Last Monday, Chartered Accountants Ireland and the Ulster Society were pleased to meet with representatives from the Northern Ireland Chamber of Commerce and the Confederation of British Industry Northern Ireland to discuss potential ways forward in the ongoing campaign to reduce the corporation tax rate in Northern Ireland. The meeting was very informative and productive and each of the organisations agreed that Northern Ireland needs a coherent, long term industrial policy that attracts investment, creates secure, well paid jobs and fosters innovation. There was also agreement on the end goal of reducing the corporation tax rate in Northern Ireland. The key issues and Institute stance One of the main issues discussed was the need for an economic assessment of the impact of reducing the corporate tax rate on employment, earnings and investment. The 2021 ESRI research 'Enhancing Attractiveness of the Island of Ireland to High-Value Foreign Direct Investment' shows that a reduction in the rate of corporate tax to 15% would yield an annual increase of 7.5% in high-value Foreign Direct Investment in Northern Ireland. One of the main issues that remains is the potential impact on the block grant that Northern Ireland receives every year. The Institute outlined various measures that can be availed of to overcome this issue, most notably the use of a low interest loan from Westminster to manage the initial drop in corporate tax revenue that would arise immediately after the rate reduction.  Our progress to date and next steps  This meeting was an important step in achieving a united approach across the business community in Northern Ireland. Work will continue to garner cross-party consensus on reducing the corporate tax rate in Northern Ireland which will be critical when the campaign is taken to Westminster. This point was highlighted during the Institute's recent appearance before the joint Economy and Finance Committee’s in Stormont earlier this month. As outlined previously, in November 2025, the Institute wrote specifically to the Exchequer Secretary to the Treasury on this issue. In this letter, we highlighted that the ultimate aim of a lower rate is for it to become self-funding in the longer term, but that it would necessitate a replacement loan at a low interest rate from HM Treasury to fund the necessary block grant reduction. Last year the Institute published its position paper ‘Enhancing Our Competitiveness: The case for a reduced rate of corporation tax in Northern Ireland’.   

This week Chartered Accountants Ireland represented members in attending the Cost of Business Advisory Forum run by the Department of Enterprise, Tourism and Employment. The meeting follows the Institute’s submission recently where the focus was on reporting and compliance burdens that have been placed on businesses. The meeting forms part of the Institute’s ongoing campaign to remove the real time reporting obligation under Revenue’s Enhanced Reporting Requirements. From the outset and in response to our engagement with members on this matter, the Institute has been very clear that this obligation has placed a significant burden on businesses and employers and should be removed. The Institute once again argued that to date no reason has been offered as to why non-taxable items needed to be reported in real time. There has never been an adequate analysis on the benefits in terms of receiving this information in real time versus the compliance burden placed on businesses. The Institute will continue to campaign for the removal of the real time reporting element of the Enhanced Reporting Requirements. On the wider issue of simplification, the Institute argued that there was a need for a cross-Government approach in Ireland to reduce complexity and the regulatory burden on businesses and that this requires political will.  The Enhanced SME test is designed to sense check every proposal coming from Government to see if it is placing an undue and disproportionate burden on SMEs. Yet there is concern that this test is not being applied and the Institute outlined some key examples where this has been the case. From a European perspective, the Institute urged the Government to get behind the European Commission’s simplification agenda and to use its Presidency of the Council of the European Union to advance important files like the Digital Omnibus, the Tax Omnibus, the Savings and Investment Union and the 28th Regime. Following this meeting, the Institute will continue to contribute to the Forum with the aim of completing a comprehensive report on business costs with important and achievable recommendations for Government. Previous representations on this matter include: A 2023 CCAB-I submission on the proposed approach to ERR for employers A 2023 letter to the then Minister for Finance on the matter CCAB-I's Pre-Budget Submission 2025 included proposals relating to ERR CCAB-I's Pre-Budget Submission 2026 reiterated proposals 2026 Annual Dinner Invitation letter to Minister for Finance 

