As we reported earlier in the month, from 31 March 2025, HMRC launched its new email enquiry service for agents to help escalate and resolve individual (and not employer) PAYE and self-assessment queries which are over four weeks old. More details of how the new service should work are set out in an email to agents. For several years, the Institute has been advocating for HMRC to establish an email enquiry service for agents including in last year’s Pre-Budget submission and in a letter at the end of 2024 to HMRC on services. The Institute participates in the new HMRC Stakeholder Forum, the Customer Services for Tax Agents and Representative Bodies Working Group, which aims to assess current agent services and to develop improved services for agents contacting HMRC with client queries. This new email enquiry service is an output from that forum which will continue its work including reviewing the workings of the new service.   

With major tax deadlines ahead, strategic planning is crucial. Suzanne Mcilwaine outlines the changes on the way from 5 April and how to manage them wisely Announcements regarding Inheritance Tax (IHT) in the 2024 Autumn Budget have had a big impact on the business and farming sectors. Similarly, changes affecting individuals who benefit from the UK domicile and residence rules will significantly alter their tax landscape. While these topics warrant separate discussion, it's essential not to overlook several other changes that affect a broader range of taxpayers, as well as the usual considerations for tax year-end planning. To start, maximising annual tax-free reliefs and allowances before the 5 April 2025 deadline is crucial. Individuals have a personal savings allowance of £1,000 or £500, depending on whether they are basic or higher-rate taxpayers (this allowance is not available for additional-rate taxpayers). For those exceeding these thresholds or looking for a tax-efficient approach, the annual individual savings account investment allowance stands at £20,000. Additionally, contributing to retirement savings can yield significant benefits, with effective tax relief of 20, 40 or even 60 percent available on qualifying contributions, depending on individual circumstances. It’s important to review personal allowances and thresholds relevant to pension contributions before taking action. Those uncertain about their state pension position should apply for a state pension forecast and check their National Insurance (NIC) record for any gaps as soon as possible. This is particularly important, as the opportunity to pay voluntary NICs to bridge gaps from April 2006 to April 2016 will expire after 5 April 2025. Key changes to inheritance tax and capital gains tax There are several exemptions to IHT worth noting. An annual gift exemption allows individuals to give away £3,000 per donor, which can be carried forward for one year to a total of £6,000 if not utilised. Additionally, a small gifts exemption of £250 per beneficiary per tax year is also available. Be cautious with gifts of assets, however, as they may have other tax implications, including potential liability for capital gains tax (CGT). As of 30 October 2024, CGT rates rose from 10 to 18 percent for basic rate taxpayers and from 20 to 24 percent for higher rate taxpayers. The annual exemption for taxable gains is £3,000, so it’s important to use it, or you will lose it. Business owners eligible for Business Asset Disposal Relief will also see changes. The CGT rate on the first £1 million of eligible gains will increase from 10 to 14 percent, starting on 6 April 2025, with a further increase to 18 percent beginning on 6 April 2026. If a sale is anticipated, it is advisable to consider timing and pre-sale planning options sooner rather than later. Implications for property owners and investors The special tax treatment provided for Furnished Holiday Lets (FHL) will be eliminated from April 2025, resulting in the loss of favourable CGT treatment, full mortgage interest relief and Capital Allowances (CAs) on qualifying capital expenditures. FHL owners should re-evaluate their rental models; if short-term holiday lets remain a preferred option, they might consider accelerating qualifying capital expenditure to benefit from CAs while they are still available. Finally, for individuals purchasing residential property, the threshold for Stamp Duty Land Tax (SDLT) will reduce from £250,000 to £125,000, effective from 1 April 2025. Additionally, the surcharge on individuals owning multiple residential properties has increased. Therefore, those looking to buy residential property should be clear about their SDLT liabilities and consider whether expediting their purchase could be advantageous. As with all tax planning, it is essential to consider both non-tax and financial implications, rather than focusing solely on the tax landscape. Suzanne Mcilwaine is a Tax Manager at Grant Thornton in Northern Ireland

