Got your ducks in a row for 31 March? Here’s what to check now.
As we approach 31 March, now is a good time to pause and make sure everything is in order for year end.
A little preparation now can save time, stress and unnecessary tax adjustments later.
Below is a simple checklist to help you stay on track.
Before 31 March – Review and Tidy Up
Review your debtors
Look through your accounts receivable. If any debts are unlikely to be collected and are dated 31 March or earlier, they need to be written off before balance date to claim a deduction.
Issue credit notes
If customers are due credits, make sure these are processed before year end so they’re recorded in the correct financial year.
Check your expenses
To claim a deduction this financial year, the expense must be incurred before 31 March. That generally means the supplier invoice needs to be issued before year end.
On 31 March – Confirm Key Figures
Stock on hand
Make sure your stock count is accurate and valued at cost price. Write off any obsolete or damaged stock.
Work in Progress (WIP)
Identify any work completed but not yet invoiced. Include both materials and labour at cost price.
Raw materials
Record any unprocessed materials on hand that haven’t yet been used.
Cash and banking
Record any income received but not yet deposited into your bank account.
Petty cash and till floats
Confirm and reconcile balances as at 31 March.
Livestock (if applicable)
Ensure livestock numbers are counted and recorded correctly.
Year end doesn’t need to feel overwhelming. A clear process and a bit of early preparation makes it straightforward.
Need a little extra support?
If you’re unsure about anything on this list, or would like help reviewing your position before 31 March, get in touch with our team. We’re here to make it simple.
Call us on 07 573 1120 or email your usual Bennetts Proactive contact to chat through your year-end plan.