Ahead of the publication and launch of a new history on 19 March, authors Brenda Clerkin, Brid Murphy and Martin Quinn outline more than a century of the Irish accountancy profession’s work in the public interest and look towards its future. Introduction The amalgamation of the Institute of Chartered Accountants in Ireland (the Institute) and CPA Ireland in 2024 created a unified body to strengthen the accountancy profession’s voice and public interest role. CPA Ireland would have marked its centenary on 11 March 2026. In the spirit of this centenary and amalgamation, we were commissioned to write a history of the Irish profession since the Institute’s establishment in 1888. While prior histories have informed our efforts, we also offer updates and new insights. This article summarises our work, covering the changing nature of the accountant’s role, auditing, and technology – three pillars that have defined the profession’s trajectory over time. The expanding role of accountants When the Institute was formed in 1888, accountants’ work was largely confined to bookkeeping, insolvency, and some audit engagements. The Companies Act 1900 introduced a statutory requirement for all companies to appoint auditors, elevating the importance of audit and increasing this element of their work. The First World War broadened the profession’s remit. Accountants were instrumental in administering excess profits duty, with the Institute’s President, David Telford, in 1916 estimating that accountants prepared “80% or so of such returns”. Wartime conditions also accelerated the development of cost accounting, as governments curbed profiteering and ensured equitable pricing for war supplies. The brewer Guinness, for example, adapted its cost centre system to allocate war-related expenses (e.g. additional insurance costs of shipping to Great Britain), demonstrating the profession’s agility in responding to external shocks. More directly related to the war, prior histories of the Institute list 19 Irish accountants who died in active service. Our detailed research – made possible through digitised records of the Commonwealth War Graves Commission – has shown two were associated with the Institute of Chartered Accountants in England and Wales but worked for Craig Gardner in Dublin. All 19 were honoured at the Institute’s 1918 Annual General Meeting. The interwar years saw Irish accountants become more embedded in industrial enterprises, exemplified by the Electricity Supply Board (ESB). Under Chief Accountant Friedrich Weckler, ESB’s accounting systems evolved to reflect the growing complexity of the organisation. By 1943, ESB’s accounts spanned 21 pages (up from four pages in 1927) and disclosed assets of £18.1 million (about €940 million in 2025 values). The Second World War, or  ‘Emergency’ in Ireland, reinforced accountants’ role in public administration. Government debates reveal their involvement in price control and rationing, underscoring the profession’s contribution to economic resilience during a period of scarcity. Post-war recovery and industrial expansion in the 1950s and 1960s introduced new challenges. The Companies Act 1963 (Ireland) and the Companies Act (Northern Ireland) 1960 mandated group accounts and codified the ‘true and fair view’ standard, shifting accountants’ focus from mere compliance to professional judgement. Decimalisation in 1971 and accession to the European Economic Community (EEC) in 1973 further expanded the profession’s responsibilities, requiring system upgrades and acquiring proficiency in new taxation structures such as VAT and corporation tax. The late 20th century witnessed exponential growth in demand for accountants, driven by globalisation and foreign direct investment. From this boom, some weaknesses in regulatory oversight ultimately emerged, leading to the establishment of the Irish Auditing & Accounting Supervisory Authority (IAASA) in 2006 – the UK’s equivalent body, the Financial Reporting Council dates from 1990. The 21st century brought further challenges. The adoption of the euro currency in 2002 required systems reconfiguration, while the mandatory implementation of International Financial Reporting Standards (IFRS) for listed entities in 2005 represented a generational shift in financial reporting. The 2008 global financial crisis tested the robustness of these standards and intensified scrutiny of accountants’ role in safeguarding public trust. More recently, Brexit and the COVID-19 pandemic introduced new layers of uncertainty, compelling accountants to confront, amongst other things, regulatory divergence, remote working, and accelerated digital transformation. Auditing: from watchdog to strategic assurance Since 1888, auditing has evolved from a rudimentary check on ledgers to a sophisticated assurance function. In the 19th century, audit reports were perfunctory, often comprising a sentence affirming that accounts were “properly drawn up”. The Companies Act 1900 transformed this landscape by mandating independent audits for all companies and prohibiting directors from serving as auditors. Subsequent legislation, notably the Companies (Consolidation) Act 1908, strengthened auditors’ rights to access books and require explanations, embedding audit within the statutory framework.  