OCTOBER  2017

Speculation is mounting in advance of the Autumn Budget Statement which is due to take place on Wednesday 22 November. Professional bodies and business groups are setting out their wish lists for the Budget (the first Autumn Budget for over 20 years). With calls for a smooth roll out of Making Tax Digital and new legislation to ensure the UK remains competitive post Brexit, the team are expecting a late night, summarising the key announcements for tax courses and for inclusion in our Budget Summaries for you to keep your clients updated.

The Criminal Finances Act 2017 took effect from September 2017 and introduces a new criminal offence for failure to prevent the facilitation of tax evasion. Companies and partnerships could be prosecuted if employees, agents or other persons providing services to the business are involved in tax evasion. If found guilty, the business could face unlimited fines and further sanctions. Affected businesses need to assess their risk and introduce prevention measures as a defence against prosecution. For more information on this topic, read our blog post. We will be considering this issue on our Topical Tax Issues courses. Since this has far reaching implications for all companies and partnerships, we have produced a client letter and a client briefing will also be available shortly.

Nicola Hurley Managing Director

Mercia Free download

Making Tax Digital for Businesses

An informative download which looks at the latest update in HMRC's vision for Making Tax Digital for Businesses (MTDfB).

Mercia Property Conference

Upcoming Conferences

Property

The Midlands

29 November 2017


Farming

Huntingdon

14 November 2017

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AUDIT & ACCOUNTING

Annual review of FRS 101 – 2017/18 cycle

The FRC has undertaken its annual review of FRS 101 Reduced Disclosure Framework for 2017/18 and proposes that no amendments are needed to reflect IASB projects completed since its last review, performed in August 2016. It has noted that more detailed consideration of any changes to FRS 101 arising from IFRS 17 Insurance Contracts will be required once a clearer picture of progress with the endorsement of that standard is known.

Comments on FRED 69 FRS 101 Reduced Disclosure Framework – 2017/18 cycle are requested by 2 February 2018. Read more here.

A&A technical round-up

Other publications that you may find of interest include:

Technical manual news

We have issued an update to our DPB (Investment Business) Compliance Manual. If you are a subscriber and have any administrative questions about this update, please email Karina Johnston or call us on 0116 258 1200.

TAXATION

Growing businesses to benefit from ‘expert’ tax support

A new service to directly help mid-sized businesses as they expand and grow has been launched by HMRC. More information available here.

Simple Assessment - ending the tax return

HMRC have announced the introduction of Simple Assessment from September 2017 and also that a number of taxpayers will be dropped out of the self-assessment system. Read more here.

Corporate Tax Evasion rules take effect

HMRC have issued two pieces of guidance relating to the Corporate Tax Evasion rules which took effect on 30 September 2017. The first deals with guidance on reporting a company or partnership that has facilitated criminal tax evasion if you’re an authorised representative of the company or partnership. A further press release has been issued for corporations' failure to prevent staff from criminally facilitating tax evasion under a new HMRC law. 

For more information, you can read our blog post on Criminal Finances Act 2017.

Welsh Land Tax rates published

The Welsh Government has published the proposed rates for the Land Transaction Tax and Landfill Disposals Tax from 1 April 2018. Find out out more here.

Mortgage providers and lenders who accept a SA302 tax calculation and a tax year overview

HMRC have published details of mortgage providers and lenders who accept a SA302 tax calculation and a tax year overview. More information available here.

OUR LATEST BLOG POSTS

Mercia Blog Talking To Your Clients

Talking to your clients

Non-Domiciled or not?

By Mark Morton

Mercia Blog Charities Trustees

Responsibilities of Charity Trustees

By Andrew Paul

Mercia Blog Confirmation Statements

Confirmation Statements - An Annual Obligation

By Helen Lloyd

OFFICE GOSSIP & IDLE CHAT

Autumn Social - Games Night

We like to think we work hard but also play hard at Mercia. Ashleigh Cullen organised a fun and well attended Games Night at the local pub. An evening of competitive game of Skittles and University Challenge, followed by a 'horrible' round of Cards against Humanity (CAH). While Sarah Perry's team won her bragging rights at Skittles, Ian Pickering came out tops in CAH. In true Mercia fashion, the teams did get a little competitive and there was a bit of (too much) gloating from the winning team the following day!

Interested in joining our friendly team? We're hiring! Find out more about all our current, open positions on our Careers page.

Wear It Pink

Mercia Wear It Pink Day

What is now becoming an annual tradition, every October we hold a Wear It Pink Day in the office to raise money for Breast Cancer Now.

Thank you to team Mercia for continuing to be part of such a great cause and raising £45 in total!

Get in touch

0116 258 1200

enquiries@mercia-group.co.uk

www.mercia-group.co.uk

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