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TFMC Blogs

VAT and Making Tax Digital


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


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


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.

Higher Rate Tax-Payers at an All Time High


According to HMRC’s latest figures, the number of Brits paying the highest tax rates has been higher than ever; double the amount of people compared to the same statistics two decades ago.

The Autumn Budget 2017


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


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.

What is the HRMC 'Making Tax Digital' initiative?


Recently, a number of our offices have taken questions surrounding HRMC's "Making Tax Digital" initiative. One of the most commonly asked questions is, "how will Making Tax Digital affect my small business?". We will discuss the HMRC initiative and address that very question and take a look a case study, showing you that moving your tax affairs online can be a simple process and managed quite easily by your local TFMC accountancy office.