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Covid-19 (Coronavirus) Update

Coronavirus is having a huge impact on all sectors of business. Despite this, businesses are still having to manage their books, file VAT returns, run payrolls and most importantly their credit control processes. TFMC is continuing to provide our full range of services through this difficult time. For the latest information and support visit our Blog section or use our app with regular updates sent direct to your phone.

TFMC Blogs

COVID-19 and Financial Services


The ongoing coronavirus crisis is impacting all areas of life and this includes financial services. There are a lot of issues that businesses and other organisations will need to consider over the coming weeks and months. Here we will look at some of the most important areas and how they are being affected by COVID-19.

New Provisions For The Self Employed


On Tuesday 26th March, Chancellor of the Exchequer Rishi Sunak announced a set of additional measures designed to ease the financial pressures placed on the self-employed by COVID-19. The government has also assured the UK that even more help will be offered in time, as the situation develops.

What Are The Different Types Of UK Limited Company?


Whilst most people looking to set up a company are aware that they must choose between setting up as a sole trader or limited company, those who have not set up a company before might not know that there are lots of different types of limited company.

Changes To Employment Allowance


Put in simple terms, these changes effectively prevent any medium to large companies from claiming employment allowance. More than 100,000 employers are thought to be affected. For smaller companies there is more of a chance that they will still be able to claim, with experts predicting that more than 99% of micro-businesses, and 93% of small businesses are still eligible.

New Living Wage From 1st April 2020


The National Minimum Wage was introduced by Labour 20 years ago, in an effort to boost the wages of the lowest-paid workers and even the playing field for people across all of society. At the time there were critics holding firm that the move would cause mass unemployment, but these fears were proved to be unfounded and the legislation was a success, cutting the number of people officially defined as being low paid and reducing income inequality.

Fines For Incorrect And Late Tax Returns


HMRC needs to have received your completed tax return by 31 October for paper returns, and 31 January for online submissions. If you miss the deadline, you will automatically be charged £100. If your tax return is not filed within a day of missing the deadline, the potential fines that you can be charged increase substantially.

Company Car Tax Changes


BIK stands for Benefit in Kind and is a tax that you pay on what is commonly known as ‘company perks’. These are company benefits that will be provided on top of your salary by your employer, and can include accommodation, loans, company cars and so on.

Which Is Best For Your Business, Cash Or Accrual Accounting?


The difference between cash and accruals basis is basically timing, revolving around when you record your revenue and expenses. If you do it when you pay or receive money, then you are using cash basis accounting. If you do it when you raise an invoice or receive a bill, you are using accrual basis accounting.