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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


Construction VAT Changes Delayed Until October 2020

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With Brexit currently scheduled to happen on 31 October 2019, this delay will ensure that the proposed DRC changes won’t coincide with Brexit. However, HMRC will expect all affected businesses to utilise the time generated by the delay and plan to be ready for 1 October 2020.


Tax free childcare

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Tax free childcare is a government scheme which offers families up to £2,000 per year towards childcare costs, making it easier and more affordable for parents to juggle their work and family commitments.


Business rates now lower for small retailers

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Small retailers in England have been given a boost recently, thanks to a new scheme which offers small and medium-sized businesses a share in tax cuts that will help them to thrive in these unstable times. Whilst council tax, prescriptions, utilities and car tax are all due to go up over the next tax year, small and independent high-street businesses can enjoy a discount on their tax rates bills that should help to keep them afloat.


VAT and Brexit

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At the time of writing, we are still unsure on what basis the UK will be exiting the EU, whether this will be with or without a deal, and what conditions will be applied. The one thing that is certain is that, on the date of the exit, EU law will cease to apply in the UK.


How to pay self assessment tax

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For most self-employed people, their self-assessment tax return is a necessary evil which they will need to understand and register for early on in their business' inception to avoid penalties.



Has Boris played a blinder

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Boris has been crowned as our new PM. What can we expect? Are tax cuts on the horizon and will Brexit bring boom or bust? The team at TFMC take a look and suggest what the future may hold. Read on....


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.