Data analytics is an important part of the finance function, but organisations are still struggling to use data to their best advantage. Eoin O’Reilly says finance leaders need to change their mindset to move this agenda forward. There is widespread acceptance that data and analytics are playing a major role in transforming the finance function across all industry sectors. However, many finance functions struggle to make meaningful progress with this agenda. To truly unlock the power of data analytics, finance leaders must shift their mindset. Here are five ways to do just that. 1. Think objectives, not just tools and systems Many people think that analytics is about selecting the right tools and platforms. While there are lots of good tools out there, finance leaders need to set the objectives and tone for the data and analytics programme by asking a few questions: Do you want to save costs by streamlining reporting and facilitating self-service? Do you want to deliver deeper insights on reasons for variances and movements by drilling deeper into data? Do you want to explore the dynamics of profitability for a product/market/customer and potentially help optimise? 2. Think blending talent, not just new talent The data and analytics opportunity in finance won’t be unlocked by a team of data scientists on their own. Every data project needs a combination of domain expertise, data understanding, data engineering, and analysis skills. As well as bringing new talent into the finance function, you need to upskill your current teams to make them ‘data aware’. Think about a spectrum of data skills from data consumption to data science – depending on your objectives, different people will be needed from various points on this spectrum. 3. Think building trust in the data, not just visually appealing dashboards Dashboards and visualisations are unquestionably important tools in driving business intelligence adoption and telling stories with data. However, they are the easy bit. The key to success in finance is to build a layer of trusted data that can be used for reporting and ad hoc analytics. Many organisations create finance data ‘lakes’ or ‘marts’ where they combine data used for financial reporting. Although creating a trusted data platform can take considerable effort and will inevitably identify data issues downstream, the rewards for getting this right are significant. 4. Think about a portfolio of use cases, not one big project For those in the early stage of their analytics journey, there can be a perception that analytics is one big project. In reality, analytics programmes are made up of a portfolio of different use case projects that will move at different speeds and deliver different levels of value. Start small with a use case that will generate good results, and then treat your analytics programme as a balanced portfolio. Finance is also uniquely placed to measure and certify the value delivered by analytics projects. 5.  Think about taking a lead in sustainability, not just being a scorekeeper Finance leaders have a unique opportunity ahead of them. As global markets focus on long-term value, including non-financial measures, organisations must demonstrate their progress on sustainability to investors. For so long, the finance function has shown leadership in the setting, monitoring, and reporting of financial metrics – is there anyone better placed to do the same for the sustainability agenda and non-financial metrics in the coming years? Eoin O’Reilly is Assurance Partner and Head of Data Analytics at EY.

