The deadline for employers to provide employees with their P60 for 2024/25, either on paper or electronically, is Saturday 31 May 2025. The P60 summarises the employee’s total pay and deductions for the year. By that date, employers must give a P60 to all employees on payroll who were working for them on the last day of the tax year (5 April 2025). If an employer is exempt from filing payroll online, copies of P60s can be ordered from HMRC. 

The Institute has been working with HMRC and the other Professional Bodies to drive readiness for the first tranche of mandation for Making Tax Digital (MTD) for income tax from April 2026. We are also aware of members concerns about this project and will continue to represent your views to HMRC. An Institute strategy is also being implemented to aid preparations which involves a range of resources, webinars and events including a HMRC led event in September which we will share more details of when available. As part of our joint Professional Body collaboration we are pleased to share details of a new initiative by the Association of Tax Technicians (ATT) who have confirmed that you don’t need to be an ATT member to participate. The first event takes place this week on Wednesday 21 May. More details of this new initiative are highlighted below. Join an MTD peer-discussion group. Sign up here. To help you prepare, this is a series of monthly online drop in sessions where you can speak to your peers about tips and practical advice on getting ready. Facilitated by the ATT’s technical team, these sessions aim to serve as an open forum for attendees to share and discuss their practical concerns around MTD and support each other. Topics driven by you could include (but are not limited to): The challenges of getting clients ready, Resourcing and workflow issues, The choice of software, and Pricing MTD services. These one hour sessions are taking place from 12–1pm on the following dates: Wed 21 May, Tue 17 June, Wed 23 July, Wed 20 August, Wed 17 September, and Tue 28 October.

HMRC is consulting on potential reforms to its behavioural penalty regime. The consultation is open until 18 June 2025 and seeks views on options to ‘simplify and strengthen’ the behavioural penalty regime for inaccuracies and failures to notify. The Institute will be responding to the consultation and is seeking your views on the proposals. HMRC has been holding workshops on the proposed changes and have provided a useful document summarising the proposals an overview of which is provided below. Contact us by email by Friday 6 June to share your feedback. For failure to notify penalties, HMRC is proposing to remove the timing of disclosure as a factor in determining the relevant penalty ranges and is also proposing to remove the narrower penalty ranges. There are also proposals to combine consideration of the type and quality of disclosure into one step, so that there is one set of headline rates. ‘Telling’ and ‘helping’ would be combined into one category to reduce overlap. For deliberate and repeated non-compliance, the potential changes are: increased penalty rates for all deliberate behaviour (e.g. same level as category 2 offshore penalties), a new higher tier of penalty rates for repeated deliberate non-compliance (e.g. at the same level as Category 3 offshore penalties) and the potential for higher rates to be 'reset' for new occurrences in the future, the merger of ‘deliberate but not concealed’ and ‘deliberate and concealed’ into a single ‘deliberate’ category, and to codify ‘deliberate’ in penalty legislation, e.g. regarding intent, blind-eye knowledge, and, potentially, recklessness. There are also proposals for offshore penalties and penalty suspension. Alternative approaches are also considered as are a range of potential new non-financial penalties, many of which are very concerning.

Many of us struggle with self-doubt despite our success. Edel Walsh outlines practical strategies to help you overcome impostor syndrome and believe in your achievements Do you ever feel like you’re not good enough, despite evidence of your accomplishments and abilities? You’re not alone. Many high-achieving individuals experience impostor syndrome, a phenomenon whereby people doubt their skills, fear being exposed as a fraud and believe they don’t deserve their success. Here are some strategies you can utilise to help overcome impostor syndrome: Acknowledge your achievements Take time to reflect on your accomplishments, no matter how small they may seem. Keep a journal or list of your successes and revisit it regularly to remind yourself of your capabilities and achievements. Challenge negative thoughts When impostor thoughts arise, challenge them with evidence to the contrary. Remind yourself of past successes, positive feedback from others and your unique skills and strengths. Replace self-doubt with compassionate self-affirming thoughts and beliefs. Embrace vulnerability Understand that impostor syndrome is a common experience shared by many successful individuals. Embrace vulnerability and share your feelings with trusted friends, family members or mentors who can offer support and perspective. You will likely find that others can relate to your experiences and provide encouragement and reassurance. Set realistic expectations Accept that perfection is unattainable and that everyone makes mistakes or encounters setbacks. Set realistic goals for yourself and celebrate progress rather than fixating on perceived failures or shortcomings. Remember that setbacks are opportunities for growth and learning. Practice self-compassion Treat yourself with kindness and compassion, especially during times of self-doubt. Practice self-care by prioritising activities that nourish your mind, body and soul. Be gentle with yourself and recognise that it is okay to ask for help, take breaks when needed and prioritise your well-being. Seek support Don’t be afraid to seek support from others when impostor feelings arise. Reach out to mentors, coaches or therapists who can offer guidance and support as you navigate feelings of self-doubt and insecurity. Surround yourself with a supportive network of individuals who believe in your abilities and can provide encouragement and validation. Remember, overcoming imposter syndrome is a journey, not a destination. It takes time, effort and self-awareness to challenge and change ingrained thought patterns and beliefs. The next time that nagging voice in your head whispers, “You don’t belong here,” answer it with a smirk and scroll through your list of achievements. Imposter syndrome may show up uninvited, but it doesn’t get to run the show. With the right tools, you can quiet that inner critic and take up the space you’ve rightfully earned. Remember that you didn’t get where you are by accident. You got here by working hard, showing up and pushing forward, even when doubt tried to slow you down. This is not fraudulence; it is resilience. So, update your LinkedIn, take the credit, and most importantly, believe people when they say you are good at what you do—because you are. Edel Walsh is a career coach. For more information, check out www.edelwalsh.ie.