As Irish businesses navigate economic uncertainty and technological disruption, Ger Twomey explores key insights from PwC and the WEF on future workforce challenges Irish organisations, like their global counterparts, are facing unprecedented transformation as they navigate technological disruption and economic uncertainty. As such, understanding the future of work has become critical.  The World Economic Forum’s (WEF) Future of Jobs Report 2025 and PwC’s 28th Annual CEO Survey offer valuable insights into the evolving labour market. Drawing on data from over 1,000 leading global employers and close to 5,000 CEOs worldwide, these reports provide a roadmap for Irish organisations and employees preparing for the changing landscape of work. If Ireland’s workforce was represented by just 100 people, 67 would require further training by 2030. To break this down further: 31 could be upskilled within their current roles; 25 could be upskilled and redeployed within their organisations; and 11 would be unlikely to receive the necessary upskilling, putting their future employment at risk. This analogy paints a stark picture of the strategic workforce challenges organisations will face in the coming years. An evolving labour market The WEF's Future of Jobs Report 2025 projects significant changes in the global labour market, with 22 percent of today’s total jobs expected to be affected worldwide. This encompasses both job creation (equivalent to 14 percent of today's employment) and displacement (equivalent to 8 percent of current roles). This dynamic shift is characterised by two key trends. First, frontline jobs in sectors such as farming, construction, food processing and sales are expected to experience the largest growth in volume. Second, technology roles are anticipated to be the fastest growing by percentage. Among the roles poised for rapid growth are big data specialists, fintech engineers, artificial intelligence (AI) and machine learning experts, software developers and professionals in green transition and renewable or environmental engineering. This evolving landscape underscores the critical need for organisations to invest in developing relevant skills. Skills demand The evolution of the job market is driving significant changes in the required skills. The “skill instability” rate of 39 percent suggests that by 2030, two in five workers will need to transform their existing skill sets or risk obsolescence. Skills gaps have emerged as the primary barrier to organisational transformation. In Ireland, 75 percent of respondents identify this as a major challenge for the next five years, compared to 63 percent globally. This concern is echoed in PwC's CEO Survey, in which 91 percent of Irish CEOs express concern over skills availability. There are several skills that appear to be in demand: Analytical thinking remains the most sought-after skill, with 70 percent of organisations deeming it essential by 2025; Resilience, flexibility, agility, leadership and social influence are also core skills; and AI and big data top the list of fastest-growing skills, followed by technology literacy and cybersecurity. Notably, Ireland ranks most of these skills higher in importance than the global average. However, despite the emphasis on AI skills, only one-third of CEOs plan to integrate AI into their workforce and skills strategy, according to the PwC CEO Survey. Navigating the future of work The World Economic Forum's Future of Jobs Report 2025 and PwC's CEO Survey offer crucial insights into the evolving landscape of work. These findings provide a roadmap for Irish businesses to build a resilient, adaptable and inclusive workforce ready for future challenges and opportunities. The global work environment is increasingly complex, influenced by factors such as: Growing geo-economic fragmentation; Rising cost of living; and Widespread adoption of AI tools. Despite these challenges, the outlook remains net-positive for employment. The rate of skills obsolescence is falling, thanks to successful reskilling, upskilling and redeployment initiatives implemented in recent years. Employers across various industries demonstrate a greater awareness and proactivity in addressing workforce challenges. However, skills gaps persist as the primary barrier to transformation. Future priorities are likely to include facilitating proactive and dynamic job transitions, as well as balancing deeper automation with broader workforce augmentation. By embracing these insights and taking decisive action, Irish businesses can position themselves at the forefront of the evolving work landscape, ensuring their workforce is well-equipped for the future. Ger Twomey is Director of Workforce Consulting at PwC

M&A activity in Ireland is growing, but post-transaction disputes continue to be a risk. Clear SPA drafting, due diligence and dispute resolution mechanisms are key to safeguarding deal value, writes Simon Rattigan Currently, there is a sense of positivity surrounding mergers and acquisitions (M&A) activity in Ireland. We saw an increase in private equity-backed transaction activity in 2024 and this is expected to continue this year. The lowering of interest rates will make financing deals more affordable, and Ireland will remain an attractive location for foreign direct investment (FDI). Increased deal activity is encouraging for the economy, but transactions are not without risk, and post-transaction disputes remain a persistent factor in the M&A landscape. Disputes Buyers and sellers generally have different financial incentives, often leading to disputes when expectations set during the deal-making process are not met in the post-closing phase. To help safeguard deal value, it is important to understand the main types of disputes that can arise, including completion account disputes, earn-out disputes and breach of warranty claims. Completion account disputes When completion accounts are used for a transaction, they are typically prepared by the buyer, incorporating adjustments to working capital and other balance sheet items, as specified in the sales and purchase agreement (SPA).  While this mechanism adds complexity, it is generally favoured by the buyer because it provides an opportunity to test the balance sheet, which is appropriate where performance and/or working capital is volatile. Working capital disputes commonly arise when there is a lack of clarity regarding the accounting hierarchy in the SPA, which typically outlines the order of precedence. Issues can arise when: The SPA prescribes a valuation approach for inventory that is not in accordance with Generally Accepted Accounting Principles (GAAP). The SPA states that bad debts should be fully provided for but does not clarify how they will be identified. The SPA requires the application of certain accounting policies but does not specify how judgment under those policies should be applied. The SPA is contradictory – for example, it requires completion accounts to be prepared consistently with historical accounts and practices, as well as in accordance with GAAP. This causes a challenge if historical accounts are not in accordance with GAAP. If the accounting hierarchy in the SPA is unclear, the scope for interpretation and, therefore, disagreement between the buyer and seller increases. Earnout disputes Earnouts are increasingly common features of purchase agreements, where part of the consideration paid to the seller is contingent on measurable, post-closing financial performance targets, such as earnings before interest, taxes, depreciation and amortisation (EBITDA). Earnouts are tailored to each deal and are generally favoured by buyers as they reduce uncertainty and offer cash flow benefits. However, disputes can arise when there is ambiguity in the SPA language regarding calculation methodology or the order of precedence of the accounting hierarchy. This can give rise to issues if there are changes in accounting polices during the earnout period or if the earnout calculation departs from specific accounting policies adopted for other reasons (i.e. preparing accounts for audit). Breach of warranty claims During a transaction, the seller will typically make representations to the buyer about the company regarding material financial, operational, legal, and compliance matters. Disputes can arise from factual misstatements made by the seller, which only come to light post-closing, caused by, for example: Material undisclosed liabilities; Status of key customer relationships and contracts; Compliance of financial statements with GAAP; Undisclosed legal or employment issues; and Fraudulent activity by management or employees. Where factual misstatements are identified post-closing, the buyer may seek to recover losses from the seller if it has suffered financial and/or reputational damage. As post-transaction disputes look to be on the rise, it is important to consider both prevention and cure. Mitigation Avoiding disputes is always preferable, and the risk of earnout disputes and completion account disputes can be mitigated with robust drafting of the SPA: that avoids flexibility/judgement in calculation methodologies; is specific in terms of accounting policies and assumptions; and establishes a clear accounting hierarchy. While misrepresentations may not be preventable, a robust due diligence process can help mitigate certain risks associated with a transaction. However, buyers often only gain full access to the financial and operational information when they take ownership. Post-closing reviews can help buyers identify issues at an early stage, minimise the disruption to the business, quantify the financial impact, and understand legal remedies available. Dispute resolution Disputes can still arise even with a well-drafted SPA, which is why dispute resolution clauses should introduce a level of certainty to the determination process. In most cases, the SPA will refer the matter for independent expert determination, but it is important that these clauses: Establish a clear expert selection mechanism; Preferably, identify the expert, not just the firm. Alternatively, they should be as specific as possible in identifying the required expertise; Clearly establish and limit which items can be disputed; Ensure the role of the expert is clearly defined, and the scope is within their area of expertise – i.e. an accounting expert cannot determine a point of law; and Clearly outline the dispute resolution procedure, including specific timelines. As deal activity in Ireland is expected to grow, post-transaction disputes remain a significant risk. To protect against these risks, businesses should prioritise the robust drafting of SPAs and ensure that clear dispute resolution mechanisms are in place to minimise business disruption. Buyers should also consider conducting post-transaction reviews at an early stage to investigate areas of risk or concern following the deal closing. Simon Rattigan is Director of Forensic and Investigation Services at RSM Ireland

