The End is Nigh...

Our friends at Franchise Accountants have kindly allowed us to reprint their handy checklist for the end of the business year activities:

• Reconcile your bank accounts in your accounting system as of 31 March 2017.
• Schedule a stocktake on 31 March 2017.
• Record work in progress at cost and write off anything non-recoverable before end of the year.
• Tidy up any bad debts. Remove them from the debtors’ ledger and make a note of these.
• Prepare debtors & creditors lists (March invoices paid in April)
• Gather all home office expense details.
• Review the fixed assets schedule.
• Count the cash in hand on 31 March 17.
• Clear the suspense account before 31 March 2017.
• Update your log book and calculate the percentage of business use on the vehicle.
• Keep a record of any date sensitive reports e.g. debtors aged trial balance
• Complete your accountant's annual accounting questionnaire as accurately as possible.

The earlier your tax returns are completed, the more quickly your accountants can calculate any tax payments required in the following year, which helps you avoid any nasty surprises!