Agentic AI could help close the gap between investment in AI and the low returns it offers businesses today. David Lee outlines its potential to future-proof growth and profitability The disconnect between the efficiency gains promised by artificial intelligence (AI) and its impact on corporate balance sheets is among most significant challenges facing businesses today. PwC Ireland’s latest CEO survey revealed that 94 percent of chief executives expect AI to be embedded in their workflows within three years. Less than a quarter can demonstrate any meaningful profitability improvements from their investment in AI, however. This gap demands attention as organisations move beyond AI experimentation. With close to one-third of Irish CEOs believing their organisation won’t exist in its current form 10 years from now, there is greater pressure to deliver higher returns from AI investment. Agentic AI—technology capable of autonomous decision-making and actioning—could offer the requisite bridge between personal productivity improvements and enterprise-wide transformation. The state of AI adoption AI sentiment around boardroom tables presents a striking paradox. Despite operating in unparalleled macroeconomic conditions, 93 percent of Irish business leaders maintain a remarkably positive outlook on revenue growth, according to PwC’s CEO Survey. This optimism exists alongside a profound recognition of the need for internal transformation, however. Close to 30 percent of Irish CEOs do not believe their organisation will exist in its current form within a decade. This creates a strong case for AI investment as business leaders race to reinvent their organisations. Six-month trends reveal an acceleration in structured AI implementation, with the proportion of Irish organisations kickstarting formal plans and active projects jumping from 50 to 70 percent. Herein lies the central challenge. While efficiency improvements are widely evidenced, only a quarter of these organisations have translated such gains into profits. This value leakage—from potential to profit—demands explanation. Agentic AI to the value gap If conventional AI has delivered incremental benefits without proportional financial returns, Agentic AI could offer a more compelling proposition. The distinction is not merely technical but fundamental to how value is created and captured. Agentic AI—systems capable of autonomous decision-making, action-taking and process optimisation—represents a shift from what might be termed “intelligent data manipulation” to “intelligent workflow execution”. This transition is the difference between personal productivity and enterprise productivity; between automating discrete tasks and reimagining entire processes. Diverse applications from all areas of the business can be united in their focus on end-to-end processes, rather than isolated tasks. This is precisely the shift needed to bridge the gap between efficiency and profitability. Strategic implementation framework Translating Agentic AI’s potential into sustainable financial returns requires a deliberate approach that strikes a balance between innovation and pragmatism. The following framework offers a pathway. The progression from conventional to Agentic AI implementation is evolutionary rather than revolutionary. The most successful organisations establish proof points through targeted deployments before attempting wholesale business model reinvention. This approach creates the reference experiences necessary to build internal confidence and stakeholder support. Successful and sustained AI adoption must also address obstacles simultaneously. A sequential approach—solving technical challenges before addressing governance concerns, for example—invariably creates impediments to scale. The most effective organisations pursue parallel workstreams that address technology implementation, organisational capability building, governance development, stakeholder engagement, cybersecurity and security enhancement. Particular attention should be paid to the behavioural change requirements. The adoption curve for AI follows predictable patterns—early enthusiasts, the pragmatic majority and reluctant laggards. Effective adoption strategies account for these different constituencies, rather than designing exclusively for the enthusiasts. The behavioural shifts required to support Agentic AI extend beyond initial adoption to continuous learning as capabilities evolve. This differs from the “train once” deployment models of traditional technology implementations. Implementation must also proceed at a pace that maintains trust across all stakeholder groups. Trust, once compromised, requires disproportionate effort to restore—a calculation that justifies measured progress over hasty deployment. Balancing innovation and pragmatism The value gap between AI’s promised benefits and its profit delivery represents the central challenge for business leaders navigating the current wave of technological disruption. With nearly a third of Irish CEOs questioning their organisation’s future in its current form, the imperative to bridge this gap has never been more acute. Agentic AI offers a pathway from incremental improvement to fundamental transformation by shifting focus from isolated task automation to orchestrated process reimagination. Organisations demonstrating measurable financial returns have moved beyond the “faster horses” mindset to rethink how work itself should be structured and executed. Yet, technology alone cannot close the value gap. Successful implementation requires simultaneous attention to business case development, organisational capability building, governance structures, stakeholder trust and security considerations. The most effective approaches strike a balance between innovation ambition and implementation pragmatism, building reference experiences before attempting wholesale business model reinvention. The most valuable lesson from early adopters is perhaps counterintuitive: the strongest financial returns often come, not from cost reduction through displacement, but from capacity expansion through augmentation. As organisation’s progress from experimentation to enterprise adoption, they would do well to remember that AI is not just a “new tool”. Rather, it represents a fundamental shift in how work is conceived and executed. Those who approach it merely as a means to do existing things more efficiently will find themselves with faster horses in an age that demands flying cars. David Lee is Chief Technology Officer at PwC Ireland

