Introduction
- This is our approach to all articles.
- This article contains useful guides to finishing the tax year 2023/23 for Sole Traders for the period 6 April 2022 (Generally this is taken as 1st April 2022) to 5 April 2023 (Generally taken as 31 March 2023) and
- For Companies to the accounting period ended 31 March 2023.
The Steps
- End of Year Payroll Formalities. (where payroll is run for employees, including Directors).
- In addition, we need to have a dialogue for planning from 1 April 2023 to 31 March 2024.
Business Requirements to 31 March 2023
- The following information to be placed in Dropbox, as soon as possible:
- A schedule of all outstanding debtors.
- A schedule of all outstanding creditors.
- A schedule of all Accruals (i.e. where an expense has been incurred but not invoiced by the supplier, and those who have sent invoices but are paid after 31 March).
- A schedule of all Prepayments (i.e. where an expense has been incurred and billed for goods and services due after 31 March).
- Closing Stock figures (no matter where situated, i.e. goods for which invoices have been received).
- Bank Transactions from 1 April 2022 to 31 March 2023 (if not already provided), in a csv format.
- Business Credit Card Transactions from 1 April 2022 to 31 March 2023 (if not already provided), in a csv format.
- Closing Bank Statements as at 31 March 2023 for all business accounts, in a PDF format.
- Mileage Claims in Boomerang.
- Expense and Petty Cash Claims in Boomerang.
- Identify all disbursements in Boomerang, not fully accounted for.
- All transactions conducted outside the accounting records and where Avar have not been made aware of, e.g:
- Use of Personal Assets for business.
- Use of Home as Office.
- Transfer of Personal Assets to business.
- Any other transactions that you may believe are tax deductible (if unsure, speak to Avar).
- All VAT accounting information to this period (where applicable).
Sole Traders Requirements to 5 April 2023
- The following information to be placed in Dropbox, as soon as possible:
- Business Bank Transactions from 1 April 2022 to 5 April 2023 (if not already provided), in a csv format.
- Business related Credit Card Transactions from 1 April 2022 to 5 April 2023 (if not already provided), in a csv format.
- Mileage Claims in Boomerang.
- Expense and Petty Cash Claims in Boomerang.
- Identify all disbursements in Boomerang, not fully accounted for.