In this extract from his book Networking Matters: The Power of Human Connection, author Kingsley Aikins explains the importance of relationships and trust in a changing world. Former British Prime Minister Harold Macmillan was once asked what he considered the greatest challenge for a statesman and replied, “Events, my dear boy, events.” In the past, people’s lives were more predictable. However, now we live in a rapidly changing business environment where technology and globalisation are wiping out whole industries, disruption is the norm, and networks are increasingly important. Professor Anne Marie Slaughter, the first woman to serve as Director of Policy Planning in the US Department of State, has written extensively on networking and stated: “The information age is over. We now live in the networked world. In the networked world, the measurement of power is connectedness. We are moving from the vertical world of hierarchies to the horizontal world of networks. The 20th century was a billiard ball world with countries colliding off each other in military and economic conflict. Now we live in an interconnected world. Key is centrality in a dense global web. In this world, the state with the most connections will be the central player able to set the global agenda, unlock innovation and sustainable growth. The global economy is increasingly driven by networked clusters of the world’s most creative people. Only the connected will survive. Networked power comes from the ability to make the maximum number of valuable connections. In the 21st century corporations, civic organisations and government agencies will increasingly operate by collecting the best ideas from around the world.” Disruption and change In today’s world of VUCA – volatility, uncertainty, complexity and ambiguity – technology is eliminating lower-skilled, entry-level jobs while steadily raising the skill level of new jobs. Creativity and innovation are replacing raw materials, labour and capital as the key source of economic value. We are seeing the emergence of stakeholder capitalism with issues such as climate change, sustainable development and economic inequality becoming factors in how companies see their role in and engage with the world. Impact investing and ESG (environmental, social and governance) issues are going mainstream.Arguably, artificial intelligence (AI) will be as transformative for us as the controlled use of fire for our ancestors and the impact will be enormous. New technologies, data and social networks are impacting how we communicate, collaborate and work. There is also an emerging awareness of the darker side of technology and a sense that global production and consumption systems are not fit for purpose. Change has always been with us but not at the same trajectory, pace and momentum. Trust in a changing world The technological changes will put a premium on relationships and trust. For centuries, we made things, but now 80% of work is in the service industry where relationships are paramount. In addition, the top-down, command-and-control structure is being replaced by teams of teams – circles are replacing pyramids – so interpersonal skills are critical. Also the traditional parental career advice – work hard, keep your head down, keep out of trouble and let your good work speak for itself – is wrong, and why? Because good work doesn’t speak – other people speak. In this new dynamic, employers want candidates to demonstrate their employability. They want well-rounded individuals who have shown their ability to learn new skills and openness to new ideas. They are hiring those with skills for today and those who will continuously gain new skills to make them relevant to future needs. This will come from a combination of academic study, volunteer work and sporting and social endeavours. The implications of these shifts are significant. There is less demand for obedient workers who will show up on time and follow directions. Now, the demand is for self-directed workers who can adapt and learn quickly, think critically and are strong communicators and innovators. “It is not the strongest of the species that survives or even the most intelligent but those most able to handle change.” Charles Darwin In the networked economy, information and knowledge are no longer sufficient. Everyone has access to a multitude of content via the internet and you can’t compete with what everybody knows and has access to. As you progress up the corporate ladder, it becomes more difficult to compete on individual competency. The key, then, is not content but the context that comes from your network regarding comments, advice, views and opinions. As people become more dynamic and mobile in their careers, building a diverse web of relationships and community connections becomes more important. Leadership is becoming less about the corporate hero in the corner office and more about collaborative teams who work together and complement each other. Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is published by Chartered Accountants Ireland.

