Newswire March 2023
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Mercia Group 
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.
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AUDIT & ACCOUNTING
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.
CHARITIES
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.
ICAEW
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.
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