In 2019, HMRC made tax digital meaning people can track their business and professional transactions automatically. This system will help to make tax filing more accurate, efficient and transparent. With big changes happening to the way tax is being processed, businesses may benefit from working with a Making Tax Digital (MTD) expert such as our Sheffield based Millhouses … Continue Reading
Making Tax Digital (MTD) – part 1
From April 2019 the first phase of making tax digital (MTD) came into force for Vat. This means that all vat registered businesses with a turnover of more than £85,000 (the current vat threshold) will have to keep digital vat records and will have to submit Vat returns using compatible software such as Sage or … Continue Reading
4 essential considerations for hiring the right bookkeeper
If you hire the right bookkeeper they can be an asset to your business. The right bookkeeper is one who is experienced and fits well with the specific needs of your business. You may be asking yourself, “Do I really need a bookkeeper?” but the chances are your business will reap the benefits of one … Continue Reading
How to build a positive relationship with your accountant
We know it can be intimidating to work with an accountant, many people don’t know what to expect and lack confidence when it comes to numbers but don’t worry! We are here to help, read on to find out how to build a positive and effective relationship with your accountant. Why do you need an … Continue Reading
Creating firm foundations for start-ups
Annually in the UK, more than 500,000 people start their own business. It has become vitally important for all start-ups to be as competitive as possible, in order to survive. However, besides ensuring that you are delivering the best product or service possible to your clients, there are many responsibilities that new businesses need to … Continue Reading
Cash flow management – how not to run out of liquidity
For any business of any size and at any stage of its development there is absolutely no doubt that effective and efficient cash flow management is fundamental to business success. However, despite its importance, some businesses still struggle to get the basics right. Research has shown that 49 percent of start-ups think that cash flow … Continue Reading
Expenses and allowances – do you know what you can claim for?
For small businesspeople, the separation between “allowable” and “non-allowable” expenses is quite complex. When running your own company, you will incur various running costs and expenses and the separation of “allowable” and non-allowable” is important to understand. Generally speaking, you can deduct from your turnover all costs incurred for the purpose of generating business profits – … Continue Reading
The importance of good bookkeeping for any business
Bookkeeping is simply the recording of your day to day business transactions into ledgers. It is the building block for preparing your year-end accounts, vat return and tax return. No matter what type of business you are running it is absolutely imperative this is kept up to date and is accurate. What are the benefits … Continue Reading
How do you know if you need to make a self-assessment tax return?
Her Majesty’s Revenue and Customs – or more often known as HMRC – uses many different methods to collect tax and self-assessment (short for self-assessment tax return) is one of these. The term ‘self-assessment’ alludes to the fact that it’s the individual’s – or companies – responsibility to work out how much tax he or she should pay. … Continue Reading
Why your business may benefit from hiring a bookkeeper
Hiring a bookkeeper may cost money but it could actually save you money (and a lot of stress) in the long run. There are multiple reasons a business may benefit from a professional bookkeeper like ours here at Millhouses Accountancy. We’ve been helping businesses throughout Sheffield and the surrounding areas keep on top of their … Continue Reading
