Have you considered all the tasks that need to be done on or before 31 March? Find out what you need to do.

Accounts Receivable (Debtors) - Review your debtors, any that you don't expect to collect should be written off or Credit Notes issued for billing discrepancies before year end so that tax is not paid on unrecoverable amounts. 

Accounts Payable (Creditors) - Review your creditors, any supplier invoices that are not correct should be addressed before year end so that tax is not unnecessarily claimed.

Stock on Hand - Review your stock/inventory/raw materials.  Any obsolete (expired or no longer fit for sale) should be written off before year end so that tax is not paid on any value held but not saleable.  Stock needs to be recorded at cost and GST exclusive.

Work In Progress (WIP) - WIP is work or services undertaken but not invoiced at year end.  Any WIP that is non-chargeable should be written off so that tax is not paid on any unrecoverable value.  WIP needs to be recorded at cost.

Expenses - Ensure all expenses are incurred before year end, that includes invoices dated 31 March or before so that a tax deduction can be taken in that financial year.

Cash balances - Confirm all cash balances at year end.  This includes Petty Cash, till floats and cash collected but not yet banked.

Prepayments - Consider any prepayments (either collected or paid) so that the appropriate tax position can be taken at year end.

Annual Leave and bonus payments - Employee Annual Leave balances are a business liability (but not a tax-deductible expense) however any Annual Leave or bonuses paid within 63 days of balance date (up to 2 June) are deductible for tax purposes.

Donations - Tax Credits are available for donations made to registered charities, public schools and religious organisations throughout the year.  For any donations made by year end, please retain a copy of the Donation receipt.

Year End information required - Certain information is required for year end compliance work.  This includes confirmation of bank and loan balances, hire purchases and finance agreements, obtaining invoices for capital expenditure, a review of your asset schedule and Home Office claim documentation to name a few.