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TFMC Blogs

Business rates now lower for small retailers


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


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


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 company’s inception to avoid penalties.

Has Boris played a blinder


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


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


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


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.

VAT Fuel Scale Charges in 2019


VAT and tax compliance can be complicated if you’re not an accountant but there are several ways that you can simplify the calculations for your VAT returns. One such method is to apply the VAT fuel scale charge for company cars to account for private fuel consumption.

A Guide To Direct Debit for Small Businesses


There are many advantages to being a small business owner but it also has its challenges. Small businesses are heavily reliant on cash flow to stay afloat, especially when they are just starting out. A small business can’t afford to have bad debt and ineffective payment collection has been the downfall of many a small business owner.