Newswire March 2023

  • Person icon Mercia Group
  • Calendar icon 27 March 2023 00:00

Welcome to our March Newswire, as we continue to digest the Chancellor’s Spring Budget and prepare for the new tax year.

We are also well into the new audit season, so auditors need to make sure they are familiar with the changes to auditing requirements. Our blog provides a refresher on the key changes to ISA 315 and the concept of a spectrum of inherent risk.

The recent revision of ISA 315 has also focused on Information Technology (IT) risks in client’s internal controls. We examine the implications of these changes in our Practical Aspects of Auditing Your Client’s IT Environment – ISA 315 course.

In our Newswire, we look at the latest guidance on the meaning of Research and Development (R&D) for tax purposes and the extra time now allowed to pay voluntary NICs, please see the tax section for details. On the audit and accountancy side, we examine the ICAEW’s helpsheet on company size and audit exemption and prepare for the Charity 2023 Annual Return.

Latest products


Probate - support your clients and generate new business

Our Certificate in Probate and Estate Administration has already helped hundreds of firms acquire the training and accreditation needed to apply for a probate licence. Courses and assessment days are running throughout the year, but spaces are limited book your place today to avoid disappointment.

Skills, Management and Leadership Training for Accountants

To achieve success, firms require teams that possess not only technical expertise but also soft skills such as leadership, communication, and time management. With our training program, you can acquire these essential skills and become capable of providing support to your team, clients, and practice.

Training memberships

Whether you prefer learning from the comfort of your own home or in a traditional classroom setting, our digital and face to face training memberships have got you covered.

You will have access to a wealth of resources and support to help you succeed. So why wait? Sign up for a training membership today!


FRC publishes IFRS 9 Banking Audit Methodology Thematic

The Financial Reporting Council (FRC) has published a thematic review on the Big 4 audit firms’ methodology around IFRS 9, focusing on the audit of Expected Credit Losses (ECL) for larger banks.

ICAEW Technical Advisory Service issues updated helpsheet on company size and audit exemption - complex examples

This helpsheet has been issued by ICAEW’s Technical Advisory Service to help ICAEW members when considering whether companies or groups are small, and whether audit exemptions are available, when faced with more complex scenarios.




Charity Annual Return 2023: question guide

The Charity Commission has published a guide to help charities understand what information will be needed to prepare for the 2023 Annual Return, and why new questions have been included. This applies only to charities in England and Wales.




Revamped ICAEW disciplinary framework to take effect in June

Following Privy Council approval of changes to ICAEW's existing Disciplinary Bye-laws, ICAEW's new disciplinary framework will come into effect from 1 June 2023. Click here for further details.



HMRC R&D letters

HMRC have recently written to a number of companies asking them to review past R&D relief claims. To read more, please click here.

HMRC nudge letter and the BADR lifetime allowance

HMRC are issuing letters to individuals who have made a claim for BADR for 2021/22 who they believe have either already exceeded the lifetime limit. To read more, please click here.

Taxpayers given more time for voluntary NIC

Thousands of taxpayers have been given more time to fill gaps in their National Insurance record and help increase the amount they receive in State Pension. To read more, please click here.

Meaning of research and development for tax purposes: guidelines

The guidelines on the meaning of research and development for tax purposes have been updated. To read more, please click here.






Subscribe to Newswire

Did you enjoy this read?

Sign up to our monthly newswire email to receive it straight to your inbox

Sign Up Today ▶


You might also be interested in these articles…