April to May 2018 is a busy one in the accounting world, more so than usual this year as provisional tax and GST payments are due on 7 May, and Inland Revenue are also unavailable from 12 April to about 17 April as they look to upgrade more tax types to their new computer system. This means both tax agents and tax payers will not be able to access any information from IRD during mid April.
The Easter Bunny is bringing you a different present this Easter weekend – 31 March 2018 end of year! The end of the financial year for many clients will fall on Easter weekend this year. With the increased use in technology it is becoming quicker for clients to have the basic data ready to be turned into annual accounts by us. However there are some key aspects that you need to consider before giving us the go ahead to prepare your accounts:
- If you hold any cash, or stock, remember to count these as close as possible to 31 March 2018;
- If you have any work in progress but not yet invoiced, record the value;
- Before you complete our annual questionnaire for 31 March 2018, remember to:
- Complete your sales invoicing for 31 March;
- Enter all accounts payable into your accounting software system (or record these in the questionnaire if you don’t have an accounting system like Xero or MYOB);
- Complete your last payroll that will cover 31 March 2018;
- If using accounting software, run bank reconciliation reports at 31 March 2018 and ensure the ending bank balance matches the bank balance your bank statement gives you for each bank account;
- Complete and file your 31 March 2018 GST return with IRD;
Our annual questionnaires are the first step for many clients to begin gathering their records for annual accounts. We will be emailing annual account questionnaires to a number of clients in April, with the remainder being emailed later in the year. If you have not received a questionnaire by the 12th of April and would like your accounts completed soon, please contact Kendyl on firstname.lastname@example.org and she will arrange to have one sent out to you.
AIM, a new option to pay provisional tax – we have had a few clients ask about this new option. If you would be interested in attending a short seminar on AIM, please respond to this email so we can gauge interest in those wanting to attend a seminar.
Minimum Wage Increase 1 April – check your payroll systems – 1 April 2018 sees the minimum wage rise from $15.75 to $16.50. Please remember to check your payroll settings to ensure you are compliant with this change.