ACCA practice information

2013

• Professional Privilege
• [11/03/2013] The accountancy profefssion loses its battle for professional privilege in respect of advice given to clients.
• Sleeping and limited liability partners - Important information regarding Class 2 and 4 NICs
• [22/045/2013] HMRC now considers that Sleeping and inactive Limited Partners are-and have in the past been-liable to pay Class 2 National Insurance contributions (NICs) as self employed earners and Class 4 NICs in respect of their taxable profits.
• SOCA Guidance
• [18/02/2013] SOCA have issued guidance on submission of a Suspicious Activity Report (SAR) and the process of obtaining ‘consent’. This replaces all previous similar guidance issued by SOCA, including the Top Ten Tips documents. MLRO’s should add these documents to their libraries.
• Benefits of email marketing
• [08/05/2013] Eight reasons why email marketing can be effective for your practice.
• Suspicious Activity Reports - New guidance from SOCA
• [05/03/2012] SOCA have issued new guidance on the submission of suspicious activity reports and the process of obtaining "consent".
• 2013 ACCA Rulebook - What has changed?
• [04/02/2013] An overview of the main changes to ACCA’s bye-laws, regulations and Code of Ethics and Conduct, as published in the ACCA Rulebook, taking effect from 1 January 2013.
• Employment Law factsheets
• [24/04/2013] The ACCA suite of Employment Law factsheets have been updated to reflect recent case law.
• Get ready for the new data protection rules
• [21/01/2013] A guide to the proposed tightening of data protection rules.
• New comprehensive HMRC guidance on Real Time Information (RTI)
• [28/03/2013] HMRC have produced new and comprehensive guidance on RTI. Access it here.
• RTI - Real Time Information
• [24/01/2013] RTI deadlines are approaching, with employers and pension providers being required to provide information under RTI commencing in the period April to October 2013.
• Alternative Finance : Crowd Funding
• [25/04/2013] Alternative sources of finance such as crowdfunding offer hope to the UK’s cash-strapped SMEs, but there are risks for investors, as a recent ACCA event explored.
• New PAYE RTI Engagement Letter
• [27/02/2013] ACCA have now produced a new engagement letter for PAYE real time information (RTI). Visit here to see the full text. Changes to the original letter are shown in bold and italics. You may now copy and paste the text of this article for your use.
• Access to finance for business and homowners
• [21/03/2013] A look at access to finance in light of the 2013 Budget.
• Publicising disciplinary and regulatory hearings and outcomes
• [08/05/2013] A review of ACCA’s regulatory and disciplinary procedures has recommended two significant changes.
• How to really make time for your network
• [08/05/2013] Heather Townsend shares six ways for busy accountants to consistently make time for their network.
• Professional PrivIlege
• [18/02/2013] Professional privilege not to extend to accountants following Prudential case.
• Continuity of practice – sign up to new search facility now
• [08/05/2013] Is your firm prepared to provide continuity of practice arrangements? Sign up now to highlight this to other ACCA firms.
• Business Finance Advice Scheme – get involved
• [04/02/2013] The government’s new Business Finance Advice Scheme is signing up accountants now. Find out why you should get involved.
• Pension Auto-Enrolment - Know Your Clients Staging Dates
• [16/01/2013] The Pensions Regulator has identified seven steps that employers should follow as they prepare for automatic enrolment.
• Funding for Lending
• [20/03/2013] The British Banking Association (BBA) and the banks have produced guidance on their funding approach.
• IFAC Guidance for SMPs
• [22 April 2013] |ACCA| IFAC SME Guidance| Ifac have produced a good practice management guide aimed at SMPs.
• Business Planning
• [21/03/2013] A look at preparing a good business plan.
• Growth Vouchers
• [21/03/2013] A look at the growth voucher scheme announced in the 2013 Budget.
• Limiting liability for non-audit appointments
• [21/02/2013] A well drafted engagement letter is a crucial tool for all professionals in establishing the scope of their services and – if things go wrong – the extent of their liability to their clients.
• HMRC agent strategy programme
• [04/02/2013] HMRC intends to introduce new online services for agents from March 2015.
• Sanctions and anti-money laundering
• [26/04/2013] A report has been issued by Financial Intelligence Unit in collaboration with HM Treasury, The Home Office and the Financial Services Authority, which aims to raise awareness on financial sanctions, specifically in relation to the Arab Spring.
• Cash Accounting for small businesses - Engagement letter
• [28/03/2013] Plans were announced in the 2013 budget to introduce a cash accounting regime for small unincorporated businesses. Practitioners planning to offer this service to their clients will need to consider revising the letter of engagement.
• National Employment Savings Trust - NEST
• [28/02/2013] NEST is a new pension scheme set up by Government that can be used by any employer to meet their workplace duties regarding making pension contributions for their workers. Find out more here.
• IFAC Guide for small and medium oractices
• [18/02/2013] IFAC have produced a guide aimed at small and medium-sized practices.

