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TFMC Blogs


Who Gets What When a Company Goes Bust?

If you are owed money by a customer who’s gone out of business you may wish to learn your rights regarding repayment. The law in this area is governed by section 328 of the Insolvency Act 1986 setting out an ‘order of priority for creditors’. This creates a pecking order in terms of who gets paid first and who gets paid last (if at all).



No £100 Late Fee for Late Tax Return

During 2014 over 800,000 people received a late submission penalty. This was mostly due to a new requirement meaning parents earning between £50,000 and £60,000 a year and claiming child benefit must file a tax return.


VAT Update - Road Fuel Scale Charges 2015/16

If a VAT registered business purchases road fuel for business use, but there is also private use an adjustment is required to account for VAT claimed on the private usage of the fuel. This is done by using VAT fuel scale charges to add back a fixed sum as determined by HM Revenue & Customs. As with car and fuel benefit the CO2 band is used to calculate the scale charge.


SUNDAY TIMES RICH LIST WAGES CALCULATOR

Find out how long it would take you to earn the same amount as some of Britain's richest people saw their fortunes grow by last year. We used figures published in the Sunday Times Rich List 2015 to come up with our fun calculator.


Company Car Tax Advice

Rules concerning company car taxation are complicated and can be difficult to understand. Company Directors and employees earning more than £8,500 per year must pay tax on their personal usage of company vehicles by way of Benefit In Kind (BIK) taxation.


5 Reasons to Fill Out Your Tax Return Early

By now HMRC will have sent you a reminder to file your 2014-2015 tax return. Since you have until 31st January 2016 to file your return, it is all too easy to put it off until later in the year. After all you’re busy running your business and filing your tax return is not a priority.



Top 10 Bookkeeping Tips

Do you struggle to balance your books each month? Not sure what you should be doing? Maybe you have a mountain of invoices and receipts taking over your desk. Click here to read 10 useful bookkeeping tips.


Mega List of Tax Deductions for UK Companies

Many businesses unnecessarily pay additional tax each year. This is because legitimate tax deductions go unclaimed. This situation is particularly rife amongst small business owners who choose to manage their affairs without seeking the advice of a professional tax advisor.