Newswire August 2019

  • By Mercia Group
  • 30 August 2019 00:00

The Tax Team will soon be back out on the road delivering the Autumn Tax Update courses whilst awaiting news on Brexit and the expected Autumn Budget. With the announcement of the proroguing of Parliament we will keep you updated on developments. Look out for our new series of Brexit webinars, in which our team of technical experts discuss the latest position and the impact on your practice and clients, these will be included in training memberships or to buy as a series. 

Meanwhile August has been a quiet month in audit and accounting. Looking forward, we can expect to see more progress on the future of audit, and additional guidance about the consequences of Brexit.

 

Latest tax and accounting products

Home Sweet Home

In this month's free download we discuss the forthcoming changes to the Principal Private Residence Relief (PPRR), these changes will take place in April 2020.

 

Logo Design Service

Your logo should reflect how your firm works, your values and your business approach. Our team will work closely with you to create a logo that ensures you stand out from your competitors.

We can help with your logo and branding call us on 0116 258 1242 or email our marketing support team.  

Upcoming conferences

Academies Update Conference 

5 September 2019, London

Probate Practitioners Conference

25 September 2019, London 

Farming Conference

2 October 2019, Midlands 

AUDIT & ACCOUNTING

FRC Annual Enforcement Review

The FRC has issued its first Annual Enforcement Review which summarises the outcomes of enforcement cases including fines and sanctions against auditors, accountants and actuaries.

The headline figures are that annual fines have increased from £15.5m to £42.9m and non-financial sanctions from 11 to 28. The report also summarises the FRC’s current powers, which will expand as it transitions into being the ARGA.

Realistically it seems likely that investigations, fines and sanctions will only increase, at least in the short term, as the FRC then ARGA increases its resources and works on the principle that sanctions, as well as transparency, improve corporate behavior.

Preparing for Brexit

As the proposed date of Brexit approaches, increasing amounts of guidance are becoming available, mostly focused on the consequences of “no deal”. In particular, the UK government has issued notes on both accounting and auditing in the case of a no deal Brexit. In accounting terms, it will no longer be relevant whether an IFRS Standard is adopted by the EU; instead a specific UK body will make a series of decisions on new UK-endorsed IFRS (which is expected, realistically, to be the same as EU IFRS as at the exit date). Exemptions based on having an EU parent will also stop applying so parent companies not preparing group accounts will need to review carefully whether they have other ways to achieve this. The government has also issued a document about Brexit and auditing, last updated in June, making observations about audit firm structure, changes in data protection legislation, and additional Brexit-related risks in financial reporting that are likely to require extra audit attention.

The guidance documents are available here and here.


 

TAXATION

Guidance confirms employers may exceed £1,000 cycle-to-work scheme limit

The Department for Transport has published updated guidance confirming that employers may now offer cycling equipment above the £1,000 limit allowed under most salary sacrifice cycle-to-work schemes, by running the scheme through a Financial Conduct Authority-approved third-party provider. To read more, please click here

Agent Update 73

This Update contains articles on a variety of topics but in particular gives guidance on the implementation of NIC on termination awards and sporting testimonial payments from 6 April 2020. To read more, please click here.

Employer Bulletin 79

This Bulletin contains articles on a variety of topics but in particular gives guidance on the new VAT reverse charge on building and construction services. To read more, please click here.

New advisory fuel rates take effect from 1 September 2019

More information available here

 Engine Size  Petrol  Diesel  LPG
 1400cc or less  12p     8p 
 1401cc - 2000cc  14p    10p
 Over 2000cc  21p    14p
 1600cc or less    10p   
 1601cc - 2000cc    11p  
 Over 2000cc    14p   

 

 


 

OFFICE GOSSIP & IDLE CHAT

 

Community Day

Our Leicester office recently completed our first Mercia Community Day. This project was to help clear a space for the children to play outside at Danemill Primary, a local school. 

Due to the success of this project, we are already looking forward to the next challenge that will help our local community. 

 

Important News About Our Website

The SWAT website will close today, Friday 30 August, and you should now use your Mercia Incorporating SWAT website account at www.mercia-group.com/account to access everything you used to from the SWAT website. If you have not yet accessed your My Account area on the Mercia Incorporating SWAT website, or reset your password from previous emails sent, then don’t worry. You can use the reset your password by simply entering your email address here

 

 

 

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