Chartered Accountants Ireland has reacted to today’s Spring Forecast by urging the UK Government to address the tax barriers that are hampering business growth. The Institute is highlighting the urgent need for UK business tax policy to be revamped so that economic growth is stimulated, the tax system is simplified, and the burden of tax on entrepreneurial investments is reduced.  These recommendations formed the basis of the Institute’s response to HM Treasury’s Call for Evidence on Tax Supports for Entrepreneurs which closed last week. Chartered Accountants Ireland is the largest professional body on the island of Ireland and represents over 5,500 members in Northern Ireland.  UK Tax Manager with Chartered Accountants Ireland, Leontia Doran said   “As expected, today’s Spring Forecast contained no tax policy changes, however the Government cannot stand still in harnessing the talents and skills of the entrepreneurs and small businesses that are the heartbeat of the UK economy.  “In recent years, entrepreneurs have seen the value of their business eroded with higher taxes and employment costs. This leaves less money available to invest back into those businesses for their growth mission. For those selling their business, higher exit taxes means that there is less in their pocket for them to reinvest in other businesses. This will be further compounded by tax rises due to take effect from next month, including the reduced benefit of key Inheritance Tax reliefs.  “The Government recently consulted on how it can better support those investing in high growth companies. We urge the Government to launch a wider review of how the UK tax system can truly deliver a strategic long-term plan for entrepreneurial growth and investment.”    Northern Ireland businesses excluded from improved finance options from April 2026  In the 2025 Autumn Budget, the UK Government announced a series of increases to take effect from April 2026 to several of the UK’s venture capital schemes that provide smaller companies with access to finance and which provide a range of beneficial tax reliefs to the equity investor making these riskier investments.  However, the draft legislation for these changes means that certain Northern Ireland companies will not be able to take advantage of the increased thresholds for these finance schemes.  Doran noted  “We are concerned that the regional impact of UK tax policy has been ignored when it comes to Northern Ireland. For EU State Aid reasons, the Finance Bill specifically excludes Northern Ireland companies who trade in goods or electricity from benefiting from the increased limits which will be available when seeking external finance.  “This divergence in UK tax policy places these companies at a competitive disadvantage compared to similar businesses across the rest of the UK for no reason other than their location. This further hampers their growth and ultimately that of the wider economy.  “The Government needs to begin discussions on this issue as soon as possible via the existing UK-EU structures that underpin the Windsor Framework. This will likely require an application for State Aid approval.”   Northern Ireland Corporation Tax rate reduction  Specific policy measures are still needed to unlock Northern Ireland’s economic potential and its dual market access. As part of this, in 2026 the Institute has continued its campaign for a reduced rate of corporation tax more closely aligned with that across the rest of the island.   Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said  "The Chancellor spoke today about economic growth for all parts of the UK. Reducing the corporation tax rate for NI would grow the NI economy and ultimately increase the overall tax take from businesses and employees by attracting higher value FDI, which would support the creation of better jobs and opportunities for all businesses and citizens. Ireland’s successful industrial strategy was not the result of a single policy decision and certainly did not start with a big leap. That vision persisted and grew over the long term. We believe that Northern Ireland now needs that same clarity of purpose — and we call on the UK Government to share and support that vision.   “In the longer term, the gains for Northern Ireland would set a real benchmark for what can be achieved with ambitious tax policies. This is something that we know our members want and which we continue to advocate for in 2026.”   

HM Treasury is collecting data from UK AML supervised firms to prepare for the UK’s upcoming Financial Action Task Force (FATF) Mutual Evaluation and the update of the Proliferation Financing National Risk Assessment (PF NRA). We encourage firms to take part. The survey closes on 31 March 2026. This survey is collecting input from firms to support two initiatives: 1. FATF Mutual Evaluation of the United Kingdom The Financial Action Task Force (FATF) is the global standard-setter for combating money laundering, terrorist financing, and proliferation financing. FATF conducts periodic Mutual Evaluations (MEs) of member countries to assess both technical compliance with FATF Recommendations and the effectiveness of measures in practice. The United Kingdom’s next FATF Mutual Evaluation will commence in late 2026. This assessment will evaluate the UK’s compliance with the FATF’s 40 recommendations and the UK’s effectiveness in achieving the required Immediate Outcomes (IOs). HM Treasury is coordinating the UK’s preparation for this evaluation. Two of the outcomes—IO10 and IO11—specifically measure the UK’s ability to implement UN-mandated targeted financial sanctions, related to terrorist financing (TF) and proliferation financing (PF) respectively. The first part of this survey will ask IO10 and IO11 related questions and help inform the UK’s submissions to the FATF. 2. Update of the UK Proliferation Financing National Risk Assessment (PF NRA) HM Treasury is currently updating the UK’s PF NRA to identify PF risks and typologies across sectors and strengthen the UK’s response. Your input to the second part of this survey will help ensure the PF NRA reflects real-world risks and challenges faced by firms. Confidentiality and Use of Responses All responses will be treated in confidence and used solely for the two initiatives: · FATF Mutual Evaluation: Responses will form part of the evidence base for the UK’s submission to FATF assessors, demonstrating the effectiveness of UK firms’ implementation of UN-mandated targeted financial sanctions for TF and PF. · PF National Risk Assessment: Responses to the PF NRA section will inform HM Treasury’s analysis and conclusions in its forthcoming Proliferation Financing National Risk Assessment publication. In both outputs, all information provided through this survey will be aggregated and anonymised, and will not be attributable to any specific firm An outline of the survey is provided to  help you prepare your responses before submission. Closing date is 31 March 2026. To take part please click here.  

