Newswire February 2020

  • Mercia Group
  • 28 February 2020 00:00

Rishi Sunak, the new Chancellor of the Exchequer, will deliver the Budget on Wednesday 11 March. Speculation is mounting on what tax and spending measures will be announced. We will update you in our March newswire but to keep your own clients informed order your Digital Summary now.   

It has been a busy month for A&A publications, with updated guidance on Brexit and coronavirus, a review of climate change reporting and further changes to the 2019 Ethical Standard.  ICAEW have also updated technical releases relating to SRA Accounts Rules, ATOL reporting and service organisation internal control reporting.

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Help your clients be prepared for the new tax year, with our range of tax products. Written by our expert technical team and including all the essential tax rates and allowances for you and your clients. 

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10 March, London 
17 March, Derby 
24 March, Exeter

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26 March, Dunblane

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31 million taxpayers to get April tax cut

The Government has announced some of the NIC rates for 2020/21. To read more, please click here.

Draft HMRC guidance on off payrolling changes

HMRC has released guidance on the forthcoming changes to off payrolling. To read more, please click here.

As part of a review into changes to the operation of the off-payroll working rules, HMRC has made an announcement to give business more time to prepare. To read more, please click here

Changes to Employment Allowance 

HMRC has released guidance on the forthcoming changes to the Employment Allowance. To read more, please click here. Corporate Criminal Offences investigations

The CCO for the failure to prevent the facilitation of tax evasion were introduced in 2017. HMRC has nine live CCO investigations with a further 21 possibilities. To read more, please click here

Naming employers who fail to pay minimum wage to be resumed under revamped rules

Businesses that fail to pay their workers the National Minimum Wage or National Living Wage will continue to be publicly named by the Government. To read more, please click here



FRC and BEIS guidance on audit, accounting and reporting in the transition period 

Now that the UK has left the EU and entered the transition period for Brexit, the FRC has issued two open letters, one covering auditing and the other accounting and corporate reporting, that set out the updated position in each of these areas. The letters point out that the Statutory Instruments that were already drafted do not come into force until the end of the transition period at 11pm on 31 December 2020.  

For more detail on the current position, including an overview of the content of these letters, please see our article, Post-Brexit accounting and audit: Where are we now? 

Definition of “other entity of public interest” 

Following the release of the new Ethical Standard in late 2019, the FRC has now updated its glossary so that the parts of the standard referring to other entities of public interest now have a clear scope. An “other entity of public interest” is an entity which does not meet the definition of a public interest entity but nevertheless is of significant public interest to stakeholders. The glossary then gives a list of entities this includes. 

This, along with other key changes arising from the Ethical Standard 2019, will be covered in our live webinar Changes to Audit Standards: Ethical Standard 2019 on 13 March, with the recorded version available on 20 March. 

Other publications 

Other publications over the past month that you may find of interest include: 

Methodology and compliance products update 
We have issued an update to our Solicitors’ Accounts Rules Manual to reflect changes prompted by the updated SRA Accounts Rules and Ethics Guidance and publication of ICAEW TECH 03/20.  If you are a subscriber and have any administrative questions about this update, please email our Methodology and Compliance Products Team or call us on 0330 058 7141. 




Time to Talk Day 
This year we are taking steps to improve 'wellbeing support' in the workplace. On Thursday 6 February we took part in
'Time to Talk Day'.  We encouraged the team to take time away from their desks and talk to their colleagues over a cup of tea and a slice of cake, allowing them the opportunity to talk about their wellbeing and hopefully breakdown barriers and address the stigma surrounding mental health.
The Mercia Podcast 

The wait is finally over, the Mercia Podcast is now available for you to listen to anytime, anywhere - with our compliments. Each episode will be packed full of the latest audit, accountancy and tax news. For those who asked, the Podcast is in addition to our monthly round up newswire.

Listen to the Mercia Podcast via the following platforms; Apple, Spotify, Google and of course the Mercia website

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