In professional services, communication drives growth. Mary Cloonan explores how firms can harness consistent client contact to drive competitive advantage In professional services, your relationships are your business. Yet, in many firms, client communication tends to happen only at quiet times. This mindset no longer cuts it. Clients today want more. They expect ongoing visibility, meaningful contact and to feel genuinely understood. In a market where competition is never more than a click away, staying in touch isn’t just part of good service; it is a core leadership responsibility. If you want clients to stay, thrive and refer your services to others, they need to feel a sense of connection. This doesn’t happen by chance; it happens when communication is baked into your firm's DNA, supported by a clear structure and led from the top. Here are the practices forward-thinking firms are implementing to spark better conversations, strengthen relationships and drive long-term growth. Make client contact a firm-wide habit High-performing firms treat outreach as a priority—a weekly commitment, rather than an afterthought. One simple habit: ask every partner or senior team member to check in with three clients each week. This might involve making a quick call or sending a short note to share valuable information or updates. The format doesn’t matter, but the consistency does. This isn’t something to hand off to marketing. It needs to be owned by leadership. If it’s not scheduled, it won’t happen. Lack of visibility is a client problem Firms often possess rich technical and sector-specific knowledge that is hidden, even from long-standing clients. You might be delivering excellent audit or tax work. However, unless you are actively support your clients in other ways, they won’t know about your advisory strengths, international capabilities or expertise in succession planning. Regular communication creates space to connect the dots and demonstrate the full value your firm can offer. Slow the pace and listen properly When delivery dominates the agenda, it can be tempting to stick to the task and move on. Clients often reveal their most valuable insights in informal moments when they mention a challenge, plan or passing concern. These are not throwaway comments—they are commercial cues. And they will be missed if your team is always in execution mode. Encourage people to slow down and make time for conversation. The next opportunity will often come from this. Ask, don’t assume Many firms think they know what their clients want, but assumption-based insight is risky. A structured feedback process can give you a much clearer view. This doesn’t need to be a major undertaking. A short, well-designed survey or a few open conversations can reveal what’s working, what isn’t and what’s top of your clients’ agenda for the months ahead. This clarity can bring quick wins, while also helping to identify risks and revealing new opportunities to add value. Help your team know what to say The challenge isn’t always about time. Sometimes, people hesitate because they are unsure of what to say. A shared resource can make all the difference here. Pull together a simple library of talking points, such as: Upcoming budget updates. Sector trends. Grant opportunities. Light prompts or questions—for example, “what’s coming up for you this quarter?” This approach will help your team approach conversations with confidence and relevance. Use digital channels, but follow up personally Newsletters, LinkedIn updates and firm-wide communications help with visibility, but they only go so far. The real impact occurs when someone follows up directly, prompting personal interaction. It could be a simple message to start you off: “We recently shared something on R&D tax credits, and I thought of you because of your investment in innovation.” This is where trust builds. Use digital content only to start the conversation, not to replace it. Measure communication like it matters This is where the whole thing can fall apart. Everyone agrees that client contact is important, but it can fade quickly into the background if it isn’t tracked or prioritised at leadership level. Client communication should be built into your key performance indicators, reviewed alongside billings and pipelines and discussed regularly with senior teams. If it’s a strategic priority, treat it like one. Checklist for building a communication culture If you’re serious about embedding client communication into the firm’s culture, start with these questions: Are your top 20 clients hearing from a senior contact at least once a quarter? If not, who will be reaching out this week? Is client contact actually in the calendar? Add it to weekly plans for partners and managers. Are you relying on instinct or gathering honest feedback? Start a simple programme to ask clients what they really think. Does your team know how to spark a conversation? Share a list of timely, relevant prompts to make it easier. Are clients aware of your full offering? If you have invested in specialist expertise, make sure it isn’t hidden. Is communication part of the leadership dashboard? Track it just as you would financials or new business. Who owns this? Appoint someone internally to champion and maintain the habit. When firms consider growth, the conversation often shifts to campaigns, new sectors or market expansion. However, the fastest route to progress usually begins with the clients you already have. Show up, be useful and keep in touch. Get the rhythm right and the rest will become easier. Mary Cloonan is the founder of Marketing Clever