Last week the Institute responded to the HM Treasury ‘Call for Evidence: Tax Supports for Entrepreneurs’, which was launched on Autumn Budget Day last November. We thank members for their feedback on this important issue. In our submission, the Institute highlights how the draft Finance (No. 2) Bill clauses which implement the Autumn Budget 2025 changes to the various scheme limits for several of the UK’s tax advantaged venture capital schemes exclude specified Northern Ireland (NI) companies due to EU State Aid rules. The submission also highlights that there is a need for a wider review of how the UK tax system could better support all entrepreneurs, and not just those investing in high growth companies. A specified NI company is currently defined in the Finance (No. 2) Bill as a company that has its registered office in NI which carries on a trade involving a trade in goods, or the generation, transmission, distribution, supply, wholesale trade, or cross-border exchange of electricity. As a result, these NI companies will be unable to benefit from the increased limits to these schemes from April 2026. This divergence in UK tax policy means that companies in NI who are excluded are disadvantaged when seeking external finance compared to their competitors across the remainder of the UK for no objective reason other than their location. To level the playing field, the Government needs to take the necessary steps to resolve this issue and enable the April 2026 changes to apply to all companies in NI via the discussions through the existing UK-EU structures which underpin the Windsor Framework, followed by an application for State Aid approval.

The Chancellor of the Exchequer Rachel Reeves will deliver this year’s Spring ‘Forecast’, previously known as the Spring Statement, tomorrow Tuesday 3 March at approximately 12.30 in the afternoon. The Institute will be reacting on the day with coverage of the key announcements on our dedicated UK fiscal events webpage, followed by more detail in next Monday’s Chartered Accountants Tax News. The expectation is that this year’s speech from the Chancellor will not contain any major tax policy changes or surprises. This follows the announcement at the Autumn Budget that performance against fiscal rules will only be assessed once every year in the autumn. Tomorrow’s forecast from the Chancellor and the Office for Budget Responsibility is therefore expected to be an interim update on the economy and public finances, without policy changes, unless, as the Chancellor said in November, there is ‘a significant change to the economic outlook that requires a response.’ Will global disruption in recent days mean that the Chancellor needs to increase defence spending? What we do expect tomorrow is the launch of several tax consultations which were previously announced on the day of the 2025 Autumn Budget. The House of Commons Library has published a briefing on the Spring Forecast, whilst the Institute for Fiscal Studies has published a useful article ahead of tomorrow. And, in light of the events that occurred in the run up to the 2025 Autumn Budget, HM Treasury has published a review of Budget information security. 

