The compliance landscape is constantly changing. Reviewing those changes and understanding how they affect your engagement letters is a huge task. As an OverSuite subscriber, we do that for you formally on a quarterly basis and ad-hoc, as changes arise.
What did we review?
This quarter we have reviewed…
- Changes to the professional body regulations to understand their impact on terms and conditions
- The scopes and service schedules to ensure no changes to legislations have affected them
There have been no changes to the Professional Body regulations that require an update at this time, however, the below explains how recent legislative changes have effected your service schedules.
What has changed?
1. VAT Returns
As part of the quarterly legislative update, VAT Return service schedules have been updated to explain that intrastat returns will be prepared or reviewed where required.
This is to account for the fact that due to changes to legislation post-Brexit, they are no longer needed for all client types, but will still apply in certain circumstances, for example in Northern Ireland.
VAT Preparation & Review, VAT Review
[I/We] will prepare or review your VAT returns, Intrastat returns (where required) and your Non-Union VAT MOSS scheme returns as applicable on the basis of the information and explanations supplied by you.
2. Environmental Regulations
From April 2022, if a business manufactures or imports 10 or more tonnes of plastic packaging within a 12 month period, they may be required to register for the plastic packaging tax.
We have created two new service schedules for this, to cover you if this is something you plan to do on behalf of your client.
You’ll see two new service schedules within your GoProposal app:
- Registration for Plastic Packaging Tax
- Plastic Packaging Tax Return
We understand how important it is to remain complaint in an ever-changing landscape. That’s why this quarter, the OverSuite team are working on giving members the ability to issue engagement letters without proposals.
Keep an eye out for more on this update coming soon.
What do you need to do?
Most of the changes above can wait until you renew your clients’ engagement letters.
However, if you plan to support businesses you work with in registering and paying plastic packing tax, create a line item for this and assign the appropriate schedule.
What if I’ve previously amended the content?
Where you have made direct amendments to statements that have been updated as part of the Quarterly Review, your engagement letters won’t be updated automatically. However, you can easily revert to the update in your app.
Click here to learn is how you revert to the new updated version >>
“For over 30 years Valerie Steward has worked with accountancy practices, helping them to develop their businesses and remain compliant. She has authored and co-authored a number of technical guides, work programmes on audit and anti-money laundering and practical aids such as engagement letters as well as publications on practice management and the not for profit sector.”Valerie StewardAt The Forefront Of Compliance For Over 30 Years
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