If you’ve heard the phrase ‘director’s loan’ but are not sure exactly what it means, we’ll take a quick look. Director’s loans are actually very common and can be useful when you’re running a business
Category
Tax guides
Ever heard of ‘Trivial Benefits’? If not it might be very useful to you to know about!
HMRC have recently clarified what ‘trivial benefits’ are under the UK tax scheme, how they are logged according to tax, and who can receive them. If you’re a company owner or director, they may be very useful to you in terms of improving staff morale and saying ‘thanks’ when employees go above and beyond for … Continue Reading
Self-assessment tax deadline beware of scammers!
Beware! Scammers are trying to take advantage of the self-assessment tax deadline, due in 31st January. HMRC released a statement back in November (2020) reminding tax payers to be aware of scammers who are pretending to be HMRC in the lead up to January 31st. With the increased communication that is passed back and forth … Continue Reading
Accounting for Trades Persons
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
Cash basis – only declare money when it comes in & out of your business
What is ‘cash basis’? Cash basis, 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 end of the tax year, you … 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
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
Making tax digital (MTD) – what you need to know
as the deadline for Making Tax Digital looms ever closer. 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. we’re here to help you too! … 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