In this week’s detailed miscellaneous updates which you can read more about below, the February 2026 Employer Bulletin has been published, and HMRC is holding a range of webinars in the coming weeks. In other news this week: The latest HMRC Stakeholder Digest is available, HMRC has published guidance for developers on what good use of generative artificial intelligence looks like in commercial software products which assist users when submitting tax returns or other information to HMRC, It has been confirmed in a consultation response that a proposal suggested in a 2024 consultation by the Tribunal Procedure Committee which would have removed written judgments on tax rulings will not go ahead following significant opposition, We remind you that as announced last March, from 31 March 2026 HMRC’s online service for filing a company’s accounts and corporation tax return (commonly known as the CATO service) will close. This means that from 1 April 2026, companies will need to use commercial software for filing, and HMRC is planning maintenance to the Agent Services Account service which will be unavailable from 7am this Sunday 8 March to 9am on Monday 9 March 2026. February 2026 Employer Bulletin The February 2026 edition of HMRC’s Employer Bulletin brings you all the latest HMRC updates and guidance to support employers, payroll professionals, and agents. Included in this edition are important updates on: reporting expenses and benefits for the tax year 2025/26, end of year reporting, upcoming State Pension age changes and the impact on payroll operation, implementation of the Employment Rights Act 2025, Statutory Sick Pay changes: what employers need to know, and tax code changes for recovery of winter fuel payments. HMRC webinars The following webinars are scheduled over the coming weeks which are now open for registrations: Guidelines for Compliance 13: help ensuring documents filed with HMRC are correct and complete, upcoming payroll changes in 2026/27, and the treatment of statutory maternity and paternity pay.

The EU Directive 2026/470, which amends the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), was published in the EU Official Journal on 26 February 2026. Part of the Omnibus I package, the Directive aims to streamline and simplify the EU’s sustainability reporting framework. It will take effect 20 days later, with Member States required to transpose its provisions into national law within 12 months. The Department of Enterprise, Tourism and Employment will be responsible for transposing the Directive in Ireland. The Directive also introduces updates to the CSDDD, with those elements to be transposed by 26 July 2028. Overall, the changes are intended to reduce administrative burdens, increase efficiency, and offer greater flexibility to companies while supporting the EU’s broader competitiveness goals. Please see our recent article in Accountancy Ireland for further details.

Core Funding is a grant scheme provided directly to Early Learning and Childcare service providers administered by the Department of Children, Disability and Equality (the Department). Under the Core Funding Partner Service Agreement, all service providers that had an active core funding contract during the 1 September 2024 - 31 August 2025 programme year (Year 3) must engage a qualified professional accountant to submit a financial return.  The returns must be submitted by 31 March 2026. The Department requires that these financial returns must be submitted by a qualified professional accountant. The accountant can be an employee of the provider (if certain conditions are met) or an independent qualified accountant who holds a Practising Certificate (PC) and professional indemnity insurance.  Accountants linked to childcare service providers will have received a letter (attached)  from the Department this week outlining the steps to complete and submit the financial returns.  For the 2024/2025 programme year (Year 3), accountants will need to submit a trial balance prepared at site level using accruals-based accounting. Submission of the trial balance prepared using accruals-based accounting is a change for Year 3 given that returns submitted in Years 1 and 2 used cash-based accounting. The Department’s portal website  www.cfcrrs.ie  is now open for submission of the financial returns and guidance documents for Year 3 have been added to Department's Early Years Hive website. Members can read further information and links to some further guidance on our dedicated webpage.

The Financial Reporting Council (FRC) has issued amendments to FRS 102 which update the framework a company uses when adapting the format of their balance sheet and profit and loss account. Following a consultation period last year, the FRC has introduced changes to FRS 102 to reflect the replacement of IAS 1 Presentation of Financial Statements with IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 is effective for periods commencing on or after 1 January 2027. Company law gives certain entities the option to adapt the format used for its balance sheet and/or profit and loss account. FRS 102 sets out the specific formats to be used when an entity chooses this option. Where an entity does not choose to adapt their balance sheet or profit and loss format, these changes will have no impact to the reporting entity. In addition to this change, the FRC has also made amendments to FRS 102 and FRS 105 which are intended to make limited clarifications to the 2024 Periodic Review amendments. Amendments have been made to the following sections of FRS 102 and FRS 105. Section 9 Consolidated and Separate Financial Statements of FRS 102. The wording of paragraph 9.3 has been amended to provide clarification. Section 13 Inventories of FRS 102. Paragraph 13.14 (Cost of inventories of a service provider) has been deleted, and Section 10 Inventories of FRS 105. Paragraph 10.13 (Cost of inventories of a service provider) has been deleted.

