Late last year we launched the first of our specialist annual conferences on Charities. This has proved very popular and both the Midlands and London venues are now full. The second conference on Solicitors looks set to be just as popular with a number of early bookings already received following the advance notice we included on our website. Full details will be sent to you at the end of the month and we will make sure to include them in our March newswire. We are introducing more specialist conferences later in the year and will keep you informed as our plans are finalised. In the meantime, if you would like to make a suggestion about any specialist areas you would like us to consider for future events, please make sure you pass them on.
As usual, make sure you try your hand at our sporting trivia quiz. This month we turn to the Six Nations and
we've even included a clue to make it a little easier for you. You can check to see how close you were (or if you got it right) at the
end of the newswire - good luck!.
Nicola Hurley
Director
nicola.hurley@mercia-group.co.uk
Budget 2007 - Have you decided on your plans yet?
The Budget provides you with an excellent opportunity to market your practice and we have a range of products and services that will help you make the most of it. If you would like Budget summaries, tax cards or mouse mats, or you need content for your website or PowerPoint slides for a seminar, be reassured that there is still time to take action.
To find out more click here or call our marketing support team on 0116 258 1242.
To request your FREE samples click here.
Introduction to Professional Selling - the first course in our new Management, Business Development and Personal skills programme
We are pleased to present our most extensive programme ever of personal, management and business development skills courses for 2007. Following the success of last year's programme, we will be running our courses in the Thames Valley region for the first time, as well as in the East Midlands.
Our first course is 'An Introduction to Professional Selling' running in the East Midlands on 13 March 2007. It is specifically designed for anyone who is relatively new to the process of professional selling and the skills learned will assist you in developing your client base throughout 2007 and beyond. To book this or any other course online please click here. You can download a copy of our 2007 course brochure here.
Audit and Accountancy Issues
The last few weeks have been a busy time for Audit and Accountancy technical news! Some of the key documents issued include:
A new FRSSE (effective January 2007)
Published on 23 January, the new FRSSE is effective for accounting periods beginning on or after 1 January 2007. Early adoption is permitted, although those that early adopt must take care to ensure that they comply with company law requirements relevant to their accounting period. The new FRSSE includes a simplification in terms of FRS 20, Share-based payment - a disclosure-only approach to equity settled arrangements has been taken. No other significant amendments have been made. You can obtain a copy of the new FRSSE here.
APB Practice Notes (PNs)
In last month's newswire we referred to three 'near final' PNs being issued. These have now been issued in final form:
- PN 19: The audit of banks and building societies in the United Kingdom (Revised)
- PN 20: The audit of insurers in the United Kingdom (Revised)
- PN 24: The audit of friendly societies in the United Kingdom (Revised)
The APB has also issued an updated version of PN 12 (Revised), Money Laundering - Interim guidance for auditors in the United Kingdom which replaces the version issued in April 2006. The guidance has been updated to reflect the implementation of section 102 (defence where overseas conduct is legal under local law) of the Serious and Organised Crime and Police Act 2005 which has come into force since the last version of the guidance was issued (note for subscribers to our money laundering compliance manual - this change was incorporated into the last update of your manual (04/06)).
Copies of the revised PNs may be downloaded from the APB's website here.
APB Bulletin
The APB has also issued Bulletin 2007/1, Example Reports by Auditors Under Company Legislation in Great Britain. The Bulletin provides updated illustrative example reports by auditors under the Companies Act 1985, including:
- revised financial statements: revision by replacement;
- statement on a company's ability to make a distribution;
- private company wishing to redeem or purchase its own shares out of capital; and
- ceasing to hold office.
A copy can be obtained here.
Charities Act 2006 - It starts on 27 February 2007
As promised, the Government has issued the first commencement order - SI 2007/309 The Charities Act 2006 (Commencement No 1, Transitional Provisions and Savings) Order 2007 for the Charities Act 2006. This brings into force a number of the Act's provisions with an effective date of 27 February 2007. Details of exactly what becomes effective were summarised by the Office of the Third Sector in an implementation plan, previously referred to in our December newswire. To save you time trawling through past issues, the document can be found here.