Apr 16, 2021

The US is looking to level the playing field regarding corporation tax worldwide with a higher minimum tax rate than is currently enjoyed by US multinationals in Ireland. Anthony O’Halloran explores what that could mean for Ireland Inc. The recently published Made in America Tax Plan proposes several US corporate tax measures to address perceived profit shifting and offshoring incentives. There is a view that the US needs to level the playing field between domestic and foreign corporations. Proposed measures include: raising the corporate income tax rate to 28%; strengthening the global minimum tax rate for US multinational corporations; encouraging international adoption of robust minimum taxes; enacting a 15% minimum tax on the book income of large companies that report high profits but have little taxable income; replacing incentives that are viewed as rewarding excess profits from intangible assets with more generous incentives for new research and development; replacing fossil fuel subsidies with incentives for clean energy production; and ramping up enforcement to address corporate tax avoidance. In their current form, the US tax proposals are certainly far from a done deal and will need to navigate both the Senate and the House of Representatives. In the Senate, the Democrats have 50 of the 100 seats, with Vice President Harris casting the tie-breaking vote when needed. In the house, they have a majority of ten members. With midterm elections coming up in 2022, the politics of gaining the necessary political support to broker a deal may prove considerably challenging. The implications for US multinationals in Ireland The proposed changes to the US anti-deferral rules under Global Intangible Low Taxed Income (GILTI) tax and the proposed repeal of the Foreign Derived Intangible Income (FDII) regime are likely to have the most significant impact for US multinationals with operations in Ireland. President Biden’s proposed changes to the existing GILTI tax rules and the proposal to move to a minimum effective tax rate on a country-by-country approach rather than a global blended rate more closely aligns with the Organisation for Economic Co-operation and Development (OECD) rules for minimum tax currently being designed under Pillar Two. The Tax Plan proposes an increase in the effective tax rate on GILTI income earned by US multinationals from 10.5% to 21% through to 2025 and the elimination of the 10% return on foreign tangible property. Also, GILTI would move to a country-by-country basis. This would prevent taxpayers from offsetting amounts between higher tax jurisdictions to shelter incremental taxes that may be due under the GILTI regime on US multinational subsidiaries in Ireland. During recent OECD discussions, President Biden’s Treasury Secretary, Janet Yellen, repeated that the US favoured a global minimum rate agreed to by all countries at the OECD level. While it appears that the US will push for a minimum of 21%, there will likely be significant discussion on the minimum rate before anything is finalised. GILTI and foreign direct investment The outcome of the final US GILTI and global minimum tax rates will ultimately dictate Ireland’s ability to use tax as a tool to attract new foreign direct investment. The critical role Irish operations play in multinational groups operations cannot be understated and has been further evidenced by the growth in export figures during the COVID-19 pandemic. This is undoubtedly a reason to remain optimistic about the future of foreign direct investment. However, significant changes to the international tax framework are in Ireland Inc.’s line of sight. Therefore, it is critically important to continue delivering talent, research and development, critical infrastructure, and business supports to ensure that Ireland remains a location of choice for foreign direct investment. Anthony O’Halloran is Director of Corporate & International Tax at Deloitte.

Apr 16, 2021

Accountants are well-known for their analytical and problem-solving abilities, but in order to excel as advisors, they must also utilise their emotional intelligence skills. Ben Rawal explains how. Emotional intelligence (EI) is the ability to recognise and manage our response to emotions – both our own emotions and the emotions of others. Our level of EI ultimately determines critical aspects of our personal and professional lives, including coping with stress and building effective relationships. As a former accountant, I now advise other accountants and finance professionals on improving their EI levels. This task has proved particularly useful during the pressure of the past 12 months. Remote working COVID-19 has changed how we work and has tested different aspects of our own unique EI. Client interactions have shifted to video conferencing for most of us, offering a different experience from face-to-face conversations. This required an increased focus on understanding the client’s ‘world’ and problem areas, particularly when these are COVID-19-related. In other words, empathy. Empathy is a critical EI skill we can all develop. Accountants sometimes revert to analytical and problem-solving skills rather than simply listening without judgement or offering possible solutions. Although our role does not typically involve counselling others, building good relationships is essential and will ultimately pay dividends in the future. Furthermore, by showing empathy, you are likely to improve your client’s level of trust in you, your team, and your business. Despite the professional service all accountants offer, never underestimate the importance of showing that you understand and can relate to your client’s problems – professional or otherwise. Returning to the office It is difficult to predict how our professional interactions will function in the future and whether we will return to a full-time office environment. For those who have already returned, even on a part-time basis, there are new norms for interacting with colleagues – social distancing, one-way systems, meeting room attendee restrictions, and the omnipresence of hand sanitiser. Another core aspect of our EI involves the ability to be flexible, particularly when faced with unpredictable or, in the case of COVID-19, unfamiliar situations. In accountancy, the need for certainty and predictability often forms part of the individual’s repertoire. Indeed, it is often one of the reasons why accountants are so effective in their role. Recognising that our work environments and interactions with others are likely to be different in the future is a significant change that may take time to accept. One of the principal starting points is to explore your own expectations – regardless of whether these relate to our offices, clients, teams, or how we will interact with people. It is our expectations that will either restrict or endorse our ability to accept an unfamiliar future. Are you ready for the EI challenges that lie ahead? Ben Rawal is Managing Director and Lead Consultant at Aspire Consulting Solutions.