The Corporate Enforcement Authority (CEA) has recently highlighted its Information Note on circumstances leading to disqualification under the Companies Act 2014 and the associated consequences.  The Information Note outlines the two primary reasons in which the disqualification of a company director arises: in the context of a liquidator's report on the conduct of the directors of the insolvency companies under section 682 of the Act;  in the context of the CEA, or others, making applications to the High Court under section 842 of the Act.  The Information Note is available to read in full here.  

On 17 November 2023 HM Treasury published guidance on Ownership and Control: Public Officials and Control guidance. The guidance sets out that the Foreign, Commonwealth and Development Office  does not generally consider designated public officials to exercise control over a public body in which they hold a leadership function, such that the affairs of that public body should be considered to be conducted in accordance with the wishes of that individual. However, if there was sufficient evidence to demonstrate that the designated individual exercises control over the public body within the meaning of the relevant regulations, then the relevant legal test under UK sanctions regulations may be met. The guidance follows on from a notable decision of the UK Court of Appeal Mints & Ors v PJSC National Bank Trust & Anor [2023] EWCA Civ 1132 which was handed down 6 October 2023. Please click here for our recent news item on the judgment. Please also see the recent UK High court case of 15 November 2023 Litasco SA Claimant, Der Mond Oil and Gas Africa SA and Locafrique Holding SA. There the High court judge appears to create a test that distinguishes between actually existing control and prospective control, stating his belief that the better interpretation of Regulation 7(4) is that it is concerned with an existing influence of a designated person over a relevant affair of the company …. not a state of affairs which a designated person is in a position to bring about. Were matters otherwise, it would follow that President Putin was arguably in control, for Regulation 7(4) purposes of companies of whose existence he was wholly ignorant, and whose affairs were conducted on a routine basis without any thought of him. Readers can also listen to a recent (20th Nov 2023) interesting webinar on the subject entitled “Webinar with UK government on sanctions ownership/control”. The webinar was hosted by UK firm Peters & Peters and the UK deputy director of sanctions David Drake and deputy director in OFSI Beth Davis spoke on the topic. Acknowledgement that any links to BAILII website (above) are free. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

A notable decision of the UK Court of Appeal Mints & Ors v PJSC National Bank Trust & Anor [2023] EWCA Civ 1132 was handed down on 6 October 2023. The case concerns the UK Russian sanctions’ regime. There were three issues raised in the appeal and they are set out at paragraph 3 of the judgment. (The regulations referred to in the judgment are the Russia (Sanctions) (EU Exit) Regulations 2019 (“Regulations”). The first issue raised was whether a judgment can lawfully be entered for a designated person by the English court following a trial at which it has been established that the designated person has a valid cause of action; The second is the circumstances whereby Treasury /OFSI can license certain payments; The third is whether a designated person controls an entity within the meaning of Regulation 7 where the entity is not a personal asset of the designated person, but the designated person is able to exert influence over it by virtue of the political office that he or she holds at the relevant time. (The control issue). The Court of Appeal found that as (1) the entry of  a money judgment in favour of a designated person was not prohibited by the UK sanctions regime and (2) the payments/litigation steps could be authorised by licence, the issue of control did not arise .However the judge said that as the control issue was fully argued and of some general  significance he would briefly address it .The remarks are therefore obiter dicta ,not a binding part of the decision and of persuasive authority only . The judge said  that the wording of Regulation 7 does not distinguish between different forms of “non-ownership control” or “calling the shots”. He concluded that control can be established under Regulation 7 by whatever means including political and corporate office. In any event the judge said that even though he would have found for the appellants on this issue, because they lost on the first two issues, the appeal must be dismissed. Following the decision the UK Foreign ,Commonwealth and Development Office (FCDO)  issued a statement on the Mint decision saying that it was carefully considering its impact. It said that the FCDO would look to designate a public body where possible when designating a public official if FCDO considered that the relevant official was exercising control over the public body. It went on to say that there is no presumption on the part of the Government that a private entity based in or incorporated in Russia or any jurisdiction in which a public official is designated is in itself sufficient evidence to demonstrate that the relevant official exercises control over that entity. The statement helps to support the conclusion that the UK government did not intend for all Russian companies to be subject to sanctions restrictions by virtue of Mr Putin’s designation, but legislative clarity on this issue would be best to ensure certainty in this area. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