The 20th century witnessed a steady professionalisation of audit practice. The ‘true and fair view’ requirement, first introduced by the UK Companies Act in 1948, and later incorporated in the Irish Companies Act 1963, elevated auditors’ responsibilities, demanding judgement beyond arithmetical accuracy. Influential publications such as Cooper’s Manual of Auditing (1966) codified best practice, emphasising system evaluation and internal controls over rote checking. Ireland’s accession to the EEC in 1973 further aligned audit standards with European norms, while the establishment of the Auditing Practices Committee in 1976 marked the beginning of formal standard-setting in the UK and Ireland. By the 1980s, auditing standards were consolidated under Statements of Auditing Standards (SASs), and the scope of audit extended to governance and risk management. The Cadbury Report (1992) and subsequent corporate governance codes reinforced auditors’ role in safeguarding stakeholder interests. The introduction of audit exemptions for small companies in 1995 (Northern Ireland) and 1999 (Ireland), while reducing compliance burdens, reshaped the audit market and prompted smaller practices to diversify into advisory services. The 21st century has seen auditing become increasingly regulated and internationally harmonised. IAASA now serves as Ireland’s competent authority for public-interest entity audits, with powers to inspect, sanction, and enforce compliance. EU Directives have introduced mandatory audit firm rotation and restrictions on non-audit services, while global convergence around International Standards on Auditing (ISAs) has enhanced comparability. Yet some post-Brexit divergences between UK and Irish ISAs illustrate the persistent tension between harmonisation and national autonomy. Audit reporting has also expanded dramatically. Contemporary audit reports for listed companies routinely exceed eight pages, incorporating key audit matters and disclosures on sustainability, governance, and risk. The advent of the EU Corporate Sustainability Reporting Directive (CSRD) signals a future where auditors will assure not only financial statements but also environmental and social metrics, reinforcing their role as guardians of trust in an era of heightened stakeholder scrutiny. Technology: from ledgers to artificial intelligence Technological innovation has been a key transformative force in accountancy. The journey from mechanical calculators to cloud-based platforms illustrates a profession experiencing perpetual change. As an example of early technology use in accounting in Ireland, in the 1930s firms such as Guinness pioneered the use of accounting machines (typewriters with mathematical functions), reducing clerical labour and accelerating ledger preparation. By the 1950s, electromechanical devices and punched-card systems enabled large-scale data processing, exemplified by the Irish Sugar Company’s adoption of the ICT1201 computer to manage complex contra transactions with thousands of farmers. The 1960s was the era of mainframe computing, with organisations such as the ESB and Aer Lingus deploying IBM systems for billing and reservations. These developments demanded new skills from accountants, who were required to understand data structures and machine logic alongside traditional bookkeeping. The 1970s saw the advent of minicomputers and, later, microcomputers, democratising access to computing power and paving the way for personal computers in the 1980s. Software packages such as Sage and TAS Books revolutionised small business accounting, while spreadsheets became ubiquitous tools for analysis and reporting. The 1990s introduced enterprise resource planning (ERP) systems, integrating accounting with broader business processes. The proliferation of email and broadband facilitated real-time communication and remote collaboration, while the euro conversion and Y2K compliance projects underscored the profession’s reliance on technology. The 2000s witnessed the rise of cloud computing, enabling scalable, secure, and collaborative accounting solutions. Data analytics emerged as a core competency, allowing accountants to extract insights from vast datasets and support strategic decision-making. Today, artificial intelligence (AI) and blockchain represent the frontier of technological change. AI-powered tools perform complex tasks such as anomaly detection, predictive forecasting, and natural language processing, augmenting accountants’ analytical capabilities. Blockchain offers immutable transaction records, reducing reconciliation and enhancing transparency. These innovations are reshaping audit methodologies, enabling continuous auditing and full-population testing. However, they also introduce ethical and governance challenges, requiring accountants to act as ‘sense-checkers’ of algorithmic outputs and custodians of data integrity. Education has evolved in tandem, with professional syllabi now including modules on AI, data analytics, cybersecurity, and sustainability reporting, and continuing professional development emphasising digital fluency and ethical oversight.  Looking to the future Reflecting on over a century of history can help us as a profession plan for the future. While the business environment is volatile and uncertain, and faces challenges – sustainability imperatives, rising costs, rapid technological change and talent challenges – history has shown the Irish profession be to adaptable, resilient and exhibiting trusted leadership. The profession has survived through political and economic shifts, war and conflict and financial crises. This resilience can endure and ensure profession continues to serve the public interest as it has done in the past.  Important Work: A History of Irish Chartered & Certified Public Accountants by Brenda Clerkin, Bríd Murphy and Martin Quinn is published on 19 March, when it will be launched at a special commemorative event at Chartered Accountants House, to which all members are invited.

