Filing your tax return is a significant milestone, but many people treat it as the end of the journey rather than the beginning. Once the paperwork is done and your payment is made, the question arises: what next?

We encourage clients to use this moment as an opportunity to plan for the future, reduce stress and make the next tax year easier to manage.

1. Review your tax return in detail

Even after submission, take the time to review your tax return. Check which deductions, credits, or allowances you claimed. Understanding your filing helps identify opportunities for optimisation next year and ensures you aren’t missing any potential savings.

2. Keep organised records

The key to stress-free tax seasons is organisation. Keep all receipts, invoices, and documents in one secure place, whether digitally or physically. Digital accounting apps can simplify record-keeping and make next year’s filing smoother.

Tip: Categorise documents by type – income, expenses, medical, charitable donations – to make retrieval easier when needed.

3. Plan for next year’s payments

If your tax return involved a payment, don’t wait until next December to save for it. Set aside a small monthly amount so the next payment doesn’t come as a shock. Over time, this makes a significant difference and reduces financial stress.

4. Explore tax-efficient investments

Now is a good time to consider options that can reduce your future tax liability, such as pensions, retirement contributions, or approved investment accounts. These can offer long-term financial benefits while reducing your taxable income. Your accountant can advise on what’s best for your situation.

5. Stay informed about tax changes

Tax rules change frequently. Staying informed about new reliefs, allowances, or obligations ensures you can take advantage of opportunities and avoid penalties.

6. Schedule a mid-year review

Don’t wait until the filing deadline to think about taxes again. A mid-year review with your accountant allows for adjustments in spending, savings, or income strategy. This proactive approach can reduce liability, improve cash flow, and make next year’s tax return stress-free.

Paying your tax return is an achievement, but using this moment to reflect, plan and optimise can save you money and stress in the long run.

Read more: A simple guide to corporation tax