Newswire January 2020

  • By Mercia Group
  • 31 January 2020 00:00

With Brexit, the dates of the UK and Scottish Budget announced, new anti-money laundering regulations, yet more revisions to auditing standards and a go-live date for revisions to UK accounting standards… January has been another busy month! Read on to find out more. 

Latest tax and accounting products

 

 

New Year’s Resolutions

Seven resolutions for improving your practice in 2020.

 

BUDGET 2020

The Chancellor of the Exchequer, Sajid Javid, will deliver the Budget on Wednesday 11 March 2020.

Order your Budget Summaries today and keep your clients up to date with issues relevant to them and their businesses.

Upcoming conferences

Farming Conference

27 February, Penrith
4 March, Exeter 

Charities Conference

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

TAXATION

 

Budget Day

The Chancellor has confirmed that the next Budget will be held on Wednesday 11 March 2020. To read more, please click here.

Scottish Budget date set

The Scottish Budget date has been confirmed as 6 February 2020. To read more, please click here. To update your clients with the announcements from the Scottish Budget order our client letter or digital factsheet

Government launches review of IR35 changes

The Government has launched a review of the draft legislation extending the off-payroll rules to the private sector from April 2020. The review is expected to conclude by mid-February. The Government will launch a separate review of support for the self-employed to ensure they are not impacted by the changes. To read more, please click here

HMRC highlights a decade of bizarre excuses and expense claims

HMRC has highlighted a decade of bizarre excuses and expense claims. To read more, please click here.

Brexit: Implementation period

The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK leaves the EU tonight. However the UK then enters an implementation period during which time it is ‘business as usual’, with the UK covered by EU rules until the end of the year. By 2021 the UK Government aims to have agreed a deal on future arrangements with the EU and the rest of the world.

HMRC has contacted businesses inThe leaders of the UK and European Union signed the Withdrawal Agreement, and the UK leaves the EU tonight. However the UK then enters an implementation period during which time it is ‘business as usual’, with the UK covered by EU rules until the end of the year. By 2021 the UK Government aims to have agreed a deal on future arrangements with the EU and the rest of the world.

HMRC has contacted businesses in the UK who may import and export between the UK and the EU to explain what they can do to prepare for changes to customs arrangements after the UK has left the EU and to confirm there are no change during the implementation period. the UK who may import and export between the UK and the EU to explain what they can do to prepare for changes to customs arrangements after the UK has left the EU and to confirm there are no change during the implementation period.

To read the letters HMRC sent to businesses click here.

 


 

AUDIT AND ACCOUNTING

 

European Union (Withdrawal Agreement) Act 2020

The European Union (Withdrawal Agreement) Act 2020 has received royal ascent. Whilst this piece of law does not amend the definition of Exit Day (11pm on 31 January 2020), it introduces a defined Implementation Period and Implementation Period Completion Day, set at 11pm on 31 December 2020. In many cases references to exit day within existing primary and secondary legislation have been replaced with this new date.

New Anti-Money Laundering Regulations published

The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 were laid before Parliament on 20 December 2019 and, with a couple of exceptions, came into force on 10 January 2020. These Regulations amend rather than replace the 2017 Regulations.

As with the 2017 Regulations the amendments were issued with very little time to implement the required changes before the effective date. Also, at the time of writing, updated CCAB guidance is not yet available. Find out more, including plans for updates to Mercia’s range of AML training and compliance products here.

Further revisions to auditing standards

As reported in December’s Newswire, the FRC issued amendments to a number of auditing standards to reflect outcomes of its review of its 2016 standards. The FRC has, this month, issued an erratum to the Ethical Standard 2019 that affects the contingent fees prohibition application. A series of further revised audit standards have also been published this month to reflect conforming amendments required by the new ISA (UK) 540 on accounting estimates which becomes effective for audits of financial statements with periods commencing on or after 15 December 2019.

We have a series of webinars planned over the next few months that will cover what you need to know about these important changes to auditor standards. To find out more, click here.

The FRC has also issued a consultation on implementation of significant revisions to ISA (UK) 315. We will provide further comment and analysis on what represent significant proposed changes to the audit risk assessment process in the coming months. Planned implementation of ISA (UK) 315 revisions is for audits of financial statements with periods commencing on or after 15 December 2021.

Methodology and compliance product updates

We have issued an update to our Charities Specialist Assignment Manual that addresses the publication of Charities SORP (FRS 102) (Second Edition – October 2019). 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.


 

OFFICE GOSSIP & IDLE CHAT

 

Mercia Communication Days 

This month we held our Team Communication Events. These were held in our London, Leicester, Plymouth and Ireland offices, unlike the summer event where we all get together in one location.

Such events give us the opportunity to share news and results from all areas of our business. This keeps everyone up to date with the innovations and opportunities across all product areas. The teams are also given the opportunity to take part, ask questions and we invite them to make their own presentations. Although you might not see them on the CPD circuit we do have quite a few rising stars working across different parts of the business.

Mercia incorporating SWAT - Angel office, London – we are moving!

After 10 years at Angel Square Mercia incorporating SWAT will be leaving the premises on Friday 28 February 2020.

We now have an array of venues centrally and regionally including five venues dotted around London and the surrounding areas. Alongside these venues we also have the advantage of using our parent company Wilmington’s modern facilities in Whitechapel.

All of our Student Training Workshops will take place at this location from 2 March onwards. Our Student Monitoring & Recruitment team will also re-locate from Angel to Whitechapel. 

If you regularly attend courses at Angel and haven’t received the detailed email about the move, please contact john.ellis@mercia-group.com.

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