At the beginning of March we launched our ‘Accountancy Firms’ Web Use’ survey to capture an industry snapshot
of the true picture of web use by accountants in the UK. We are very interested in your views on websites and how the internet helps you
to develop your business - or not! It only takes five minutes to complete but just in case you need an incentive to take part you could
win a website or £1200 of tools or content. Again you'll find the detail below.
And finally, don't forget to try your hand at our sporting trivia quiz.
Nicola Hurley
Director
nicola.hurley@mercia-group.co.uk
Accountancy Firms’ Web Use Survey 2007
There is much hype about the benefits of the Internet and the opportunities it brings to businesses, but what is the view of the profession? How do you see it? Are you embracing technology, waiting to see what your competitors do, finding out what your clients want or do you simply feel it’s a big fuss about nothing?
We are conducting this survey to establish the real position of email and Internet usage within UK accountancy
firms. It will only take 5 minutes to complete but to encourage you to participate we'll be carrying out a FREE prize draw to....
Win a FREE Website or £1200 of content or tools
For full terms and conditions please click here.
P.S. If you’re already thinking of subscribing to a totalSOLUTION product, then please go ahead as we’ll simply cancel your DD mandate if your name gets pulled out of the hat.
Solicitors’ Conference
Our one day Solicitors’ Conference has been specifically introduced for partners or senior managers with responsibility for a number of solicitor clients. The conference will cover:
- Legal Business in the UK: The Essentials
- Law Firm Management
- Solicitors’ Software and Hard Choices
- All Change - A New Regulator and New Code
- People, Performance and Strategy: Addressing Succession and Merger
- Limited Liability Partnerships
- Managing and Improving Financial Performance in the Law Firms
For full details click here. The Solicitors’ Conference is sponsored by SBJ.
Monthly Marketing Tip
Following on from January’s marketing tip on encouraging client feedback we focus on how an annual customer survey can assist in shaping your business strategy. Click here to read more about how to conduct a customer survey.
Audit and Accountancy Issues
Companies Act 2006 - implementation timetable
On 28 February the DTI announced the implementation timetable for the new Companies Act. A number of common commencement dates were announced, principally:
- 1 October 2007
- 6 April 2008
- 1 October 2008
A number of consultation documents were also published for comment, including how the changes might be applied to LLPs, how the transitional rules might work and draft model articles of association.
We’ll be covering the timetable and the latest proposals in our Company Law and Audit and Accountancy Update courses. In the meantime, you can access the timetable and consultation documents on the DTI’s website here.
Higher Audit Exemption Thresholds on the Way?
In a second consultation document entitled "Implementation of Directive 2006/46/EC on Company Reporting - Amending the Accounting Directives", the DTI has put forward proposals to take advantage of the option to raise the thresholds that define small and medium-sized companies to the maximum permitted by EU law. The proposed thresholds are:
Similar changes are also proposed for the group limits.
Any change in the thresholds should be incorporated into the implementation timetable for the new Companies Act, indicated above. If you would like to comment on the proposals you can access the consultation document here.
Specialist Assignment News
Charities
In our November 2006 Newswire we included a summary of forthcoming changes arising from the Charities Act 2006 insofar as they would affect audit and accounting thresholds. The summary was also reproduced in the letter that accompanied the last update to our Charities Specialist Assignment Manual (SAM). Following SI 2007/309 (detailed in last month's Newswire) we are now in a position to provide further details about implementation dates and to update our guidance.
The updated version summarises the latest audit, independent examination and accounts requirements for both incorporated and unincorporated charities in England and Wales and in Scotland, along with the all important commencement dates as we know them. If you would like to see of a copy of the updated guidance please click here.
RICS
We’ve recently heard that the Royal Institute of Chartered Surveyors (RICS) has written to its members with a year end ending on or after 1 January 2007 to let them know that RICS will no longer be routinely requesting Members Accounts Certificates. The change is part of the RICS move towards a new style of principles-based regulation, which follows a vote of its members in October 2006. We understand that while RICS members will still be required to hold client money in accordance with RICS rules, there will no longer be a requirement for an accountant to complete compliance work in this area and report their finding to RICS.
The revised Rules of Conduct are expected to be available at the end of April and will come into effect on 4 June 2007. Until this time, the existing Rules remain in force, the only change being that accountants are no longer required to report to RICS in respect of year ends ending on or after 1 January 2007. For year ends prior to 1 January 2007, a Members Accounts Certificate will still be required. If you’d like to find out more visit the RICS website here.
Tax Issues
The State Pension - check your entitlement!
A recent case has once again illustrated the difficulties for people who don’t check their own state pension entitlement and later find out that there are ‘holes’ in their record. To read our summary of the case, please click here.
State pension entitlement can easily be checked by asking for a pension forecast. For more information please click here.
Withdrawal of Statement of Practice SP13/91
SP13/91 provided that, on the termination of an office or employment due to retirement or death, ex-gratia awards payable may be made tax-free in certain circumstances.
Paragraphs 7 and 8 permitted certain small payments to be made tax-free. Due to the changes introduced for pension schemes from 6 April 2006, SP13/91 was withdrawn for payments made on or after 6 April 2006. To read the brief please click here.
Changes to PAYE Online Filing
HMRC have provided an update on filing PAYE in-year forms online. To read the brief please click here.
NMW Increases
The new NMW rate of £5.52 (£5.35) an hour from October 2007 has been announced. Other rates rise from £4.45 to £4.60 for 18-21 year olds, and from £3.30 to £3.40 for 16-17 year olds. For further information please click here.
The New CIS is Nearly Here
With only one month 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.
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.
HR Matters
The Health Act 2006 includes provisions to make enclosed public places and workplaces smoke free from 1 July 2007. This obliges employers to prohibit and take steps to prevent smoking on their premises. Clearly visible ‘No Smoking’ signs must be displayed at the entrance to premises that are ‘enclosed’ or ‘substantially enclosed’ (these terms are defined in the regulations).
Smoking rooms will no longer be allowed as complete smoking bans must be imposed. However, you can decide to provide a smoking area outside but still on your premises, providing such an area is not ‘substantially enclosed’. All company vehicles used by more than one person are covered by the legislation and must display an appropriate ‘No Smoking’ sign. For more information please click here.
Office Gossip and Idle Chat!
Lots to share this month so here is a quick round-up of life at Mercia.
David Gallagher is busy putting final the touches to his Sabbatical plans. Starting in June, David plans to cycle around Britain to indulge in his love of cycling and raise money for the Samaritans. John Sharkey and John Welsford are joining him at various stages of the journey and his wife and two young children will catch up with him by car along route. We'll keep you updated as soon as his journey starts.
Deborah Thurman, one of our A&A PDC lecturers left us this month to work in industry so we have been busy recruiting. As soon as we have any news to share, we will make sure we pass it on and hopefully there will be a couple of new faces on our courses soon.
The HR committee has been busy planning our summer day out. After lots of debate the whole office will return to one of favourite places - Alton Towers in July. As usual the office will be closed but we'll make sure there is phone cover and we'll give you ample notice of the date.
The answer to this month’s sports trivia question is 5,331 metres.
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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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