With the end of the financial year behind us, you may be working towards getting your records ready for us to prepare your end financials. Here are a few key tips to make sure your finances are in the best possible shape.
1. Write off bad debts
As you complete your March invoicing, make sure your review your debtors list. If you have invoices that you won’t be able to collect, write them off as part of your March month end process to be able to claim a deduction for tax purposes. If you are unsure how to do this, please give one of our team a call.
2. Complete a stocktake
Make sure you have completed a stocktake prior to or at year end to ensure you have an accurate value. Remember, stock is carried at the lower of cost or market value so if you have obsolete or slow moving stock, we may be able to write them down.
3. Check your fixed assets
Review your fixed asset schedule and identify any assets which are obsolete or have been disposed of during the year. If you have purchased any assets throughout the year, ensure you have invoices available (whether electronic or paper) to support the claim, including any finance documentation. Please contact one of the team if you would like us to send a copy of the last fixed asset schedule through to you to review.
4. Confirm any employee bonuses
To claim these as a deduction at year end, the bonuses must be committed to before 31 March and paid out within 63 days. This means that the PAYE must be paid on them in either April or May.
5. Gather documentation for home office expenses
Gather information to enable a home office claim (copies of rates notices, electricity, mortgage interest statements etc). If you have moved during the year, consider what proportion of the house is utilised as a home office and note this information.
6. Plan ahead
Want to look forward rather than backwards?
Contact us to discuss how we can help you achieve your financial goals by making a plan for the new financial year.
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Join our Advanced Financial Management Programme in April / May 2025. This programme is designed to provide businesses with a working understanding.
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This article contains general information only and based on information available at the date of publication. You should obtain advice for your personal circumstances.
