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TFMC Blogs


THE BUDGET 2018

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The Chancellor of the Exchequer, Philip Hammond, has delivered the final 2018 Autumn Budget before Britain leaves the EU. Here we have summarised some of the key announcements made so far.


VAT and Making Tax Digital

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From April 2019, Making Tax Digital is officially and finally launched. When it goes live, VAT-registered businesses and those whose turnover is above £85,000 will have to start using it. But what is it and what do you need to know?


Bitcoin & Taxes

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Bitcoin reached its peak in December 2017 at nearly $20,000. Just five months before in July 2017 it was trading at $3,000. Now, nearly seven months later, the value has dropped over half. Bitcoin, and other cryptocurrencies, are new forms of electronic money, completely free of government control. Read more on bitcoin and taxes here.


The Delay of the Digital Tax Revolution

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As customs and tax collectors are pre-occupied with finalising Brexit, the roll out of new digital tax system known as “Making Tax Digital” has been delayed by HMRC. Making Tax Digital is a scheme designed to simplify the management of individual and business tax payments. The digitalisation of the yearly tax return hopes to phase out the traditional self-employed tax return scheme.



The Autumn Budget 2017

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Philip Hammond has delivered the 2017 Autumn Budget today. We have summarised and highlighted all of the key points.



Making Tax Digital removed from the Finance Bill

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The UK government has announced legislative changes to the Finance Bill after concerns were raised over the rate at which changes were necessary and presumably, the readiness of both small businesses and HMRC to enact the required changes to their modus operandi.