Millhouses Accountancy - Accountancy Services in Sheffield

How to Maintain a Healthy Cash Flow in Your Law Firm: 11 Easy Tips

Cash flow is the lifeblood of your small business. You need cash coming in regularly to ensure that you can continue operations and pay your staff and bills on time. However, cash flow can be precarious when you’re running a small business and late customer payments or unforeseen costs can cause huge disruption. In addition, … Continue Reading

Trivial benefits

Ever heard of ‘Trivial Benefits’? If not it might be very useful to you to know about!

HMRC have recently clarified what ‘trivial benefits’ are under the UK tax scheme, how they are logged according to tax, and who can receive them. If you’re a company owner or director, they may be very useful to you in terms of improving staff morale and saying ‘thanks’ when employees go above and beyond for … Continue Reading

The new global tax system

The world’s leading economies have agreed a new tax system that (once the multilateral convention has agreed the final rules) will be in place from 2023. The new global tax system is intended to address the long-running issues of businesses ‘offshoring’ profits. The practice, while legal, has been a bone of contention in many countries. … Continue Reading

The 2021 Autumn Budget

After a difficult few years, the Chancellor’s 2021 Autumn budget was a lot more optimistic than many expected. Rishi Sunak delivered his first budget weeks after taking office following the resignation of his predecessor, Sajid Javid. Rishi has spent much of the subsequent time as, by far, the government’s most popular member. This popularity, however, … Continue Reading

Contactless limit to rise to £100 in October

The payments industry has moved quickly in recent years. You don’t need to be that old to remember things like getting a cashier to print a cheque for signature. Or smaller retailers using manual imprint machines to get your card details. Now, a generation of people are getting their first salaries. But never seeing a … Continue Reading

Late payment penalty regime

HMRC is changing the late payment penalty regime (LPPR). There have always been penalties for late, or non-payment, of taxes, but these have varied between different taxes. The proposed changes are intended to make the penalties “fairer and more consistent” across the tax regime. The changes are being implemented over the next few years, with … Continue Reading

Most common scams

Scams have existed throughout human history, but with the internet and the popularity of smartphones, they have become more and more common. Now, scammers can target hundreds of thousands of people at once. They only need a few people to be unwittingly caught out to make it worth their while. Scams are constantly evolving and … Continue Reading

Next Stage of Digital Tax

Businesses and the self employed should start preparing for the next stage of digital tax before its introduction in 2023. HMRC’s ‘Making Tax Digital’ will already be familiar for VAT-registered businesses who now must keep and submit their records to HMRC using complaint software. Next Stage of Digital Tax expands the scheme to hundreds of … Continue Reading