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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

What is the Profit Diversion Compliance Facility (PDCF)?


In January of 2019, HMRC launched a new Profit Diversion Compliance Facility - also known as PDCF or simply the Facility – with the aim of encouraging multinational companies with tax arrangements potentially linked to Diverted Profits Tax (DPT), to analyse their previous transfer pricing and compile a settlement proposal and report based on any extra UK tax and interest. PDCF is available to those whose accounts are not currently under enquiry or review.

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.

The Rules On Business Expenses


The level of personal and corporation tax you pay to HMRC is based upon the calculation of your annual profitability – profit is the amount you’ve made in sales minus what you’ve spent during the year.

EU Workers in the UK after Brexit


The UK Government has set a deadline for the UK to leave the EU on 31 October 2019. This means that, as of 1 November, it is expected that freedom of movement between the UK and EU countries will end, with no legislative provision. For businesses who employ EU workers, this is an uncertain time, and one which can make employers feel nervous about what the future holds for their business and employees.

What is the CIS Scheme?


The Construction Industry Scheme (CIS) is a taxation regime designed by the government to help tackle tax evasion within the construction industry