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Talk to your accountant or bookkeeper. They\u2019ll tell you what you need to do before 31 March including what you can claim for and what you can\u2019t. Remember, tax time is busy for them too, so the more prepared you are, the smoother the process, and the better the result.<\/p>\n
File your return on time. Don\u2019t waste your hard-earned cash on unnecessary interest and penalties. Get your accounts up to date, tidy up loose ends and file on time.<\/p>\n
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Review your inventory. The value of your stock affects your business\u2019s taxable profit. Do a meticulous stocktake before year-end. Get rid of any out-of-date or damaged items and write them off.<\/p>\n
Extra assets on board? Year-end is the time to ditch surplus assets. If you can sell them, great, otherwise write them off.<\/p>\n
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Sooner rather than later. If you\u2019re planning to buy any new equipment or assets, do it on or before 31 March (rather than 1 April) to reduce your taxable income and gain a full month\u2019s depreciation.<\/p>\n
Got invoices and receipts for your expenses? It can be tricky to keep track of everything so if you\u2019re not already, go digital. Scanning receipts and saving electronic invoices in the cloud saves time and space.<\/p>\n
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Payroll up to date? Now\u2019s the time to check your payroll system only includes current staff and that all their details are correct. Ensure former staff don\u2019t have access to company systems.<\/p>\n
Remember tax on bonuses: Special bonuses this time of year can be a great way to reward and motivate staff, just remember to get the tax right on any lump sums made. Also keep in mind any bonuses for the current year, and holiday pay or long service leave paid out within 63 days after 31 March can be deducted against your current year income.<\/p>\n","protected":false},"excerpt":{"rendered":"
Week 1: First things first Talk to your accountant or bookkeeper. They\u2019ll tell you what you need to do before 31 March including what you can claim for and what you can\u2019t. Remember, tax time is busy for them too, so the more prepared you are, the smoother the process, and the better the …<\/p>\n","protected":false},"author":1,"featured_media":2909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[493],"tags":[],"yst_prominent_words":[],"yoast_head":"\n