We’re delighted to invite members to an evening at the renowned Merry Ploughboy pub; the perfect setting to enjoy traditional Irish hospitality, great food, and lively entertainment, while connecting with fellow members. Guests will travel together by coach to the Merry Ploughboy, where the evening will begin with a delicious three‑course dinner, followed by an authentic Irish show featuring live music and traditional dancers. It promises to be a memorable night of culture, conversation, and fun. What to expect Coach transport to and from the city centre Arrival at the Merry Ploughboy at 6:30pm A three‑course meal Live Irish entertainment, including music and dancers Event concludes at approximately 10:00pm, with the coach departing shortly afterwards Date: Thursday 12 March Price: €25 per person (exceptional value - a €65 experience) Whether you’re looking to catch up with colleagues, meet new faces, or simply enjoy a fantastic night out, we’d love you to join us. To book, please email LeinsterSociety@charteredaccountants.ie

In Irish news, Revenue has issued a press release with details of phase one of the implementation of the VAT modernisation programme in Ireland and the Department of Social Protection has provided an update on My Future Fund. In UK news this week, read about HMRC’s plans to recover winter fuel payments, and we outline details of HMRC’s invitation to tax agents and intermediaries to assist in the design and development of HMRC services. In International news, the European Commissioner for taxation acknowledges MEPs frustration over the withdrawal of certain legislative tax files.  Ireland 1. Revenue has published details of the businesses included in phase one of the rollout of the VAT modernisation programme in Ireland. 2. Read an update from the Department of Social Protection on My Future Fund, the Automatic Enrolment Retirement Savings System, outlining progress since its introduction on 1 January 2026. UK 3. Read about HMRC’s plans to recover winter fuel payments. 4. This week’s miscellaneous updates, includes information on HMRC’s request for tax agents and intermediaries, who regularly use its systems, to contribute and provide input into the design and development of its services. International 5. The European Parliament has issued a press release following a joint meeting of the ECON and FISC subcommittees, where proposals to withdraw certain legislative tax files were discussed. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s Cross-border developments and trading corner here.

At last week’s joint ECON and FISC subcommittees meeting, Commissioner Hoekstra acknowledged the committees’ frustrations at the Commission’s stance on the withdrawal of five legislative tax files,  due to the changes in the geo-political and economic climate. This Commission on taxation will prioritise tobacco tax, simplification, the Directive on administrative cooperation, and the energy taxation Directive.

Today is the deadline for you to share your thoughts and feed into our response to the Call for Evidence on tax supports for entrepreneurs which was launched at the 2025 Autumn Budget and is open until 28 February 2026. This call for evidence is focused on how UK tax policy can better support investment in innovative high growth companies. Contact us by email before close of business today  Monday 16 February 2026. According to the Call for Evidence, a shortfall in domestic scale-up capital is causing some of the UK’s most innovative companies and founders to move abroad. To address the issue, views are sought on:  how effective existing tax supports are, any gaps in the tax system for founders and scaling companies, and options and ideas to improve, rebalance, and better target current supports that would allow the Government to fill these gaps where needed.  A number of changes were made to several of the UK’s tax advantaged venture capital schemes in the 2025 Autumn Budget which aim to enable larger and more established companies to continue to qualify to use the schemes. However, the Call for Evidence notes that these changes “take the existing schemes as far as possible within their current design”. As a result, the Government is keen to consider how it could provide more targeted and effective support which also represents good value for money for the taxpayer.   

