JUNE  2017

Following the Election, the Queen announced the new Government’s legislative agenda. Whilst the start of the Brexit negotiations are grabbing the headlines, the tax team are eagerly awaiting the Summer Finance Bill. The supporting documents to the Queen’s speech announced:

‘The programme will also include three Finance Bills to implement budget decisions. Summer Finance Bill 2017 will include a range of tax measures including those to tackle avoidance. The programme will also include a technical Bill to ratify several minor EU agreements and further Bills, which will be announced in due course, to effect the UK’s withdrawal from the EU. The government will also be taking forward a range of other measures which may not require primary legislation.’

One area, however, where we have already seen some new legislation is in anti-money laundering. Introduced with one working day to spare, you’ll find news of the 2017 Money Laundering Regulations in the A&A section below.

Finally, in other news, you may have heard about General Data Protection Regulation (GDPR), new legislation that is being introduced to keep pace with digital technology and is more extensive in scope and application than the current Data Protection Act (DPA). This month's free download focuses on what GDPR means for your business and that of your clients, and how to develop clear policies and procedures to ensure compliance with the new legislation.

Nicola Hurley Managing Director

Mercia Free download

What Does GDPR Mean For Businesses

An informative download that looks at General Data Protection Regulation (GDPR) and what it means for businesses and that of your clients, when handling personal data.

Client Communications

Client Communications


Quarterly Updates


Client Briefings


Covering topical issues in easy to understand language. Can be personalised to match your branding. Available in Printed & Digital formats.

Rear view of man gesturing with hand while standing against defocused group of people sitting at the chairs in front of him

CPD Specialist Courses

Courses covering specialist topics and niche areas - autumn programme available

 Starts September 2017

AUDIT & ACCOUNTING

Money laundering regulations

Having been delayed by the general election, on 22 June 2017, the government finally published the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The new Regulations came into force on Monday 26 June 2017 and implement the requirements of the 4th EU Money Laundering Directive. 

Changes to anti-money laundering (AML) policies and procedures will be required under the new regulations. 

Updated AML guidance for the accountancy sector from the Consultative Committee of Accountancy Bodies (CCAB) is expected to be published shortly and the FRC has published a consultation on revised guidance material for auditors on the AML requirements in UK legislation. 

We have been in touch with subscribers to our Money Laundering Compliance Manual, setting out key changes and will finalise an update to the manual as guidance for the accountancy sector is published. 

To help you become familiar with the changes being introduced you may be interested in our Money Laundering Update course. We’ll also have more on the changes being introduced in a future Newswire.

A copy of the new regulations can be accessed here.

Academies Accounts Direction 2016 to 2017

The Education and Skills Funding Agency (ESFA) has published the Academies Accounts Direction 2016 to 2017.  This documents sets out annual report and assurance requirements applicable to academy trusts for the reporting period to 31 August 2017.

A copy of the Accounts Direction can be accessed here.

Technical manuals news

Earlier this month we issued updates to our Limited Companies Audit Manual and the accompanying Audit Procedures Manual. These manuals should be used for audits of financial statements with periods commencing on or after 17 June 2016 and reflect necessary changes arising from implementation of revised auditing and ethical standards for auditors.

An update to our Audit Exemption Specialist Assignment Manual has also been issued.

If you are a subscriber and have any administrative questions about these updates, please email Karina Johnston or call us on 0116 258 1200.

TAXATION

Welsh Land Transaction Tax Act receives Royal Assent

The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 received Royal Assent on 24 May 2017 and will replace SDLT in Wales from April 2018. The proposed tax rates and bands will be announced by October 2017. More information available here.

VAT: get clearance on the rules for complex transactions

HMRC have updated their guidance on how to obtain clarification about how VAT law applies in a particular situation and how to take part in an EU trial for complex cross-border VAT ruling requests.

OUR LATEST BLOG POSTS

Mercia Blog Liquidations beware

Talking To Your Clients

Liquidations Beware

By Mark Morton

Mercia Blog Infographic Evolution Of Technology In Accounting

Infographic Evolution Of Technology In Accounting

By Marketing Team

Mercia Blog Client Money Accounting For Property Professionals

Client Money Accounting For Property Professionals

By Kris Taylor

OFFICE GOSSIP & IDLE CHAT

Did you spot Shan Hughes on Hijacked by Channel 5?

shan_documentary

Shan Hughes and fellow members of Oadby Drama play the parts of hostages on Channel 5 documentary series ‘Hijacked’ which is being aired this month. It was not glamorous or well paid; £50 for what turned out to be a 12 hour day, but definitely an ‘experience’. Off camera, Shan was asked to hold a hijacker’s ‘grenades’ whilst he opened his water bottle and shared a packet of biscuits with Demis Roussos, a look alike – if you remember ‘Forever and ever’.

The episode is available to view on demand on the Channel 5 website.

Movers and shakers

This month we say goodbye to Monica Jandu, who has decided to move back into industry. We wish her good luck in her new role and in the future.

We are also pleased to welcome on board Dale Palmer, Max Barsby and Natalie Jarram. Dale and Natalie have joined our Training Admin team as Training Events Administrators, while Max has joined our Technical Support team, also as an Administrator.

Get in touch

0116 258 1200

enquiries@mercia-group.co.uk

www.mercia-group.co.uk

Would your colleague be interested in this email?

Forward

From time to time we send you details of products and services we feel will be of interest to you. You can unsubscribe here.

This email was sent by: %%Member_Busname%%, %%Member_Addr%%, %%Member_City%%, %%Member_State%%, %%Member_PostalCode%%, %%Member_Country%%

Wilmington Plc

Mercia Group Limited is a company registered in England and Wales with company number 1464141. With a registered address 6-14 Underwood Street London N1 7JQ.

This email and any attachments may be confidential and the subject of legal professional privilege. Any disclosure, use, storage or copying of this email without the consent of the sender is strictly prohibited. Please notify enquiries@mercia-group.co.uk immediately if you are not the intended recipient and then delete the email permanently. Unless you are the intended recipient or his/her representative you are not authorised to, and must not, read, copy, distribute, use or retain this message or any part of it. Our privacy policy can be viewed here.