Newswire August 2018

  • By Mercia Group
  • 31/08/2018

This month saw the start of a series of government guidance publications on what happens if there is a ‘No Deal Brexit’. HMRC also issued further guidance on the roll out of Making Tax Digital for VAT (MTDfv) and is the subject of one of our current Client Briefings. MTDfv is one of the diverse topics covered as part of our Autumn Specialist programme, along with Cyber Security and Dealing with Bullying.

August tends to be a relatively quiet month for technical news on the A&A front, and this month is no exception with an LLPs SORP consultation being the sole technical issue reported below.  Not that audit hasn’t been hitting the headlines again.  The FRC’s report on its investigation into PWC’s audit of BHS has generated its fair share of copy this month - as well as providing plenty of scalable and relatable subject matter as we head back out on the road for the autumn lecturing and quality review season. 

Nicola.

AUDIT & ACCOUNTING

 

LLPs SORP consultation

The CCAB has issued a consultation on an updated Statement of Recommended Practice (SORP) for Limited Liability Partnerships (LLPs).  The proposed SORP principally reflects changes arising from the Triennial Amendments to FRS 102 and will be mandatorily applicable for accounting periods commencing on or after 1 January 2019, with early adoption permitted.  The closing date for comments on the draft SORP is 17 October 2018.  Further information on this consultation and the draft LLPs SORP can be found here

Technical Manual updates

Earlier this month we issued updates to our Audit Manual, Audit Procedures Manual and Audit Exemption Manual.  These updates principally reflect changes to auditing standards applicable for audits of financial statements with periods commencing on or after 15 December 2017 and updated client acceptance forms.

We have also updated our Academies Specialist Assignment Manual to reflect updated academy trust reporting requirements for 2018.

If you are a subscriber and have any administrative questions about this update, please email Karina Johnston or call us on 0116 258 1200.

 


 

TAXATION

 

HMRC warns it's time to declare offshore assets

Taxpayers could face penalties if they fail to declare their income on foreign assets before Requirement to Correct legislation comes into force. To read more, please click here

One million married couples still eligible for £900 tax boost

HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the free tax break. To read more please click here.

VAT Notice 700/22: Making Tax Digital for VAT

HMRC has issued guidance on the MTD process for VAT. To read more, please click here

UK government's preparations for a no deal scenario

The Government has published guidance on how to prepare for Brexit if there's no deal. To read more please click here.

Advisory fuel rates

HMRC has published updated advisory fuel rates for company cars which apply from 1 September 2018. To read more, please click here.

 

 


 

OFFICE GOSSIP & IDLE CHAT

 

Mercia is moving!

After 30 years at our Leicester location we are delighted to announce that Mercia will be moving to larger premises situated just 2 minutes off jcn 21 of the M1. We signed the lease to our new building last month and hope to move during October once the refit is complete. We will be sure to keep you updated on all of the exciting developments to our modern workspace and of course, our change of address. Watch this space! 

As we continue our journey to integrate SWAT into Mercia, our London offices and training facility at Angel recently had a mini refurb too, to update the branding, as did our office in Plymouth.

We are in the midst of other changes too, including the roll out of Salesforce, a leading CRM platform, throughout the business in 2019. This will see Mercia (incorporating SWAT) fully integrate onto a single business solution. In addition to this exciting development for us, we are enhancing and developing the products and services we provide to you. You have been at the heart of our business strategy and as our profession faces many changes ahead, we are proud and delighted to be your trusted business partner.

 

 

 

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