Newswire March 2022

Companies House reform

The Government has published a white paper setting out their position on reforming Companies House ahead of introducing legislation into Parliament. The key changes being proposed include expanding the role of the Registrar in order to maintain the integrity of information held on the public register, the introduction of identity verification for those forming, managing and controlling companies and improving the financial information that is available, including the requirement for iXBRL tagging of accounts being filed and the removal of the ability for small companies to file abridged or filleted accounts. It has been confirmed that there are no plans though to amend the deadlines for filing accounts which will come as a relief to many.  

Climate-related disclosures

Guidance has now been issued by BEIS on mandatory climate-related financial disclosures, which will be required by publicly quoted companies along with large private companies and LLPs for accounting periods commencing on or after 22 April 2022. The guidance covers help in determining whether a company or LLP is in scope of these new requirements as well as on the disclosures that are required.

Ethics guidance

The CCAB has developed a series of case studies, illustrating how the code of ethics of the major professional bodies can be applied in a range of scenarios. Separate guidance has been published for accountants working in practice, business, the not-for-profit sector and the public sector, as well as for those accountants working as non-executive directors. For those working in practice seven case situations are covered, with issues ranging from dealing with poor staff performance to conflicting clients’ interests and non-compliance with laws and regulations.

Charities

Safe giving to support Ukraine

The Charity Regulators have urged the public to ‘give safely’ to registered charities as people make generous donations to causes helping to support and protect people affected by the invasion of Ukraine. UK charities are pivotal to a collective response to this crisis. The Disasters Emergency Committee, a coalition of 15 leading UK charities, has launched its collective appeal to provide emergency aid and rapid relief to civilians suffering during the conflict.

Both the Charity Commission and OSCR have published guidance for charities on how they can support the Ukrainian people at this difficult time.

Charities Act 2022

The Charities Bill received Royal Assent at the end of February and passed into law as the Charities Act 2022. The Act, which only applies to charities based in England and Wales, implements recommendations from the Law Commission which are primarily aimed at making life easier for trustees with reforms in areas such as land transactions, changing governing documents and allowing trustees to be paid for goods provided to a charity, helping them maximise the benefits their charity delivers. While the changes are largely technical, they are designed to make a positive, practical difference to charities, and the Commission as regulator.

Anti-Money Laundering

HMRC agent online account

Some firms have reported to ICAEW that their HMRC agent online account has been suspended for self-assessment because HMRC is seeking confirmation that the firm is supervised under MLR17. If you require documentary evidence to provide to HMRC, you should contact AMLR@icaew.com including your firm’s ICAEW registration number to obtain the necessary evidence to have the account reinstated. Those not regulated by ICAEW should contact the professional body concerned for an equivalent confirmation of registration.

TAXATION

Government support for energy bills and the cost of living - factsheets

The Government has released more information about the measures to support households with rising energy bills and the cost of living. To read more, please click here.

Investigation into the implementation of IR35 tax reforms - National Audit Office (NAO) Report

The NAO has issued its report into the investigation into the implementation of IR35 tax reforms. . To read more, please click here.

HMRC Note - Purchase of own shares – multiple completion contracts

HMRC have provided the CIOT with a note which clarifies their position on the purchase of own shares legislation where the transaction is effected through a multiple completion contract and whether the seller remains connected with the company immediately after the purchase.