Apr 16, 2021
Tax

In Irish tax developments, Revenue provides responses to members Temporary Wage Subsidy Scheme (TWSS) reconciliation questions and the employer guide on TWSS reconciliations is updated. On the UK front, read the latest updates on HMRC administered COVID-19 supports. While in international tax, the Made In America Tax Plan released by US Treasury includes clear commitment to a global minimum tax for corporations.     Ireland Revenue provide responses to members TWSS reconciliation question and the employer guide is updated; Revenue consider the CCAB-I submission saying employers need more time to pay employees TWSS liability; UK Read the latest updates on HMRC administered COVID-19 supports; The SME Brexit Support Fund is open for applications; and International The Made in America Tax Plan impacts significantly on the work of the OECD/G20 Inclusive Framework under the BEPS 2.0 project, as the Biden administration commit to a global minimum tax for corporations. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter.  

Apr 16, 2021
Tax RoI

Many workers in the construction industry returned to work on Monday. The Pandemic Unemployment Payment (PUP) is taxable in real-time in 2021. This means that there are tax implications for workers returning to work after being on the PUP for the last number of months. The worker is allocated zero tax credits on a week one basis until the Department of Social Protection (DSP) exchanges information with Revenue confirming that the worker’s PUP claim is closed. At that point, Revenue will issue a revised Revenue Payment Notification to the employer reinstating the employee’s full tax credit and rate band on a week one basis.  The worker should close his/her pandemic unemployment payment application on the DSP website on the first day he/she returns to work. It will take at least two weeks for the DSP to issue Revenue notification that the worker is no longer claiming the PUP. When Revenue has the relevant notification, it will then issue an updated RPN to the employer. Employers should avoid running payroll in advance of the pay date for the purposes of working off the most up to date RPN which gives the worker his/her full credits on a week one basis. A full example with dates and timelines is set out in a presentation by Revenue. 

