Independent review of FRC
Earlier this month the independent review of the FRC, led by Sir John Kingman, launched a call for evidence on areas that will drive an assessment of whether the FRC and the current regulatory structure are as effective as they need to be in the current circumstances and for the future.
FRC Audit Quality Inspection Reports
The FRC has published its Audit Quality Inspection Reports for eight firms subject to its review activities in 2017 to 2018. The reports highlight principal findings of Audit Quality Review team, with Stephen Haddrill, CEO of the FRC noting that improvements were required to the levels of auditor challenge and scepticism, bank audits, group audits and the audit of pensions balances.
Academies Accounts Direction and Financial Handbook
Earlier this month the Education & Skills Funding Agency (ESFA) published its Accounts Direction 2017 to 2018 which contains the updated reporting requirements and guidance applicable to academy trusts reporting for the period to 31 August 2018.
The ESFA has also published the Academies Financial Handbook 2018. This document contains the updated financial management, control and reporting requirements that apply to all academy trusts from 1 September 2018. It also signposts changes to requirements on related party transactions that take effect from 1 April 2019. Read more about these changes in our blog.
HMRC have passed comment on the European approval of EMI options. To read more please click here.
HMRC extend RTI late filing easement until April 2019
HMRC will not charge a penalty if an FPS is late but all reported payments on the FPS are within three days of your employees' payday (this applies from 6 March 2015 to 5 April 2019). To read more please click here.
Low tax gap results in £71 billion for UK public services
Draft clauses for Finance (No.3) Bill
The government will publish draft clauses for Finance (No.3) Bill on Friday 6 July 2018, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. For more information click here.
OFFICE GOSSIP & IDLE CHAT
Movers and shakers
This month we welcome some fresh faces to Merica Group. We are all delighted to have them on board.
- Claire Shuttlewood - Commercial Director
- Stephen Wiggins - Product Marketing Executive
- Nisha Lalani - Client services/Administrator
- Sarah Maguire - Client Advisor
Mercia Communications Day - July 2018
We are looking forward to our whole team (Mercia, SWAT UK and Quorum) communications day on Thursday 26th July. These bi-annual events give us the opportunity to share results and news across all areas of our business and have some fun too. The fun element is always kept as a surprise so we can't share more until next month.
Our Leicester, London and Plymouth offices will be closed on Thursday 26th July and will re-open for business at 8.45am on Friday 27th July.