Millhouses Accountancy Ltd

Millhouses Accountancy

2nd Floor, The Portergate

257 Ecclesall Road, Sheffield S11 8NX

Tel: 0114 345 0960

Mobile: 07450 989048

Email: info@millhouses-accountancy.co.uk

 
Accountancy practice in Sheffield

Latest News from Millhouses Accountancy

Getting Started with Making Tax Digital - 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 to help you too!

Making Tax Digital part 2

In 2019, HMRC will be making 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 Accountancy team.

Why Your Sheffield 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 business's finances for years. So, why do businesses choose to use our bookkeeping services?

Stressed about VAT? Top VAT Tips & Advice

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, keep in mind Millhouses Accountancy for Sheffield VAT support (also operating in Rotherham) and able to provide invaluable assistance for your VAT needs and bookkeeper support.

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 in fines and taxing issues.

Making Tax Digital part 1

From April 2019 the first phase of making tax digital comes into force MTD 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 Xero. You will no longer be able to submit Vat returns on the HMRC website. You will you be able to keep your bookkeeping (for vat purposes) on Excel spreadsheets but this will then require transferring onto digital software which is MTD compliant

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 in fines and taxing issues. Fortunately, getting a professional accountant to provide bookkeeping services can save you a lot of time, stress and worry. If you're looking for a Rotherham or Sheffield bookkeeper, Millhouses Accountancy are here to help. Below are the benefits to using our Rotherham and Sheffield bookkeeping services.

Setting up a new company in Sheffield? 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.

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 to help you get everything you need in order.

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 even if you're not convinced yet.

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.

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 ensure they fulfil. Legally, all businesses in the UK need to have accurate financial records and retain them for six years. This can be a daunting task to those developing a business for the first time, without the proper knowledge and experience.

Cash Flow Management

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.

Expenses and allowances - do you know what you can claim for?

For small business people, 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.

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.

The Cash Basis of Accounting

From the 2013/14 tax year the Government are allowing small self employed businesses such as Sole Traders and Partnerships to record their income and expenses, for their Self Assessment tax return using a new system called the Cash Basis.