2012

• HMRC Pilot to Improve Post Response Times
• [23/08/2012] HMRCis piloting a "signpost" scheme in an attempt to improve response times for incoming mail.
• PAYE Real Time Information
• [18/09/2012] RTI deadlines are approaching, with employers and pension providers being required to provide information under RTI commencing in the period April to October 2013 and with all using RTI by October 2013.
• Consumer Protection (Distance Selling) Regulations 2000 (DSRs)
• [20/06/2012] Details of the Consumer Protection (Distance Selling) Regulations 2000 (DSRs).
• Engagement Letters
• [25 June 2012] Technical Factsheet 173 Engagement Letters for Tax Practitioners is the updated joint guidance issued by the main tax and accounting bodies.
• Help ambitious businesses turn dreams into reality
• [28/06/2012] The Government’s GrowthAccelerator scheme wants to help ambitious small businesses achieve success.
• Retention of Records
• [26/06/2012] Guidance on retention, storage and destruction of records.
• New Engagement Letter CD-ROM
• [26/04/2012] ACCA's Engagement letter CD-ROM has been updated.
• Employers' Mandatory Pension Registration
• [18 January 2012] Details of mandatory pension registration for employers from 2013.
• CPD and tax relief
• [29/06/2012] A look at the rules around tax relief on your – and your employees' – continuing professional development.
• Why can’t business access finance?
• [02/07/2012] The Independent External Reviewer has published his first report on the effectiveness of the SME appeals process operated by the UK banks.
• SMEs attracted to discounted loan scheme
• [26/06/2012] Early indications suggest the Government’s National Loan Guarantee Scheme – designed to lower the cost of borrowing – is working well.
• HMRC aims to cut waiting times
• [14/08/12] To help it in dealing with the volume of post that it receives, HMRC hopes to improve response times by running a pilot scheme to encourage the use of headings to indicate whether the letters are routine or technical.
• Practitioners - Business Finance Advice service
• [26/04/2012] Details of the new Business Finance Advice kitemark scheme for members in practice.
• Workplace pensions reform: preparing for automatic enrolment
• [09/03/2012] Guidance from the Pensions Regulator on preparing for employers' automatic pension enrolment.
• Distinguishing between information and advice
• [28/06/2012] The threshold upon which the difference between ‘information’ and ‘advice’ is judged has recently been tested. Karen Brown provides a commentary and looks at the impartial observer test.
• Real time information and PAYE
• [26/06/2012] RTI is a new way of reporting PAYE information. It will enable employers and pension providers to tell HMRC about payments to employees/pensioners as they are made rather than at the end of the tax year.
• New ways to register for taxes online
• [26/06/2012] HMRC has launched an online tax registration service to allow registration for all main business taxes (self assessment, corporation tax, PAYE for employers and VAT) in a single website visit.
• FRC: How credit analysts view and use financial statements
• [18/09/2012] FRC have produced a short paper that focuses on credit analysts’ requirements and what should, in their opinion, be the new information content of the financial statements.
• Does every cloud have a silver lining?
• [15/10/2012] The cloud is the new ‘buzz’ word, but what is ‘the cloud’, what can it do for your business and what are the risks?
• How to grow your practice - Part 2
• [28/06/2012] In the second part of our series on how to grow your practice, Jill Wyatt talks to partners in two firms who believe they can steal a march on their competitors by adding real value to the services they offer.
• The Cancellation of Contracts made in a Consumer's Home or Place of Work etc. Regulations 2008
• [20/06/2012] Details of The Cancellation of Contracts made in a Consumer's Home or Place of Work etc. Regulations 2008 which came into force on 1 October 2008.
• Practice Information Handbook
