Newswire May 2023

  • Person icon Mercia Group
  • Calendar icon 23 May 2023 00:00

Welcome to our May Newswire, with summer finally on its way we have lots to tell you about.

We have updated our informative Taxes Made Easy guides for 2023. Written by our experts, the guides explain a range of business and personal taxes in easy to understand language helping you promote your tax services to your clients. 

On the training side, Mercia’s Early Careers Programme offers a wide range of practical workshops allowing you to create a tailored and blended learning programme for each member of your team.

We also look at the latest on HMRC’s fight against tax avoidance schemes and the planned measures to benefit savers from a simpler tax system, please see the tax section for details. On the audit side, we look at the Academies Accounts Direction for 2022 to 2023 and the FCA consultation of equity listing rules.

Latest products


Taxes Made Easy

Designed as an informative guide, it provides clients with practical guidance and tips in a way that is easy to understand regarding taxes they are likely to encounter in both their personal and business lives.

ICAEW CPD changes put onus on accounting firms

Changes to the Continuing Professional Development (CPD) regulations that come into force later this year will put responsibilities for compliance on accounting firms, the Institute of Chartered Accountants in England and Wales (ICAEW) has confirmed.

Early Year Careers

The Early Careers Audit Training Series supports your firm in getting your audit students up to speed quickly on practical skills relevant to their role in the audit.

Our interactive, live streamed sessions are led by expert tutors who will support the students with further examples and provide opportunities for questions.


Academies Accounts Direction 2022 to 2023 published

The ESFA have published the 2022 to 2023 Academies Accounts Direction. This does not introduce any new requirements, and the changes made provide clarification on existing requirements. The ESFA have also published an updated auditor framework and guide for external auditors and reporting accountants of academy trusts.

College Accounts Direction 2022 to 2023 published

The ESFA have also published the College Accounts Direction 2022 to 2023 which applies to further education colleges, sixth form colleges, and certain other designated institutions. The changes made are largely the result of the further education sector in England being reclassified to central government.

FRC welcomes FCA consultation on equity listing rule reforms

The Financial Reporting Council (FRC) welcomes the Financial Conduct Authority's (FCA) recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares.

ICAEW Financial Reporting Faculty issues factsheet: FRS 102 - debt for equity swaps

This factsheet explains how to account for ‘debt for equity swaps’ in accordance with FRS 102. In addition, the factsheet considers the impact of company law for UK companies extinguishing debt with equity.

ICAEW Technical Advisory Service issues helpsheet: Can I be a director/ trustee for my non-audit client?

It is possible to act as trustee or director either within a personal capacity or within a professional appointment through an accountancy firm. The helpsheet considers the ethical implications of accepting such an appointment.




ICAEW Technical Advisory Service issues helpsheet: IT systems compliance review

The updated helpsheet includes a checklist to assist firms in reviewing their IT systems. It also includes guidance on considering the appropriateness of the policies and procedures around those systems.

IAASB Opens public consultation for revised going concern standard

The International Auditing and Assurance Standards Board (IAASB) issued proposed revisions to its current standard on going concern, International Standard on Auditing 570 (Revised), Going Concern. The proposed changes aim strengthen the auditor’s evaluation of management’s assessment of going concern, and enhance transparency with respect to the auditor’s responsibilities and work related to going concern.

Many of the changes mirror those already made to the UK version of the standard.




HMRC issues updated guidance on trust registration service discrepancy reporting

HMRC has issued updated guidance on the obligation to report discrepancies in trust registrations that came into effect on 1 April 2023. Discrepancy checks must now to be carried out as part of ongoing monitoring and due diligence checks in accordance with the new definition of what constitutes a discrepancy.



Named tax avoidance schemes, promoters, enablers and suppliers

HMRC has updated their guidance on current tax avoidance schemes in use. To read more, please click here.

Over seven million households receive £301 Cost of Living Payment from the DWP in just 8 days

99% of households initially eligible through the DWP have been directly paid £301 by the government by 3 May 2023. To read more, please click here.

Savers set to benefit from simpler tax system

Millions of people could benefit from plans to help them boost their future savings as the government published a range of tax measures to make the system simpler and more effective. 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…