AUGUST  2017

This month we have received various enquiries regarding the Criminal Finances Act 2017 and the new corporate offence of failure to prevent the facilitation of tax evasion. Companies and partnerships can now be subject to prosecution if employees, agents or others providing services are involved in tax evasion. A defence against prosecution is available where they have risk assessed and installed prevention measures. In response, we have prepared a new client letter to help your clients assess the risks involved and install prevention measures, while also including updates in relevant courses.

It has been a relatively quiet month for A&A publications, though draft CCAB anti-money laundering guidance has now been published, which follows implementation of new money laundering regulations earlier this year. See more in the A&A section below. 

Finally, over the summer we have been finalising our CPD specialist programme for this autumn. If you need to catch up on what has changed in your area of expertise, you can view the programme here or search our website.

Nicola Hurley Managing Director

Mercia Free download

Setting goals and planning ahead for businesses and individuals

An informative download which looks at the benefits of planning for businesses and the individuals within it, and a brief insight into some of the dos and don’ts of the appraisal process.

Mercia Client Letters

New Client Letters available

People with Significant Control July 2017 Update

New criminal offence for companies and partnerships

Supplied in Word format and delivered via email within one working day of receipt of your order. 

Mercia Conferences August-September 2017

Upcoming Conferences

Probate Practitioners

In association with SWAT UK

28 September 2017


4 October 2017


CCAB draft anti-money laundering guidance

The Consultative Committee of Accounting Bodies (CCAB) have published draft Anti-Money Laundering Guidance for the Accountancy Sector. The draft guidance is for all entities providing audit, accountancy, tax advisory, insolvency or related services and reflects changes made by the Regulations in The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

This draft guidance will be published as final once it has been approved by HM Treasury later this year. For more detail, see our blog post.

Co-operatives and community benefit societies audit exemption proposals

HM Treasury have issued a consultation that proposes an increase to audit exemption thresholds for co-operatives and community benefit societies, in line with the small thresholds now applicable to companies.

The consultation, which closes on 22 September 2017, can be found here.

Technical manuals news

We have issued updates to our FCA (Mortgage and General Insurance Intermediaries) and FCA (Designated Investment Firms) Specialist Assignment Manuals (SAMs).  Since the deadline for adopting the new CASS Assurance Standard has passed, all documentation relating to the former assurance regime has been removed as part of this update.  These updates also reflect changes required by the revised auditing and ethical standards.

We have also issued an update to our Clubs SAM that also reflects necessary changes arising from the revised auditing and ethical standards.

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


Proposed new timetable for State Pension age increases

Following a recent review, the Government has announced plans to bring this timetable forward. The State Pension age would therefore increase to 68 between 2037 and 2039. More information available here.

HMRC issue updated guidance on the changes to the GAAP

HMRC have issued updated guidance on the tax effects of changes to GAAP used to prepare financial statements. Read more information here.

2016-17 Self Assessment Individual Exclusions fix on the way

HMRC have eventually agreed to amend their tax calculation software to compute tax liabilities correctly! Whether it will actually work...

More information available here.

How downsizing, selling or gifting a home affects the additional Inheritance Tax threshold

HMRC have issued guidance to help people check if an estate can get the extra Inheritance Tax threshold when someone downsizes, gifts or sells their home before they die. Read more here.

New help for small businesses launched

HMRC have launched a new online tax forum and dedicated webchat service for small businesses and the self-employed has been launched today by HMRC. Read more here.

Changes to the advisory fuel rates from 1 September 2017

These advisory fuel rates apply for all journeys undertaken on or after 1 September 2017. You can use the previous rates for up to one month from the date the new rates apply.

Engine size Petrol* Diesel* LPG*
1400cc or less 11p (11p)   7p (7p)
1401cc - 2000cc 13p (14p)   8p (9p)
Over 2000cc 21p (21p)   13p (14p)
1600cc or less   9p (9p)  
1601cc - 2000cc   11p (11p)  
Over 2000cc   12p (13p)  

* Amount per mile

Hybrid cars are treated as either petrol or diesel cars for this purpose. More information available here.


Mercia Blog HMRC - what can they make you do

Talking to your clients

HMRC – What can they make you do?

By Mark Morton

Mercia Blog Solicitors SRA Accounts Rules 2018

SRA Accounts Rules 2018 for solicitors

By Sally Hutchings

Mercia Blog Audit 2017

Professional scepticism and the auditor

By Julia Penny


We're hiring! Join our team

This month we say goodbye to Charlotte Cookson from our Marketing team and James Barfield who completed his Print Room Apprenticeship with us. From all of us here at Mercia, we would like to wish them both best of luck for the future.

Have you ever thought about joining us? We are always looking for technical team members and we currently have a number of exciting opportunities for talented individuals who are passionate about all things technical. We are also looking for a Marketing Executive and a Print Room Apprentice. 

You can find out more about all our current open positions at our Careers page.

Get in touch

0116 258 1200

Wilmington Plc