MyWorkpapers by Bright, a leading provider of cloud-based working papers for accountants, and Chartered Accountants Ireland, the largest professional body on the island of Ireland have agreed a partnership to drive the digital transformation of the Irish accounting sector, enabling professionals to stay ahead of the curve with cutting-edge tools and streamlined processes. Backed by Bright Software Group this partnership brings a host of technological advancements designed to optimise the work of chartered accountants, offering solutions that improve efficiency, compliance, and collaboration. Key Benefits for accountants and auditors Technological Advantages Boosted Efficiency: Digitised workflows and automated manual processes Streamlined compliance tasks with standardised templates Seamless integrations across accounting systems Real-time collaboration and comprehensive digital audit trails With MyWorkpapers, chartered accountants and auditors across the island of Ireland can now automate routine tasks, reduce errors, and enhance productivity—all while ensuring compliance with the latest regulatory standards. Regulatory Support Staying Ahead of Regulations: Up-to-date local legislation insights Region-specific tax and financial regulation updates Compliance standard alignment The partnership ensures that industry professionals can stay well-informed of evolving regulations, helping them maintain compliance with ease. Platform Capabilities The integrated MyWorkpapers platform now offers: Templates based on the Chartered Accountants Ireland Procedures for Quality Audit (PQAs) and Audit Exempt programme Localised legislative checklists for up-to-date regulatory compliance Methodology-specific workflows designed to enhance accuracy and efficiency Automated compliance tracking for seamless reporting Conal Kennedy, Head of Practice Consulting, Chartered Accountants Ireland said “For many years, our Excel-based PQAs and Audit Exempt packages have been very popular with our members in practice. We are delighted now to offer this choice to members, which will shorten the learning curve by allowing them to use familiar templates and work programs from the existing packages and will give them the extra functionality of the MyWorkpapers platform. Anyone involved in statutory audit or accounts preparation in either the Republic of Ireland or Northern Ireland should take a look at this.” Ben Bishop, Bright’s Chief Product and Technology Officer, said “This partnership allows us to deliver a digitised and rules-driven version of the guidelines directly in line with the work being undertaken by the accountant. Helping to ensure high quality, compliant and repeatable output every time; the digitally delivered updates will help keep practice staff on point with any changes to process or compliance. Together, we are empowering accounting professionals to deliver even greater value to their clients while staying compliant and ahead of industry trends. As part of the Bright family, MyWorkpapers continues to drive innovation in the accounting sector, offering solutions that evolve with the needs of modern accountants.” Accounting and audit professionals can access the integrated platform immediately at www.myworkpapers.com/eu

The Financial Reporting Council (FRC) has issued minor amendments to the FRS 102 and FRS 105 standards. These amendments reflect the recent increase to the UK company size thresholds, which are referred to in appendix 3 of both standards. The changes have been published as an amendment document and should be read together with the current version of the full standards to constitute the latest edition. As part of the update, the following documents have been published. A summary document which outlines the changes FRS 102 and FRS 105 amendments effective from 6 April 2025 An updated Overview of the financial reporting framework document Updated scoping tables An updated FRS 102 Factsheet 8 – Climate-related matters