• [20/01/2012] This page contains a link to ACCA Practice Information Handbook, whuich contains useful information and links for members starting out in practice and established practices alike.
• Payroll changes: take the pain away
• [28/06/2012] Preparing for PAYE real-time reporting.
• All your CPD in one place with ACCA’s new resource
• [26/06/2012] ACCA is pleased to announce the launch of the new CPD section of ACCA’s website. In keeping with our goal to provide easily accessible learning solutions all learning opportunities have been put together in one place under 10 main subject headings. You will also find details on ACCA’s CPD policy and guidance on how to meet your CPD requirements.
• Partnerships
• [30/08/2012] Simon Mason of Fishburns LLP looks at some of the legal consequences of trading in partnership, including liability for the tortious or fraudulent acts of another partner.
• Enforceability of Engagement Letters.
• [25/06/2012] Guidance on terms and conditions in engagement letters.
• Business Finance Advisory Scheme
• [24/01/2013] Details of the Business Finance Advisory Scheme.
• Accountants and limited liability
• [22/10/2012] How to limit your liability in respect of limited liability companies.
• HMRC Agent Account Managers
• [19 April 2012] If HMRC's normal communication channels have left you frustrated and still needing an answer, the Agent Account Manager service may help.
• Document retention and destruction
• [26/06/2012] A look at how long you should retain, store and destroy business documents.
• Extending client relationships
• [28/06/2-12] Offering complimentary services can extend your relationship with clients, as Bob Edwards explains.
• New technical factsheets tackle engagement letters
• [28/06/2012] Two new technical factsheets focus on engagement letters for tax practitioners and the enforceability of engagement letters.
• Invoice fraud on the rise
• [24/10/2012] The National Fraud Intelligence Bureau (NFIB) has warned of a recent rise in fraudulent activity, particularly ‘invoice fraud’.
• How to grow your practice - Part 1
• [26/06/2012] In this, the first of a two-part article on growing your accountancy practice, Jill Wyatt talks to two firms who are exploiting what they see as gaps in the services offered by their competitors.
• ACCA Quality Checked: a very positive experience
• [30/04/2012] Details of ACCA's quality checked scheme and tips on avoiding some of the most common weaknesses.
• Real time information: Guidance
• [09/10/12] In the run-up to the implementation of Real Time Information for PAYE, HMRC are issuing a series of key messages for employers.
• Directors’ duties: what you need to know
• [24/10/2012] New businesses often require advice on the role of directories. This handy summary will help.
• Finance Fitness Inititative
• [12/03/12] Mark Prisk, minister for business, explains why he has launched a campaign to improve the financial information and advice made available to businesses.
• ACCA Group Cosumer Credit Licence
• [22/05/2012] Details of ACCA group consumer credit licence
• What Work Can I do Without a Practising Certificate
• [13/10/2012] Guidance for members and students on what work may be done without a practising certificate.
• Limiting liability clauses
• [13/03/2012] Karen Brown, a Chartered Insurance Broker and vice president of Lockton Companies LLP offers advice on

2011

• Red Tape Challenge
• [01/12/2011] The government is seeking your views on the usefulness and/or burden of certain business regulations.
• HMRC Agent Account Manager Service
• [01/07/2011] HMRC is reminding agents about the benefits of registering and using its Agent Account Manager Service.
• Employment Law - Calls for Evidence
• [01/12/2011] The government is looking to simplify certain elements of the employment legislation and is seeking "calls for evidence" is to support its review.
• 14 Steps to marketing your business through direct mail
• [21/01/11] Guidance on how to market your business better through direct mail.
• Fee Protection Insurance
• [06/06/2011] Advice from Abbey Tax on fee protection insurance, including guidance for practices not wishing to be DPB registered.

