Newswire July 2018

  • By Mercia Group
  • 31/07/2018

The tax team has been digesting the latest information issued by HMRC on Making Tax Digital. The recent VAT Notice sets out the details for digital record keeping and clarification on issues such as 'functional compatible software' and digitally linking.  For more information see the links to our blogs and update your clients with our client letter.

The impact of December’s Triennial Amendments to accounting standards continues to rumble on with this month seeing an updated Statement of Recommended Practice (SORP) covering the accounting and reporting of pension schemes. Also the expectation of updated SORPs for both LLPs and charities in the months ahead.  See the A&A section for news of new reporting requirements for larger companies that reflect corporate governance reforms set in place by the Department for Business, Energy and Industrial Strategy intended to increase boardroom accountability and enhance trust in business.

We held our annual communications day this month, on what was one of the hottest days of the year. Despite the venue’s poor air conditioning, a fun and informative time was had by all.  

Nicola.

AUDIT & ACCOUNTING

 

Pensions SORP update

The Pensions Research Accountants Group (PRAG) have published Pensions Statement of Recommended Practice (SORP) 2018.  The revised SORP must be applied for accounting periods commencing on or after 1 January 2019 and may be adopted early.  Pensions SORP 2018 reflects amendments to FRS 102 and legislation made since the previous SORP was published in 2015, along with changes resulting from the triennial review of FRS 102.  More detail can be found on the PRAG website here.

Large company reporting requirements

Parliament have approved the Companies (Miscellaneous Reporting) Regulations 2018 that, in the most part, are effective for periods commencing on or after 1 January 2019.

The Regulations require all large companies to set out how they are acting in the interests of employees and shareholders.  There are also a number of other publication requirements relating to a company’s corporate governance that are determined by whether the company is large, of a significant size, public or listed.  Further details of these changes can be found here.

The FRC have also issued revised Guidance on the Strategic Report, which is underpinned by these legislative changes.  For more, click here.  

Auditing standards, guidance and news

 The FRC have published Key Facts and Trends in the Accountancy Profession which highlights trends in the number of practising and student members of professional accountancy bodies, numbers of registered auditors, which have shown a decrease of 6% from last year, and other statistics relevant to the profession.

Earlier this month, the FRC also published:

Technical Manuals News

We have issued an update to our Societies and Community Interest Companies Specialist Assignment Manual principally to reflect recent legislative changes.

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

 

VAT Notice 700/22: Making Tax Digital for VAT

This notice explains the rules for Making Tax Digital for VAT. For more information click here.

One million married couples still eligible for £900 tax boost

HMRC have 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.

Record number of fake HMRC websites deactivated

HMRC has removed more than 20,000 malicious websites during the past year but warns people to stay alert to the threat from online fraudsters. To read more please click here.

Tax chiefs unite to tackle international tax crime

HMRC has formed an alliance with tax enforcement bodies in four countries to share intelligence and expertise in the battle against international tax crime. To read more please click here.

Tax changes trigger sell-off of private rentals

Research from the Residential Landlords Association suggests that 133,000 dwellings will be taken out of the English private rental sector during the coming year. To read more please click here.

 


 

OFFICE GOSSIP & IDLE CHAT

 

Communication day

As is tradition, every year we close the office for a day to hold a team communications event to share news, developments and achievements with the whole team, including our colleagues from: Mercia Ireland, SWAT UK (from Plymouth and London) and Practice Track.

After a morning of announcements and updates, we had an afternoon of painting mugs, decorating cupcakes and escape rooms. The activities brought out a wonderful team spirit in everyone. 

All in all, a fun day for everyone and a great opportunity for teams from different locations, to meet, to share ideas, to catch up and great team building.

 

 

 

You might also be interested in these…