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TFMC Blogs


The Loan Charge and Employee Benefit Trusts

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Employee Benefit Trusts until recently have been a popular method to avoid tax on personal income. This particular technique has now been effectively made redundant by the introduction of a "loan charge" on these type of payments. This is bad enough for the people who used it, but what is worse is that this charge is going to retrospectively apply back until 1999, potentially landing them with an enormous and unaffordable tax bill. In this article we examine this topic in greater detail and explore what your options are if you are affected.



Key hints and tips for credit control

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For small companies successful credit control can make the difference between sinking or swimming. In this article we share the key strategies to ensure you get paid on time and in full.



Making Tax Digital - the countdown has begun

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There are less than six months until the first phase of the government’s scheme to modernise the tax system comes into effect. After almost four years of updates, reports, and political wrangling, Making Tax Digital (MTD) for VAT will officially go live on the 1st of April 2019.


IR35 coming to the private sector

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The Chancellor’s Budget for 2018 confirmed many contractors’ and their client companies’ worst fears – IR35 will be coming to the private sector within the next two years. But what does the recent expansion really mean for those in the private sector?



Contractor News Round-up

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One in seven of people in the UK are self-employed, with hundreds of thousands of Brits working as contractors providing additional knowledge, value, and capacity to the businesses and organisations they work for. We thought that now would be a good time to sit down and take stock of where we are in October 2018.


What is a Director’s Loan Account?

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Director's loan accounts offer limited company directors a lot of freedom to both invest in their business and draw money from their business. Since the introduction of Real Time Information requiring up-to-date reporting on the payment of salaries, director’s loan accounts have become even more popular as directors use them to take “dividend-like payments” from their business on a regular basis.


THE BUDGET 2018

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The Chancellor of the Exchequer, Philip Hammond, has delivered the final 2018 Autumn Budget before Britain leaves the EU. Here we have summarised some of the key announcements made so far.