or save as PDF
- Set calendar reminders for all monthly/quarterly/annual tasks
- Block time in your calendar (monthly: 2 hours, quarterly: 3 hours)
- Tick off each task as completed
- Review checklist quarterly — any missed tasks?
- Update checklist if your business structure changes
When to Hire an Accountant
Consider working with an accountant if:
- You don't have time for monthly/quarterly tasks
- You're not confident with tax rules
- You want to optimize tax (not just stay compliant)
- Your turnover exceeds £50,000
- You have employees
- You're VAT registered
- You run a limited company
At Brightson Accounting, we handle all compliance tasks for businesses across Wolverhampton and the West Midlands. You focus on running your business — we handle HMRC.
Final Thoughts
Compliance doesn't have to be complicated. If you follow this checklist consistently:
- You'll never miss a deadline
- Your records will always be accurate
- You'll claim all allowable expenses
- HMRC enquiries will be rare (and easy to handle)
- You'll sleep better knowing you're compliant
Want to stay compliant and reduce your corporation tax at the same time? Speak to an accountant today.
🚀 Ready to stay compliant and reduce your tax bill?
We help businesses across Wolverhampton and the West Midlands:
- Stay compliant with HMRC
- Reduce tax legally
- Avoid penalties and investigations