accounting, payroll and statutory compliance calendar for UK and Ireland for accountants
Accounting Compliance Checklist
- Gather financial data from all departments.
- Compile revenue and expense reports.
- Analyze variances against budget.
- Prepare a summary report for management.
- Distribute the report to relevant stakeholders.
- Obtain bank statements for the month.
- Match transactions with records in accounting software.
- Identify and resolve discrepancies.
- Confirm balances with bank statements.
- Document the reconciliation process.
- Check outstanding invoices and payments.
- Verify accuracy of vendor and customer records.
- Assess payment terms and cash flow.
- Communicate with vendors and customers as needed.
- Update records accordingly.
- Track all fixed assets acquired.
- Record purchase dates, costs, and depreciation.
- Update register for disposals or impairments.
- Conduct annual physical asset counts.
- Ensure compliance with accounting policies.
- Conduct physical inventory counts regularly.
- Compare counts against inventory records.
- Evaluate valuation methods (FIFO, LIFO, etc.).
- Adjust records for discrepancies.
- Report findings to management.
- Compile all financial data for the year.
- Follow accounting standards for reporting.
- Ensure all entries are accurate and complete.
- Review statements with management.
- File statements in compliance with regulations.
- Schedule audits at least annually.
- Select areas for review based on risk.
- Document findings and recommendations.
- Discuss results with management.
- Implement corrective actions as needed.
- Stay updated on current accounting standards.
- Review financial practices against standards.
- Train staff on compliance requirements.
- Document policies and procedures.
- Conduct periodic compliance assessments.
Payroll Compliance Checklist
- Gather timesheets from all employees.
- Check for completeness and accuracy.
- Verify hours worked against scheduled shifts.
- Resolve any discrepancies with employees promptly.
- Ensure all timesheets are submitted before payroll processing.
- Set a consistent payroll schedule.
- Input verified timesheet data into payroll software.
- Calculate gross pay for each employee.
- Deduct taxes and contributions as per regulations.
- Finalize payroll before the payment date.
- Determine the correct tax code for each employee.
- Calculate the PAYE tax owed based on earnings.
- Calculate NICs based on current thresholds.
- Ensure compliance with the latest tax rates.
- Double-check calculations for accuracy.
- Prepare payslips detailing gross pay, deductions, and net pay.
- Distribute payslips electronically or physically.
- Ensure payslips are issued on or before payday.
- Maintain confidentiality of employee information.
- Provide clear instructions for any queries.
- Complete the necessary PAYE reporting forms.
- Submit reports by the deadline set by HMRC or Revenue.
- Ensure accuracy to avoid penalties.
- Retain copies of submitted reports for records.
- Monitor for any confirmations of receipt.
- Review employee eligibility for auto-enrolment.
- Communicate pension scheme details to employees.
- Enroll eligible employees into the scheme.
- Make required contributions on behalf of employees.
- Keep records of enrolment and contributions.
- Store all employee records securely.
- Regularly update records with any changes.
- Ensure compliance with data protection regulations.
- Keep payroll documentation for the required retention period.
- Conduct regular audits of payroll records.
- Compare payroll records against financial statements.
- Identify and investigate any discrepancies.
- Adjust records as necessary for accuracy.
- Prepare a report summarizing the reconciliation.
- Retain records of the reconciliation process.
Statutory Compliance Calendar for the UK
- Prepare financial statements according to UK GAAP.
- Ensure all necessary disclosures are included.
- Submit accounts electronically via Companies House website.
- Confirm submission and retain acknowledgment for records.
- Check for any late filing penalties.
- Gather financial information and calculate taxable profits.
- Complete the CT600 form accurately.
- Submit online through HMRC's online services.
- Ensure payment of any Corporation Tax due.
- Keep a copy of the return for records.
- Review VAT returns and ensure all transactions are accounted for.
- Calculate VAT liability and confirm payment amount.
- Make payment through the HMRC payment portal.
- Note the payment reference for tracking.
- Retain documentation for future audits.
- Verify company information is up to date.
- Complete the CS01 form with required details.
- Submit electronically via Companies House service.
- Check submission confirmation and save for records.
- Ensure timely submission to avoid penalties.
- Review data processing activities and policies.
- Conduct a data protection impact assessment, if necessary.
- Update privacy notices and consent mechanisms.
- Train staff on data protection responsibilities.
- Maintain records of processing activities.
- Identify potential hazards in the workplace.
- Evaluate risks and implement control measures.
- Document findings and review regularly.
- Provide training and information to employees.
- Ensure compliance with health and safety legislation.
- Collect details of employee benefits and expenses.
- Complete P11D forms accurately for each employee.
- Submit forms electronically to HMRC by the due date.
- Provide employees with P11D information for their records.
- Retain copies for your records and compliance checks.
Statutory Compliance Calendar for Ireland
- Prepare the annual return document.
- Include company details and financial statements.
- File electronically through the CRO online system.
- Ensure submission by the deadline to avoid penalties.
- Gather necessary financial information.
- Complete the CT1 form accurately.
- Submit the form online via the Revenue website.
- Ensure payment is made by the due date.
- Calculate VAT owed based on sales and purchases.
- Prepare the VAT return form.
- Submit the VAT return online.
- Make payment by the specified deadline.
- Collect all relevant income and expense information.
- Fill out Form 11 accurately.
- Submit the form online through Revenue’s system.
- Ensure any tax owed is paid by the deadline.
- Review company records and governance policies.
- Ensure all statutory obligations are met.
- Keep all required documents updated and accessible.
- Conduct regular compliance audits.
- Identify potential hazards in the workplace.
- Evaluate risks associated with those hazards.
- Implement measures to mitigate identified risks.
- Document findings and actions taken.
- Gather payroll data for the period.
- Complete the PAYE/PRSI return form.
- File the return electronically through Revenue.
- Ensure payment is made on or before the due date.
Additional Considerations
- Subscribe to tax news bulletins.
- Attend relevant webinars and seminars.
- Review updates from HMRC and Revenue Commissioners regularly.
- Join professional accounting bodies for resources.
- Consult with tax specialists for complex changes.
- Conduct quarterly compliance audits.
- Document and analyze any discrepancies.
- Update procedures based on audit findings.
- Engage stakeholders in process reviews.
- Use compliance software for tracking.
- Schedule regular training sessions.
- Provide access to updated training materials.
- Incorporate real-life case studies in training.
- Test staff knowledge with assessments.
- Encourage questions and discussions during training.
- Set regular meetings to discuss compliance.
- Share relevant documentation promptly.
- Address any concerns raised by auditors.
- Implement recommendations from advisors.
- Keep a record of all communications.
- Use a digital filing system for documents.
- Label files clearly and consistently.
- Ensure backup copies are stored safely.
- Create an index for quick reference.
- Regularly review and purge outdated records.
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