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Irish Government summer legislative programme for 2025 has recently been published by the Dept of the Taoiseach. The Global Reporting Initiative (GRI) has written to the European Financial Reporting Advisory Group (EFRAG) setting out its recommendations of how simplification of the European Sustainability Reporting Standards could be achieved.  Read more on these and other developments that may be of interest to members below. Financial Reporting The IFRS Foundation has issued Compilation of Agenda Decisions — Volume 12 which contains all the agenda decisions made by the IFRS Interpretations Committee from November 2024 to April 2025. The IFRS Foundation has published an updated version of its educational material to support the consistent application of IFRS Accounting Standards related to going concern assessments. The FRC has published insights from stakeholders in its discussion paper "Opportunities for Future UK Digital Reporting”. This confirmed stakeholder support for digital reporting and ongoing collaboration between regulators and preparers to reduce complexity. IAASA is seeking feedback on a proposed policy – Publication of Information regarding IAASA’s Corporate Reporting Supervision Activities. This policy paper sets out IAASA’s policy on the publication of the outcomes of its corporate reporting examination activities as well as the nature and extent of information to be published. The proposed changes are open for public comment until Friday, 18 July 2025. In episode 2 of the ‘IAASA Insights’ series, IAASA discuss some key insights from its recent “Profile of the Profession” publication. The European Financial Reporting Advisory Group (EFRAG) has submitted its endorsement advice on IFRS 18 Presentation and Disclosure in Financial Statements to the European Commission. In its submission, EFRAG concluded that IFRS 18 meets the technical criteria for endorsement, is not contrary to the principle of true and fair view and that its adoption would be conducive to the European public good. EFRAG therefore recommended its endorsement. Auditing The FRC invites stakeholders to join an upcoming webinar (Wednesday 4 June, 13:00-14:00) where the ‘International Standard on Auditing for Audits of Financial Statements of Less Complex Entities’ (ISA for LCE) will be discussed. This webinar is part of the FRC’s campaign to support UK SMEs access audit services.   Following the approval of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements the International Auditing and Assurance Standards Boards (IAASB) has approved the withdrawal of International Standard on Assurance Engagements (ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements. The withdrawal of ISAE 3410 will take effect from the effective date of ISSA 5000 which is in 2026. The IAASB has published a new Frequently Asked Questions (FAQ) document to support stakeholders as they implement International Standard on Auditing 570 (Revised 2024), Going Concern. The FAQ document addresses key questions on the enhanced auditor reporting model for going concern that is included in the revised standard. Specifically, it focuses on the implications for the auditor’s report when reporting entity specific going concern matters in a section titled ‘Going Concern’ or ‘Material Uncertainty Related to Going Concern.’ It also provides an illustrative example of an auditor’s report that provides a description of how the auditor evaluated management’s assessment of going concern. Readers should note that these FAQs are on the revised standard issues by the IAASB in 2024.  The standard in effect in Ireland is ISA (Ireland) 570 (Revised October 2019) Insolvency The CCAB-I Insolvency Committee are shortly publishing a guidance document which is a workbook for Creditor Voluntary Liquidations. On 10 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. To register for this free webinar, click here. Sustainability The European Securities and Markets Authority (ESMA) has published a Consultation Paper on draft Regulatory Technical Standards (RTS) under the ESG Rating Regulation. The International Sustainability Standard Board (ISSB) has posted the agenda for its next meeting to be held at its offices in Montreal on 15 May 2025.  The ISSB will receive an update on the enhancement of the SASB standards project, in particular with regard to the project activities and the project approach. Accountancy Europe has issued its May 2025 Sustainability update. The Global Reporting Initiative (GRI) has written to the European Financial Reporting Advisory Group (EFRAG) setting out its recommendations of how simplification of the European Sustainability Reporting Standards could be achieved. In its response to EFRAG’s public call for input on the matter, GRI has stressed the importance of three key considerations for the simplification process; Europe needs to remain a global leader in promoting the green economy Effective corporate reporting is a key enabler for sustainable development Simplification is welcome – if it is defined, applied and managed well EFRAG has released the event materials from its “VSME in Action: Empowering SMEs for a Sustainable Future” event, which was held on 7th April 2025. EFRAG has also released a series of 10 educational videos focused on the VSME reporting standards. Twenty consumer authorities, including Ireland’s Competition and Consumer Protection Commission have issued an open letter to the fashion retail sector on the use of environmental claims including advising fashion retailers to avoid vague and general terms. Artificial intelligence We have recently published some webpages on Artificial Intelligence. They are housed in our “Business and Regulation” section of the Technical Hub. The aim of the webpages is to inform members of the European Union's Artificial Intelligence Act, Regulation (EU) 2024/1689 ("EU AI Act"). This includes the scope of the EU AI Act, key dates, risk factors and penalties and a news page for recent news we think readers might be interested in. Readers may be interested in the Massive Open Online Course (MOOC) which the Law Society will be running on Artificial Intelligence. The course will run over a period of 5 weeks from 10 June until 8 July. It is free and is open to everyone and anyone who has a general interest in learning more about AI developments. Click to find out more about the MOOC and to register. The Irish Department of Public Expenditure, NDP Delivery and Reform has recently published a webpage containing Artificial Intelligence Resources. It contains information on links on a range of resources and practical tools designed to support the adoption of AI in the Public Service. This includes Guidelines for the Responsible Use of Artificial Intelligence in the Public Service and a tutorial dedicated to the AI Guidelines to assist participants in applying the guidelines in their own workplaces. Central Bank of Ireland (CBI) CBI recently held Spring meetings of its Financial Industry Forum and its three subgroups (Domestic, International and Innovation), facilitating strategic dialogue and engagement across the financial sector. They discussed topics such as CBI’s approach to supervision, its Innovation Sandbox Programme and Innovation Hub, the revised Consumer Protection Code, AI in Financial Services and EU and International policy and regulatory developments. Click for details on the CBI Forum and here for a summary of the discussion of the Financial Industry Forum International Subgroup. The Director of the Horizontal Supervision Directorate of CBI spoke at a recent Anti-Financial Crime Summit on “AML and Innovation – Opportunities and Challenges”. She referred to CBI’s decision last year to evolve its approach to supervision and regulation. To change towards a more integrated approach to supervision and build out a more integrated supervisory framework to look at risk in a more holistic way. She referenced Europol’s 2025 Serious and Organised Crime Threat Assessment. One of its core points is that AI is “fundamentally reshaping” the organised crime landscape, but CBI’s role is not to eliminate risks, or stymie innovation rather to ensure risks and innovation are appropriately managed. It is important that the threats and opportunities which these new technologies present are reflected in their development, adoption and regulatory supervision and that the use of innovative tools is compatible with international standards of data protection, privacy, and cybersecurity. Other recent CBI publications which may be of interest to readers are its Authorisations and Gatekeeping Report 2024 and Planning for the Transition to Net Zero - Our Perspective. Other news The Irish Companies Registration Office has in recent days announced the creation of the Open Data Portal. This is to comply with EU Open Data Regulations and for users to access essential company information in a clear, intuitive way. Readers can visit the CRO Open Data Portal here. The Financial Conduct Authority (FCA) is seeking views on the future regulation of specific crypto-asset activities, ahead of legislation to bring them within regulation. The Prudential Regulatory Authority (PRA) has published its April 2025 Regulatory Digest which highlights key regulatory news and publications delivered for the month. The European Securities and Markets Authority (ESMA) has published its advice to the European Commission (EC) to support the Listing Act's goals to simplify listing requirements and enhance access to public capital markets for EU companies. The Irish Government summer legislative programme for 2025 has recently been published by the Department of the Taoiseach. Click to read the press release on Finance (Provision of Access to Cash Infrastructure) Bill which was passed into law in recent days. Its objectives are to ensure sufficient and effective access to Cash in the State; to provide a framework to manage future changes to the cash infrastructure in fair, equitable and transparent manner; and that cash-in-transit providers and independent ATM deployers be registered and supervised by the Central Bank of Ireland. The UK Department for Business and Trade is researching how company directors balance their legal duty to make the business successful, while considering the interests of employees, customers, suppliers, communities and the environment (section 172 of the Companies Act). There are no plans to change these duties, but feedback will help the government to review how the legislation works in practice. The Dept. is seeking a range of views, including those from directors, secretaries, lawyers, accountants, and anyone else who has knowledge and experience of Section 172. Click to read more about the survey which is live until 30 May 2025. The Corporate Enforcement Authority (CEA) has recently published its May CEA newsletter. It has many interesting items including several on directors and their duties. Readers can click to subscribe to the CEA newsletter. Click to read the latest IDA News update and the Newsletter (114) of the European Data Protection Supervisor. For further technical information and updates please visit the Technical Hub on the Institute website.  This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.  

