Tuesday 21 November 2006

We are delighted to announce that Nicola Hurley became a Director on 1 November. Nicola joined Mercia in August 1995 to offer design and marketing support to both Mercia and our clients, at a time when the client publications area of the business was growing steadily and the need for an in-house resource was identified. Since then Nicola has managed an ever-expanding team and has developed and introduced a succession of marketing support products, which have evolved in step with the changing needs of our increasingly ‘marketing aware’ clients. Nicola said, "It’s an exciting time for the business. The recent deal with CLT allows increased opportunities for the growth of the company and being part of a larger group gives us more stability and presence in the market. But it’s business as usual - Mercia's name will remain unchanged - and I'm looking forward to ensuring that the brand goes from strength to strength." As usual, we hope you enjoy reading through our newswire and we hope you find time to look at this month’s puzzle before you get to the bottom of the newswire where the answer is revealed! Liz Coates Director liz.coates@mercia-group.co.uk

Budget 2007 - What Will You be Telling Your Clients? As usual we have introduced several new designs for 2007; you can chose from one of the nine full-colour designs or our design team can create an exclusive Budget summary or tax card cover for you. In addition, the inside pages of the summaries have been given a face lift and have a fresh new look. Plus, for the first time, our popular credit card sized tax cards are now available in all designs. You'll find details of all the products available on our website where you can also request a sample and download the latest brochure. The Chancellor will make his Pre-Budget Report Speech to the House of Commons on 6 December 2006 at 12:30pm. Being possibly his last, this year's Chancellor's speech could also be his most interesting! How will you keep your clients informed of this year's announcements? Visit our website to see how we can help. New Annual Specialist Conferences We are launching two new one day specialist conferences in 2007. The first will look at Charities and will be held on the following dates: 28 February 2007 at the Thistle Hotel, East Midlands Airport 13 March 2007 at the Strand Palace Hotel, London This conference has been specifically introduced for partners and senior managers with responsibility for a number of charity clients. It is a specialist conference looking at a wide range of practical issues which are not normally covered by our CPD courses and which will enable those attending to provide the best possible advice to their clients. For more details and to book online click here. The second specialist conference will deal with Solicitors and details will be released in the newswire closer to the event. Monthly Marketing Tip In this month's marketing tip we are focusing on how to provide a valuable service to potential clients and also put your firm's name into the public arena. Click here to read more about how your ideas and experience could help you to position yourself as an expert commentator. Audit and Accountancy Issues New benefits for small FSA companies and LLPs You are no doubt aware that many small companies and LLPs that are regulated by the Financial Services Authority are currently unable to benefit from small company exemptions and audit exemption. This is set to change following the issue of SI 2006/2782, The Companies Act 1985 (Small Companies' Accounts and Audit) Regulations 2006. The Regulations came into force on 8 November and are effective for financial years ending on or after 31 December 2006. Practically, the changes mean that most of your small personal investment firm and securities and futures clients will be able to benefit from small company exemptions, including statutory audit exemption, provided they qualify as small under the normal Companies Act requirements, in the same way that those firms that solely conduct mortgage and general insurance business have been able to since September 2005. We're covering these changes in the Winter edition of our Vision magazine, our quarterly technical update. Vision is available free of charge as a benefit of Mercia training group membership and is also available on subscription. You can find out more by clicking here. If you would like to see a copy of the article please click here. New legislation Some might say at last but finally, earlier this month two important Bills received Royal Assent - The Companies Bill and the Charities Bill. We will of course be covering both of these on forthcoming courses and as further details and supporting Regulations emerge, the changes will be incorporated into our audit, specialist and compliance manuals. Now that the Charities Act 2006 has been issued we are in a position to finalise the latest update to our charities specialist assignment manual. The letter that accompanies the update will provide a brief summary of the forthcoming changes insofar as they affect the audit and accounting thresholds. If you would like to see an advance copy of the summary click here. Tax Issues Taxguide 08/06- guidance on UTIF 40 This guide has been prepared by the Tax Faculty of the ICAEW, in conjunction with the ACCA, the CIOT, ICAS, the AAT and the ATT. It has been agreed with HMRC and provides guidance on the practical tax issues that arise in computing taxable profits as a result of the introduction of UTIF 40. To view a copy of the guide click here. Fuel scale charges There has been an interesting case that surrounds the reimbursement of private fuel costs to avoid a fuel scale charge. If you would like to read our summary of the case, please click here. Self Assessment: Attachments to online return HMRC have announced that, from 1 November 2006, customers will be able to send attachments together with their self assessment returns when they file online. For full details, click here. Changes to the taxation of retirement annuity contracts All of your clients who receive income from retirement annuity contracts will be seeing a change to the way their annuities are taxed from April 2007. From that date, most retirement annuity income will be treated as pension income and taxed under PAYE. To read more about the changes, please click here. Reforms to the ISA and PEP schemes Speaking at the Annual Conference of the PEP and ISA Managers' Association in London last week, the Economic Secretary to the Treasury, Ed Balls, announced the conclusion of the Treasury's review of the Individual Savings Account (ISA). He said: "I can announce that we will make the ISA a permanent feature of the savings landscape. This open-ended commitment to the ISA will provide stability for savers and certainty for the industry - all of you who provide ISA products. It is a crucial development in the Government's savings strategy and will give us a firm platform on which to promote saving in the future. In addition, the Pre-Budget Report will confirm that the overall annual contribution limit will continue to be at least £7,000 for each individual. It is our intention to remove the mini/maxi distinction within the ISA - as many of you have also requested. We also intend to bring PEP schemes within the ISA wrapper." Further details on the implementation of these measures will be set out in the Pre-Budget Report. VAT developments If you would like to read more about recent VAT developments, please click here for our VAT 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 investigation specialists, to offer preferential rates to Mercia clients for these specialist services. Please click here for more information. Office Gossip and Idle Chat! Maternity Leave Jan Farmery, our Database Co-ordinator, will be heading off on maternity leave at the end of this week. Her new baby, a little brother or sister for Eva, is expected on 25 December so this Christmas will be a very sober affair for Jan's husband, Andy, in case he is called upon to chauffeur her to the maternity ward! We would like to take this opportunity to wish Jan all the best for the safe arrival of Baby Number 2 and we're looking forward to mother and baby's first visit to Best House in the new year. "Wear it Pink" Day On Friday 27 October, as part of Breast Cancer Campaign's bid to raise £2.1 million from the day, all staff at Best House came to work wearing a splash of pink! The organisation is the only charity that specialises in funding independent breast cancer research throughout the UK and we were happy to be involved. In what was a veritable parade of pinkness, particular highlights included John Welsford's matching pink shirt and jumper combo! By taking part we managed to raise almost £200, including a contribution from the company's Give As You Earn scheme and some members of staff are already planning their wardrobe for next year's event! The answer to this month’s puzzle is 26, USING MINUS, DIVIDE, PLUS AND MULTIPLY.

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