What is the difference between profit and cashflow? Profit is the surplus of income after all expenses have been deducted. Cashflow is the amount of available cash within a business at any point in time to meet everyday expenses as a result of the inflows and outflows of money. A question I am frequently asked … Continue Reading
Category
Bookkeeping
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
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
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 (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
