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.
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.
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.
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!