The FRC has concluded that no amendments are required following its 2017/2018 review of FRS 101 Reduced Disclosure Framework. The Basis for Conclusions within the standard has been updated to reflect this decision.
A&A technical round-up
Other publications you may find of interest include:
- an FRC Thematic Review on Audit Culture;
- a BEIS consultation on reforms to limited partnership law; and
- a Charity Commission report outlining findings on its review of accounts submitted by double defaulting charities.
Off-payroll working in the private sector
HMRC have launched a consultation on how to tackle non-compliance with the off-payroll working rules in the private sector and are asking for comments on the best way to do this. More information from HMRC available here.
HMRC’s changing priorities
On 30 April 2018 HMRC shared a statement about how they are prioritising change in the department. This acknowledges the challenges in:
- exiting the EU; and
- the ambition to become the world’s most digitally advanced tax authority.
While some of the finer details are still being worked out, the upshot is that, to achieve the above, some other work areas need to be shifted down the priority list.
To read the full article and implications for MTD, please click here.
200,000 receive back pay as HMRC enforces National Minimum Wage
The BEIS and HMRC have launched a campaign urging underpaid workers to complain, as figures show that the number of workers getting the money they're owed has doubled. Find out more here.
Changes to the advisory fuel rates from 1 June 2018
These advisory fuel rates apply for all journeys undertaken on or after 1 June 2018. You can use the previous rates for up to one month from the date the new rates apply. Hybrid cars are treated as either petrol or diesel cars for this purpose. More information available here.
|1400cc or less||11p (11p)||7p (7p)|
|1401cc - 2000cc||14p (14p)||9p (8p)|
|Over 2000cc||22p (22p)||14p (13p)|
|1600cc or less||10p (9p)|
|1601cc - 2000cc||11p (11p)|
|Over 2000cc||13p (13p)|
* Amount per mile
OFFICE GOSSIP & IDLE CHAT
Mental Health Awareness Week
On Monday Mocktails and Muffins were on sale in the boardroom and on Wednesday there was a lunchtime Wellbeing Walk. To end the week there was a competition to ‘guess how many sweets are in the jar’. It wasn’t a surprise when this was won by one of our auditing team, Ian Pickering!
This was organised by Ashleigh Cullen, one of our training events team, and all monies raised went to the Mental Health Foundation.
This year we had a joint stand with our sister brand SWAT UK. We enjoyed two very busy days meeting clients and taking new enquiries. Thank you to everyone who came to say hello.