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Mid-Year Financial Check-In: Are You on Track?

  • Catherine Stork
  • Jul 1
  • 3 min read

The halfway point of the tax year is a great time to pause and take stock. Many small business owners get caught up in the daily grind and forget to look up, let alone look ahead. But doing a mid-year financial review can make a huge difference to your business’s performance, cash flow, and overall financial health.


In this blog post, we’re guiding you through what to review and how to make sure you’re on track for a strong year-end finish.


1. Review Your Income and Expenses So Far


Start by comparing your year-to-date income and expenses with your forecast or budget. Are your sales where you expected them to be? Are costs creeping up in certain areas? Spotting patterns now gives you time to adjust your approach for the rest of the year.


If you haven’t been working from a formal budget, now’s a good time to put one in place.


2. Check in on Your Tax Position


If you’re a sole trader or partnership, it’s helpful to estimate your taxable profit now so there are no surprises come January.


And if you’re a limited company, think ahead to your Corporation Tax due date and whether you need to make any payments on account.


3. Review Cash Flow and Plan Ahead


Cash flow is one of the biggest stress points for small businesses. Use this mid-year check to forecast your cash for the next six months. Are there slow periods coming up? Any big bills on the horizon?


Now’s the time to make sure you’ve got enough breathing room, or consider options like funding or changing payment terms if needed.


4. Assess Profitability, Not Just Revenue


It’s tempting to focus only on sales figures, but profitability gives a much clearer picture of your business’s performance. Has your gross profit margin changed? Are you pricing your products or services correctly?


5. Tidy Up Your Records and Accounting Software


Clear, up-to-date records make everything easier, from forecasting to filing tax returns. Check that your accounting software (we love Xero here at BCT Accountants) is up to date. Reconcile your bank statements. File any outstanding paperwork. It’s also a good time to digitise anything still sitting in your inbox or filing cabinet.


6. Set Goals for the Rest of the Year


Once you’ve reviewed where things stand, set a few realistic goals for the next quarter or two. That might include hitting a revenue milestone, cutting costs by 10%, or finally tackling that overdue system upgrade. Small tweaks now can lead to big wins by the end of the tax year.


7. Speak to Your Accountant


A mid-year chat with your accountant can give you valuable insight, and peace of mind.

At BCT Accountants, we’re here to help you review the numbers, forecast your tax bill, and plan smartly for the next six months. We can also help you stay compliant, spot tax-saving opportunities, and keep your business on track.



Doing a mid-year financial check-in is one of the simplest ways to stay in control of your business finances. It doesn’t have to take long, but it could save you stress (and money) later down the line.


Need a helping hand with reviewing your numbers? Get in touch today with Catherine on 01423 431 889 or email catherine@bctaccountants.co.uk for your FREE consultation call.


Please note: all stats are accurate for the 2025/26 tax year. 

 
 
 

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