Finally, the end of this week marks the end of era. As we mentioned in the last newswire, John steps down as
MD on Friday. To celebrate his achievements and thank him for all his hard work we held a party. It was a fabulous night (and early
morning) with the whole team in attendance. From the very day we sent John the invitation to his own party, two months ago, he kept on
insisting he would not be making a speech. However on the night he just couldn’t resist saying a few words. Mark Twain once said ‘It
usually takes more than three weeks to prepare a good impromptu speech’, and although John had been given plenty of notice we’re sure
that he hadn’t planned ahead. When he got to his feet he began by saying that one of the golden rules of public speaking was not to drink alcohol
beforehand!
Nicola Hurley
Director
nicola.hurley@mercia-group.co.uk
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Smoking ban - are you ready?
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Audit and Accountancy Issues
New Money Laundering Regulations coming soon
Earlier this year the government consulted on new Money Laundering Regulations 2007. At the time the draft version was published, the government indicated that final regulations would be available by mid 2007. This will allow those affected time to update their procedures in line with the new legislation before 15 December 2007, the date that the new legislation must take effect in order to comply with the Third EU Money Laundering Directive. No doubt the final regulations will be with us soon, so look out for further news in future Mercia newswires.
In advance of the publication of the new regulations we emailed our Money Laundering Compliance Manual subscribers with a link to a newsletter that outlined some of the main changes to come. If you are a subscriber and have not received your copy please email Sarah Moore at sarah.moore@mercia-group.co.uk.
Specialist Assignment News
Charities
In our March 2007 newswire we included a summary of forthcoming changes arising from the Charities Act 2006 insofar as they would affect audit and accounting thresholds. We have now updated this summary in respect of limited company charities incorporated in Scotland. The higher thresholds for this type of charity will not take effect until the relevant provisions of the new Companies Act 2006 come into effect. If you would like to see a copy of the updated briefing please click here.
Registered Social Landlords (RSLs)
The Housing Corporation has issued an updated version of Good Practice Note 7, External audit of housing associations. The guidance addresses the issue of audit exemption for small RSLs. (Note for subscribers to our RSL Specialist Assignment Manual guidance on this subject has already been incorporated into the latest version of your manual, dated 12.06.)
You can access a copy of the new Housing Corporation guidance here.
Royal Institute of Chartered Surveyors (RICS)
In our March newswire we also referred to the news that RICS had written to its members to let them know that they would no longer be routinely requesting Member’s Accounts Certificates. The change applies to accounting periods ending on or after 1 January 2007 and is part of the RICS move towards a new style of principles-based regulation.
The new Rules of Conduct for both Members and Firms are now available on the RICS website and you can access copies here.
The new Rules came into effect on 4 June 2007.
Tax Issues
Last chance for disclosure
In the last newswire, we reported that HMRC had 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.
The facility expired on 22 June 2007, so some important decisions may now need to be made in respect of those who didn’t use the facility.
If you or your firm would like help preparing a report or help with any investigation issue, please click here.
Arctic Systems case heard
The Arctic Systems case has now been heard in the House of Lords. Three days were set aside for the case but the hearing finished after only one-and-a-half.
We will of course keep you up to date with developments and analyse the decision for you.
Complaints and Putting Things Right
HMRC have issued a new factsheet which explains their complaints procedure and how they set about putting things right when they have made a mistake. This replaces Putting Things Right - How to Complain (COP1) and Complaints and Putting Things Right (Notice 1000).
www.hmrc.gov.uk/factsheets/complaints-factsheet.pdf.
An improved CWF1 has been produced
An improved form CWF1 - Becoming self-employed and registering for National Insurance Contributions and/or tax has been issued by HMRC. To obtain a copy, please use the link below.
www.hmrc.gov.uk/forms/cwf1.pdf
Tax Investigation and VAT developments
This months IVC Bulletin covers the VAT changes which have taken place over the last month. It also confirms that the introduction of Lennartz accounting for land and buildings from 1 September 2007 could generate VAT savings for your clients. The bulletin can be found by clicking here.
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!
Days out...
On 4 July we will be enjoying our annual staff day out. This year we will be visiting Alton Towers and fast track tickets have already been ordered for the more fearless (or foolhardy?) amongst us! As usual there will be phone cover at the office but we will not be available to answer any technical queries. However we will be contacting the office on a regular basis should there be any urgent messages.
On 9 July the admin team will be attending a one day conference covering communications and handling difficult situations. This is always an interesting day as the technical team take it in turns to man the phones so don’t be surprised if you recognise a voice you are more used to hearing on our courses!
On 12 and 13 July the technical team will be attending our annual technical conference so once again technical support may be limited on these days. The conference presents us with an ideal opportunity to communicate financial results and brainstorm various business issues. As in previous years it will include presentations of the one-page plans we prepare for each area of the business, an excellent tool for planning the next 12 months and tracking progress. Highlights for this year will include our plans for Practice Track, following our recent acquisition and an overview of opportunities created by working alongside Central Law Training.
We also find time to enjoy ourselves, relax and catch up with colleagues after a busy lecturing period and before the holiday season begins. All this in just two days!
The answer to this month’s sports trivia question is the loop at the base of the circuit.
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Nicola Hurley
Mercia Group Ltd
Best House, Grange Business Park, Enderby Road, Whetstone, Leicester LE8 6EP.
Tel: 0116 2581200 Fax: 0116 2581250.
Email: nicola.hurley@mercia-group.co.uk Website: 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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