Are you a Tradesperson that owns your own business? If the answer is yes, then the chances are that you are extremely busy dealing with customer quotations and work for customers. At Millhouses Accountancy, Accountants in Sheffield, we understand that it is highly likely you don’t have time to manage accounts and/or paperwork. As a result, you could be missing important HMRC and Companies House deadlines – this could result in being fined. Millhouses Accountancy, Accountants in Sheffield, have many years experience in preparing the accounts and tax returns for various tradespeople. Millhouses Accountancy now offers a complete accountancy package covering everything from your day to day transactions to preparing and submitting your tax returns. Here’s a rundown of our accountancy packages – our accountancy packages in Sheffield include the following:
BOOKKEEPING & VAT RETURNS
Bookkeeping, as you will be aware of, is the recording of the day transactions into what’s known as ledgers. This is a vital task within any Sheffield business as without bookkeeping, how can you have any insight into your business’ financial health and profitability. Millhouses Accountancy, Sheffield, can keep on top of this by writing up all of your invoices and receipts and reconciling your bank account. This way, our accountants in Sheffield can work out how much your business is owed and does owe. We will also prepare and submit your VAT return to HMRC every quarter if you are VAT registered (advising you of the amount you owe).
This accountancy work can be done at your office or you can post us your paperwork every month. Once everything is recorded, our Sheffield accountants will send it straight back to you.
It is fair to say that most self-employed tradespeople will use the services of subcontractors. Most of these will be registered as subcontractors under the Construction Industry Scheme. As a contractor engaging the services of subcontractors, under this scheme you are obliged to deduct 20% tax from every payment you make to a subcontractor. This has to be paid over to HMRC on a monthly basis accompanied by a monthly CIS Tax Return which details the amounts you have paid to your subcontractors along with the tax deducted. The tax deducted counts as advance payment towards the subcontractors’ Tax & NI. Subcontractors have to be issued with a certificate each time they are paid, which details the amount they have invoiced the contractor for, the amount of tax deducted along with any vat or materials they are charging you for.
Millhouses Accountancy, Accountants in Sheffield, will take care of this for you by doing the following:
- We will register you as a contractor with HMRC (if you are not already registered). You have to do this before you may take on your first subcontractor).
- We will verify your subcontractors with HMRC, ensuring that they are registered under the Construction Industry Scheme. This is important because if they are not registered you have to deduct tax at the rate of 30% from every payment made to them (as opposed to 20%). If they are not registered we can register them for you. Also some subcontractors may have Gross Payment Status which means you as a contractor do not have to deduct any tax at all.
- We will produce and send statements to your subcontractors for every payment made to them.
- We will produce and submit to HMRC the monthly CIS return, advising you how much tax is payable on behalf of your subcontractors.
YEAR END ACCOUNTS & TAX RETURNS
Once a business has done all of its record-keeping for the year and the year-end is here it’s time to produce the year-end accounts. If you are a Limited Company, Millhouses Accountancy’s Sheffield accountants will produce these accounts and submit them to Companies House. We will also produce the company’s Corporation Tax Return and submit this to HMRC. We are happy to produce and submit to HMRC your own personal self-assessment tax return as well.
If you are a sole trader, you are under no statutory obligation to produce accounts. However, you will still need to do accounts for the purposes of your own personal self-assessment. This is something our Sheffield accountants can also do for you, along with your self-assessment.
MONTHLY/QUARTERLY MANAGEMENT ACCOUNTS
It is usually not enough to produce accounts on an annual basis for most businesses. If you really want an insight on how to assess business’ performance, you really need access to your monthly or quarterly management reports. These comprise of a profit and loss account, a balance sheet and a cash flow statement. With access to these on a regular basis, you will be able to see straight away the areas in which your business is deviating from plans. You can then take corrective action straight away. Millhouses Accountancy offers this service on both a monthly and quarterly basis.
All of the above services are not mutually inclusive. You can choose to have certain ones provided by us for you. Alternatively, if you wish, we can arrange a package that incorporates everything detailed above.
Whichever package you choose our accountants in Sheffield will carefully we will agree on a fixed monthly fee with you in advance, this ensures that you know how much you are paying.
Get in touch with Millhouses Accountants in Sheffield
Call our Sheffield accountants today for more information, or contact our other offices on the appropriate numbers:
- Sheffield 0114 345 0960
- Nottingham 0115 882 0356
- London 0203 146 4808