HMRC to legislate to put automated notices of penalties beyond doubt
Legislation will be brought forward in the next Finance Bill to put the meaning of the law in relation to automation of tax notices beyond doubt. To read more, please click here.
Revised advisory fuel rates for company cars
New company car advisory fuel rates have been published which take effect from 1 December 2019. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 December 2019 are:
|1400cc or less||12p||8p|
|1401cc - 2000cc||14p||9p|
|1600cc or less||9p|
|1601cc - 2000cc||11p|
To read more click here.
HMRC issues guidance for businesses and companies
HMRC has published guidance for people who hold cryptoassets explaining what taxes they may need to pay and what records they need to keep. HMRC has also published further information for businesses and companies about the tax treatment of cryptoasset transactions. To read more, please click here.
Temporary pensions tax arrangement for NHS doctors in England
In a letter written in November 2019, the Secretary of State for Health and Social Care, Matt Hancock, has agreed to a temporary commitment to make payments to certain clinical staff outside of the NHS pension schemes. This will restore the value of their pension benefits package, if they have elected to use the scheme pays facility to settle an annual allowance tax charge arising from of their pension saving in the NHS schemes in 2019/20. To read more, please click here.
Temporary pensions tax measure for NHS staff in Scotland
Under a temporary measure the Scottish government is introducing between 1 December 2019 and 31 March 2020, NHS staff in Scotland who can show they are likely to breach the pensions annual allowance for 2019/20 will be able to receive pay in lieu of employer pension contributions. To read more, please click here.
AUDIT AND ACCOUNTING
Charities SORP (FRS 102) Second Edition
The joint SORP-making body for charities has published a second edition of the Charities SORP. This edition consolidates amendments made to the 2015 SORP by Update Bulletins 1 and 2 and applies for reporting periods commencing on or after 1 January 2019. Two new information sheets on medium and large charitable company reporting and defined benefit pension scheme accounting have also been published. More information can be found on the Charity SORP website.
Client Asset Assurance Standard (Revised November 2019)
The Financial Reporting Council has published its revised assurance standard on Providing Assurance on Client Assets to the Financial Conduct Authority (FCA). Headline changes include a revision to the outright requirement to conduct an engagement quality control review for CASS firms classified by the FCA as small (or non-classified). Find out more in our article, here.
SRA Accounts Rules
Revised SRA Accounts Rules and guidance took effect from 25 November 2019. The new rules can be found here and updated guidance here. The ICAEW is in the process of updating its guidance to reflect these changes.
Other A&A news
Other publications of note include:
- a revised UK Stewardship Code, which will become effective from 2020
- thematic reviews on the application of IFRS 15 and IFRS 16
- the FRC has also issued Key Facts and Trends in the Accounting Profession, Developments in Audit, its Annual Review of Corporate Reporting and letters to Audit Committee chairs and Finance Directors summarising key developments for 2019/20 annual reports and to audit firms setting out focus areas for high quality audits.
The anticipated publication of revisions to audit standards may be delayed until after the general election period.
OFFICE GOSSIP & IDLE CHAT
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