Paul McCormick
June 5, 2024

With the end of the financial year finally here, it’s crucial to organise your financial records correctly before forwarding your information to us. The benefits to doing this early are numerous. First, your tax position will be established early in the financial year, providing you with the much-needed time to plan your business affairs. Secondly, on the basis you’re due for a tax refund, the sooner you get your tax return into IRD, the sooner it can be processed, and the refund returned to you.

To streamline the process and ensure your accountant can quickly and efficiently process your records, we’ve provided a list of matter you should consider before sending your records to us. Take the time to review and go through the checklist provided so you provide relevant personal and business information. Remember, records play a key role in the preparation of your accounting information. 

Our checklist will help you to:

  • Identify and supply additional information required for your account’s preparation.
  • Minimise queries from us during the accounts preparation process.
  • Reduce the time it takes for us to complete your annual accounts and tax returns.

Ultimately, organising and supplying us with all relevant documents, will help us to help you. Refer to the checklist below.

1.         Accounts Receivable (Debtors)

If you do not invoice from Xero or other software, please provide a list of amounts owed to you as of 31 March 2024 for goods or services you sold in March or earlier but did not receive payment for until April or later. Mark any debts that are old and unlikely to be paid.

2.         Accounts Payable (Creditors)

If you do not record creditors in Xero or other software, please provide a list of any goods or services you brought in March 2024 or earlier but did not pay for until April 2024 or later.  Include March PAYE.

3.         Vehicle Logbook

Between 1 April 2023 and 31 March 2024, if a personal vehicle is used for business purposes, you must keep a record of the mileage driven for business-related trips. Please provide us with this record.

4.         Work in Progress

Ongoing projects or jobs should be valued if they are expected to exceed $10,000 in value.

5.         Loan Details

If you have borrowed  money between 1 April 2023 to 31 March 2024 provide us with copies of loan statements.

6.         Finance Company Borrowings

Where you have entered into hire purchase agreements, provide us with copies of the agreements.

7.         Income

Was all income including cash banked into your business account? If not, please advise how much cash was spent personally or deposited into other bank accounts outside the business.

8.         Fixed Asset Changes

Details of cost, selling prices and trade-in value of plant, vehicles, property etc bought and sold from 1 April 2023 to 31 March 2024 should be provided if you have not already given us such information during the year.

9.         Repairs and Maintenance

You should advise us of details of significant repairs and maintenance, alterations and modifications you have undertaken during the financial year.

10.       Home Office Expenses

If you use a portion of your home for business, tell us and provide us with information on insurance, mortgage interest (excluding principal) and utilities such as power and gas, rates, and repairs. This applies to spaces like a home office, workshop, or storage area.

11.       Changes in Your Business

Has there been any significant change to your business during the past year that we are not aware of? If so, advise us.

12.       Other Commitments or Liabilities

Do any contingent liabilities, lawsuits or guarantees including capital expenditure commitments exist? If this is the case, be sure to tell us.

13.       Property Sale or Purchase

Was a property purchased or sold during the year? If so we need copies of sale and purchase agreements, loan documents, bank statements, lawyers’ settlement statements and invoices. 

14.       Depreciation

If you wish to claim depreciation on chattels in a property be sure to provide us with details.

We are here to help every step of the way so please contact us via phone or email with any questions or queries you may have. Our aim is to make the process of filing your tax return as straightforward as possible. Providing us with complete records, in a timely manner, will help us help you in this endeavour.

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