Apr 16, 2021
Sustainability

  In this week's Public Policy news, read about a positive economic forecast for Ireland for 2021, preliminary analysis showing a drop in Ireland’s power-generation and industrial emissions, and new guidance published on human rights for business enterprises. In other news, the UK’s BEIS Department’s has announced that next month’s ‘Your business journey to Net Zero’ will focus on Northern Ireland SMEs, and the EU is to borrow €806 billion to finance its green and digital plan.  Positive economic forecast for 2021 Minister for Finance, Paschal Donohoe TD, this week published the Government’s Stability Programme Update for 2021. This update sets out the Department of Finance’s macroeconomic and fiscal forecasts for the period 2021­–2025. The update, which must be submitted by all Member States to the European Council and Commission by the end of April each year, forecasts the following for 2021: a 4.5 percent expansion of GDP a 2.5 percent growth in Modified Domestic Demand (MDD), described as ‘a more useful indicator of domestic economic conditions’ a 16.25 percent averaging of the unemployment rate an 80,000 increase in the employment level a General Government Deficit of 4.7 per cent of GDP The projected economic recovery over the second half of 2021 will depend on the success of the vaccination programme and the assumption of an easing of public health restrictions. Employment is projected to remain below its pre-crisis peak until 2023. Commenting, Minister Donohue said: ‘The impact of the pandemic on the domestic economy and the public finances has been severe. However, the acceleration of the vaccination programme means that the beginning of the end is, hopefully, now in sight.  The strength of our economic model and more importantly, our people, clearly demonstrate that we should face this current period with optimism.  We can and we will rebuild our economy, get our people back to work and safely emerge from the pandemic.” EPA report shows drop in Ireland’s power generation and industrial emissions Preliminary analysis from the Environmental Protection Agency released this week reveals that greenhouse gas (ghg) emissions from Irish power-generation and industrial companies covered by the EU Emissions Trading Scheme (ETS) fell by 6.4 percent in 2020, their lowest level since the EU ETS was introduced in 2005. This compares however with a decrease of approximately 11-12 percent across Europe. The decrease is due to the impact of lower production in some industrial sectors during the COVID-19 pandemic, combined with a significant drop in emissions from power-generation. Emissions from the electricity-generation sector decreased by 8.4 percent, due to increased use of renewable energy (mainly wind generation) and less of fossil fuels, such as peat, in our energy mix. The EPA did report that some sectors such as dairy processing and pharmachem are increasing emissions year on year. The EPA is the Competent Authority in Ireland for the EU Emissions Trading System (ETS). This is an EU initiative which was set up to help it reach its climate targets under the Kyoto Protocol. It is the world’s first carbon market, and remains the largest. It operates as a ‘cap-and-trade system’ in which governments set an allowable total amount of emissions (‘cap’) over a certain period and issue tradable emission permits (‘trade’). These permits are typically good for 1 tonne of CO2 and are the are the currency in carbon markets.  