HMRC has sent information on how winter fuel payments (or pension age winter heating payments in Scotland) will be recovered for taxpayers from 2025/26 onwards.  Recovery of 2025 winter fuel payments  If a taxpayer’s total individual income for 2025/26 is more than £35,000, HMRC recover their 2025 winter fuel payment. If the taxpayer lives in a household with someone else who has also received a payment, HMRC will examine each person’s individual income separately. For example, if person A has total income of £36,000 and person B’s is £22,000, HMRC will claw back the payment from person A, but person B will keep their payment.   HMRC has also provided a calculator to help taxpayers work out if their total income is over £35,000. The calculator also explains how the payment will be recovered if it is. Recovery for PAYE taxpayers  HMRC will automatically collect the payment through a change to the taxpayer’s tax code from April 2026 unless they already file a SA tax return. As a result HMRC will change the taxpayer’s tax code to deduct approximately £17 per month.  These taxpayers do not need to do anything or call HMRC.  In February 2026 taxpayers may receive a notification of their tax code for 2026/2027 which will not yet include the adjustment for their winter payment. They do not need to take any action or call HMRC and should receive an updated tax code, which reflects recovery of their winter fuel payment, in early April 2026.   Recovery for SA taxpayers  HMRC will collect their payment through their 2025/26 SA return. For online filers, where possible HMRC will prepopulate their online SA return which is due by 31 January 2027 with the 2025 payment. Taxpayers should check that their winter fuel payment has been included and if it has not been included they must add it themselves. Anyone filing on paper by 31 October 2026 will need to include it themselves. Opting out of future payments  Anyone who expects their total individual income from their private pension, state pension, and any other sources to be over £35,000 can opt out of future payments. Taxpayers in England, Wales and Northern Ireland will be able to opt out of receiving future winter payments via  an online form on GOV.UK which will be available from April 2026. Anyone in Scotland should contact Social Security Scotland by phone if they want to opt out for future years.  In-year collection from 2027/28 HMRC will begin collecting the payment in the tax year starting from 2027/28. This means that the 2026 winter fuel payment will not be collected until 2027/28. As a result in 2027/28, two amounts of winter fuel payment will be collected (the payments for 2026 and 2027) therefore PAYE taxpayers who receive winter fuel payments will see approximately £33 per month deducted, up from £17 a month.  From 2028/2029, the PAYE system will collect the winter fuel payment for winter 2028 during the tax year it is paid in, which means this will return to a monthly deduction of approximately £17.  HMRC has included this information in guidance and will also incorporate this in communications activity ahead of 2027/28.  Information and guidance An explainer video outlining how payments will be recovered is available on HMRC’s YouTube channel. Further information on HMRC’s recovery approach can also be found on GOV.UK.  General information is also available at the following links: www.gov.uk/winter-fuel-payment, and www.mygov.scot/pension-age-winter-heating-payment. 

Revenue has reported that ongoing difficulties with the Relevant Contract Tax screens on ROS have been occurring since 8 December 2025, necessitating customers to clear their browser cache in order to access services. The Information & Communications Technology and Logistics Division within Revenue are currently investigating the issue.

In this week’s detailed miscellaneous updates which you can read more about below, the UK’s draft legislation on the carbon border adjustment mechanism is open for consultation and a new HMRC research opportunity is seeking the assistance of tax agents and intermediaries who regularly interact with HMRC systems to design and develop HMRC services. In other news this week: The guidance on how to complain about HMRC or the Valuation Office Agency to the Adjudicator’s Office has been updated, The Institute for Fiscal Studies has published ‘Tax and disability in the UK: review of trusts and other savings options’, and A recorded HMRC webinar about the transfer of assets abroad: the motive defence is available to view. This webinar is aimed at agents who have a reasonable knowledge of the transfer of assets abroad legislation but who want more information on the exemptions. The recording gives an overview of the exemptions, known as the ‘motive defence’, and information on HMRC’s approach to these. Carbon border adjustment mechanism draft legislation The Government has now published the draft secondary legislation on the UK’s carbon border adjustment mechanism (CBAM)  for technical consultation, together with supporting notices which have force of law. This technical consultation seeks to ensure that the primary legislation delivers the policy correctly and effectively and is not therefore a further consultation on the policy design.  The consultation invites views from interested parties, including importers and their agents, other businesses, individuals, tax advisors, and trade and professional bodies. Feedback on the draft secondary legislation should be emailed to cbampolicyteam@hmrc.gov.uk before midnight on 24 March 2026 using the subject line ‘CBAM technical consultation response’ and clearly referencing the relevant parts of the legislation.  In addition to the draft secondary legislation and notices, the Government has also published a CBAM policy summary which provides an overview of the CBAM in order to provide clarity for businesses who will be impacted.  The Government has reiterated its commitment to working closely with all interested stakeholders as we progress towards implementation from 1 January 2027.  If you would like to learn more about the UK’s CBAM legislation, you can register for a webinar in early March which is being delivered by UK CBAM policy officials and which will provide an opportunity for questions. Details of the webinars are as follows: Session title Date Time Sign up link CBAM draft secondary legislation overview 3 March 2026 9:00 –10:30 (GMT) Sign up here. CBAM draft secondary legislation overview 3 March 2026 15:00 – 16:30 (GMT) Sign up here. CBAM draft secondary legislation overview: carbon price relief deep dive 5 March 2026 9:00 – 10:30(GMT) Sign up here. CBAM draft secondary legislation overview: carbon price relief deep dive 5 March 2026 15:00 – 16:30 (GMT) Sign up here. Agent research opportunity GOV.UK One Login is a new centralised sign-in system for government services. Over time it will replace all other sign in routes including Government Gateway. HMRC has started the process of moving individual taxpayers to One Login. This will follow with the move to One Login for all taxpayers, which will also include agents and intermediaries.  As part of this move HMRC is preparing for a series of research activities to gather insights from tax agents on sign-up/sign-in, credential management, and upcoming changes related to One Login. HMRC is looking to speak with tax agents and intermediaries who regularly interact with HMRC systems. Your input will directly influence the design and development of future HMRC services, helping HMRC create solutions that work for you and your clients. If you are interested in taking part contact HMRC by email before 18 February 2026 for more information or to sign up.

