Introduction Bookkeeping is the recording of the day to day transactions within your business into ledgers (Books). This allows you to see how much cash is flowing into your business, how much cash is flowing out, how much you have earned, how much you have spent on various items, how much money the business owes … Continue Reading
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Accountancy blog
In-house or virtual financial director?
Employing a financial director can be revolutionary for a business, but it’ll also normally come with a big financial cost too. However, there is an alternative. The job of financial director is much more than simply ‘bean counting’ or ‘producing management accounts’ these days. Financial directors are members of a senior executive team with responsibility for … Continue Reading
How do you calculate holiday pay for workers who are not on fixed hours?
The majority of workers in the UK are full-time on fixed hours with fixed pay. These workers are typically on a fixed monthly salary, so if they take a week’s holiday, they will normally receive the same pay at the end of the month as they normally receive. However, it’s not always this straight forward … Continue Reading
Cash basis – only declare money when it comes in & out of your business
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
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
