End of Year Tax Planning – For 31 March Balance Date Clients
The 2019 year end is just around the corner!
There are a few tax compliance matters for the 2019 year that you should consider before 31 March approaches and some things you should do on or before that date.
Things that need to be considered and actioned before 31 March:
- Review of your Debtors and ensure you write off any bad debts dated 31 March or earlier from your ledger
- Issue all credit notes to customers if applicable
- Ensure all expenses are incurred before year end (invoices issued by supplier) so that a deduction is allowed in that financial year
Things that need to be considered on (or on the last trading day of the year) 31 March:
- Ensure stock counts in your accounting system are accurate, that is trading stock, at year end; also write off any obsolete stock by year end
- Determine the Work in Progress at year end, that is work that’s been preformed but not yet invoiced at year end (materials and labour should be included)
- Determine any raw materials held on hand at year end, that is unprocessed material used to produce goods not yet used at year end
- Record cash/ banking received prior to or on year end but not yet deposited
- Confirm Petty Cash and Till Floats at year end
We have already made a start on our scheduling for the 2019 year end work and will look to finalise that early in April 2019. Once finalised we will be able to send you a letter letting you know when your work is expected to be completed. Over the last few years we have fallen behind in our work schedule due to various reasons beyond our control which has affected a few of our clients and put pressure on the team. We are currently looking at ways to overcome this for the 2019 year. In the meantime, if for some reason you wish for your work to be at a specific time or if your work is urgent, please let us know and we will try our best to accommodate your request.
We will also have your 2020 annual folders ready for collection during April 2019.