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TFMC Blogs

Simplifying everyday tax for businesses


This article is to highlight the review of tax processes for businesses that was carried out by the Office of Tax Simplification (OTS). The review was asked to focus specifically on smaller and newer businesses, as they seem to have the most difficulty complying with their tax obligations.

Construction sector VAT changes


This article is for anyone who is working within construction that needs to know about the changes that are being made that are happening on the 1st of October 2019, significant changes are going to be introduced to the VAT treatment of supplies in the construction industry, The Domestic Reverse Charge (DRC), a piece of legislation announced in the 2017 budget, is being implemented on this date by HMRC.

VAT Fuel Scale Charges in 2019


VAT and tax compliance can be complicated if you’re not an accountant but there are several ways that you can simplify the calculations for your VAT returns. One such method is to apply the VAT fuel scale charge for company cars to account for private fuel consumption.

Time to rethink business rates


The UK’s business rates system is “uneconomical” and “unsustainable”, according to the head of the Confederation of British Industry, John Allan. This article delves into what business rates are, what's wrong with the system and what is next.

How can an accountant help my business?


As your business starts to expand it is worth looking into outsourcing jobs and roles which take up a lot of time, so that you are free to focus on the important day-to-day running of your company. One of the first companies a business might look into engaging is a qualified accountant, this article delved into how an accountant could help your business.

CEO Fraud and Invoice Fraud What You Need To Know


According to a 2018 survey by Lloyds Bank, CEO fraud (also known as impersonation fraud) is on the rise, with more than half a million businesses falling foul of the scam in that year. This article explains what CEO and invoice fraud is and how to prevent this.

Pre-year-end tax planning for 2018/19


April is nearly upon us, so that can only mean one thing - tax returns! As a taxpayer getting your tax affairs in order is an arduous and frustrating task. However it is a task where there the reward achieved in tax savings can easily exceed the heartache expended in its completion. In this article we take a look at some easy wins for the coming year end.

Late Return Penalties To Be Points Based


Penalties for filing your tax return late are a real money spinner for the HMRC and a real source of irritation for tax payers. Plans are afoot to make the penalties larger and based round a points system where you 'earn' points for bad behaviour. Find out more in this article

The Loan Charge and Employee Benefit Trusts


Employee Benefit Trusts until recently have been a popular method to avoid tax on personal income. This particular technique has now been effectively made redundant by the introduction of a "loan charge" on these type of payments. This is bad enough for the people who used it, but what is worse is that this charge is going to retrospectively apply back until 1999, potentially landing them with an enormous and unaffordable tax bill. In this article we examine this topic in greater detail and explore what your options are if you are affected.