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TFMC Blogs

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.

Key hints and tips for credit control


For small companies successful credit control can make the difference between sinking or swimming. In this article we share the key strategies to ensure you get paid on time and in full.

Making Tax Digital - the countdown has begun


There are less than six months until the first phase of the government’s scheme to modernise the tax system comes into effect. After almost four years of updates, reports, and political wrangling, Making Tax Digital (MTD) for VAT will officially go live on the 1st of April 2019.

ISA, LISA, or pension?


So you've reached a point in your life where you are starting to think about your retirement. But how can you really make the most of your savings and ensure you can enjoy your golden years comfortably? The three most dominant savings products on the market right now are ISAs, LISAs, and standard pensions. In this article, the Financial Management Centre team will be looking at what each of these schemes are and (hopefully) helping you work out which option is best for you.

Special VAT Schemes


There are multiple VAT schemes available for VAT registered businesses. We look at retail schemes, second-hand schemes, the flat rate scheme for small business, annual accounting scheme, cash accounting scheme and the tour operators’ margin scheme.

The Ultimate Guide to Landlord Taxes


Owning a property and renting it out for a living can be a difficult business to get right. You need to balance your tenants’ happiness with profit – and now HMRC are changing landlord tax laws. Keeping up with these new changes could be the difference between just staying afloat or thriving.