Is your audit firm compliant with the UK Audit Regulations provisions impacting eligibility for UK audit registration? Firms holding UK audit registration are reminded of the requirement to comply with certain provisions of the UK Audit Regulations by 1 April 2025.   These are important provisions relevant to a firm’s eligibility for UK audit registration.  As previously notified to firms, the UK Audit Regulations published in October 2024, include updates to improve alignment with the UK Companies Act 2006 and the FRC Eligibility Criteria.  The definitions of ‘majority’ and ‘voting rights’ for the purposes of determining the control of an audit firm were clarified, and related guidance expanded.  Audit firms with UK registration may be affected where a ‘super-majority’ (more than 50%) is required for certain decisions of the firm to take effect.  To summarise, decisions on all matters that direct the overall policy of the firm or alter its constitution need to be controlled by qualified persons.  If your firm has matters in its constitution that specify a higher than simple majority (50%), then qualified persons must hold the specified ‘super-majority’ (more than 50%).  In addition, if your firm is a limited company, it must also ensure that specific matters that require special resolution approval under company legislation (i.e., by a majority of not less than 75%) are controlled by qualified persons.  These matters will typically affect the firm’s constitution e.g. change of company name, amending the Articles of Association/Constitution, winding up of the firm, reduction in share capital etc.  As such, firms that are limited companies will need to ensure they have sufficient qualified persons to approve any decisions that require a special resolution to be passed.  A limited company firm may be able to include provisions in its Articles of Association/Constitution to deprive a certain class/type of shareholders of the right to vote in certain circumstances.  The Institute advises limited company firms, with audit registration in the UK, to obtain legal advice on whether changes are needed to their Articles of Association/Constitution to ensure qualified persons hold a majority of voting rights. The UK Audit Regulations are issued jointly by Chartered Accountants Ireland, the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS).  While the UK Audit Regulations were revised with effect from 1 October 2024, a transition period of 6 months was incorporated so that these particular rules take effect from 1 April 2025.  This transition period allowed a period of time for firms to effect necessary governance changes.  Firms are reminded of the requirement to inform the Institute promptly in relation to changes to the firm’s structure, ownership or constitution in accordance with Audit Regulation 2.11. ICAEW has published some useful FAQs in relation to the UK Audit Regulations and eligibility criteria.     The FRC issued a position paper in this regard in August 2024.   The Firms with any questions about the application of these revised definitions to their firm should contact the Institute at authorisations@charteredaccountants.ie.

The Institute's Financial Reporting Technical Committee has responded to the International Accounting Standards Board's Exposure Draft IASB/ED/2024/8- Provisions – Targeted Improvements Proposed amendments to IAS 37 In its response, the Institute outlined some areas where the proposed amendments to the IAS 37 standard could be improved. These include; A recommendation that examples are included within Application Guidance to the standard A recommendation that the difference between a “transfer” and “exchange of economic resources” is better explained, and Concerns regarding the proposed deletion of paragraph 18 of IAS 37 The response in full can be viewed on the Institute website.

The Institute’s Financial Reporting Technical Committee has responded to the Financial Reporting Council's (FRC) Exposure Draft FRED 86 Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle. FRS 101 sets out an optional reduced disclosure framework that is available for the individual financial statements of subsidiaries and ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of adopted IFRS. The standard is intended to enable cost effective financial reporting within groups to reduce reporting burdens, particularly for those applying IFRS Accounting Standards in their consolidated financial statements.  Each year, the FRC carry out a review of the standard to decide whether FRS 101 should provide exemptions from new IFRS disclosure requirements or whether other consequential amendments are required. FRED 86 proposed some minor changes to the FRS 101 standard, including; The consideration of disclosures in IFRS 18- Presentation and Disclosure in Financial Statements, and whether these disclosures should be exempted in FRS 101. The proposal that an entity who applies FRS 101 should not apply IFRS 19- Subsidiaries without Public Accountability: Disclosures. In its response, the Institute agreed with the proposed amendments to the standard.

Companies House must verify the identity of anyone submitting information to the public register, including those acting on behalf of a company. This aims to further enhance the accuracy and transparency of information provided to Companies House.   Going forward, an ACSP will need to register as such before it can submit information and conduct verification checks on behalf of its clients. This will include company formation agents, accountants, solicitors, chartered secretaries and governance professionals. To become an ACSP, agents must be supervised by a UK Anti-Money Laundering (AML) supervisory body.   Companies House is hosting a webinar on 2 April 2025 which will share helpful information on registering as an ACSP. You can register to attend this webinar here.   

A new service, the EU Sanctions Helpdesk, has been set up to support European SMEs in complying with sanctions. The service is funded by the European Union.  The Helpdesk offers resources and personalised assistance free of charge to companies performing sanctions due diligence checks. It also manages a dedicated website featuring sanctions-related information, events, tips, lessons learned, and more. Readers can click  to read more about the EU Sanctions Helpdesk , Visit the EU Sanctions Helpdesk website, Submit a request to the EU Sanctions Compliance Support Service & read Frequently asked questions and access the Audiovisual Service. 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.              

