Please note: This Newswire is out of date.
Check our latest edition for the most current updates and insights.
AUDIT & ACCOUNTING
The Economic Crime and Corporate Transparency Act 2023
On 4 March 2024, the first set of measures under the Economic Crime and Corporate Transparency Act 2023 were introduced. Details of the key changes can be found in our blog here and our newest Topical Issue article is the perfect solution to update your clients on this subject easily.
A number of factsheets giving details of the different measures contained in the Economic Crime and Corporate Transparency Act are available on the GOV.uk website.
FRC outlines how it plans to implement future updates to Corporate Governance Code Guidance
Following the publication of the revised UK Corporate Governance Code earlier this year, the FRC have highlighted how they have updated the supporting guidance, turning it into a live document containing links to relevant publications. The FRC’s aim is to improve the user experience and allow the guidance to be reviewed on a regular basis to ensure it remains accurate and up to date.
The FRC explains it does not expect to make frequent changes but, with effect from 6 March 2024, any future updates will be made on the first Wednesday of the month. For those wishing to look into the updates in more detail, you can find a link to the updates log on the UK Corporate Governance page on the FRC website.
CHARITIES
Latest changes from Charities Act 2022 come into force
On 7 March 2024, the latest set of changes being introduced by the Charities Act 2022 came into force.
This introduces a new power which makes it easier for unincorporated charities to change their governing document, as well as new rules which now apply to gifts that are left to charities that have merged. Certain additional changes, which had previously been delayed, have come into force, including those that apply to charity-to-charity land disposals.
The Charity Commission has updated its guidance to help trustees understand the changes and determine if the changes apply to them.
Inform your clients of all changes in the charitable sector by pre-ordering our Specialist Charities Newsletter.
MONEY LAUNDERING
Improving the effectiveness of the Money Laundering Regulations
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the ‘MLRs’), which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing.
The consultation covers four core themes:
- Making customer due diligence more proportionate and effective
- Strengthening system coordination
- Providing clarity on scope of the MLRs
- Reforming registration requirements for the Trust Registration Service.
The consultation closes 9 June 2024.
TAXATION
Double cab pick-ups - a change of policy or not?
In a surprise update, HMRC reversed their change of policy in relation to double cab pick-ups. To read more, please click here.
Chancellor backs British business with pension fund reforms
The Chancellor has announced the reforms as a further step in the Government’s plan to boost business and increase returns for savers. To read more, please click here.
£360 million to boost British manufacturing and R&D
The Chancellor has also announced a significant investment package in the UK’s life sciences and manufacturing sectors. To read more, please click here.
Proprietor's training courses
As promised in the Autumn Statement, HMRC has rewritten guidance around the tax deductibility of training costs for sole traders and the self-employed. To read more, please click here.