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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



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

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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

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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

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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

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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'?

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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.


When should you hire an accountant to deal with taxes?

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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.