Further information about Ireland's overall greenhouse gas emissions is available on the EPA website, along with infographics and detailed greenhouse gas inventory. New guidance published on human rights for business enterprises Minister for Foreign Affairs and Minister for Defence, Simon Coveney, TD, has this week launched new guidance on human rights for business enterprises. The guidance was developed by a multi-stakeholder group with representatives from business, government and civil society, as part of the implementation of the National Plan on Business and Human Rights. This plan aims to promote responsible business practices at home and overseas, including in developing countries, by all Irish business enterprises. Breege O’Donoghue, Chair of the plan’s implementation group, pointed to the legislative developments in the area of sustainable corporate governance that are taking place at EU level, and stated that “it is essential that businesses familiarise themselves with the UN Guiding Principles on Business and Human Rights and implement best practice in their operations.” She went on to urge Irish businesses to consult the guidance and also avail of a practical workshop for businesses, which is being organised by the Trinity Centre for Social Innovation, in partnership with The Global Business Initiative on Human Rights. The new Guidance on Business and Human Rights for Business Enterprises is available here. ‘Your business journey to Net Zero’ in Northern Ireland – Thursday 29 April 2021 10:00-16:20 The Department for Business, Industrial Strategy & Energy (BEIS) is bringing its popular ‘Your business journey to Net Zero’ to Northern Ireland on 29 April. In conjunction with the Northern Ireland Office and the Federation of Small Businesses Northern Ireland, BEIS will run the event virtually and it is aimed at SME businesses in  Northern Ireland that want to take part in tackling climate change, but are unsure of where to start ‘Your business journey to Net Zero’ will help SMEs understand the practical steps for embarking on their own Net Zero journey, and will help businesses consider the opportunities stemming from the transition to a low carbon economy.  Minister for Small Business, Consumers and Labour Markets, Paul Scully, and Minister of State at the Northern Ireland Office, Robin Walker will open the event. The UK government’s Net Zero Business Champion, Andrew Griffith MP, will be holding a panel session with businesses, and the Minister for the Economy in the Northern Ireland Executive, Diane Dodds MLA, will be also providing her closing comments in the afternoon. In addition, there will be a virtual exhibition hall for delegates to find out about local and regional Northern businesses and institutions, along with more products and services that will be of interest to them as they look to lower their carbon emissions.   Click here for details and registration. All sessions will be recorded, and any questions can be emailed to business.engagement@beis.gov.uk EU to borrow €806 billion to finance green and digital plan The European Commission has outlined plans to borrow €806 billion on the capital markets to finance its Recovery and Resilience Fund to allow it give hundreds of billions of euros in grants and low-interest loans to EU countries. The move makes it the biggest debt issuer in euros. Around 30 percent, or €250 billion, will be issued in green bonds (the Commission will present a green bond standard later in 2021). In addition to the €386 billion in loans to be repaid by EU countries, the Commission is expected propose new EU-wide levies in June to cover €407.5 billion in grants and service interest. The Recovery and Resilience Fund is the centrepiece of ‘NextGenerationEU’, the EU’s temporary recovery instrument to respond to the coronavirus crisis and to support the economic recovery and build a greener, more digital and more resilient future. The Recovery and Resilience Fund is an instrument to provide grants and loans to support reforms and investments in the EU Member States.   You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our Sustainability Centre.   Read all our updates on our Public Policy web centre