From the Professional Accountancy team…... The Irish Department of Public Expenditure, NDP Delivery and Reform has recently published a webpage containing Artificial Intelligence Resources. It contains information and links on a range of resources and practical tools designed to support the adoption of AI in the Public Service. This includes Guidelines for the Responsible Use of Artificial Intelligence in the Public Service and a tutorial dedicated to the AI Guidelines to assist participants in applying the guidelines in their own workplaces.   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.          

From the Professional Accountancy team…... In May 2025 the European Commission published a Q &A page on AI literacy. Article 4 of the EU AI Act requires providers and deployers of AI systems to ensure a sufficient level of AI literacy for their staff and any other users who are interacting with AI systems. It entered into application on 2 February 2025. Most readers are likely to be AI deployers meaning users of AI. Questions and answers are provided such as what is literacy for Article 4 and what should be the minimum content to consider for an AI literacy programme complying with Article 4.   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.  

Readers may be interested in the Massive Open Online Course (MOOC) which the Law Society will be running on Artificial Intelligence. The course will run over a period of 5 weeks from 10 June until 8 July. It is free and is open to everyone and anyone who has a general interest in learning more about AI developments. To find out more about the course and to register you can click here https://mooc2025.lawsociety.ie/    

A co-founder with a passion for using her skills and experience for a positive impact, Sophie Dillon took the leap from Kells to Toronto via Dublin. We caught up with Sophie recently to hear her story. 1. Where did you grow up and where do you live now? I grew up in Kells, Co Meath and studied at University College Dublin. Today, I live in Toronto, Canada. I had always wanted to build an international career, and Toronto offered the kind of dynamic, fast-moving business environment I was looking for. 2. What led you to chartered accountancy? Studying Commerce in UCD, I found I really enjoyed the structure and logic of accounting. I’ve always liked solving problems and the qualification offered a solid foundation with broad career options—whether in practice, industry, or something more entrepreneurial down the line. As a child and teenager, I had a real passion for  showjumping and I think if I hadn't come down this road I would have loved a career in the equestrian industry! 3. Can you tell us a little about how you got to where you are today – both the geographical relocation and career path? I trained with KPMG’s Restructuring department in Dublin, where I worked with businesses navigating financial challenges. From there, I joined KKR, working on their European leveraged credit team, focusing on healthcare investments. I later moved to Canada and held several finance leadership roles, including at an early-stage healthcare startup. Today I’m the co-founder of Orbit Accountants, a firm set up in 2023 to support SMEs across Canada and the US with bookkeeping, payroll, tax and fractional CFO services. I co-founded the company with Malay Matalia who I met in Toronto. We shared a belief that SMEs and growing businesses deserve better access to high quality financial support. Toronto is a global city, and moving here really broadened my perspective, opening up a network I might not otherwise have encountered. 4. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The training really sharpens your ability to think critically, assess risk, and communicate clearly—skills that are valuable far beyond finance. As the economy evolves, there’s a real need for professionals who can leverage financial data for strategic insights and support good decision-making. 5. As a member living away from Ireland, can you talk to us about how your membership has been of value to you living overseas? The designation carries weight internationally, and that’s been important for building trust in a new market. It also creates an instant sense of community—particularly with the strong network of Irish professionals here in Toronto. That network has been valuable both professionally and personally. 6. What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland? Networking in Ireland tends to be more informal and relationship-led from the start. In Canada, there’s a bit more structure around it—people are generous with their time, but there’s usually a clear agenda. Both styles have their strengths, and I’ve found that being able to adapt between the two has been a real asset. The common thread in both places is that strong relationships, built over time, always matter. Sophie Dillon is Co-Founder of Orbit Accountants in Toronto.  

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. The latest minutes and slides from the most recent meeting of the HMRC Northern Ireland Joint Customs Consultative Committee, which the Institute participates in, have been published. Miscellaneous guidance updates and publications Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS), Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS), Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Designated export place (DEP) codes for Data Element 5/23 of the Customs Declaration Service, Check if a business holds Authorised Economic Operator status, Claim back an import security deposit or guarantee, and Apply for Designated Export Place approval.

In this week’s miscellaneous updates, the latest Stakeholder Digest from HMRC confirms that it’s new Permanent Secretary and CEO has taken up his office and the expected reductions in HMRC’s interest rates have been announced after the Bank of England Monetary Policy Committee reduced the base rate last week from 4.5 percent to 4.25 percent. The first changes in four years have been made to HMRC’s CEST (check employment status for tax) tool and HMRC has updated their genuine communication guidance to add information about ongoing research into agent and professional standards which means that some tax agents may receive an email or phone call from HMRC inviting them to participate. The latest newsletter from the Federation of Small Businesses (FSB) says that the ‘taxi tax’ must be stopped and small business employers are invited to take part in FSB’s latest survey on the National Living Wage by 19 May. And finally, the Public Accounts Committee (PAC) has published a report on the cost of the tax system which not surprisingly concludes that the cost of administering taxes is increasing for HMRC and taxpayers. New HMRC Permanent Secretary and CEO After the retirement last month of Sir Jim Harra, John Paul (JP) Marks joined HMRC as its new First Permanent Secretary and Chief Executive. JP has been a civil servant for over two decades and previously served as Permanent Secretary of the Scottish Government for three years. In a You Tube video to mark the occasion, JP introduces himself and sets out his key priorities. CEST updated On 30 April 2025 HMRC updated this tool which is used to find out if a worker on a specific engagement should be classed as employed or self-employed for tax purposes. According to HMRC, CEST has been updated to simplify its language; useful links have also been added. The update also features a  new mutuality of obligation question (the obligation on the employer to provide work and the employee to accept the work) which is often key to many decisions at tax tribunal. HMRC has reaffirmed its ongoing commitment to the tool saying it will stand ‘behind the outcomes of this tool where it has been used correctly.’ Updated guidance is therefore expected to be published on how to answer the questions in the tool which have changed. PAC reports on cost of the tax system The House of Commons PAC report on the cost of the tax system concludes that the cost of administering taxes is increasing for HMRC and taxpayers and as a result calls for HMRC to “publish realistic plans to simplify the tax system and establish robust metrics for reporting the impact on its costs, and on taxpayers’ costs, in its annual reports”. The report also says that taxpayers’ trust in HMRC is falling and recommends that HMRC should work with taxpayers and their representatives to understand why this is the case and what it can do to quickly address the decline. HMRC should publish the concerns it has heard and the actions it is taking to address these, as a first step to improving trust.

