Are you a self-employed Plumber, builder, Central heating engineer, plasterer, painter and decorator or electrician? Do you engage the services of sub-contractors? Do you run your business as a limited company? Are you Vat registered? If the answer to all of these questions is yes then the finance function within your business will require all of the following tasks performing on a weekly or monthly basis
Category
Bookkeeping
VAT – Should you charge VAT on things you’ve bought on behalf of your customer?
Quite often in business we will buy something on our customers behalf. E.g. A plumber may buy a radiator for their customer. A solicitor may pay land registry fees for their client. But should you also charge VAT on these items when you eventually invoice you customer? The problem from the customers point of view, … Continue Reading
Why is my Profit different to my Cashflow?
What is the difference between profit and cashflow? The income after all expenses, is your profit. Cashflow is the amount of available cash within a business at any point in time. It’s to meet everyday expenses as a result of the inflows and outflows of money. A question I am frequently asked by clients is … Continue Reading
A quick guide to year end accounts
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 … Continue Reading
Bookkeeping services – Advantages
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. Not doing so adequately can result in … Continue Reading
Stressed about VAT? Here are some tips
Stressed about VAT? 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 … 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. Creating a new limited company may sound daunting but it … Continue Reading
Making Tax Digital (MTD) – part 2
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 expert such as our Sheffield based … 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
It’s important you hire 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 … Continue Reading