Apr 16, 2021
Sustainability

  The Department for Business, Industrial Strategy & Energy (BEIS) is bringing its popular ‘Your business journey to Net Zero’ to Northern Ireland on 29 April. In conjunction with the Northern Ireland Office and the Federation of Small Businesses Northern Ireland, BEIS will run the event virtually and it is aimed at SME businesses in  Northern Ireland that want to take part in tackling climate change, but are unsure of where to start ‘Your business journey to Net Zero’ will help SMEs understand the practical steps for embarking on their own Net Zero journey, and will help businesses consider the opportunities stemming from the transition to a low carbon economy.  Minister for Small Business, Consumers and Labour Markets, Paul Scully, and Minister of State at the Northern Ireland Office, Robin Walker will open the event. The UK government’s Net Zero Business Champion, Andrew Griffith MP, will be holding a panel session with businesses, and the Minister for the Economy in the Northern Ireland Executive, Diane Dodds MLA, will be also providing her closing comments in the afternoon. In addition, there will be a virtual exhibition hall for delegates to find out about local and regional Northern businesses and institutions, along with more products and services that will be of interest to them as they look to lower their carbon emissions.   Click here for details and registration. All sessions will be recorded, and any questions can be emailed to business.engagement@beis.gov.uk

Apr 15, 2021

Welcome to this week’s Technical Roundup.  In developments this week, the Institute has published an article ‘Accounting and disclosure considerations for Covid-19-related Government Supports under FRS 102’; and IAASA has published its Transparency Reporting – Thematic Review.  The Charity Commission in England and Wales has published guidance to help with running a charity during the coronavirus (COVID-19) outbreak. This includes information on government financial support for charities, fundraising and SORP guidance.   Read more on these and other developments that may be of interest to members below. Financial Reporting The Institute has published an article ‘Accounting and disclosure considerations for Covid-19-related Government Supports under FRS 102’. In view of the supports being made available to business by Governments in both the UK and Ireland to help them cope with the pandemic, the purpose of this article is to remind members of the requirements of FRS 102 on accounting for and disclosing government grants and disclosing government assistance. The IFRS Interpretations Committee has posted the agenda and papers for its next meeting, which will be held on 20 April 2021. The IFRS Foundation has introduced a substantial update to its website. They note that the update includes an improved search function and advanced options for customising how to search and receive information, including a new IFRS Standards Navigator. They have also refreshed their ‘Follows’ tool, which enables users to decide what type of alerts they will receive and how often. The recording of the inaugural UK Endorsement Board (UKEB) meeting, which was held on 26 March 2021, the agenda, and the papers are now available. The topics discussed included adoption of the Terms of Reference and approval of Delegation of Authority to UKEB Chair. A recording of the 30 March 2021 webinar the UKEB secretariat held on the UK endorsement of IFRS 17 is also available. They note that the webinar, aimed primarily at users of accounts, featured a presentation by IASB Board member Nick Anderson on how IFRS 17 works and some key improvements it introduces, and also included initial views from equity analyst and ratings agency perspectives on how the standard could impact their analysis of insurance business. EFRAG has published its draft comment letter on the IASB Exposure Draft ED/2021/1 Regulatory Assets and Regulatory Liabilities and seeks constituents' views on the proposals by 28 July 2021. Also from EFRAG, is a podcast series in which EFRAG Secretariat and experts discuss the issues addressed in the Discussion Paper on Accounting for Crypto-Assets (Liabilities) published by EFRAG in July 2020, and related topics. Auditing IAASA has published its Transparency Reporting – Thematic Review. The objective of this thematic review was to assess the effectiveness of transparency reporting by PIE audit firms in Ireland, to share areas of good practice and other reporting innovations, and to highlight areas where firms need to make improvements. Insolvency At their video conference on 16 April 2021 Eurogroup, an informal body where the ministers of the euro area member states discuss matters relating to their shared responsibilities, will hold a thematic discussion on insolvency frameworks based on a technical note prepared by the European Commission. Other areas of interest Two  new statutory instruments ,entitled Rules of the Superior Courts (Affidavits) 2021 and the District Court (Affidavits)  Rules 2021 came into force recently allowing for the remote swearing of affidavits in circumstances where it is not practicable for the deponent to physically attend for the purposes of the swearing .The statutory instruments set out the rules around such a swearing. The Department of Enterprise Trade and Employment has published its monthly newsletter for April which includes  information about recent developments on the right to disconnect, the Small Business Assistance Scheme for COVID (SBASC) (closing date for receipt of applications is Wednesday, 21 April 2021) and the Government’s agreement to  extend the €2bn Credit Guarantee Scheme. It will remain open for applications until the end of 2021. Following publication of  the BEIS Consultation Document Restoring trust in audit and corporate governance  the Financial Reporting Council (FRC) will be holding a series of webinars and roundtables to provide stakeholders with further insight into key aspects of the consultation and to hear your views on the government’s proposals. You can find out more about the FRC’s extensive outreach programme and register to attend any of the webinars here.   The Charity Commission in England and Wales has published guidance to help with running a charity during the coronavirus (COVID-19) outbreak. This includes information on government financial support for charities,  fundraising and SORP guidance.  https://www.gov.uk/guidance/coronavirus-covid-19-guidance-for-the-charity-sector Trinity College Law school is hosting a series of webinars some of which may be of interest to members. See  Trinity Law School Spring Series .The  webinars are on the topics of 100 Day of Brexit. (Tuesday 20 April, 6pm) and Time to Get SEARious – the proposed Senior Executive Accountability Regime (Tuesday 11 May, 6pm).There are also webinars on  the topics of The Gig Economy ( Tuesday 4 May, 6pm) and  Assessing the Future of Irish Defamation Law (Tuesday 27 April, 6pm)  .The webinars are free but registration is required .Click the above link for registration details. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.   