HMRC has contacted us to advise that as of 6 May, Unique Taxpayer References (UTRs) are no longer being provided when requested by either agents or taxpayers over the phone. This change is being made for security reasons.   HMRC has asked us to remind taxpayers that they can source this information from the top of the home page of their Personal Tax Account (PTA). If they do not have a PTA, they can find their UTR at the top of any Self-Assessment letter HMRC may have sent. If neither of these methods is available, HMRC will instead send this to them by post after they have successfully answered a series of security questions.   Agents that call on behalf of their client will also be advised of where the client’s UTR can be found. If it’s not possible to retrieve the UTR from one of those sources, then HMRC will issue a letter direct to the agent’s client. This can take up to two weeks to arrive.    

That’s according to the Institute’s Northern Ireland Tax Committee chaired by Janette Burns. The Committee responded last week to the UK Government’s consultation ‘Electronic invoicing: promoting e-invoicing across UK businesses and the public sector’. A series of recommendations featured in the submission including the need to ensure that businesses in Northern Ireland (NI) are not subject to different standards compared to the rest of the UK. Any UK e-invoicing regime should be decentralised and should also be aligned with what is ultimately agreed at EU-level in respect of the Digital Reporting Requirement (DRR) aspect of the VAT in the Digital Age (ViDA) package. The submission also considers the impact on smaller businesses and recommends that grants/tax incentives be introduced to encourage and help fund voluntary uptake. In summary, the key recommendations are as follows: An appropriate lead-in time and extensive testing by and consultation with various stakeholders will be essential in order to successfully implement a UK wide e-invoicing policy, This should begin by encouraging a voluntary approach, in particular for small and micro businesses, by educating taxpayers on the advantages cited in the consultation and by providing grant incentives/tax reliefs to encourage and help fund uptake, Mandatory e-invoicing and real-time reporting should only be introduced in a phased format based on the size of the business, The Government should establish a dedicated e-invoicing support team, A review should be undertaken of the UK’s VAT regime to identify opportunities for simplification ahead of introducing any e-invoicing policy in the UK, Any UK wide e-invoicing system will need to consider the potential impact in the NI context in order to avoid adding further complexity or different standards for different regions within the UK, The UK’s e-invoicing regime should be decentralised and should be aligned with what is ultimately agreed at EU-level in respect of the DRR aspect of ViDA, and Continued open, transparent and broad consultation will be needed with stakeholders to resolve and identify challenges/issues on the journey to a UK wide e-invoicing policy.

Artificial intelligence is rapidly becoming an integral part of daily life, but many organisations have yet to fully grasp its potential, limitations and associated risks, writes David O’Sullivan The introduction of the European Union’s Artificial Intelligence (AI) Act means organisations are now legally required to ensure that employees using AI, as well as those impacted by its outputs, possess adequate AI literacy. AI literacy is the ability to understand, evaluate and interact effectively with AI systems. It encompasses recognising risks and opportunities, interpreting AI outputs and making informed deployment decisions. Ensuring AI literacy within an organisation isn’t just about compliance – it reduces risk, fosters innovation and drives competitive advantage. For businesses seeking to enhance their AI literacy, the European Commission offers detailed guidance, accessible in their online library: AI Literacy Learning Repository. Leading organisations integrate AI literacy into AI governance frameworks, ensuring clear roles, responsibilities and key performance indicators. Here are the six most effective strategies. 1. Tailored training for different levels of expertise A one-size-fits-all approach to training rarely works. Successful organisations provide: Foundational courses for employees new to AI; and Advanced technical training for developers and data scientists. 2. Hands-on learning with practical applications The best way to understand AI is to use it. Companies should offer their employees: Workshops, case studies and simulations to demonstrate AI’s practical impact; and AI sandbox environments for employees to test and experiment with AI safely. 3. Role-specific AI training Different teams utilise AI in different ways. Finance teams, product managers and engineers all interact with AI in various ways. Tailored training can help to ensure employees receive the relevant knowledge necessary to integrate AI into their workflows effectively. 4. AI mentorship and cross-department collaboration Encouraging knowledge-sharing between AI experts and employees helps bridge skill gaps. Some companies establish AI mentorship programmes where experienced employees guide their peers in AI adoption. 5. Embedding responsible and ethical AI practices Many organisations are integrating responsible AI principles into their training, focusing on transparency, fairness and compliance with AI regulations such as the EU AI Act. In Ireland, the Government introduced principles for public sector organisations early in 2024, and these are still relevant today. 6. Continuous learning AI is evolving rapidly. Training should be ongoing with regular updates and refresher sessions to keep pace with advancements. The impact of AI literacy When AI literacy programmes are effectively implemented, organisations experience significant benefits, including: Increased AI adoption and engagement: Companies have seen an increase in employee participation in AI training and a higher usage of AI tools in daily tasks. According to the AI Literacy Learning Repository, one organisation that implemented an AI literacy programme reported a 30 percent increase in AI training participation and a 65 percent rise in AI tool utilisation. Improved workforce confidence and innovation: Employees who are comfortable with AI use it effectively, leading to better decision-making and new ideas. Operational efficiency gains: AI literacy helps automate repetitive tasks, streamline workflows and boost productivity. New AI-driven offerings: Some organisations have leveraged AI literacy training to upskill employees, leading to new AI-driven products and services. Greater consumer trust: Companies that prioritise transparency in AI usage – and educate affected individuals – see higher trust levels. Some businesses even involve clients in AI training sessions. Making AI literacy a business priority Organisations cannot afford to overlook AI literacy, given our rapidly changing world and the requirements of the EU AI Act. Investing in education, practical training and ethical AI practices equips employees with the skills they need to work effectively with AI and allows leadership to make informed decisions on deployment and controls. By addressing challenges and leveraging the best strategies, companies can build an AI-literate workforce that drives innovation, enhances efficiency and ensures responsible AI use while meeting compliance objectives. AI literacy isn’t just about understanding how AI works; it’s about ensuring businesses and employees can utilise AI effectively to create meaningful and positive outcomes. If your organisation hasn’t yet prioritised AI literacy, now is the time to start. David O’Sullivan is Director of Privacy, Digital Trust & AI Governance at Forvis Mazars

