MARCH  2018

The Making Tax Digital for VAT Regulations are now final and the tax team have been busy digesting these. If this is an area of interest for you see the tax section to find out about our webinar and the client communications we have available to help keep your clients up to date.

This month also saw the publication of final HM Treasury approved Anti-money Laundering Guidance for the Accountancy Sector providing further guidance on the implementation of the 2017 Money Laundering Regulations. You can find out more in the A&A section below.   

As you would expect, we can’t avoid mentioning GDPR! 25 May 2018 will be here before you know it and a summary of the various way in which we can help is available here.

Nicola Hurley Managing Director
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GDPR

The introduction of GDPR is arguably one of the most pressing issues facing businesses right now, due to the imminent deadline of 25 May 2018.

Find out how we can help

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Updates for your clients

Digital, printed and content only

Letting Out Property

Running your Business as a Company

MTD (updated)

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Upcoming Conferences

Advising Employers

Midlands - 12 April 2018

Tomorrow's World

London - 18 April 2018

Solicitors

Midlands - 26 April 2018

AUDIT & ACCOUNTING

CCAB anti-money laundering guidance

The CCAB have published final HM Treasury approved Anti-money Laundering Guidance for the Accountancy Sector.

This guidance must be taken into account by UK courts when deciding whether an offence has been committed under the 2017 Regulations or Section 330-331 of The Proceeds of Crime Act 2002 and is also likely to influence the judgement of relevant anti-money laundering supervisory authorities in assessing compliance with general ethical or regulatory requirements.  For more on revisions made to the final guidance, click here.

The Mercia Money Laundering Compliance Manual has already been updated for the draft CCAB anti-money laundering guidance and will be updated for the changes made to the final version.  Subscribers will automatically receive a copy of the updated manual as part of their subscription.

Revised UK GAAP accounting standards

The FRC have published the suite of UK accounting standards applicable for periods commencing on or after 1 January 2019, with early application permitted.  The updated suite of standards, FRS 100 through to FRS 105, reflect recent amendments including those made through the FRC’s triennial review of the standards, published in December 2017. The updated standards can be found here.

Gender Pay Gap Reporting deadline

Legislation requiring employers with 250 or more employees to publish gender pay gap data annually took effect for the private and voluntary sectors with effect from 5 April 2017. The deadline for reporting the 2017 snapshot data on the employer's website and a government website is 4 April 2018. Further information on gender pay gap reporting can be found at the ACAS website, here.

Technical manuals news

We have issued updates to our FCA Designated Investment Firms (DIF) and FCA Mortgage and General Insurance Intermediaries (MGI) Specialist Assignment Manuals to reflect revisions to CASS and the withdrawal of APB Practice Note 21.

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

Making Tax Digital (MTD) for VAT - 1 April 2019 start date

New VAT Regulations became law on 28 February 2018 and confirmed the start date of 1 April 2019 for MTD for VAT.

The Regulations (and the explanatory note) set out:

  • mandatory use of 'functional compatible software' for VAT registered businesses
  • start date rules, according to VAT return periods in use
  • new record keeping requirements, specifying exactly what must be retained in the functional compatible software
  • exemptions from the new requirements.

HMRC has announced they now plan to have further engagement with interested parties  on the draft VAT Notice.

We have produced a client letter and client briefing to make your clients aware of the changes. Also a CPD course and one hour specialist webinar to get you up to speed.

Employer - Supported Childcare gets a reprieve

Following the roll out of Tax-Free Childcare (TFC), the new government scheme to help working parents, existing Employer-Supported Childcare (ESC) schemes were expected to close to new joiners from April 2018. However following the Chancellor’s Spring Statement, Education Secretary Damian Hinds, made a concession to delay scrapping the scheme by six-months.

The Childcare Choices website which provides useful guidance to parents on the childcare options available to them including ESC, TFC and other free entitlements has been updated to show that childcare vouchers will be available to new joiners until the end of September 2018. 

Ten things about offshore assets and income

HMRC is cracking down on those who help others to evade tax offshore and are providing guidance on the chargeability of offshore income. Find out more here.

Spring Statement

Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018. The supporting documentation launched several consultations. Read more here.

HMRC slays tax-avoiding Cyclops

HMRC has won a tax avoidance case worth £55m after businesses issued loan notes as bonuses to avoid tax. Find out more here.

Get an HMRC agent services account

HMRC have issued guidance on when and how to set up an agent services account to use online services on behalf of clients. Read more here.

FREE DOWNLOAD

Criminal Finances Act Essentials

In this free download, we consider essential information relating to the Criminal Finances Act which came into force on 30 September 2017. Find out more here.

OUR LATEST BLOG POSTS

charity-savings-jar

What Trustees can learn post the Oxfam scandal

By Jenny Faulkner

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Audit File Issues Tangible fixed assets

By Ian Pickering

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Treasury approved CCAB Anti-Money Laundering guidance issued

By Julia Penny

OFFICE GOSSIP & IDLE CHAT

Meet us at Accountex 2018

We are exhibiting at Accountex again this year! Come along and see us on 23-24 May 2018 at Stand 970! We'll be sharing our stand with our sister company SWAT as well as our other brands Quorum Trainingtotalsolution and Practice Track

Get in touch

0116 258 1200

enquiries@mercia-group.co.uk

www.mercia-group.co.uk

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