Apr 15, 2021

This week’s Brexit Bites covers the news that the EU-UK trade deal takes a step closer towards ratification in the European Parliament. The Institute is also running a webinar on 21 April on how Brexit has affected the global mobility of British and EU workers. We also have details of an Invest NI/HMRC webinar that will focus on how the UK Trader Scheme can enable companies to declare goods as not ‘at risk’.  Trade deal moves towards ratification The European Parliament’s Foreign Affairs and Trade committees yesterday approved the Trade and Cooperation Agreement reached between the EU and UK on Christmas Eve. This vote of approval moves the agreement a step closer to full ratification by the European Parliament. During the committee vote, the trade deal passed with 108 votes in favour, one against and four abstentions.  Earlier in the week, Members of the European Parliament stated that they would not set a date for ratification, citing the need for assurances that the UK will apply the agreement. The vote was due to take place at the end of April, however this was postponed following the unilateral move by the UK to extend grace periods on certain checks on goods moving from Great Britain into Northern Ireland. UK seeks more time to respond to EU's legal action on NI Protocol  The UK has reportedly asked for more time to respond to the legal action taken by the EU over its unilateral decision to ease the requirements of the Northern Ireland Protocol. The appeal came in two letters from David Frost the UK’s Cabinet Office Minister.    The EU launched legal proceedings against the UK in mid-March following the unilateral decision by the UK to delay the full implementation of the Protocol by delaying the introduction of new sea border checks on food, parcels and pets without EU agreement.  The European Commission then issued a letter of formal notice to the UK for "breaching the substantive provisions of the Protocol on Ireland and Northern Ireland" as well as the "good faith obligation under the Withdrawal Agreement”.  A second letter was sent by the European Commission Vice President Maroš Šefčovič to Mr Frost asking the UK to refrain from putting into practice the announced extension of the grace periods for certain border checks on goods moving across the Irish Sea from Great Britain to Northern Ireland. The UK was given one month to respond to the two letters.   It is reported that Mr Frost has asked for an extension of one month.   Institute’s Brexit ask the expert series: People Movement – 21 April at 11am  Due to Brexit, the rights of EU nationals to live and work in the UK, and British nationals to live and work in the EU has fundamentally changed. This course will cover the key changes that have occurred, as well as immigration options for employers impacted by the transformation in immigration rules and immigration options for employees who live and work in the UK and the EU.  Delivered by immigration expert Philip McNally from KPMG, this course is suitable for those who employ (or intend to employ) EU nationals in the UK, and for companies which send British employees throughout the EU.  It may also be useful for global mobility and employment tax professionals who want to further understand the legal obligations for an employee moving to the UK and the EU.  In addition to this, internal auditors may be interested in the sections which cover immigration compliance in the UK and EU, whilst personal tax advisors may be interested in the declarations an individual makes when making a UK immigration application.  Book now   SME Brexit Support Fund  HMRC has issued a reminder that smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with the EU. The £20 million SME Brexit Support Fund is designed to enable traders to access practical support, including training for new customs, rules of origin and VAT processes. Small and medium sized businesses that trade solely with the EU – and are therefore new to importing and exporting processes – are encouraged to apply for the grants. To be eligible, businesses must import or export goods between GB and the EU, or move goods between GB and Northern Ireland. Webinar: Declare your goods not ‘at risk’ with the UK Trader Scheme  Invest NI will host a webinar on Wednesday 28 April with HMRC that will focus on how the UK Trader Scheme can enable companies to declare goods as not ‘at risk’.  If you bring goods into Northern Ireland from Great Britain or a country outside of the EU, you may need to pay EU customs duty unless you can declare (prove) those goods are not ‘at risk’ of being moved on to the European Union, including to the Republic of Ireland.  Companies can only declare goods as not 'at risk' if they are authorised to do so under the UK Trader Scheme.  At this webinar, HMRC will explain how the UK Trader Scheme works, how to apply for the UK Trader Scheme to declare your goods not ‘at risk’ and they will also discuss how you may be able to declare some of your consignments as not ‘at risk’ based on previous trading experience.  Following the presentation representatives from HMRC will answer questions.  Following the webinar, there will be the opportunity to meet with specialist advisors.   Businesses can register now: https://eventfulbelfast.eventsair.com/eu-exit-28-april/register/Site/Register   HMRC Webinars  HMRC are running a series of  webinars throughout the month of April to help businesses  adjust to the new Brexit rules and keep business moving.  Exporting: what you need to do to keep your goods moving: An overview of the actions you need to take now before you export goods from Great Britain to the EU and move goods between Great Britain and Northern Ireland.  Key processes include – zero-rated VAT, customs declarations, using an intermediary as well as licences, certificates, and authorisations.  Register to take part if you’re planning to export.  Customs Import Declarations: an overview: If your business or a business you represent, needs to make customs import declarations on goods you've imported since 1‌‌ ‌January, our webinar helps you to understand what’s needed for simplified declarations, supplementary declarations, and delayed import declarations.  Register to take part if you’re planning to import.  Trader responsibilities when using an intermediary: This webinar explains your responsibilities as a trader, if you choose to use an intermediary to complete import or export declarations for your business. These are complex and an intermediary can save you a lot of time.  Register  to take part if you’re planning to import or export.  Importing: staged introduction of customs controls: This webinar takes you through the three stages of the new border controls introduced from 1‌‌ ‌January‌‌ ‌2021, and what actions you need to take for each stage.  Register to take part if you’re planning to import.   

Apr 15, 2021
Accounting

The Institute has published an article ‘Accounting and disclosure considerations for Covid-19-related Government Supports under FRS 102’ (14 April 2021). In view of the supports being made available to business by Governments in both the UK and Ireland to help them cope with the pandemic, the purpose of this article is to remind members of the requirements of FRS 102 on accounting for and disclosing government grants and disclosing government assistance.

