End Of Year Tax Planning - For 31 March Balance Date Clients

With the 2022 financial year end approaching, now is a convenient time to remind you of a few tasks that are required on or before the 31st March as part of your tax compliance responsibilities.

Things that need to be considered and actioned on or before 31 March:

· A review of all your Debtors.  Please ensure you write off any bad debts dated 31 March or earlier from your ledger before year end.

· Issue all credit notes to customers if applicable so these adjustments are taken up in the correct financial year.

· Ensure all expenses are incurred before year end (invoices issued by suppliers) so that a deduction is allowed in that financial year.

· A review of annual leave entitlements. Remember that any leave paid within 63 days of your balance date can be claimable for tax purposes.

Things that need to be actioned on 31 March:

· Ensure stock counts in your accounting system are accurate, that is trading stock, valued at cost price; also write off any obsolete stock.

· Determine the Work in Progress, valued at cost price.  Work in Progress is work that has been performed but not yet invoiced (materials and labour should be included).

· Determine any raw materials held on hand. Raw material is unprocessed material used to produce goods not yet used.

· Record cash/ banking received but not yet deposited.

· Confirm Petty Cash and Till Floats.

· Count your livestock (if applicable).