Newswire May 2019

  • By Mercia Group
  • 31/05/2019

This month sees HMRC deleting voice data for five million taxpayers following a ruling by the ICO. We have provided more detail under the Tax section below but this is a cautionary GDPR tale for all businesses, including yours.

In the A&A section you will find that there is an interesting consultation about the powers of Companies House and potential changes to requirements when filing information. This is in addition to finalised amendments to FRS 102 following a short consultation earlier this year.

Outside of tax and A&A, we have continued on our journey to bring Mercia incorporating SWAT under the one website so that everything you buy from us is accessible by a single site and log in. Further information regarding your online access via the legacy SWAT website will be emailed to you in June, but in the meantime we have included more about our plans in the other news section.

AUDIT & ACCOUNTING

 

New ICAEW guidance on directors' responsibilities

Company directors and those advising them will be pleased to see that ICAEW's 2008 guidance on directors' responsibilities and duties has been updated and replaced with an online-only version.

The guidance is relevant to directors of private limited companies and covers general directors' duties, governance and administration responsibilities, transactions with directors and shareholders, and other topics including the sanctions for directors that get it wrong. It is worth noting that the guide does not cover in detail directors' responsibilities in respect of financial statements, as ICAEW determined that there is already a good deal of published guidance available on this.

The online guide can be found here.

 

Companies House consult on changes

BEIS, through Companies House, has issued a consultation on corporate transparency and register reform. One aim of the proposals is to improve consistency between information recorded at Companies House on the public register, and that available elsewhere. This should help in the prevention of money laundering and fraud.

The proposals are potentially far reaching, including stringent requirements for identity checks of directors and People with Significant Control (PSCs) before they can be recorded as such, and allowing the registrar to perform various cross-checks before filed information is published. There are likely to be concerns about the handling of additional personal information that would end up being needed, and the consultation specifically addresses extra measures that would need to be put in place. There would also be additional responsibilities on the PSCs themselves who could be sanctioned for failing to ensure their own identities have been checked (this would not be treated as a responsibility of the company's directors but rather of the individuals concerned).

The consultation can be found here.

 

Amendments to FRS 102

The FRC has issued Amendments to FRS 102 - Multi-employer defined benefit pension plans.  The amendments apply in situations where a participating employer transitions from defined contribution accounting when sufficient information to use defined benefit accounting becomes available.

These amendments require the difference between any liability for the contributions payable arising from an agreement to fund a deficit and the net defined benefit liability recognised when applying defined benefit accounting to be recognised in other comprehensive income.  The changes are effective for accounting periods beginning on or after 1 January 2020, with early adoption permitted.

The amendments can be found here.

 

Methodology and compliance products update

We have issued an update to our Clubs Specialist Assignment Manual to address changes to disclosure requirements.  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

 

National Insurance contributions (Termination Awards and Sporting Testimonials) Bill

The Government has published the above Bill to more closely align the income tax and NIC treatment of termination awards and sporting testimonials. To read more please click here.

 

Businesses not complying with money laundering regulations in 2018 to 2019

HMRC has published a list of businesses that have not met their obligations under the 2017 regulations. To read more please click here

 

HMRC really has gone to the dogs!

More than £5m has been raised by a HMRC taskforce tackling dishonest dog breeders selling pups on the black market. To read more please click here

 

HMRC to delete voice data for 5 million taxpayers

The ICO has instructed HMRC to delete voice data collected from around 5 million taxpayers who enrolled for its Voice ID service before October 2018. Following changes to its enrolment process, HMRC will continue to use Voice ID for taxpayers who have given their explicit consent, in compliance with GDPR. To read more please click here.


 

OTHER NEWS

 

Our new website - coming soon

We are delighted to announce that our new combined (Mercia incorporating SWAT) website will be live in the coming weeks, giving both Mercia and SWAT clients access to the wider range of products and services we now offer in one place. Our improved website will include many key features, including:

  • Improved online account area
  • Upgraded online training experience
  • Simple navigation
  • Improved search feature
  • Book training using your course credits
  • And much more!

Some of you have experienced problems with our website and we would like to apologise and thank you for your patience and cooperation whilst we continue to fix the issues. Many thanks to those who took the time to send us feedback, we have found this invaluable in improving your online experience. Whenever you require any help, or have any questions then please contact us, and please keep giving us feedback so we can continue to build in functionality you would value.

 

Accountex 2019

Earlier this month we exhibited at Accountex, showcasing Mercia incorporating SWAT as a single entity for the first time. Thank you to everyone who came to visit our stand, we can't wait to see you again next year! 

 

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