The Economic Crime & Corporate Transparency Act (ECCTA) 2023 received Royal Assent on 26 October 2023, and the provisions of the Act are starting to be implemented. The primary aims of the ECCTA are to enhance corporate transparency and reduce economic crime, therefore providing increased benefit to the UK economy, for both businesses, and individuals. To facilitate these aims, the Act implements provisions about companies, limited partnerships and other corporate entities, including the registration of overseas entities and the individuals associated with them. As part of implementation of the Act, Companies House will have new and enhanced powers to improve the quality of the information held on the Companies Register. Companies and individuals will also be required to comply with their obligations to deliver documentation on time and in the correct format. A number of the changes are being implemented from March 2024; these are outlined below. The changes will apply to incorporated entities, limited partnerships and limited liability partnerships. It will also apply to their members and directors. Companies House has set out the following important changes:  • Appropriate registered postal and email addresses – Companies will need to ensure their registered office address is “appropriate”, meaning that any document delivered to that address would be reasonably expected to come to the attention of a person acting on behalf of the company, and acknowledgement of delivery can be provided. For these reasons, PO Boxes will no longer be permitted as registered office addresses. Companies will also need to supply an appropriate email address with their next confirmation statement. As part of the transition, we understand Companies House will communicate to companies both by post and by email, with an eventual move to email-only communication. • Lawful purpose – On incorporation, the subscribers (the members of the entity at point of incorporation) will need to make a statement that the entity is being formed for a lawful purpose. A similar statement will be required for all entities on their next confirmation statement, confirming that all intended future activities are lawful. • Greater powers for Companies House – The Registrar will have enhanced powers to scrutinise, query and reject information it believes to be incorrect or inconsistent with information already held on the Register. In some cases, the Registrar will have the power to remove previously filed information. Annotations will also be made public on the Register to make stakeholders aware of potential issues with information supplied. • Enforcement and sanctions – Companies House will be given greater power to take action where a company, and its directors, do not respond to formal requests for information, or where their registered office is not an appropriate address. Sanctions could include financial penalties, annotations on the company’s public record, or even in the most severe cases prosecution. In addition to the above, Companies House will be closing their Belfast office to the public from 4 March 2024. Therefore, filing paper documents, including financial statements and confirmation statements in person will not be possible at the Belfast office from that date. Individuals wishing to file information in paper format will need to post the documents to the Registrar’s office in Cardiff. Electronic filing options are available for almost all documents, and Companies House are encouraging companies to avail of these filing options, as they phase out paper filings. Further information on the remaining significant changes, such as the identity verification requirements and changes in filing options, will be available in the coming months from Companies House. Article written by Maeve Hunt, Principal – Head of Accounting Services Grant Thornton (NI) LLP and Chair of the Members in Practice Committee. Originally published in Practice News February 2024. The opinions expressed are solely those of the writer and not to be construed as those of the Institute. The purpose of technical articles is solely to draw the attention of the reader to issues, and these should never be construed as guidance or relied on. To the fullest extent permitted by law, no liability is accepted by the Institute or the author for persons acting or failing to act as a result of anything contained in this article.  This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

Economic Crime and Corporate Transparency Act 2023 Just published see our short guide on the UK’s Economic Crime and Corporate Transparency Act 2023.The guide details some of the changes which will be brought about by the Act. 

The UK Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (Regulation 1371/2023) which took effect on 10 January 2024, provides that for the purpose of assessing risk, the starting point is that domestic (i.e.UK) PEPs present a lower level of risk than non-domestic PEPs .If no enhanced risk factors are present, the extent of enhanced customer due diligence measures to be applied in relation to that customer or potential customer is less than the extent to be applied in the case of a non-domestic PEP. A parliamentary statement on lower risk of domestic PEPs explains the change is to ensure that relevant persons take a proportionate and risk-based approach to the treatment of domestic PEPs, and to allay concerns that a number of holders of prominent public positions and their family have encountered problems accessing financial services due to their status as Politically Exposed Persons. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