Last week, all the remaining stages of the Finance Bill took place in the House of Lords on 19 March 2025. Although there was a debate, these stages were a formality only as the Lords cannot make changes to a Finance Bill. The Bill subsequently received Royal Assent on 20 March and is now Finance Act 2025. The Act reflects many of tax changes which are due to take effect from the start of the new tax year next week on 6 April 2025 or the beginning of the new Financial Year 2025 from 1 April 2025. We will be reminding readers of the key changes taking effect in next week’s Chartered Accountants Tax News. We previously reported on the National Insurance Contributions (Secondary Class 1 Contributions) Bill, which will implement the changes to employer national insurance contributions announced in the 2024 Autumn Budget. The Bill was returned to the House of Commons to consider proposed amendments. It is expected that consideration of these amendments will take place today, Monday 24 March 2025.  

The Chancellor of the Exchequer Rachel Reeves will deliver the Spring Statement later this week on Wednesday 26 March. It is expected that her speech will be delivered after Prime Minister’s questions at around 12.30pm. Speculation has been rife recently that the Chancellor may be forced to abandon the Government’s stated policy of only announcing tax changes at one fiscal event per year in the Autumn. In recent days the Chancellor has ruled out further tax rises, but not other minor tax changes. We will be reporting on the Spring Statement in full in next Monday’s edition of Chartered Accountants Tax News. The Institute for Fiscal Studies has published two useful articles on the upcoming Spring Statement: https://ifs.org.uk/articles/todays-ons-figures-reinforce-challenges-next-weeks-spring-statement, and https://ifs.org.uk/articles/chancellor-cannot-hide-ever-her-big-political-choice. The House of Commons Library has also published a background briefing. The current expectation is therefore that the Spring Statement will mainly be an economic update coupled with the announcement of spending cuts hence any tax changes are expected to be minor, with the Chancellor delaying any significant tax announcements to the autumn. However, at a time of significant geopolitical disruption, the Spring Statement remains important and may give hints as to what we can expect from the Summer 2025 spending review and the Autumn Budget. Tax and other consultations are expected to be launched in conjunction with the Spring Statement, including some on the Corporate Tax Roadmap. This was confirmed by the Exchequer Secretary to the Treasury who announced in a recent conference speech on 11 March that the following consultations will open in Spring 2025: Closing in on promoters of marketed tax avoidance, A consultation on how businesses can be better supported when seeking to deliver major projects in the UK, Use of advance clearances in Research and Development tax reliefs, and Enhancing HMRC’s powers to deal with tax advisers who facilitate non-compliance. Use HMRC’s check the status of tax policy consultations page to keep abreast of consultations. As more consultations open in the coming weeks, these will appear on this page. HMRC has stated that there will be a larger than normal number of consultations being opened with overlapping periods and it recognises that this will have an impact on the ability of stakeholders to respond.

HMRC has commenced sending letters on Making Tax Digital (MTD) for income tax to agents it believes will have clients mandated to meet the requirements of MTD when it commences from April 2026 for unincorporated sole trade businesses and landlords with turnover exceeding £50,000. The letters will be followed by targeted letters to the same agent’s potentially mandated clients. This is part of a wider comms plan to raise awareness of MTD. The agent letters are available here and the client letters are available here. HMRC is also starting to host webinars on MTD for income tax. The webinar on 25 March 2025 is already full but there is availability for the next webinar on 3 April 2025. These are the first in a series of three webinars aimed at agents. The webinar on 3 April will focus on how to get ready and sign up for MTD income tax. HMRC has also added an additional software provider, IRIS accountancy suite, to the list of software products currently available for taxpayers who have volunteered to test MTD for income tax. This brings the total number of software products to 18.  

In this week’s miscellaneous updates, HMRC has released a new online calculator to work out the adjustment needed for disposals of assets on or after 30 October 2024 when the rates of capital gains tax changed and as expected, the UK has revoked its Double Taxation Treaties with Russia and Belarus. HMRC is holding a webinar on voluntary payrolling of benefits and has sent an email about year-end processes for payroll. The Institute for Fiscal Studies (IFS) has announced the appointment of its next Director and 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. Mid-year CGT rate changes HMRC has published a new online calculator to work out the self-assessment (SA) adjustment needed for disposals of chargeable assets on or after 30 October 2024 when the rates of CGT changed at the Autumn Budget 2024.  This is because the  2024/25 SA return will not automatically calculate using the correct CGT rates for the 2024/25 if there are disposals on or after 30 October 2024. Hence taxpayers may need to work out an adjustment to the tax automatically calculated and can use the adjustment calculator to do this. Revocation of Russia and Belarus tax treaties Following HMRC’s announcement in February that the UK would be suspending its Double Taxation Treaties with Russia and Belarus, legislation revoking the original Orders giving effect to the UK-Russia and UK-Belarus Double Taxation Treaties has now been introduced via statutory instruments. These will both cease to have effect from: 6 April 2025 for Income Tax and Capital Gains Tax, and 1 April 2025 for Corporation Tax. HMRC webinar on voluntary payrolling of benefits and advice for employer’s finalising 2024/25 HMRC is holding a webinar on voluntary payrolling of benefits which will become mandatory for most benefits in kind in real time from April 2026 and the below information has been provided to employers on 2024/25 year-end processes for payroll: “Finishing the 2024 to 2025 tax year and starting the 2025 to 2026 tax year HMRC have published important information for employers on GOV‌‌‌.UK, which includes: • help with finishing the current tax year 2024 to 2025 • starting the new tax year 2025 to 2026, by using our guidance on P9X (2025) Tax codes to use from 6‌‌‌April 2025 • information on the rates, limits and changes for 2025 to 2026 • the 'Employer Bulletin: February 2025' – this edition contains information about sending in your final submissions for the year.” Next IFS director announced The IFS has announced that Helen Miller has been appointed as its next Director. The current Director, Paul Johnson, will step down in July 2025 after over 14 years at the helm. Paul was also Chair of the Independent Fiscal Commission for Northern Ireland.

