What is ‘cash basis’? Cash basis, introduced several years ago in the UK, is a way for sole traders or partners to work out your expenses for self-assessment tax. It suits some small businesses better than traditional accounting as you only need to declare money when it comes in and out of your business. At the … Continue Reading
How to start your own business from scratch & how to do it properly
You’re either working on your own dream or your working on someone else’s If you’re currently starting your own business or just considering it, you have a great opportunity to do it properly and build a solid foundation which will pay dividends in the future. Even more importantly, however, it’s a great opportunity to avoid … Continue Reading
The new Self-employment Income Support Scheme – a message from the government
The Chancellor has announced more about the new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19. Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to … Continue Reading
A fast guide to corporation tax for UK companies
Corporation Tax is a tax paid by businesses in the UK and is calculated on annual profits in a similar way to how income tax is calculated for individuals, however, companies don’t get an equivalent personal allowance – all profits are taxable – however, there are some expenses and deductions that can be claimed to … Continue Reading
A quick guide to year end accounts
We understand how daunting year end accounts can be, so take a breath, make some tea and use our quick guide to help you understand what is required. If this is your first time dealing with year end accounts or you’re unsure of what to do, at Millhouses Accountancy we offer year end accounts preparation … Continue Reading
Getting started with making tax digital (MTD) – what you need to know
As the deadline for Making Tax Digital looms ever closer, we at Millhouses Accountancy are helping more and more business to successfully transition to the new way of reporting tax either by managing the tax on behalf of our clients or by helping our clients learn how to manage it themselves – and we’re here … Continue Reading
Our small business predictions for 2020
It’s certainly been a bumpy & tumultuous couple of years for the self-employed and small business owners with the uncertainly of Brexit, new tax legislation like MTD, the instability of parliament and the general election, but, whatever your political leanings, it at least looks like there’s going to be a bit more stability and certainty … Continue Reading
Advantages of using bookkeeping services
Running a business can be time-consuming, stressful and even overwhelming at times. We understand how easy it is to lose track of managing, monitoring and keeping a thorough record of transactions and finances on top of everything else. However, it is a legal obligation to keep these records and not doing so adequately can result … Continue Reading
Stressed about VAT? Here are some tips
VAT can be an incredibly stressful and complicated process due to the seemingly endless and sometimes confusing rules. It can be overwhelming and difficult to know whether you are correctly handling your VAT or if your business is overpaying or underpaying. If after reading this article you decide an accountant can help with your situation, … Continue Reading
Setting up a new company in Sheffield or Nottingham? We can help
Are you looking to set up a limited company? A limited company is a great way to give your business a professional edge, it makes your business its own entity and allows you to experience a range of benefits including limited liability and tax efficiency. Setting up a new limited company may sound daunting but … Continue Reading