The UK Government published its first sanctions strategy on 22 February 2024. The strategy addresses how it uses sanctions as a foreign and security policy tool. It sets out the continued investment, partnerships and structures that support UK government sanctions and the cross-government architecture built to deliver sanctions. It outlines the partnerships developed with the private sector, NGOs, and international partners, and the steps being taking to strengthen sanctions implementation and enforcement. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

The Digital Services Act 2024 (“DS Irish Act”) was passed into law on 11 February 2024 and came into force from 17 February 2024.Please click here for a DETE press release giving more details of the DS Irish Act. The EU Regulation (“Regulation”) commonly referred to as the Digital Services Act applies in full in all Member States from 17 February 2024.The Regulation establishes a pioneering regulatory framework to protect EU users of digital services and their fundamental rights online.  While the Regulation has direct legal effect in EU Member States, it was necessary to have national legislation to implement those provisions of the Regulation that provide for the supervision and enforcement of those obligations. The DS Irish Act 2024 fulfils Ireland’s obligations in this regard. The DS Irish Act formally designates and empowers Coimisiún na Meán as the Irish Digital Services Coordinator and the Competition and Consumer Protection Commission as a competent authority for online marketplaces under the Regulation. When the DS Irish Act was published as a bill late last year it was clarified at the time in a press release from DETE that it was a technical bill, drafted to address specific obligations on Member States of the EU to give effect to the supervision and enforcement provisions of the Regulation. The bill did not add to or amend the obligations on online platforms under the Regulation. Those obligations have direct legal effect in all Member States of the EU and do not require any implementing measures in national law. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

The latest UK tax tidbits features guidance across a wide range of areas in addition to details of its most recent performance reports on service levels for the quarter ended December 2025. Whistleblowing: prescribed person reports, Check for signs of outsourced labour payroll fraud, Complain about HMRC online services, Help with sharing group structure information — GfC17, HMRC issue briefing: operational activity following the new independent review of the Loan Charge, Employer Bulletin: February 2026, Inheritance Tax: foreign assets (IHT417), Check the recognised overseas pension schemes notification list, Appeals reviews and tribunals guidance, Recognised stock exchanges — designated countries, Corporation Tax: return of Income Tax on company payments (CT61), Plastic Packaging Tax: steps to take, The fit and proper test, Named tax avoidance schemes, promoters, enablers and suppliers, HMRC performance updates, HMRC performance update: October to December 2025, Check genuine HMRC contact that uses more than one communication method, Work out Inheritance Tax due on gifts, Class 1A National Insurance contributions on benefits in kind (CWG5), Collect and verify digital platform seller information, HMRC introduces GOV.UK One Login for new customers, HMRC standard for agents, Check if a text message you've received from HMRC is genuine, Changes and issues affecting the Corporation Tax online service, Get help to correct an employer PAYE bill, Check when you can expect a reply from HMRC, HMRC Trusts and Estates newsletters, HMRC email updates, videos and webinars for off-payroll working, Check if a QR code on a letter you've received from HMRC is genuine, and Check if a letter you’ve received from HMRC is genuine.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. And finally, the House of Lords Northern Ireland Scrutiny Committee has published the Government’s response to its first report following its inquiry into strengthening Northern Ireland’s voice in the context of the Windsor Framework. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Inverters with maximum power point tracking functionality (Tariff Notice 2), Remote internal temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Moving sheepmeat, poultry and beef to Northern Ireland from outside the UK and EU, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, How to claim a repayment of import duty and VAT if you've overpaid, Report incorrect Customs Duty or VAT on items imported by post (BOR286), Report a problem using the Customs Declaration Service, Notice to exporters 2026/03: director jailed for illegal export, and Transit newsletters — HMRC updates.

