It's the final month of the 2018 financial year.
There are some things that should be kept in mind to do prior to the last day of March.
If you carry stock then you should do a stocktake on the last day of the financial year to accurately measure your stock value. You can also take this time to write down the value on 'stale' or 'old' stock that you have been carrying. The higher the stock figure you have the higher your profit will be in the accounts.
March is also a good month to run your stock down, unless you have seasonal requirements that prevent you doing this. The less stock you are carrying at year end means the more actual cash you should have in the account, so your accounting profit will closer reflect your cash position.
Do you have debtors on your register that you are never going to be able to collect from? If so make sure they have been written out of your system prior to the end of the year. You don't want to pay tax on money you are never going to get.
Go through your asset register in the 2017 accounts we prepared. Is there any plant that has been lost, thrown away or no longer works? If so make a note of it and make sure you pass this information onto us prior to completion of the 2018 accounts.
Are you a provisional tax payer? Has your profit this year changed dramatically from 2017? If so get in touch prior to the last provisional tax payment due 7th May, as we can re-estimate this payment to more closely reflect your annual tax bill, this can help your cashflow or save you use of money interest with the IRD.
I encourage you to look at the linked articles in this newsletter as there may be some useful check lists or articles of interest relevant to you and your business.
If you require your 2018 accounts completed with urgency, for the bank etc. Please give us a call and we can prioritise.
If you have any questions, comments, or suggestions please don't hesitate to Contact us at any time.
We'd love to hear from you!
Luke Canton & the team
Flashpoint Accounting Ltd
7th April - Due date for the 2017 Terminal tax bill. This is the tax to pay on last years income. We emailed notices for this earlier this month.
7th May - 3rd payment of provisional tax date. We will be sending these notices out shortly.
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