The Department of Social Protection issued a press release last week with an update on the Automatic Enrolment Retirement Savings System, My Future Fund. Since its inception on 1 January 2026, at least 763,000 employees have been automatically enrolled in MyFutureFund, with over an additional 5,000 employees joining the scheme voluntarily. To date, more than €60 million in contributions has been invested across the scheme’s three contracted investment managers. In the medium term, the Department of Social Protection has indicated that, in collaboration with National Automatic Retirement Savings Authority (NAERSA), it intends to develop policy positions on several areas. These include enabling Additional Voluntary Contributions, allowing transfers of existing pension pots into MyFutureFund, creating drawdown options for individuals reaching retirement age, and exploring the potential to extend the scheme to additional groups. Commenting on the issue of the press release, Minister for Social Protection, Dara Calleary TD, said: “My Future Fund is truly revolutionary in terms of pensions for Ireland. It will benefit so many hardworking people over the coming years and decades, making sure they have more money in retirement than they otherwise would. This positive outcome is reflective of the huge effort made by my Department and other stakeholders in advance of the launch of MyFutureFund, including employers and payroll providers, and I’d like to thank all of those for their intense engagement and diligent cooperation with us over that time. I am extremely proud as Minister for Social Protection to have delivered this transformative change.”

Revenue released a press release last week confirming that a VAT registered business established or with a fixed establishment in Ireland and whose tax affairs are handled by the Large Corporates Division (LCD) in Revenue is within the scope of phase one of the roll out of the VAT modernisation programme in Ireland. From 1 November 2028, such businesses will be required to implement mandatory eInvoicing and report a subset of relevant data for domestic business-to-business (B2B) transactions. Revenue has outlined its commitment to providing extensive support during the transition phase and will write to identified large corporates in the coming weeks to confirm their inclusion in phase one of the rollout. Crucially, from 1 November 2028, all businesses, not just large corporates, must be able to receive structured eInvoices. Large corporates are being encouraged to begin preparations now by reviewing systems for eInvoicing capability, engage software providers to ensure technical readiness and plan for system and process changes. The European VAT in the Digital Age (ViDA) Directive requires businesses to issue eInvoices which are compliant with European Standard EN16931. PDFs, paper scans, or other unstructured formats will not be acceptable. Revenue will continue to engage with businesses, industry and professional bodies, software providers and other stakeholders as ViDA and VAT Modernisation progress and we will keep members updated on developments as they arise.  Relevant enquiries can be sent to vatmodernisation@revenue.ie Further details on Revenue’s plans for implementing domestic eInvoicing in advance of ViDA are included in the report VAT Modernisation: Implementation of eInvoicing in Ireland which was published in October 2025 and in our related newsletter item.