Newswire September 2023

Mercia Group
22 September 2023 00:00

Welcome to our September Newswire.

Summer is now over and the worlds of tax, accounting and audit are back in full swing.

The government has announced the date of this year’s Autumn Statement while HMRC has now published details of their compliance approach to Research and Development tax reliefs. For more details on these topics take a look at our news and insights page.

Mercia’s tax experts will be watching the Autumn Statement on 22 November and will provide detailed analysis of all the fiscal announcements. Keep your clients up to date with our range of digital products.

We have also been busy preparing our Training Programme 2024, so whatever you or your team’s needs are, we are here to support you.

Mercia’s extensive programme of technical and professional skills training is offered in a variety of formats, supporting members to meet all their CPD requirements.

New this year for our members is the Mercia Learning Hub with an array of great features. These include setting and benchmarking professional goals via the CPD tracking tool as well as personalising content and insights.

In this month’s Newswire, we look at how to obtain details of overlap relief to include in 2023/24 tax returns if there is transition profit and the latest advisory fuel rates, please see the tax section for details. On the audit side, we look at the proposed changes to the UK Audit Regulations and the IASB’s proposals for annual improvements to the IFRS Accounting Standards.

Latest products

2024 TRAINING PROGRAMME

Be among the first to explore Mercia's 2024 Training Programme!

Whatever you or your team's training needs are in 2024, we are here to support you.

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AUTUMN STATEMENT 2023

Gain immediate insights into the Chancellor's Autumn statement.

Our experts digest the announcement in real-time and produce an easy-to-understand, personalised summary you can share with your clients.

New for 2023! We are now offering same-day delivery on Rapid Reaction Digital products.

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COMPLIANCE UPDATE CONFERENCE

17 October 2023

Join us at our one-day virtual conference where we will look at recent and upcoming key changes, together with other current issues, to enable those attending to give the best possible advice to their clients.

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AUDIT & ACCOUNTING

UKEB Draft Comment Letter: Post-implementation Review of IFRS 15

The UK Endorsement Board (UKEB) has issued a draft comment letter for public consultation in response to the IASB’s Request for Information on its Post-implementation Review of IFRS15 Revenue from Contracts with Customers.

The UKEB draft comment letter considers that IFRS 15 has achieved its objective and is working well, though some operational challenges remain. The draft comment letter highlights some areas where improvement, including potential standard setting activity, is required, without causing significant cost and disruption to entities already applying the standard.

IASB proposes annual improvements to IFRS Accounting Standards

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards.

The proposed amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards; IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9 Financial Instruments; IFRS 10 Consolidated Financial Statements; and IAS 7 Statement of Cash Flows.

Proposed changes to the UK Audit Regulations

ICAEW proposes to make some changes to the UK Audit Regulations and Guidance to address three policy areas: compulsory alternates, CPD and sanctioning RIs. The ICAEW are seeking feedback from stakeholders on the likely impact of the proposed changes.

MONEY LAUNDERING

New Suspicious Activity Reports (SAR) Portal Launch

The National Crime Agency has announced that the new SAR Portal will be made open to all reporting organisations from 18th September 2023. Any reporting organisation yet to register for the new SAR Portal will be encouraged to do so at this point. This will be the sole reporting route for all registered organisations, as the current SARs Online System is planned for decommissioning later this year.

TAXATION

Autumn Statement 2023 date confirmed

Autumn Statement 2023 will be delivered on 22 November 2023. To read more, please click here.

Get the overlap relief figure

The HMRC has released details of how to obtain details of overlap relief to include in 2023 to 2024 tax returns if there is transition profit. To read more, please click here.

Get the overlap relief figure Changes to the advisory fuel from 1 September 2023

The advisory fuel rates have been issued with effect for all journeys undertaken on or after 1 September 2023.

Engine Size	Petrol	Diesel	LPG
1400cc or less	13p (13p)		10p (10p)
1401cc - 2000cc	16p (15p)		12p (12p)
Over 2000cc	25p (23p)		19p (18p)
1600cc or less		12p (12p)
1601cc - 2000cc		14p (14p)
Over 2000cc		19p (18p)

The advisory fuel rate for fully electric cars is 10p (9p). For more information, please click here.

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AUDIT & ACCOUNTING

MONEY LAUNDERING

TAXATION

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