APRIL  2018

Start of the new tax year on 6 April 2018 saw the reduction in the Dividend Allowance, £2,000 from £5,000, and the introduction of further complexities in the devolved Scottish income tax system. Five income tax rates, ranging from 19% to 46%, apply to Scottish taxpayers non-savings and non-dividend income, the calculation of an individual's income tax position may now be more complex. Our incorporation spreadsheet and profit extraction planning tool will enable you to offer your clients the best advice on incorporation and profit extraction.

You will possibly welcome news that it has been a quiet month on the audit and accountancy front as the likelihood is you have been busy getting your business prepared for GDPR. I’m sure you do not need reminding that it takes effect from 25 May 2018. This month our free download provides you with a practical summary to help you prepare and ensure GDPR compliance when processing employee data - an area easily overlooked by some. If you are struggling to get to grips with this complex legislation we have range of products and services to help. 

Nicola Hurley Managing Director
Mercia Free download

GDPR – When it comes to information about your employees, are you ready?

Practical summary to help you prepare and ensure GDPR compliance when processing and retaining your HR related data


Planning Tools for 2018/19

Profit Extraction Planner

An Excel spreadsheet to guide you through new interest and dividend regimes

Incorporation Spreadsheet

Show your clients the tax savings available if they are incorporated


Making Tax Digital for VAT

The new regulations are coming into force from 1 April 2019

Find out how we can help your firm prepare for changes in regulation. We can also help you communicate key updates to your clients


Independent review of the Financial Reporting Council

The government has launched an independent review of the Financial Reporting Council (FRC).  This review will assess the FRC’s governance and transparency; the avoidance of conflicts of interest, its independence, oversight and accountability; and its impact, resources and capacity.  The review follows significant changes to the FRC’s remit since it was last reviewed in 2011/12 and some stakeholder groups calling for the FRC to demonstrate greater independence from those they regulate. The review is due for completion by the end of 2018. See more here.

Earlier this month, the FRC also announced plans to enhance its monitoring of the six largest audit firms. See more here.

Technical manuals news

We have issued an update to our Registered Social Housing Providers Specialist Assignment Manual.  This update reflected recent changes to the regulatory and legislative regime in addition to changes to auditor standards.

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


Changes to tax reliefs following the Scottish Government’s Budget

The Government has stated that it will ensure that tax reliefs continue to work as they were intended when Scottish Income Tax rates and bands change in April 2018. More information from HMRC available here.

Childcare voucher scheme to close on 4 October

The Government has confirmed 4 October 2018 as the date on which employer-supported childcare (the childcare voucher scheme) will close to new entrants. Find out more here.

EMI options may not qualify for tax relief

HMRC have warned that EMI share options granted in the period from 7 April 2018 until EU State Aid approval is received may not be eligible for the tax advantages presently afforded to option holders, and accordingly share options granted in that period as EMI share options may necessarily fall to be treated as non-tax advantaged employment-related securities options. Find out more here.



Talking to your clients

IR35 – Agency rules

By Mark Morton

Mercial Blog Audit File Issues Sampling

Audit File Issues Sampling

By Ian Pickering


Reporting matters of material significance

By Jenny Faulkner


Accountex 2018 - Come say hello to us at Stand 970

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



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