Under the new Small-Scale Renewable Electricity Support Scheme, SMEs can turn idle rooftops or land into a 15-year income by exporting renewable electricity, writes Justin Wallace The recently launched Small-Scale Renewable Electricity Support Scheme (SRESS) presents a valuable opportunity for small- and medium-sized enterprises (SMEs) that may have under-utilised rooftop space or land available for long-term passive income. SRESS is an initiative of the Department of the Environment, Climate and Communications, designed to support SMEs, farmers and communities that wish to generate renewable electricity for export to the national grid. It offers support for solar photovoltaic (PV) and onshore wind renewable electricity installations that are not suitable for the larger utility-scale Renewable Electricity Support Scheme (RESS) or the Micro-generation Support Scheme (MSS). Support is offered in the form of a guaranteed tariff for 15 years to export projects ranging in capacity from 50 kw to 6 MW. The scheme opened for applications in January 2025. When a business joins the SRESS scheme, it receives payment through a Power Purchase Agreement (PPA) with a supplier, utilising a special payment system designed to provide certainty to SRESS projects, thereby insulating it from fluctuating market prices. Regardless of the market reference price of electricity, businesses will receive the same amount for the power supplied. When electricity prices are low, the payment received from a supplier is topped up. Conversely, when prices are high, SMEs still receive the standard tariff rate, but their supplier separately pays a surplus into a Government fund, the Public Service Obligation (PSO) levy. This scheme presents a valuable opportunity for SMEs that may have under-utilised rooftop space or land. For instance, a 50 kilowatt peak (kWp) rooftop or ground-mounted installation requires only 125 to 200 solar panels, equivalent to 250 to 300 square metres of roof space, roughly the size of a double tennis court. The SME tariff for solar projects under 1 megawatt (MWh) is €130/MWh (€0.13/kWh), which generates a passive yearly income for your business for 15 years. Further, solar panels are low-maintenance and generally expected to last for 25 to 30 years, so your system should still be capable of generating renewable electricity even after the SRESS support period ends. This could involve entering into a new PPA, without Government support, but with capital costs paid off. If you are interested in joining SRESS, start by assessing your premises to determine its suitability for a renewable energy project. Consider how close your premises is to a grid connection at an ESB substation. Generally, being located closer to a substation brings down the cost of your connection. ESB Networks publishes capacity heatmaps, which indicate the spare transformer capacity available at substations at each voltage level. For generators exceeding 200 kilowatt (kW), ESB Networks provides a minimum cost calculator tool to estimate the minimum costs associated with connecting to the grid. Visit the grid cost calculator tool and grid capacity map on the Department’s website for more information. Consider engaging a renewable energy expert to assist with calculating the financial implications, risk assessment and negotiating agreements. They can assist with estimating the total upfront costs, including equipment, installation, grid connection and other fees, as well as ongoing operational and maintenance costs. A renewable energy expert can also calculate the expected revenue of the project based on the tariff rate and projected energy generation, taking into account variables such as seasonal change and any potential downtime. Generally, most renewable electricity projects are required to have full planning permission in place before applying to SRESS. However, revised regulations, introduced in October 2022, expanded the eligibility of properties for exemptions to include the rooftops of certain premises, such as industrial buildings and businesses. While these exemptions are subject to certain conditions and limitations, your local planning authority will be able to confirm if your premises is eligible for such an exemption. Further information and details on the solar planning exemptions are available on the Department of Housing, Local Government and Heritage’s website. If pursuing an export project is not for you, there are also grants available for renewables self-consumers with projects from 50 kw up to 1 MW under SEAI’s Non-Domestic Microgen Grant. Renewable energy self-consumers are electricity customers who generate their own renewable energy for personal use. They may then sell or store any excess electricity produced, if electricity generation is not their primary business. To apply for SRESS, applicants must complete the application form. Completed application forms and any additional queries relating to the scheme can be directed to sress@decc.gov.ie. SRESS will ultimately contribute to lower long-term energy costs for both households and businesses, enabling them to play a key part in the renewable energy transition. Please see the scheme’s T&Cs and its Non-Technical Summary for more information. Justice Wallace is an Officer in the Department of the Environment, Climate and Communications

