Mercia Group 
24 January 2025 10:00As the clock strikes midnight on 31 January, accountants everywhere will breathe a well-earned sigh of relief - tax return season is finally over!
Now’s the time to shift gears to focus on your clients and your own development. Our popular Tax Cards and Year End Tax Planning Guide are packed with key information to help your clients stay informed.
It’s also the perfect moment to invest in your skills. Whether you love attending courses in person, prefer the flexibility of online learning, or even want to brush up while on your commute, Mercia has over 150 essential courses to suit you and your team. Our tax courses are already in high demand this year, so book your spot now to avoid missing out.
Meanwhile, the Spring Statement is fast approaching and our experts will be on hand with a digital summary that includes all the key tax changes in an easy-to-read format for your clients. You can also keep abreast of all the tax changes following the abolition of the non-domicile rules at our International Tax Conference.
In our first Newswire of 2025, we look at HMRC’s new facility for making voluntary disclosures for any R&D claims made in error, please see the tax section for details. On the audit side, we examine the law amending company size limits for financial reporting and draft amendments to FRS 101 ‘Reduced Disclosure Framework’.
Mercia's easy-to-understand and ready-to-distribute Summary enables you to showcase your expertise by providing your clients with an in-depth update of the Chancellor's announcements this Spring.
Save time on statement analysis and start advising your clients on what the changes mean for them, their businesses and their families.
Also, get 15% off all Spring Statement products when you order any Tax Card product.
Join us for an expert-led seminar examining these critical changes and emerging issues this February. We'll cover the new rules in detail, so you can advise clients on the consequences and any actions to take.
In addition we'll look at the UK residence test, the complexities of PAYE and NIC for internationally mobile employees, VAT and indirect taxes.
New Year special offer: Buy one place, receive 50% off for your colleague
Book a spot at our International Tax conference and receive a 50% discount for your colleague, ensuring your team are prepared for the upcoming changes. Contact our team on 0330 058 7141 to secure your places.
Is your firm seeking a top-tier file review service?
Our experienced team is here to help your firm stay compliant in key areas such as audit, anti-money laundering, probate and more.
Enjoy flexible peer reviews, in person or remotely, all including a thorough review of your file, detailed reports and practical guidance to address any concerns.
The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 have been issued which come into force on 6 April 2025.
The legislation aims to reduce reporting burdens on companies by:
The FRC has issued FRED 86 ‘Draft amendments to FRS 101 Reduced Disclosure Framework’ arising from of its annual review of FRS 101 for the 2024/2025 cycle.
FRED 86 sets out a number of proposals that aim to ensure that FRS 101 will continue to provide cost-effective disclosure reductions for those entities applying the Standard. These proposals relate to developments in IFRS Accounting Standards, notably new standards, IFRS 18 ‘Presentation and Disclosure in Financial Statements’ and IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’.
Alongside the exposure draft, stakeholders are also directed to review the FRC’s explainer that sets out the relationship between FRS 101 and IFRS 19.
FRED 86 will be open for comment until 7 March 2025.
The FRC has published its annual inspection findings for Tier 2 and Tier 3 audit firms, which emphasises the importance of delivering consistent levels of audit quality.
The report highlights areas where firms have made progress but also identifies challenges that exist across this part of the market in achieving consistent audit quality, particularly in the Public Interest Entity (PIE) sector.
Following Sir James Wates CBE’s decision to step aside from his role as chair of the Wates Principles Coalition Group, the FRC has announced it will assume governance of the Wates Corporate Governance Principles for Large Private Companies.
FRC publishes emerging findings from NHS audit market study
The FRC has published initial feedback on its market study into the audit market for NHS providers and Integrated Care Boards (ICBs). Launched in July 2024 in response to growing concerns about challenges NHS bodies are facing in appointing and retaining auditors, this study has been designed to explore how the market is functioning, how it should function in the future, and better understand the complex challenges facing the sector as a whole.
The FRC comments it recognises the importance of addressing any issues in the audit market for NHS providers and ICBs to prevent any future impacts on its resilience. The FRC therefore invites stakeholders to provide further input, responding to the questions set out in the emerging findings. The FRC adds it intends to publish the final report in Spring 2025.
The FRC has published a draft three year strategy for 2025-28 reaffirming its commitment to serving the public interest and supporting UK economic growth. Alongside the strategy, the FRC has also published a draft Plan and Budget for 2025-26.
FRC annual report on remit and outlines priorities for supporting UK economic growth in 2025
As promised in 2023, the FRC has sent its annual update to the Secretary of State for Business and Trade, Rt Hon Jonathan Reynolds MP, on what it has been doing to fulfil its remit during 2024 and its plans for 2025.
The FRC, in its role as the Secretariat to the UK Sustainability Disclosure Technical Advisory Committee (the TAC), has published the Committee’s final recommendations to the Secretary of State for Business and Trade, recommending endorsement of the first two IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2) for use in the UK.
ICAEW’s Code of Ethics is to be updated in March next year, when Council will be asked to approve it. This follows amendments to the International Ethics Standards Board for Accountants (IESBA) Code of Ethics and changes introduced by Council earlier this year. The most significant changes to the Code being introduced relate to the role and mindset now expected of professional accountants and the use of technology.
The ACCA has published its quarterly update which focuses on common audit issues in audit planning.
HMRC has introduced a facility to make a voluntary disclosure for any R&D claims made in error that are out of time to amend on the Company Tax Return. To read more, please click here.
Subscribe to Newswire
Sign up to our monthly newswire email to receive it straight to your inbox
