With 31st March fast approaching, now is a good time to start planning for your financial year end.
With many business owners focussing on the day to day operations of their business, things easily get pushed aside, and many times the record keeping function of the business falls within these things.
It’s worth planning ahead to avoid being caught off guard with a big tax bill or a mountain of catch up work on your records.
Here are some tips to help you plan ahead:
Don’t hesitate to ask for expert help
- The end of the financial year can be a very stressful time for many business owners, and many choose to try and handle their own accounts and tax, often leading to missed deductions and under-, or overstated tax liabilities.
- Don’t be afraid to ask for expert help to make sure that you are claiming all the deductions and write off’s you are allowed to claim, and to ensure your records are accurate and up to date.
Ensure your records are up to date?
- Now is a good time to look at your records and ensure everything is up to date, saving you much time and money when it comes time to prepare your end of year financial statements and tax return.
- Ensure you print or take screen shots of your final bank balances at close of business on the 31st March
- Remember to do a stocktake on all inventory held.
- Review your outstanding debtors and creditors and ensure all the debtors are still viable and all creditors are indeed outstanding and accurate.
Did you receive the COVID-19 wage subsidy?
- There is a specific way in which you are required to record the wage subsidy transactions in your financial statements.
- Ensure your records correctly reflect the receipt and payment of the wage subsidy.
Did you receive the COVID-19 Small Business Cash Flow Loan?
- Ensure the loan has been correctly captured in your financial records and that you have record of how these funds were used.
- Do you need to provide for employee holiday pay liability?
- Make sure this is correctly captured in your financial records.
Know the key dates
- Ensure you know the dates when taxes are due and payable and what your potential tax liability is to avoid nasty surprises.
Reflect back on your business plan.
- Now is also a good time to reflect on your business plan to see how you have tracked against your goals thus far.
Get in touch with me now and make sure you are prepared for the end of your financial year.