We'll be updating our Charities Specialist Assignment manual to include the changes over the next few weeks. You can keep up to date with the issue date for the manual on our website here.
Money Laundering News
The government has published draft Money Laundering Regulations 2007 for consultation. These will eventually repeal and replace the Money Laundering Regulations 2003. We'll cover the proposed changes in more detail in future newswires but in the meantime you can find a copy here. The consultation process will run until the beginning of April.
Tax Issues
The new CIS is nearly here
With only two months to go, HMRC have been issuing packs to contractors to help them with the new rules. Please click here for more information.
The new CIS places greater administration burdens on contractors, such as the new monthly return and pay statements. We have developed software that can help your clients avoid problems with the new regime. To find out more, please click here.
Recently we have been undertaking client seminars to educate contractors and subcontractors about the changes ahead. If you would like help with presenting your own client seminar, we can provide you with comprehensive notes and a PowerPoint presentation. To order, please click here.
Refunds of voluntary NICs
Dawn Primarolo has announced that people who have paid voluntary NICs to make up for gaps in their records may be able to claim a refund if they made the contributions since 25 May 2006. Please click here.
Guidance on home as office costs
HMRC have issued new guidance on what costs are deductible for self employed businesses that use private premises for business purposes. Please click here for more information.
Advisory fuel rates for company cars
HMRC have announced new rates for journeys on or after 1 February 2007.
Where employers have practical difficulties implementing the new lower rates they can continue to use the older higher rates for a further month, i.e. to 28 February 2007, without having to take account of the income tax, NIC and VAT implications of paying allowances at the higher rate. This will allow time for drivers and employers to adjust to the new rate. Please click here for more information.
Provision of computers for private use
Before 6 April 2006 the first £500 of the benefit charge arising on provision by an employer of computer equipment in an employee's home was exempt from tax. A computer provided after that date is therefore potentially chargeable. But s316 ITEPA 2003 exempts any benefit if there is no 'significant private use'.
HMRC have recently revised the Employment Income Manual to give guidance on 'not significant'. An extract from the guidance (EIM 21613) reads:
'…where
- the employer's policy about private use is clearly stated to the employees and sets out the circumstances in which private use may be made; and
- any decision of the employer not to recover the costs of private use is a commercial decision, for example based on the impractical nature of doing so, rather than a desire to reward the employee,
So it is clear that businesses need a written to policy to avoid the possibility of a benefit arising. To save you time, we have written a policy for you to use for your own practice, include on your website or send out to your clients. Click here to order.
VAT developments
If you would like to read about recent VAT developments, please click here for this month's VAT news round-up, which has been expanded to include news on HMRC Investigations.
If you would like help with VAT problems or HMRC enquiries, look no further. Mercia has teamed up with IVC, VAT and investigation specialists, to offer preferential rates to Mercia clients for these specialist services. Please click here for more information.
Office Gossip and Idle Chat!
The Mercia stork strikes again!
You may recall that last month we mentioned that Marie Hunt, our Marketing Support Supervisor, was due to give birth in February. Well, hot off the press is the news that yesterday Marie gave birth to a beautiful daughter called Lillie Jane Demetriades. We wish Marie all the best for the many sleepless nights to come!
In Marie's absence Diane McCullock has agreed to become one of Mercia's Fire Wardens. Diane is now hoping for a long, wet summer!
And finally, warm congratulations go to Erika Collinson, who has passed her Chartered Institute of Personnel and Development exams.
The answer to this month's sports trivia question is 1910.
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Mercia Group Ltd
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Tel: 0116 2581200 Fax: 0116 2581250.
Email: nigel.cass@mercia-group.co.uk Website: http://www.mercia-group.co.uk
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