End of Year Tax Planning

For 31 March Balance Date Clients

Now is a convenient time to remind you of a few tasks that are required on or before 31 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 supplier) so that a deduction is allowed in that financial year.

Things that need to be actioned on 31 March:

• Ensure stock counts in your accounting system are accurate, that is trading stock is 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 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).