Delay of the VAT reverse charge for construction service
HMRC has announced that the introduction of the domestic reverse charge for construction services will be delayed for a period of 12 months until 1 October 2020. To read more, please click here.
Agent Update: Brexit special
This Update contains articles on a variety of topics including grants for businesses completing customs declarations. . To read more, please click here.
Independent review of the Loan Charge
The Government has initiated a review of the loan charge and whether the policy is an appropriate way of dealing with disguised remuneration loan schemes used by individuals who entered directly into these schemes to avoid paying tax. To read more, please click here.
Senior clinicians’ pensions: Government asks for views on new proposals
A new consultation on proposals to give senior NHS doctors and nurses access to more flexible pensions has been launched. To read more, please click here.
AUDIT AND ACCOUNTING
FRC Annual Report
The Financial Reporting Council has issued its annual report for 2018/19. The report describes its progress in areas such as revising and overhauling the UK Corporate Governance Code and UK Stewardship Code and also highlights its increase in enforcement resourcing. There is a focus on audit quality and corporate reporting, which comes at least in part as a response to the Kingman review and heralds the introduction of the FRC’s successor body, the ARGA. The new ARGA will have new powers and new leadership while still building on the work of the FRC so the work highlighted by the FRC this year will be a basis for where the ARGA begins. The report can be accessed here.
Charity Commission accounts monitoring benchmark for the external scrutiny of charity accounts
The Charity Commission issued a policy paper at the end of August 2019 setting a benchmark for the external scrutiny of charity accounts. The idea is that setting a minimum standard will encourage good performance, even where a charity uses an independent examiner who is not required to have specific qualifications. It should also enable trustees to make a clear-sighted assessment of whether their independent examiner or auditor understands their charity sufficiently well.
At the same time the Charity Commission shared the results of its most recent accounts monitoring review, which looked at the accounts of 296 charities and assessed the reports of their auditors or independent examiners against the new benchmark. The results were most positive when looking at the larger charities, where 76% of the accounts reviewed met the scrutiny benchmarks; for the smallest charities this fell to 37%. A particular issue was in the reporting of related party transactions. The report provides a good indication to trustees of places to focus more preparation effort and to expect enhanced scrutiny from their auditor or independent examiner. You can read more about the review here.
Companies House accounts filing reminder
Companies House has issued various reminders and set out some of the common pitfalls in accounts filing. The push is clearly to online filing, though companies are reminded that if they have never done this before they will need an authentication code which is sent by post and can take a few days, so it cannot be left to the last minute.
Companies still wanting to file on paper need to remember that there is a manual checking process. Accounts will count as having been submitted on time if they arrive before the filing deadline (note the Cardiff office is staffed 24/7 and London and Edinburgh offices have postboxes, but the Belfast office can accept submissions only in office hours). However, if errors are noted and the accounts need to be resubmitted a company that has left filing to the last minute may find it does not have the time to get the resubmission done by the deadline. The option no longer exists to submit unfinished accounts, have them rejected and gain a 14 day extension to submit a final version.
Find out more, as well as some of the most bizarre excuses for late accounts filing, on the Companies House website.
Methodology and Compliance Products update
We have issued an update to our Pensions Specialist Assignment Manual. If you are a subscriber and have any administrative questions about this update, please email Methodology & Compliance Products Team or call us on 0116 258 1200.
OFFICE GOSSIP & IDLE CHAT
Your 2020 Training Programme – Coming Soon!
With over 1,250 training events catering for juniors through to partners, our 2020 training programme will help you keep your expertise up to date and ensure your clients receive the advice and guidance required. Details of all 2020 courses will soon be available on our website. Plus, look out for your 2020 training brochures, covering all regions of the UK and our extensive programme of online courses– coming soon! For more details, and a taster of what’s in store, click here.