2010

• Updated factsheets 147-156
• [13/01/10] - Factsheets 147-156 on employment law have been updated to take into account legislative changes as of November 2009.
• Insolvency: Scottish Trust Deeds
• [5/10/10] - Clarification on whether an England based Insolvency Practitioner can take over as trustee for pre April 2008 bankruptcies and protected trust deeds in Scotland.
• Employment Issues
• [10/02/10] - Updates on the national minimum wage, holiday entitlement, sick pay and late night travel.
• Banks’ SME Charters
• [08/01/10] - Most of the main banks now either have, or are working on, a SME charter as part of their commitment towards small business.
• Engaging with tax agents
• [17/12/10] ACCA has read with concern and disappointment the recent report “Engaging with Tax Agents” by the National Audit Office.
• IFA
• [01/01/2010] ACCA has nominated RSM Tenon Financial Services as the recommended provider of independent financial advice to ACCA members and their clients.
• Technical factsheets
• [31/12/2010] Technical factsheets covering practice management and development.
• Anti Money Laundering Regulations 2007 and ACCA members
• [01/01/08] - An overview of the supervisory regime as it applies to ACCA members under the New Money Laundering Regulations (NMLR) which came into force on 15 December 2007.
• Everything you need to know about XBRL
• [31/03/10] - A comprehensive overview of XBRL (extensible business reporting language) and what it can do for accountants.
• Mortgages, Long Term Care and Insurance Mediation Advice
• [04/02/10] - A simple guide to help you better understand ACCA's Designated Professional Body Regulations 2001.
• Intellectual property and the practising accountant
• [05/04/11] - Accountants and finance professionals must understand Intellectual Property (IP) issues to help their business clients, says ACCA and the Intellectual Property Office (IPO) in a new guide produced jointly by the two organisations. This guide has been written to help finance professionals get to grips with the nuances of IP, from trade marks to patents.

2009

• Factsheet 163 - Audit Exempt Companies - ACCA Accounts Preparation Report
• [15/10/09] - This factsheet provides ACCA practising members with guidance on engagements to prepare financial statements for limited companies and other incorporated entities.
• Keeping safe online
• [30/06/09] - HMRC publish new online security guidance.
• Managing cashflow guides
• [16/01/09] - ACCA has endorsed a series of user-friendly guides designed to provide credit management advice direct to businesses.
• Sound financial management
• Glenn Collins, ACCA UK's Head of Advisory Services, John Davis, Director of Local Business at Barclays, and Sara Harvey a qualified chartered certified accountant all present their views about how SMEs can survive the current climate, while recognising that access to finance is a huge issue for SMEs and for the accountants representing them.
• The Companies Act 2006 - Its Implications for Company Directors (PDF)
• [01/01/2009] Booklet explaining how this new legislation has important implications for the two million UK businesses which trade as limited companies, as well as for all those who own shares in them, trade with them or provide business or professional services to them.
• The Risk Register: Basic Principles for Smaller Companies
• [13/10/09] - This short guide is intended to help those embarking on a Risk Register exercise

2008

• Changes to your ACCA details
• [28/11/08] - Make sure your details are up-to-date
• Changes to the Consumer Credit Act 1974
• The Office of Fair Trading (OFT) introduced the remaining reforms to the Consumer Credit Act 1974 on 1 October 2008
• Business Link - Tax agents and advisers
• Business Link has added a new section to its website designed specifically for tax agents and advisers. It was developed jointly with HMRC and can be found at:
• New guidance on letters of engagement for tax practitioners
• New guidance on engagement letters for tax practitioners has been published.
• Employment status
• [17/11/08] - HMRC guidance to help a business decide whether a worker should be classified as employed or self employed
• Online bookkeeping. Evolution or revolution?
• As online bookkeeping comes of age, so accountants in business and practice would do well to check out the options. This article from the April 2008 issue of Accounting & Business reviews these options.
• Financial Services Compensation Scheme
• In the current economic climate, clients may have concerns about the security of their bank deposits. This explains what protection is available and suggestS safeguards that might be implemented
• Guide to coping with the falling pound
• [19/11/08] - ACCA's guide to coping with the falling pound. 10 measures SMEs might implement to help cut their losses