Newswire November 2019

  • By Mercia Group
  • 30 November 2019 00:00

It has been a relatively busy month for A&A publications with several items issued ahead of pre-election period (purdah) restrictions taking effect.  See the A&A section below for a summary of news in these areas, as well as news of an updated Charities SORP and FRC CASS Assurance Standard.  A reminder also that the updated SRA Accounts Rules came into effect on 25 November.

The pre-election period also impacts tax legislation, the various political party manifestos make interesting reading with regard to tax proposals. We will keep you up to date with developments.

Finally, it’s a Happy 40th Birthday to us - Mercia was incorporated on 30 November 1979. Long before quite a few of you had even decided that you wanted to be an accountant and I am sure before some of you were even born! Thank you to everyone for supporting us throughout the many years.

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TAXATION

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:

 Engine Size  Petrol  Diesel  LPG
 1400cc or less  12p     8p 
 1401cc - 2000cc  14p    9p
 Over 2000cc  21p    14p
 1600cc or less    9p   
 1601cc - 2000cc    11p  
 Over 2000cc    14p   

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:

The anticipated publication of revisions to audit standards may be delayed until after the general election period.

 


 

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