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. 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. HMRC has also announced that the parcels and freights changes under the Windsor Framework which were originally due to commence from 30 September 2024 and which were then delayed to 31 March 2025 have now been further delayed and will commence from 1 May 2025. HMRC’s announcement last week was as follows: ‘Following the guidance issued in September 2024, there has been extensive preparatory work undertaken for the new arrangements for the movement of goods from Great Britain to Northern Ireland by parcels or freight set out in the Windsor Framework. As a result, and subject to the relevant procedures, the new arrangements as set out in the Windsor Framework are planned to take effect from 1 May 2025.’ The Institute has been discussing these changes with HMRC via the NI Joint Customs Consultative Committee and was concerned at the low level of awareness among businesses. Minutes from the most recent meeting are available here and here (note that all references to 31 March 2025 in these documents should now be taken to be 1 May 2025). We are pleased to see that a further month is being provided to assist businesses in their preparations given the low levels of awareness of the changes for many businesses. It is therefore imperative that businesses take action now to consider the specific impact of these changes on their supply chain and plan accordingly for a commencement date of 1 May 2025 as we do not expect any further delay will be announced. The following guidance has therefore been updated accordingly: Internal Market Movements from Great Britain to Northern Ireland, Submitting the Internal Market Movement Information, Sending parcels to and from Northern Ireland, Sending parcels between Great Britain and Northern Ireland under the Windsor Framework, Sending parcels from Great Britain to Northern Ireland between private individuals, How to send parcels from a business in Great Britain to a private individual or a business in Northern Ireland, How to move parcels from Great Britain to Northern Ireland for parcel carriers, and Data requirements for parcel carriers who move consumer parcels from Great Britain to Northern Ireland. Miscellaneous guidance updates and publications Check if you can use transit to move goods to the EU and Common Transit Convention countries, Known error workarounds for the Customs Declaration Service (CDS), Designated export place (DEP) codes for Data Element 5/23 of the Customs Declaration Service, Report a problem using the Customs Declaration Service, and External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service.

The latest UK tax tidbits features the updated guidance in several areas including updated guidance on the suite of the UK’s creative sector tax reliefs. Appeals reviews and tribunals guidance, Negligible value claims and agreements, HMRC issue briefing: operational activity during the new independent review of the Loan Charge, Apply to pay voluntary National Insurance contributions when abroad (CF83), Taxable pay tables: manual method, Supplementary pages CT600N: Residential Property Developer Tax, Class 1A National Insurance contributions on benefits in kind (CWG5), CWG2: further guide to PAYE and National Insurance contributions, Check if a letter you've received from HMRC is genuine, Named tax avoidance schemes, promoters, enablers and suppliers, Check if an email you've received from HMRC is genuine, Check genuine HMRC contact that uses more than one communication method, Child Benefit notes for coming to or leaving the UK, Check the recognised overseas pension schemes notification list, How to pay a debt to HMRC with a Time to Pay arrangement, Inheritance Tax account (IHT400), Direct Payment Schemes for Inheritance Tax (IHT423), Claiming Children’s Television Tax Relief for Corporation Tax, Claiming Theatre Tax Relief for Corporation Tax, Claiming Orchestra Tax Relief for Corporation Tax, Claiming Video Games Expenditure Credits for Corporation Tax, Claiming Film Tax Relief for Corporation Tax, Claiming Animation Tax Relief for Corporation Tax, Claiming High-end Television Tax Relief for Corporation Tax, Claiming Video Games Tax Relief for Corporation Tax, Claiming Museums and Galleries Exhibition Tax Relief for Corporation Tax, Claiming Audio-Visual Expenditure Credits for Corporation Tax, Creative industry tax reliefs for Corporation Tax, Detailed tax guidance for charities, Claim a refund if you've paid tax on your savings and investments, What to do when someone dies: step by step, Pension savings — tax charges (Self Assessment helpsheet HS345), Research and Development (R&D) Tax Relief: Enhanced R&D intensive support for loss-making SMEs based in Northern Ireland, GAAR Advisory Panel opinion of 29 October 2024: Reducing the value of an estate for Inheritance Tax and avoiding Inheritance Tax on a lifetime transfer by acquiring shares in a company and gifting those shares to an employee trust, Manage your trust's details, GAAR Advisory Panel opinion of 29 October 2024: Reward through creation of an obligation to make pension payments to employees and the transfer of that obligation to another employee in exchange for payment, and How to pay a debt to HMRC with a Time to Pay arrangement.

