WD10 Email Template

The monthly update email should include the following where applicable:

Bookkeeping

Confirmation that the bookkeeping for the prior month has been completed, or provide details of any information that you still need to close off the period.

VAT

If there is a VAT period coming up, make the client aware of this, and detail any information you are waiting for to be able to prepare the VAT return.

Make the client aware when you need the information by.

Make the client aware that on the basis the outstanding information is received, by what date you are planning to send them the draft VAT for approval by. This must be shared/ sent to the clients by the 1st of the month (ie 1st of the month that VAT Return needs to be submitted) to ensure the client has enough time to review the VAT return and for cash flow purposes.

Include the filing deadline of the VAT return.

Review the VAT balance – if there are any outstanding VAT balances due to/ from HMRC, make the client aware of these.

PAYE

Review the balance at month end. If the PAYE liability is unpaid, make the client aware of the balance owing, what periods it relates to and when it needs to be paid by/ if it is overdue (if overdue, note that interest will be accruing on the overdue balance).

Pensions

Review the balance at month end, ensuring the monthly pension payments are being made. Where there is an overdue balance/ discrepancy, investigate and make the client aware.

Wages Payable

Review the balance at the month end. If there are any under/ over-payments make the client aware of these.

Director’s Loan Account

Review the balance at the month end. If DLA is overdrawn, make the client aware of this and also include the link to client bites.

Corporation Tax

If there is a corporation tax payable balance, make the client aware of when this amount is payable by, if the payable is overdue, highlight that it is overdue and interest will accrue on this balance until it is paid in full.

If the client is waiting for a R&D credit, make sure any credit from HMRC is correctly reconciled against the corporation tax debtor in the Balance Sheet.

Year end accounts

If the year-end is upcoming (2 months before year end), make the client aware that the year end date is coming up, your timetable for closing Xero, and what you need from them to close the books.

Confirmation Statements

If the client’s confirmation statement date is upcoming, make the client aware of this and when the filing needs to be completed by. If they need support with this, we can refer to partners that we work with.

Overdrawn Director Loan Account

If you note overdrawn balances, please make the client aware of the consequences. Should these not be cleared within 9 months after year end, there will be corporation tax charged on these balances.

Client Bites

The Client Bites website is designed specifically for Finerva clients and provides resources and support on a variety of topics such as VAT, payroll, HMRC deadlines etc. Please see link below:

https://clientbites.finerva.com/