In this week’s detailed miscellaneous updates which you can read more about below, HMRC has published the latest Agent Update and HMRC has sent an update on its Corporation Tax return and payment reminder trial. In other news this week: The UK and India have signed a social security agreement to eliminate the potential for double social security for temporary workers, The Institute for Fiscal Studies has published From fiscal rules to fiscal traffic lights: rethinking the UK fiscal framework and How to fix the fiscal rules, HMRC’s latest newsletter for participants of the 2025 Making Tax Digital for income tax testing programme is available, The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and finally, Check HMRC’s online services availability page for details of planned downtime and the online services affected. Agent Update: Issue 140 Get the latest guidance from HMRC if you're a tax agent or an adviser. The latest edition of HMRC’s Agent Update features the following: • closure of the service to file company accounts and tax return, • upcoming State Pension age changes–impact for individuals and payroll, • prepare for Vaping Products Duty registration from 1‌‌‌April‌‌‌2026, • submitting your clients’‌‌‌2026‌‌‌/27‌‌‌Annual Tax on Enveloped Dwellings returns, and • get ready for Making Tax Digital for Income Tax now. Update: Corporation Tax return and payment reminder trial Since July 2025 HMRC has been conducting a trial which involves not sending Corporation Tax return and payment reminder letters (CT208 PR1 and CT208 PR2) to approximately 5 percent of companies that have an authorised agent. The trial is testing whether or not removing the CT208 will impact companies supported by an agent. HMRC has now sent an update on that trial which we share below: “As part of HMRC’s efforts to improve its services to send and receive taxpayer information digitally, HMRC is continuing its trial of not sending Corporation Tax reminder letters (CT208) where customers and agents can access the same information via online services when they need it.  From March HMRC will begin the next phase of the trial of not sending CT208 reminders to a small population of customers who are without an agent. We will monitor the effect over six months and stop the trial if we see a negative impact on our customers or process. There are no changes to the Corporation Tax process itself. Companies will still receive a notice to deliver a Company Tax Return and access their HMRC online accounts. Agents can access HMRC's Corporation Tax for Agents online service to view liabilities and payments. Information on the Company Tax returns is available on GOV.UK where there is also guidance on the Corporation Tax accounting periods.   Previous copies of communications “Agent Update – published 21 August Changes to Corporation Tax reminders, statements and receipts HMRC will stop sending some paper non-statutory Corporation Tax letters where customers can access the information in their HMRC online accounts or GOV.UK guidance. Agents can access the information in HMRC's Corporation Tax for Agents online service. The Corporation Tax process is not changing. This is part of HMRC’s wider drive to help the environment and bring down costs by reducing its use of paper to communicate with customers. From September the following Corporation Tax letters will no longer be issued: CT205/A return reminder CT608 instalment payment reminder CT207 interest statement CT209 payment receipt From October we’ll also stop sending the CT603A agent list of issued notices to deliver Company Tax return (customers will still receive the CT603 notice to file). We’ll also trial no longer sending CT208 reminders before we stop sending them permanently. The trial runs from September until January 2025. We will monitor the effect and stop the trial if we see a negative impact on our customers or process. The letters to be trialled are: CT208 PR1 payment reminder CT208 PR2 return and payment reminder CT208A PR2 return and payment reminder agent copy.” “Changes to Corporation Tax reminders, statements and receipts – sent May 2025 As part of HMRC’s continuing efforts to improve its services to send and receive taxpayer information digitally, HMRC is no longer sending paper copies of some Corporation Tax (CT) letters where customers and agents can access the same information via online services when they need it.   From June, we’ll no longer automatically send the following non-statutory Corporation Tax letters: CT205/A return reminders for companies and agents  CT207 interest statement  CT209 payment receipt  CT603A agent list of issued notices to deliver Company Tax return   CT608 instalment payment reminder  We’ll also trial no longer sending Corporation Tax reminder letters (CT208) before we stop sending them permanently. The trial will initially stop sending reminders to a small population of customers with agents and, if successful, we’ll increase this and eventually include the CT208 reminders to customers. We will monitor the effect and stop the trial if we see a negative impact on our customers or process.  There are no changes to the Corporation Tax process itself. Companies will still receive a notice to deliver a Company Tax Return. Customers can also contact us by phone or post for any queries.   Companies can also access their HMRC online accounts and agents can access HMRC's Corporation Tax for Agents online service to view liabilities and payments. Information on the Company Tax returns is available on GOV.UK where there is also guidance on the Corporation Tax accounting periods.””