Newswire February 2019

  • By Mercia Group
  • 28 February 2019 00:00

The Chancellor will deliver the Spring Statement on 13 March, the same day as one of the scheduled parliamentary Brexit votes. We will of course update you on significant announcements on our courses and you may be interested in a summary for your clients which also focuses on the tax changes taking effect from April 2019.

Unsurprisingly, Brexit related articles dominate the A&A news section this month, with post exit day accounting legislation finalised and also additional guidance published for the event of a no-deal scenario. 

If you usually book on a course in our specialist programme, our spring events have now started. Some great news for training members is that these courses, and all online events, are now all available to book as part of all face to face memberships. Make sure you don't miss out.

Latest tax and accounting products

 

Service contracts attacked by HMRC

An informative download that looks at the dangers of using 'consultancy arrangements'. 

Upcoming conferences

Charities Conference 

19 March, London & 28 March, Midlands 

Advising the Elderly Conference

3 April, Midlands

New Client Letters available

Entrepreneurs' Relief  

Making Tax Digital for VAT 

Supplied in Word format and delivered via email within one working day of receipt of your order. 

AUDIT & ACCOUNTING

 

Post 'exit day' accounting legislation

The Accounts and Reports (Amendment) (EU Exit) Regulations 2019 make various changes to legislation affecting companies, LLPs, building societies, friendly societies and certain types of partnerships to reflect that the UK will not be part of the EU (or more specifically, the EEA) after 'exit day'. The day of 'exit day' is not defined in these Regulations . 

The Regulations affect areas including:

  • dormant accounts preparation and filing exemption conditions
  • exclusions from the small companies' regimeand 
  • intermediate parent group accounts exemption conditions.

Law in these areas currently includes references to the EEA, which is generally amended to refer to the UK.  Many, though not all, of the changes made by these Regulations will affect financial years beginning on or after 'exit day'. 

 

No-deal Brexit guidance

The Financial Reporting Council (FRC) and Department for Business, Energy and Industrial Strategy (BEIS) has published further letters  and guidance for accountants and auditors in case of no-deal being in place for leaving the EU. 

 

Consultations on quality management standards

The IAASB has released exposure drafts of three new international standards on quality management: 

These standards will replace the current ISCQ 1 and ISA 220 and make significant changes to the way firms will manage quality f or audits, reviews, and other assurance and related services engagements.  Comments on the exposure drafts are due by 1 July 2019.  IAASB are proposing an implementation period of approximately 18 months following the approval of the standards. 

 

Technical Manuals news

We have issued updates to our Limited Companies Audit Manual and Audit Exemption Manual that principally reflect changes to accounting standards that become effective for periods commencing on or after 1 January 2019 arising from the FRC's Triennial Review of UK GAAP.  Our Audit Procedures Manual has also been updated to reflect updated FRC guidance on group audits. 

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

 


 

TAXATION

 

MTD webinar released

In the run-up to 1 April, HMRC has published a webinar for use by businesses in determining the requirements of MTD.  To read more, please click here

Disguised remuneration charge on loans

HMRC has issued a briefing which provides information about disguised remuneration avoidance schemes and a charge that has been introduced to tackle their use. To read more, please click here.

 

Changes to the advisory fuel rates from 1 March 2019

The advsory fuel rates have been changed with effect for all journeys undertaken on or after 1 March 2019. More information available here.

 Engine Size

 Petrol

 Diesel

 LPG

 1400cc or less

 11p (12p)

 

 7p (8p)

 1401cc - 2000cc

 14p (15p)

 

 8p (10p)

 Over 2000cc

 21p (22p)

 

 13 (15p)

 1600cc or less

 

 10p (10p)

 

 1601cc - 2000cc

 

 11p (12p)

 

 Over 2000cc

 

 13p (13p)

 

Have you ordered your tax cards or other tax rates products for the new tax year? To find out more please click here

 


 

OFFICE GOSSIP & IDLE CHAT

 

Wilmington Awards

Each year Wilmington holds an annual award ceremony to recognise our team's hard work and achievements. This year the Wilmington Awards went international; events were held in ten countries and more locally in our Leicester, Plymouth and London offices. After the award ceremony, the team shared afternoon tea together to celebrate our successes.

Congratulations to all the nominees, finalists and winners.

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© Mercia Group Ltd, a division of Wilmington plc

Mercia Group Ltd is a company registered in England & Wales with company number 1464141
United Kingdom: Wilmington plc, 5th Floor, 10 Whitechapel High Street, London, E1 8QS. VAT no GB 899 3725 51
Republic of Ireland: Suite 329, The Capel Building, Mary's Abbey, Dublin 7. VAT no 8162448

Mercia Group Ltd is a company registered in England & Wales with company number 1464141
United Kingdom: Wilmington plc, 5th Floor, 10 Whitechapel High Street, London, E1 8QS. VAT no GB 899 3725 51
Republic of Ireland: Suite 329, The Capel Building, Mary's Abbey, Dublin 7. VAT no 8162448