We have also been busy planning our Partners’ Conference. After a break of two years we are organising the conference on Succession. With
sessions covering the buyer’s and seller’s viewpoint, looking at recruiting from within and pointers on ‘doing the deal’ it looks set to
be an interesting day. More information on the conference is included below.
Finally there is our usual sports quiz. Following the disastrous cricket result in January and our question on the Ashes, we are so pleased we decided not to focus on Cricket World Cup for our April question!
Nicola Hurley
Director
nicola.hurley@mercia-group.co.uk
Tax Guides
We are producing a handy pocket guide of everyday tax issues, packed with practical tips, useful checklists and straightforward advice, personalised for your practice.
The 32-page guide explains the taxes your clients are likely to encounter in their business and personal lives, and is written to help promote your tax services and encourage client contact. To make sure that you get the most from the booklet it comes complete with a range of letters to support various marketing objectives.
Further information on our Tax Guides is available here, and to request your FREE samples please click here.
Partners’ Conference – Succession: The Ins and Outs
Our Partners’ Conference is presented by individuals who all have firsthand experience in dealing with succession issues in their own practices. The conference will discuss a wide range of practical aspects and help give suggested solutions to your own succession dilemmas.
Topics include:
- Setting the Scene
- The View from the Buyer
- Internal Succession - The Inside Story
- Doing the Deal
- The View from the Seller
Accountancy Firms’ Web Use Survey 2007 - the closing date approaches
As you may be aware, we are currently conducting a survey to establish the real position of email and Internet usage within UK accountancy firms. The closing date for your completed responses, and the chance to win a free totalSOLUTION website for a year (or other totalSOLUTION services), is 30 April. So if you want to be in with a chance to win, you have six more days to enter. Click here to take part now. For full terms and conditions please click here.
Monthly Marketing Tip
How much do you know about your competitors? In this issue we focus on how competitor research can assist in shaping your business strategy. Click here to read more about the information to consider when conducting your competitor research.
Audit and Accountancy Issues
Companies Act 2006 - changes to directors’ reports
The second Commencement Order of Companies Act 2006 was issued on 29 March and came into effect on 6 April. The SI brought further sections of the new Act into force, including:
- Part 28 and Schedule 2 Takeovers etc; and
- the extension of the new Act to Northern Ireland in respect of Community Interest Companies.
We issued an email alert to our audit manual subscribers informing them of this change. If you would like more information, please click here to access a copy of the email.
The SI can be accessed at SI 2006/1093 The Companies Act 2006 (Commencement No. 2, Consequential Amendments, Transitional Provisions and Savings) Order 2007.
RICS reforms update
In our March newswire we referred to the Royal Institute of Chartered Surveyors (RICS) regulatory reforms, in so far as RICS will no longer be routinely requesting Members Accounts Certificates for their members with a year end ending on or after 1 January 2007. The RICS website has now been updated with further FAQs on the subject of regulatory reform, including a response to the question "What will firms that have client accounts be required to do instead of sending in annual accountants’ reports?" You can view the response here.
Practice Note 15 (Revised) issued
The APB issued the final revised version of Practice Note (PN) 15, the Audit of Occupational Pensions in the United Kingdom at the end of March. The guidance in the PN has been updated for ISAs and the replacement of Opra by the Pensions Regulator amongst other changes that have taken place since the PN was last issued. There are few changes from the draft version that was issued in August last year and we’ll have more on what has changed in next month’s newswire. In the meantime, please click here to access a copy of the PN.
Tax Issues
The case of the missing BN
Budget night went well for us. The writing was done and checked in time for the printers to produce our tax cards and Budget booklets overnight.
Imagine our horror when, a few days later, one of our team noticed that the file of Budget Notes on the Treasury’s website carried the note stating that:
"This version replaces the version published immediately after the Chancellor finished his Budget speech".
A frantic before and after comparison revealed that the most obvious difference was that BN59 had completely disappeared. What was it and, most importantly, what did it contain?
Fortunately, it related to VAT and gaming and didn’t affect any of our publications. If you would like to see the mysterious BN59, please click here.
ESC 3.29 - VAT: ‘charitable’ buildings - the ‘change of use’ charge
Charities that have obtained zero-rating for their new buildings or construction services under ESC 3.29 will no longer be liable for any VAT charge when there is a ‘change of use’ of the building within ten years of the zero rate having been obtained. For further information please click here.
Centralisation of repayment claims work
From 26 March all claims to tax back on investment income will be handled by Leicester & Northants (Claims) Office. Self assessment taxpayers will continue to claim repayments via their tax return. For further information please click here.
New guidance on UK Real Estate Investment Trusts (UK REITs)
HMRC have published new guidance on UK REITs, which replaces draft guidance that has been available since 29 November 2006. For further information please click here.
Offshore Accounts
HMRC has announced arrangements enabling investors with offshore accounts to disclose to HMRC any income and gains not previously included in their tax returns. Details of the arrangements are available here or by calling 0845 302 1401.
To help you keep your clients informed we have prepared a client letter. Please click here for details.
If your firm would like help preparing a report or help with any investigation issue, please click here.
Tax Investigation and VAT Developments
If you would like to read about recent tax investigation and VAT developments, please click here for this month’s news round-up.
If you would like help with VAT problems or HMRC enquiries, look no further. Mercia has teamed up with IVC - VAT and tax investigation specialists - to offer preferential rates to Mercia clients for these specialist services. Please click here for more information.
Office Gossip and Idle Chat!
Andrea Clargo, a brave member of the Mercia team, completed the London Marathon on Sunday 22 April in 4:34:56. Congratulations go to Andrea for her achievements, and to our friends and clients who also successfully completed the London Marathon. We hope you all take a well-earned rest!
The answer to this month’s sports trivia question is 1949.
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Nigel Cass
Mercia Group Ltd
Best House, Grange Business Park, Enderby Road, Whetstone, Leicester LE8 6EP.
Tel: 0116 2581200 Fax: 0116 2581250.
Email: nigel.cass@mercia-group.co.uk Website: http://www.mercia-group.co.uk
Mercia Group Limited is a company registered in England and Wales with company number 1464141.
Registered Office: Paulton House, 8 Shepherdess Walk, London N1 7LB
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