Mercia Group 
20 January 2022 00:00
New version of LLP SORP published
The CCAB has published an updated version of the Statement of Recommended Practice – Accounting by Limited Liability Partnerships. The updated version is not intended to change underlying accounting requirements. However, it does provide additional guidance for determining whether or not a division of profits is discretionary. Changes have also been made concerning the classification of cash flows and related accounting policies in respect of profit distributions. The updated SORP applies for periods commencing on or after 1 January 2022 with early adoption permitted.
The Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022
These Regulations, which apply for periods commencing on or after 6 April 2022, require certain LLPs to provide climate-related financial disclosures in their strategic report or their energy and carbon report. The changes apply to traded and banking LLPs and also to large LLPs, that is those with more than 500 employees and a turnover of more than £500 million for the relevant financial year.
TAXATION
Updated CJRS guidance
HMRC has updated its coronavirus job retention scheme guidance to cover how employers should deal with underpayments to employees that come to light when filing tax returns, and offsetting overclaimed amounts against underclaims in the same claim period.
Leaflets for hauliers about new rules for moving goods between the EU and Great Britain
Leaflets for hauliers that move goods between the European Union and Great Britain, explaining the new rules they need to follow from 1 January 2022, have been issued.
HMRC fraud squad takes back £1bn
HMRC's Fraud Investigation Service has recovered more than £1bn from the proceeds of crime.
Making Tax Digital for VAT
HMRC have issued a reminder of the extension of MTD for VAT from April.
The government has announced plans to delay the introduction of penalties for late submission of VAT returns
The new penalty system was due to come into effect from 1 April 2022 but this has now been delayed by nine months until January 2023. In a statement to MPs, Lucy Frazer, financial secretary to the Treasury, said: ‘In Finance Act 2021, the government legislated to reform penalties for late submission and late payment of tax, initially from 1 April 2022, and to align interest charges for VAT with other major taxes.
