The new financial year begins on 6 April, and for many freelancers, it signals a fresh start. But it also brings with it a familiar thought: I’ve only just finished my last tax return…
At Mission Accomplished, we often see creatives treat tax as a once-a-year obligation something to revisit in January under pressure. But there’s a far more powerful way to approach it. As Alison points out, doing your tax return at the start of the financial year can turn it from a stressful task into a strategic advantage.
Eat the Frog is a productivity concept, based on a quote often attributed to Mark Twain: “If it’s your job to eat a frog, it’s best to do it first thing in the morning. Then nothing worse can happen to you for the rest of the day”.
The “frog” represents your most important, most difficult, or most uncomfortable task — the one you’re most likely to procrastinate on but that will make the biggest difference if completed. By tackling this task first, before emails, meetings, or smaller tasks take over, you reduce stress and create momentum for the rest of your day.
There’s a simple principle we encourage across our programmes: tackle the hardest task first.
Your tax return is often that task.
Alison says “Getting it done early removes months of background stress and frees up your energy for the work that really matters. It also builds momentum helping you start the year with focus rather than fatigue.”
While reviewing expenses is important, the real value lies in understanding your revenue.
A practical approach we recommend drawn from Alison's own process is to review your invoices and categorise your work using a simple system:
- Red – work you don't want to repeat
- Amber – work that sits in the middle
- Green – the work you want more of
By assigning income to each category, you can clearly see:
- How much of your time is spent on the work that you don't want to keep doing (red work)
- How much is aligned with your long-term goals (green work)
This simple exercise often reveals a powerful truth: a significant portion of your income may be coming from work that isn't moving your career forward.
Once you've identified your "green" work, the next step is action.
Alison says this is where your tax return becomes a marketing tool. You now have a list of recent clients and you can:
- Identify clients who regularly return
- Spot those who haven't worked with you recently
- Reconnect with valuable contacts
A simple check-in email can reopen opportunities and build stronger relationships.
Instead of guessing where your next project will come from, you're working from real insight.
A key development shaping how freelancers manage their finances is Making Tax Digital.
At first glance, it can feel like another layer of complexity. But in practice, it supports exactly this proactive approach we advocate.
Under Making Tax Digital:
- You submit quarterly updates rather than relying solely on an annual return
- You still complete a final declaration by 31 January
- Your tax payment deadlines remain unchanged
You gain a clearer, more regular understanding of:
- Your income
- Your expenses
- Your estimated tax position
Rather than reviewing your business once a year, you're checking in consistently allowing you to adapt and respond in real time.
From admin to opportunity
At Mission Accomplished, we believe financial awareness is a key part of creative success.
Doing your tax return early and embracing the rhythm of Making Tax Digital shifts your mindset:
- From reactive to proactive
- From stress to structure
- From uncertainty to informed decision-making
As Alison says, "It's not just about compliance it's about using your financial data to shape the business and career you want to build."