Paul Guess explores how work stress can strain relationships and shares his advice on protecting your personal life from the impact of professional pressures Being on top of your tasks all the time sounds like a good thing. However, if you're glued to emails, drowning in deadlines and thinking about work 24/7, your relationship might be paying the price. In today’s fast-paced world, our careers can quickly spill over into our personal lives. In fact, 71 percent of people report that work stress has led to a relationship breakdown or divorce, demonstrating the potentially devasting consequences of demanding jobs.  Long hours, constant pressure and the mental strain of high-stress careers in professions such as accounting can push relationships to breaking point.  Recognise the warning signs We’ve all been there—juggling work deadlines, emails and endless tasks—but when that stress begins to creep into your relationships, the warning signs can be hard to ignore. You might tell yourself, “It’s fine, I’m just busy,” but this can create an emotional distance between you and your partner which can build over time.  In a recent report on burnout published by the Chartered Accountants’ Benevolent Association (CABA), more than half (54%) of respondents reported that feelings of burnout were affecting their ability to maintain a healthy work-life balance.   Burnout can make you feel more irritable, anxious or even detached, leading to more tension and miscommunication with your partner. Conversations become harder and you may just feel disconnected altogether.   For a busy accountant, there are often short periods of high stress, but when this pressure is prolonged over a period of months, the impact it can have on a relationship becomes evident. If you find your love life suffering because of work pressures, there are ways to keep things in check.    Set clear boundaries: It’s important to carve out time during your day when work can’t take over. Set boundaries at work and stick to them. Protecting your downtime is crucial for your mental health and your relationship.  Prioritise quality time with your partner:  It can be tough, but even small gestures like cooking dinner together, going for a walk or just talking about your day, can help you reconnect. It’s all about finding that balance between work and your personal life.  Practice open communication: If work is stressing you out, don’t keep it to yourself. Be open with your partner about what’s going on and how it’s affecting you. This way, they are not left in the dark, and they can offer support when you need it most.  If you are feeling overwhelmed, the first step is to acknowledge it and then talk to someone. Whether it’s talking to family and friends, or seeking professional support, relying on others can make a huge difference.   Next, see if you can implement helpful strategies, such as managing your workload or giving yourself small treats like going for a walk, or watching some football, for example. By setting boundaries, prioritising quality time with your partner and asking for help when you need it, you can make sure work stress doesn’t take over your life. Take proactive steps to protect both your career and your relationship—you’ll be better for it in the long run.  Paul Guess is a mental wellbeing expert at CABA

Russell Smyth explores KPMG’s latest research, revealing generational divides and public scepticism about Ireland’s capacity to meet our ambitious climate goals People are central to Ireland’s Climate Action Plan, yet KPMG research reveals that more than half (56 percent) continue to be concerned about climate change, down by just four percent from 60 percent in 2023. Climate concern is particularly notable among younger adults aged 18 to 34 and people aged over 65, with 62 percent in each group expressing unease.  In contrast, just 46 percent of those aged between 45 and 54 report similar levels of concern, suggesting a potential generational divide in attitudes toward climate change and Ireland’s capacity to tackle it effectively.  Twenty-six percent of the respondents we surveyed, meanwhile, do not believe efforts or plans to reduce emissions will be sufficient to meet Ireland’s Climate Action Plan goal. Fewer than one in 10 (six percent) believe Ireland will reduce emissions by 51 percent by 2030 in line with the current Government target. Thirteen percent consider this target to be completely unattainable, highlighting significant scepticism concerning Ireland’s ability to fulfil our climate commitments.  Clear and transparent communication With Ireland expected to cut total greenhouse gas emissions by up to 29 percent by 2030, the public scepticism captured in our research raises questions about the perceived effectiveness of current strategies and policies.  Our findings also underscore the urgent need to educate and engage communities on the role they can play in Ireland’s journey towards net zero. Instilling confidence in our ability to meet our decarbonisation targets requires clear and transparent communication and concrete actions that can deliver measurable progress. The power of data centres Data centres offer a promising opportunity to help transform Ireland’s energy sector. The transition towards renewable energy sources is key to reducing Ireland’s dependence on fossil fuels and achieving our net zero commitments. A prime example of this is the critical role data centres could play. Ireland’s rapidly growing data centre sector—if powered by renewable energy—could be crucial to achieving net zero emissions.  Data centres consume a lot of electricity. However, with proper investment and strategic planning, they could also help to drive demand for renewable energy, helping to balance the grid. Data centres with energy storage capabilities could store surplus renewable energy during peak generation periods, for example, and release it back to the grid during times of high demand. This would support grid stability and maximise the use of renewable energy resources.  Accelerating the transformation of the electricity sector will be crucial to supporting decarbonisation efforts across other industries. If powered by renewable energy, data centres could become a critical component of Ireland’s net zero strategy. They have the potential to meet higher demand for electricity while also providing essential services to businesses and consumers. Data centres also present a rare opportunity to attract inward investment from some of the world’s leading companies.  Stakeholder management Recognising the potential for renewable energy to drive Ireland’s decarbonisation will require significant investment in sustainable energy infrastructure, including greater wind and solar energy capacity and the development of adequate energy storage solutions. Collaboration among all stakeholders, including government, businesses and communities across the country, will be fundamental to ensuring data centres positively contribute to Ireland’s decarbonisation efforts.  Educating and empowering these groups to adopt sustainable practices will be critical. By making incremental changes—such as improving energy efficiency at home and work, supporting renewable energy initiatives and adopting low-carbon behaviours and technologies —every sector and citizen could potentially contribute to helping Ireland achieve our climate goals. Russell Smyth is Partner and Head of Sustainable Futures at KPMG 

