In a change to the long established timetable of a Spring Budget in March, the government will present the first Autumn Budget for 20 years on Wednesday 22 November. The tax team will be working late into the night digesting the announcements to make sure we include the key announcements on courses. They will also be summarising the Chancellor’s statement for inclusion in our personalised Budget Summaries so that you can communicate any relevant announcements with your clients.

GDPR is another hot topic and we have received several queries from those keen to know more and how they can prepare for change in legislation. With large penalties at stake, we are in the process of developing various ways to support you and your clients in time for May 2018. A one hour webinar will be available in October and we will keep you informed about other GDPR products as they are available.

This month has also seen a number of important updates for not-for-profit advisers, including new guidance for independent examiners and proposed revisions to the accounting for payments to charitable parents that qualify for gift aid. We share more in the A&A section below. 

Nicola Hurley Managing Director

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The Autumn Budget 2017 and 2018/19 Tax Rates products

Keep your clients up to date with relevant Budget announcements. Our easy to understand summary comes in a choice of digital and printed formats.

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The Midlands

Covers GDPR, Employment Law Update, Money Laundering Regulations and more.

12 October 2017

International Tax


4 October 2017


Proposed amendments to FRS 102 – Gift aid

The FRC has published FRED 68 Draft amendments to FRS 102 Payments by subsidiaries to their charitable parents that qualify for gift aid for consultation. This exposure draft proposes limited scope amendments to FRS 102 that apply in situations where a wholly-owned subsidiary of a charitable parent makes, or expects to make, a payment that will qualify for gift aid.

The consultation ends on 20 October 2017. It is expected that these proposals will be finalised alongside FRED 67, with a mandatory effective date of periods beginning on or after 1 January 2019 and early application permitted.

Charity independent examination guidance

The Charity Commission (CC) has published an updated version of Independent examination of charity accounts: Directions and guidance for examiners (CC32). The updated CC32 includes new Directions to be followed by examiners relating to independence, related party transaction disclosures and going concern. It also includes a framework for the independent examination of small charity group accounts and new and updated reports, advice and guidance, including in relation to reporting matters of material significance. The CC has also issued a new Independent examination of charity accounts checklist (CC32a).

The updated guidance is mandatory for independent examiner reports signed and dated on or after 1 December 2017.

We will be updating our Charities Specialist Assignment Manual for the new guidance in the next update, which is due to be published later this year.

Teachers’ Pensions Reporting Requirements

Teachers’ Pensions has issued updated guidance for reporting accountants in relation to the reporting process for the End of Year Certificate. Reporting Accountant Guidance TP05 (FY16/17 Version 4) includes guidance, requirements, illustrative engagement terms and reports for the agreed-upon procedures reporting engagement. The deadline for submission of reports has been moved from 30 September to 30 November 2017.

Technical manuals news

We have issued an update to our Societies and CICs Specialist Assignment Manual. This update deals with the new UK Auditing Standards and revised Ethical Standard issued by the FRC in respect of periods commencing on or after 17 June 2016.

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


More information on MTD for businesses

The government has also published Making Tax Digital for VAT: legislation overview. Businesses will be expected to comply from April 2019 with the VAT reporting requirements. These rules are currently subject to consultation and debate. The consultation closes midday on 10 November 2017. More information available here.

HMRC offer compensation for poor implementation of new childcare services

If people have been affected by technical issues, they may be able to get the government top-up as a one-off payment for Tax-Free Childcare. HMRC are also consider refunding any reasonable costs directly caused by the service not working as it should, mistakes or unreasonable delays. Read more information here.

HMRC update salary sacrifice guidance

HMRC have updated their salary sacrifice guidance to reflect the changes made in FA 2017. More information available here.

Corporate offence of failure to prevent the criminal facilitation of tax evasion - guidance published

HMRC have published guidance on the new corporate offence of failure to prevent the criminal facilitation of tax evasion. Read more here.

Scottish Budget date announced

Finance Secretary Derek Mackay has confirmed the Scottish Draft Budget 2018/19 will be published on 14 December. Find out out more here.

HMRC publish policy paper on Simple Assessment – ending the tax return

HMRC have introduced Simple Assessment, a new way of collecting tax which will make life easier for few groups who have had to do Self Assessment tax returns in the past. For more information, read our blog post.


Mercia Blog TTYC Capital Allowances

Talking to your clients

Capital Allowance Changes Ahead

By Mark Morton

Mercia Blog Corporation Tax Rules For Grassroots

Corporation Tax Rules For Grassroots

By Norman Allison

Mercia Blog Charities Commission

Charity Commission Annual Return 2018 Consultation

By Helen Lloyd


Fresh faces


We're really pleased to welcome Chris Thorpe to our Tax team. Chris is a Fellow of the Chartered Institute of Taxation (CIOT) and full member of the Society of Trust & Estate Practitioners. Prior to joining Mercia he was a tax director with Haines Watts in Exeter where he lives.

You can catch Chris in action at our Farming Conference 2017/18.

We are always looking for technical team members to join our Technical team. We are also looking for talented individuals for Marketing Executive and Print Room Apprentice roles. You can find out more about all our current open positions on our Careers page.

Get in touch

0116 258 1200

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