We know year-end can be a stressful time. You’re juggling a million things, and the last thing you need is more hassle. But what if we told you there are some simple, cost-effective steps you can take to save time, money, and a lot of headaches? Achieving time freedom, financial freedom, and mind freedom is possible with a bit of planning and organisation.
Start by getting your documentation in order: bank statements, invoices, receipts, insurance documents, employee records, and anything else related to your business finances. Having everything at your fingertips makes it so much easier to handle any queries and ensures nothing slips through the cracks. Let’s dive into some key areas to consider as you wrap up the year!
Think of it this way—being organised now means less stress later. You’ll be able to wrap up the financial year smoothly, giving you more time to focus on what really matters: growing your business and enjoying the freedom you’ve worked so hard for.
Here are some key areas to consider as you approach the end of the year:
Contracts. Have you invoiced retentions that are not payable till the next tax year? If they are payable in the current year they are taxable as income.
Credit notes. Look out for any credit notes issued to customers after balance date. You may be able to apply them to this tax year
Debtors. Review your debtors. Did you take reasonable steps to recover all debtors?
Bad Debts. If you write off bad debts before 31 March, you should be able to claim it as a deduction.
Employee expenses. Amounts owing to employees for holiday pay, bonuses etc. can be claimed in this financial year if you pay them within 63 days of balance date.
Repairs and maintenance. Undertake planned maintenance or repairs before year end to ensure a tax deduction.
Stock. Do a stocktake. Dispose of obsolete stock by year end or write it down to its net realisable value. Make sure everything is squared away for the end of the tax year:
Home office expenses. This includes power, rates, rent or interest on your mortgage, insurance, repairs, phone, and more.
Fixed assets – Any assets that you are no longer use or don’t intend to use in the future can be written off.
Higher Income. Is your income significantly higher than the previous year? Consider whether an additional voluntary provisional tax payment may be appropriate or may be align your tax payments with turnover.
We’re just scratching the surface of what to look at as you prepare for year-end. If you have any questions about the above items or need help gearing up for year-end, don’t hesitate to call us at 09 309 3222. We’re more than happy to help.
Remember, staying organised and proactive will make your year-end process smoother and more efficient. This way, you can achieve the time freedom, financial freedom, and mind freedom that you deserve. Here’s to a stress-free year-end and a prosperous new year ahead!
