Kellett Accounting Solutions Limited
Tax specialists for network marketing and home based business professionals
31 March is the end of the tax year. Do you need to panic?
There are a few things you may need to do around 31 March, but as long as your 2016 income tax return is filed before then, there’s absolutely no need to panic.
The only things that need to be done on or around 31 March (that can’t easily be found out after the event… like a bank balance) are:
· Stocktake: make a list of all the stock you have on hand (both products for sale and supplies to create products) intended for sale or sampling at 31 March 2017.
· Debtors: make a list of anyone who you’d sold products or services to before 31 March 2017 who paid you after 31 March, with the amounts involved.
· Creditors: make a list of any goods or services you received before 31 March 2017 but paid for after 31 March (the easiest way of doing this is to just add to the list as you receive or pay invoices/statements in April).
If you want to make some changes to the structure of your business for the 2018 tax year, you will need to do that before 31 March 2017. If any of the following (or something similar) apply to you, please contact me to discuss:
· Changing the status of your company to (or from) a look through company.
· Changing the frequency that you file your GST returns.
· Converting your provisional tax calculation system from the standard (105% of last year’s tax) to the ratio system (provisional tax is calculated based on the income from your GST returns).
And that’s really about it… not too stressful at all!
If you’re registered for GST, you’ll need to get your GST information processed by 7 May, then we can process your annual accounts at your convenience after that. If you’re not registered for GST, your deadline is 31 March 2015. Just be aware that the quicker we complete your tax return, the quicker you’ll receive your refund or the more warning you get of any taxes that may be payable.
As a general rule, we can’t process income tax returns until May at the earliest, because the March PAYE returns (due 20 April) have to be received and processed before your PAYE information for the year can be finalised.
The only things that need to be done on or around 31 March (that can’t easily be found out after the event… like a bank balance) are:
· Stocktake: make a list of all the stock you have on hand (both products for sale and supplies to create products) intended for sale or sampling at 31 March 2017.
· Debtors: make a list of anyone who you’d sold products or services to before 31 March 2017 who paid you after 31 March, with the amounts involved.
· Creditors: make a list of any goods or services you received before 31 March 2017 but paid for after 31 March (the easiest way of doing this is to just add to the list as you receive or pay invoices/statements in April).
If you want to make some changes to the structure of your business for the 2018 tax year, you will need to do that before 31 March 2017. If any of the following (or something similar) apply to you, please contact me to discuss:
· Changing the status of your company to (or from) a look through company.
· Changing the frequency that you file your GST returns.
· Converting your provisional tax calculation system from the standard (105% of last year’s tax) to the ratio system (provisional tax is calculated based on the income from your GST returns).
And that’s really about it… not too stressful at all!
If you’re registered for GST, you’ll need to get your GST information processed by 7 May, then we can process your annual accounts at your convenience after that. If you’re not registered for GST, your deadline is 31 March 2015. Just be aware that the quicker we complete your tax return, the quicker you’ll receive your refund or the more warning you get of any taxes that may be payable.
As a general rule, we can’t process income tax returns until May at the earliest, because the March PAYE returns (due 20 April) have to be received and processed before your PAYE information for the year can be finalised.