Accounting firms can gain a valuable competitive edge by developing professional skills to complement technical excellence, writes Mary Cloonan For mid-sized accounting and advisory firms, growth and expansion isn't just about technical excellence. Winning new clients, strengthening relationships and building a standout reputation requires more than just number-crunching. When it comes to standing out in a competitive market, professional services can mean the difference between growth and stagnation. Your team may have deep expertise in tax, audit or corporate finance, but do they have the confidence to build relationships, communicate complex ideas clearly and position your firm as a trusted advisor to clients? Too often, firms fail to actively develop their team’s professional skills as a core element of their service offering. Why communication and commercial skills matter Traditionally, technical ability was enough to climb the ladder in accounting. If you were a brilliant accountant, career progression followed naturally—but not anymore. Clients now expect more than just technical expertise. They want commercial awareness, proactive advice and a relationship-driven approach. The most accomplished leaders in the profession have mastered their technical skills. What separates them from the pack is their ability to connect with clients, lead teams and create commercial opportunities. As artificial intelligence and automation become more embedded in accounting and advisory work, the human skills of communication, engagement and trust-building will likely become more prominent differentiators. The firms that recognise this shift are more likely to do well in the future—and, let’s be honest, calling these skills ‘soft’ is misleading. It makes them sound easy, like they can be picked up over tea and a chat. Anyone who has watched a technically brilliant, but socially awkward, colleague try to ‘build rapport’ with a client knows otherwise. Honing effective professional skills takes work, just like any other form of professional expertise. For a long time, many in the accounting profession believed these interpersonal competencies couldn’t be taught. However, professional skills can be improved and developed with practice, coaching and the right support One thing is for sure: if you don’t try, it definitely won’t happen. Firms risk losing talent if they don’t invest in professional development. Today’s accountants and advisors want more than a competitive salary, they want training, opportunities for career progression and scope to develop the skills needed to succeed in today’s dynamic business environment. Forward-thinking firms are responding by embedding business development, communication and leadership training into their culture. Recognising the importance of these professional skills is one thing, embedding them into your firm’s DNA is another. Here is how to make a real impact: 1. Offer training Firms invest heavily in continuing professional development and technical training but often neglect client-facing skills. Structured programmes covering business development, negotiation and executive presence should be built into career progression at every level. These skills are fundamental to long-term success. 2. Use mentoring to reinforce learning These skills cannot be developed in a seminar room alone. They require real-world practice. Pairing younger professionals with experienced partners can help build their confidence in client conversations, pitching and networking. However, mentoring only works when it is viewed and managed as a structured, firm-wide priority—not just an informal arrangement. A quick ‘shadow me in this meeting’ approach won’t cut it. 3. Measure what matters You are missing a trick if your performance metrics focus solely on billable hours and technical skills. Tracking client engagement, business development efforts and leadership contributions can help to reinforce the value of these skills. Encourage team members to record their networking activities and new business wins. This promotes accountability and highlights the contribution of rising stars in the firm. 4. Encourage client interaction Waiting until a team member is a senior manager before you put them in front of clients is a mistake. The sooner professionals gain experience in meetings, negotiations and relationship management, the better. Encourage managers and associates to lead discussions, present insights and handle follow-ups. This builds confidence and capability. (And let’s face it, the sooner they learn how to recover from a botched pitch or awkward introduction, the better.) 5. Embed a supportive culture If the partners at the top of a firm view business development as an obligation rather than an opportunity, this mindset is likely to filter down through the organisation. Senior leaders should lead by example by attending events, engaging in client conversations and mentoring their teams. A firm prioritising communication and relationship-building will stand out in a crowded market. The competitive advantage Firms that invest in interpersonal and leadership skills can potentially gain a real edge. They can build deeper client relationships, uncover more opportunities and create a culture in which growth is viewed as everyone’s responsibility, not just that of a few ‘rainmakers’. For managing partners, the message is clear: technical ability alone won’t drive your firm forward. The real differentiator is how well your team connects, communicates and builds trust. Make these professional skills a strategic priority, and the results will speak for themselves. If this sounds like hard work, so is tax legislation—and you mastered that just fine. Mary Cloonan is the founder of Marketing Clever