With 31 March fast approaching its timely to check you’re ready for the 2021 financial year.
Q2’s Checklist to ensure the next financial year’s financial and business goals are achieved:
- Strategic business plan in writing for next 12 months?
- Do you have a business continuance plan (Coronavirus specific), and is it known to all staff?
- Financial and cashflow forecasts prepared for next 12 months?
- Pricing (and costings) reviewed or updated?
- Organisational structure with reporting lines and accountabilities defined and up to date?
- Job descriptions and KPIs in place for all team members?
- Performance and/or salary reviews completed?
- Marketing plan completed for next 12 months?
- All 2019 tax returns filed with IRD?
- 2019 terminal tax due by 7 April 2020 – should you consider a tax purchase?
- Does 2020 provisional tax due 7 May 2020 need reviewed, or a tax purchase arranged?
Q2’s Quick check that you have prepared for the 31 March 2020 tax year end cut off:
- Bad debts written off accounts receivable (debtors) before 31/3/20
- Prepay expenses before 31/3/20 so can claim as a tax deduction
- Stock on hand correctly valued and obsolete stock written off
- Minimise end of year Work In Progress (invoice or write off unrecoverable WIP before 31/3/20)
- Review fixed assets for items scrapped or disposed of during year
- Quantify holiday pay owing at 31 March 2020 (if paid by 2 June 2020 you can claim a tax deduction)
Accounting and Payroll Software
1st April is the ideal time to transition your accounting and/or payroll software to a more suitable or convenient platform – get ready now, Q2 can help.
Residential Rental Investors
If you own residential rental property are you aware of how the new ring fencing of losses, effective from 1 April 2019, will affect you and the amount of 2020 tax to pay?
Contact Q2 if you wish to discuss any of the above. Helping business owners run better businesses is what Q2 does.