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TFMC Blogs

Essential Guide To Managing Payroll


Once your business gets to a level where you are starting to hire employees, it is critical that you master the art of payroll sooner rather than later. It doesn’t matter how wonderful your workplace environment is; if people aren’t getting paid they won’t be happy, and slipping up on your obligations to HMRC can land you in hot water as well.

A Guide To Flat Rate VAT


Since it's inception VAT has been a challenging tax for small businesses to administer. Keeping track of every last penny charged to customers and spent with suppliers in order to correctly complete a VAT return is a time consuming exercise that is fraught with the potential of making costly mistakes. That was until the Flat Rate VAT scheme came along, could it save you money and time?

When should you hire an accountant to deal with taxes?


Hiring an accountant can save you money and free up time in which to grow your business interests. Moreover, partnering with a good accountant can help protect your legal positioning, guarding against common mistakes that have avoidable consequences.

Going Green With Enhanced Capital Allowances


The Enhanced Capital Allowances (ECAs) legislation represents a Government initiative designed to encourage businesses to use more environmentally-friendly equipment and machinery, in an attempt to improve the carbon footprint of businesses in the UK.

The Need To Know Tax Guide For Limited Companies


On registering as a limited company you automatically become eligible to pay Corporation Tax. This means that every year your business must fill out and file a Corporation Tax return. Corporation Tax is currently charged at 19% for all limited companies, regardless of their size.

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.