Learning Guide · 6 chapters

Year-end checklist

A six-chapter walkthrough of closing the financial year in Blankitt — bad-debt review, VAT relief claims, fixed-asset sign-off, period lock, and MTD VAT submission. Built for owner-managers + bookkeepers running a UK limited company.

  1. 1
    What year-end actually is
    For a UK limited company, year-end is the date your accounting period closes. Five things happen — bad-debt review, VAT relief, fixed assets sign-off, period lock, and MTD VAT submission. This is the map.
  2. 2
    Bad-debt review — specific and general
    Walk your aged-debtors list. Raise specific provisions for the doubtful ones. Set a general % for the statistical baseline. Both post real journals you can defend if asked.
  3. 3
    VAT bad-debt relief — HMRC's 6-month rule
    When a customer hasn't paid 6 months after the invoice due date, you can reclaim the VAT you originally charged. The engine auto-fires the claim on write-off and auto-repays if they later pay.
  4. 4
    Fixed Asset Register — sign off depreciation
    Walk the FAR, post the year's depreciation, deal with disposals and impairments, and produce the PDF your accountant needs.
  5. 5
    Period lock — close the books
    Once year-end adjustments are posted, lock the period. No more back-dated journals. No more sneaky transactions appearing on last year's P&L. Your audit trail becomes immutable.
  6. 6
    Submit MTD VAT — the final return
    Making Tax Digital is HMRC's electronic submission. From Blankitt: review the boxes, click submit, store the receipt. Corrections handled by a follow-up submission.