Newswire June 2020

  • By Mercia Group
  • 30 June 2020 00:00

The flood of information about the audit and accounting consequences of the pandemic has slowed a little this month, with some new unrelated documents being published. Having said that, there is still plenty to consider as businesses look to move into the next phase and consider how their structures have been affected and how their plans for recovery will be communicated to stakeholders.  

Changes to the available business and individual support from Government continue but have also slowed a little. 

Tax wise, we’ve just had breaking news that the Chancellor of the Exchequer, Rishi Sunak, will deliver a “Summer Economic Update” on 8 July. We anticipate this to take the format of a Spring/Summer Statement and we’ll keep you up to date with news as we get it. 

Latest tax and accounting products

 

COVID-19 and audit report implications
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Upcoming conferences

Academies Conference 2020

10 September, 2020

Annual Update Conference 2020

17 September, 2020

Probate Practitioners Conference 2020

23 September, 2020

AUDIT & ACCOUNTING

 

COVID-19 reporting examples 

The FRC's Financial Reporting Lab has issued two new reports that look at disclosures made in response to the Covid-19 pandemic. The first examines disclosures that investors are likely to expect, and the second specifically addresses going concern, risk and viability disclosures. While the Lab's focus is on large and public companies, the themes and principles apply more widely and of course the examples shown can be adapted to be appropriate for less complex private entities.   

Charities SORP information sheets 

Two new information sheets have been issued supporting the application of the Charities SORP.  

  • Information Sheet 5 looks at applying streamlined energy and carbon reporting requirements in charity accounts 

  • Information Sheet 6 is relevant only to Irish charities and addresses merger accounting under Irish company law. 

Academies Accounts Direction and Handbook  

The ESFA has published its Accounts D irection 2019 to 2020, applicable for academy trust financial statements prepared for the period to 31 August 2020.  It has also issued additional guidance on the application of streamlined energy and carbon reporting for academies. 

The Academies Financial Handbook 2020 has also been published, which comes into effect on 1 September 2020. 

 

Updated AGM guidance  

BEIS and the FRC have updated their Q&A document about AGM best practice with a focus on the interaction between the timings of the new legislation and the timings of AGMs that should have been held during the period of the pandemic. The document also hints that as a piece of future proofing companies may wish to amend their Articles to allow more flexibility about how their general meetings are held. 

 

 



TAXATION

Changes to the advisory fuel rates from 1 June 2020 

Engine Size Petrol Diesel LPG
1400cc or less  10p (12p)    6p (8p)
1401cc - 2000cc  12p (14p)    8p (10p)
Over 2000cc  17p (20p)   11p (14p)
1600cc or less    8p (9p)  
1601cc - 2000cc    9p (11p)  
Over 2000cc    12p (13p)  

More information available here

VAT reverse charge delayed

HMRC have announce that the introduction of the domestic reverse charge for construction services will be delayed from 1 October 2020 until 1 March 2021 due to the impact of the coronavirus on the construction sector. To read more, please click here


 

OTHER NEWS

Probate Training Course and Assessment - Now available to attend online

Our Certificate in Probate and Estate Administration provides you with the training and certification needed to apply for probate accreditation, enabling you to start providing probate services to clients. Both the course and assessment are now available to attend online.

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