Chat with us, powered by LiveChat
We use cookies to track usage and preferences. Accept View Policy

Would you like to download our mobile application from the App Store?

Not Now
For more information
0800 470 4820 or 0333 202 7198

TFMC Blogs


Fines For Incorrect And Late Tax Returns

4

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

4

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?

4

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.



Essential Guide To Managing Payroll

4

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

4

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?


Simplifying Invoicing To Get Paid Faster

5

Perfecting a process where you can issue invoices on time and accurately, and get them paid quickly, is one of the basic priorities of all businesses. Modern technology does most of the heavy lifting for you in this, but there are some tips and tricks in this article that will help ensure that this facet of your business runs smoothly and is as worry free as possible.



What Are 'Certificates Of Tax Positions'?

2

This is in accordance with the Common Reporting Standard (CRS), a global initiative designed to allow countries to share information about non-residents’ bank and other financial accounts. The UK is one of over 100 countries that have signed up for the CRS, which covers detailed information including the balance and value of any accounts you have, the amount of interest accrued and any payments credited.