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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 Are 'Certificates Of Tax Positions'?


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?


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.

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.