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TFMC Blogs


Employee perks and tax - what you need to know

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Benefits and perks are a great way to attract and retain the best talent. There are a number of these that are tax free but not that many, so most are treated as benefits in kind and are taxable as if an equivalent monetary value had been paid to the staff member. This article explores these in more detail.


Simplifying everyday tax for businesses

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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

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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

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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.


A Guide To Direct Debit for Small Businesses

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There are many advantages to being a small business owner but it also has its challenges. Small businesses are heavily reliant on cash flow to stay afloat, especially when they are just starting out. A small business can’t afford to have bad debt and ineffective payment collection has been the downfall of many a small business owner.


Time to rethink business rates

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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.


R&D Tax Credits

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The latest statistics provided by HMRC regarding R&D tax credits highlight the real value of R&D tax credits to the companies which claim them and the economy as a whole were revealed. This article highlights what R&D tax is and how to access/claim them.


How can an accountant help my business?

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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.


What is the annual investment allowance?

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The Annual Investment Allowance (AIA) is a capital allowance in the UK, which allows businesses to offset the cost of certain assets, as long as they are newly acquired. This article explains who can claim, how to qualify & what is no included in AIA.


Accelerated payment notices

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Accelerated Payment Notices were introduced in the Finance Act of 2014. These notices are issued by HMRC to taxpayers, demanding the immediate payment of tax and national insurance contributions that it believes are owed due to tax avoidance. This article looks at what happens when you get a APN, how it works and what your next steps are.