Apr 14, 2021

  New appointment to the Board of Belfast Harbour Commissioners Infrastructure Minister Nichola Mallon has announced the appointment Kevin Kingston and Noel Lavery as Non-Executive Members to the Board of Belfast Harbour Commissioners. Kevin Kingston has been Chief Executive of Danske Bank since 2015 and a former Chairman of the Chartered Accountants Ulster Society.  Noel Lavery was the Permanent Secretary of the former Department of Agriculture and Rural Development, followed by the Department of Agriculture, Environment and Rural Affairs and prior to his retirement the Department for Economy. DAA appoints Catherine Gubbins as finance chief Catherine Gubbins will take over as group Chief Financial Officer at DAA from May. Catherine joined DAA as group financial controller in December 2014. She became director of finance and joined the company’s executive management team in April 2019. She is a former chairwoman of the Leinster Society of Chartered Accountants. Sinead Donovan appointed as chairperson of Grant Thornton Grant Thornton Ireland has appointed Sinead Donovan as their new chairperson. Sinead joined Grant Thornton Ireland in 2002 and was appointed Partner in 2005, becoming the first female partner within the Irish firm. Sinead is currently serving as Vice President with Chartered Accountants Ireland. Diaceutics appoints new Vice President of Finance Diaceutics has announced the appointment of Nikita Lynn to Vice President of Finance. She has been promoted to this role following her tenure as Senior Director of Corporate Advancement. Nikita trained and qualified as a Chartered Accountant and is an active contributor with the Chartered Accountants Ulster Society. Dalata appoints new Group Chief Financial Officer Dalata Hotel Group has appointed Carol Phelan as its new Group Chief Financial Officer, effective from July. Carol Phelan joined Dalata in 2014 and was appointed as Group Head of Financial Reporting, Treasury and Tax in 2017.

Apr 14, 2021
Professional Standards

Changes to SIP 16 and SIP 13 – Effective Date 30 April 2021 The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 (the Regulations) come into effect on 30 April 2021. The Regulations impose additional obligations on connected person purchasers in administrations. Equivalent legislation is not yet in force in Northern Ireland. SIP Changes These legislative changes mean that it has been necessary to make changes to Statement of Insolvency Practice 16 (pre packaged sales in administrations) and Statement of Insolvency Practice 13 (disposal of assets to connected parties in an insolvency process) to align the content of the SIPs with the law. No changes have been made to the SIPs other than those required by the change in the law. The revised SIPs are SIP 16 - pre packaged sales in administrations (England and Wales) SIP 16 - pre packaged sales in administrations (Scotland) SIP 13 - disposal of assets to connected parties in an insolvency process (England and Wales) SIP 13 - disposal of assets to connected parties in an insolvency process (Scotland) The Joint Insolvency Committee has amended SIP 16 to remove references to the Pre Pack Pool and to replace these with reference to the statutory obligation placed on a connected person purchaser to obtain the opinion of an evaluator. The Regulations apply to transactions that take place within 8 weeks of the appointment of an administrator. This extends the scope of the Regulations beyond pre pack administrations to all administrations within that time frame. That means equivalent changes had to be made to SIP 13 as it applies to any connected party transaction in an insolvency process. Effective Date The new SIPs will be effective from 30 April 2021. IPs should take care to familiarise themselves with the Regulations and the new SIPs prior to that date. No changes in Northern Ireland at this time Northern Ireland has yet to enact equivalent legislation, though it is expected to adopt similar requirements by 29 June 2021. Until that time, the changes to SIP 16 and SIP 13 will only apply in England and Wales and Scotland. Statement of Insolvency Practice 4 - disqualification of directors When new legislative provisions for the reporting obligations of insolvency office holders on the conduct of those who formerly controlled a company came into effect from 6 April 2016 it was intended that Statement of Insolvency Practice 4 (SIP 4) - disqualification of directors would be withdrawn. However, there were still some ongoing cases where an office holder was able to submit a paper conduct return rather than use the online reporting tool. The Insolvency Service has informed the Joint Insolvency Committee that all such cases should now be complete. SIP 4 will therefore be withdrawn effective 30 April 2021

Apr 14, 2021

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