Annual Income Tax Return Deadlines and How to Prepare Early

The annual income tax return is the official summary of your business year. Preparation should start before the year ends, not after it.

Statutory deadlines

• Individuals: file before 1 April each year, covering the previous year.
• Corporate entities: file within four months of the financial year end.

What to prepare before year end

1. A physical stock count, with differences reconciled against the books.
2. Customer and supplier balance reconciliations, including balance confirmations.
3. Complete bank reconciliations for every account through the last day of the year.
4. A review of non-deductible expenses, separated into their own line.
5. A fixed asset register review, including the depreciation rates applied.

Why early matters

Restating financial statements after approval is expensive, and filing on the last day means data-entry errors with no time left to catch them. Start your close at least two months before the deadline.