Review
For some the 2023 financial year will be a spec in the rear vision mirror but for others, the next six weeks will be a mad rush. Tidying up your financial queries and booking time to see your accountant to assess how 2023 went and the level of tax that will be due come Terminal Tax time on the 8th of April.
Finalise
For those where the 2023 financial year is a distant memory, it is important to review your cash position for the upcoming tax installments. The next few months may see the bulk of your income tax payments for the whole year, so it’s important to ensure that a provision has been made or will be made.
If it is looking like it will be a struggle to meet your tax payments, get in touch with you accountant early as there are a couple of options to suite different cashflow scenarios that are significantly more palatable than being at the mercy of the full IRD interest rates and penalty levels.
Plan
Now is the time to start thinking about having everything ready to go for the 2024 year. Having your paperwork all filed and tidy or even better digitised (using Xero for example) will enable efficient processing.
Ensure that stock levels, cash on hand and debtor/creditor amounts are assessed at balance date. Historical data is great to provide a benchmark and quantify tax for the year ahead however, most financial decision making will be conducted based on the now and expectations of the future. The previous years’ financials form the starting point for any forecasts or plans or scenario analysis.
If you need help navigating any of these issues, come speak to the team at YHPJ to help Review, Plan and Finalise your 2024.