Tax has emerged as a powerful tool in the EU’s Clean Industrial Deal. Sinead Kelly explores how policy could unlock investment and drive Europe’s green transition On 26 February 2025, the European Commission unveiled the Omnibus Package, a set of proposals aimed at simplifying EU rules, boosting competitiveness and unlocking investment capacity. A key component is the Clean Industrial Deal (CID), which focuses on raising funds and driving innovation to accelerate decarbonisation and foster a circular economy. The CID strategically focuses on energy-intensive industries and the clean-tech sector, identifying six key business drivers: affordable energy, lead markets, financing, circularity, global markets and skills – all essential for a sustainable industrial ecosystem.  Tax policy is often cited as a potential lever for influencing behavioural change and mobilising the investment needed to fund the clean transition and meet our climate targets. It is interesting that tax policy is noted as a key lever within all six key business drivers, representing a combination of the “carrot and stick” approach. It is also noteworthy that, at the recent EU Tax Symposium in Brussels, Commissioner Hoekstra stated that decarbonisation is a priority on the EU competitiveness agenda and tax measures are needed to help energy-intensive industries decarbonise. Tax as a lever Here are some key areas where tax features within the CID. Affordable energy The European Commission recognises securing affordable energy as crucial for industry competitiveness, with tax playing a role via the Energy Taxation Directive.  Negotiations to revise the Energy Taxation Directive have been ongoing since July 2021 and aim to ensure tax frameworks do not incentivise the use of fossil fuels and are more conducive to electrification. The CID emphasises the urgency of concluding these negotiations. For short-term relief, member states are encouraged to reduce tax levels on electricity, including eliminating levies on electricity that are used by governments to fund initiatives not directly related to the energy sector. The European Commission will issue recommendations to guide member states on how to lower electricity taxation cost-effectively. Lead markets Building a business case for decarbonised products is central to the CID. The proposed Industrial Decarbonisation Accelerator Act (Q4 2025) will introduce resilience and sustainability criteria to foster clean European supply for energy-intensive sectors. This includes a voluntary carbon intensity label for industrial products. Such labels should allow industrial producers to distinguish the carbon intensity of their industrial production and to benefit from targeted incentives. It is suggested that member states could use these labels to design tax incentives and other support schemes in line with state aid rules. This approach aligns with our climate-related pre-budget submissions, suggesting targeted tax incentives linked to greenhouse gas (GHG) emission reductions. Financing Leveraging public and private capital is crucial for funding the substantial investment required for the European clean energy transition. From a tax perspective, the European Commission recommends member states support clean business through corporate tax systems, suggesting: Accelerated depreciation for clean technology assets; and Tax credits for businesses in strategic sectors for the clean transition. Helpfully, the European Commission mentions that to the extent these measures involve state aid, the new state aid framework will integrate these instruments into its compatibility rules. Ireland should proactively review these proposals and consider tax policy changes to encourage faster decarbonisation of the Irish economy, increased investment in decarbonisation measures and position Ireland as a clean tech innovation leader. Circular economy The European Commission recognises the importance of scale and a single market for waste, secondary raw material and reusable materials to promote circularity. VAT has been identified as a potential lever, with a commitment to review the rules on the second-hand scheme contained in the VAT Directive by Q4 2026 to address the issue of embedded VAT in second-hand products (Green VAT initiative). Global markets European clean industrialisation requires global partnerships and open, rules-based trade with access to third markets for goods and capital. Tax can play a role here in seeking to protect a global level playing field. This includes: The Carbon Border Adjustment Mechanism The Carbon Border Adjustment Mechanism (CBAM), operational since 2024 (reporting only), seeks to ensure that the EU’s efforts to reduce carbon emissions are not undermined by the importation of carbon-intensive products into the EU. From 2027, importers of certain carbon-intensive products must purchase CBAM certificates to equalise carbon costs between imported and EU-produced goods. Recognising the complexity in compiling CBAM returns, especially regarding supplier data, the European Commission proposes to simplify administration in 2025 while continuing to incentivise global carbon pricing. A comprehensive review of CBAM in Q3 2025 will explore extending CBAM to other EU ETS sectors at risk of carbon leakage, to downstream products and indirect emissions with the aim of closing potential loopholes. The Foreign Subsidies Regulation Effective July 2023, the Foreign Subsidies Regulation (FSR) impacts businesses operating in the EU, including non-EU-based multinational companies. It requires European Commission notification and approval for merger and acquisition activities or public procurement contracts above certain thresholds if non-EU governments provide 'financial contributions' (including grants, export subsidies or tax credits) that could unfairly advantage companies against EU competitors. By the first quarter of 2026, the European Commission will adopt guidelines on key FSR concepts, including assessing foreign subsidy distortions and clarifying the circumstances in which mergers, which do not meet the thresholds but pose a risk to the level playing field in the single market, may be reviewed. The European Commission has also stated that it will continue FSR ex officio investigations in strategic sectors, such as the ongoing probe into Chinese wind turbine suppliers. Skills The European Commission aims for an inclusive clean transition. As part of the General Block Exemption Regulation review, it will consider whether state aid rules can be updated to provide better incentives to industry to invest in upskilling, reskilling, quality jobs and the recruitment of workers for a just transition. Examples in an Irish context could include different PRSI rates and double tax credits for green upskilling. Sinead Kelly is a Director at PwC Ireland

Chartered Accountants Ireland is excited to announce that the search for the next Chartered Star is now on! Open to members and students, Chartered Star celebrates the amazing work done by the Chartered community in support of the UN Sustainable Development Goals (SDGs), whether that’s by volunteering in your personal life, driving change in your workplace or through leveraging your ACA qualification in some way. As well as being awarded the prestigious ‘Chartered Star’ title and joining an incredible community, the winner will get the once in a lifetime chance to attend the One Young World Summit in Munich, Germany this November (3 – 6 November 2025), representing Chartered Accountants Ireland and Chartered Accountants Worldwide.  The One Young World Summit convenes the brightest young talent from every country and sector, working to accelerate social impact, through four transformative days of speeches, panels, workshops and networking.  Learn more about Chartered Star here.

Last week, the Institute was proud to win Best Learning and Development Programme at the Irish HR Champion Awards for its innovative virtual reality (VR) experience. This groundbreaking combination of the latest technologies and traditional learning provides learners of audit with a unique perspective that can set them apart. The programme - developed with the Metaverse team at Sia and funded by Skillnet Ireland - addresses the very real challenge of equipping junior and trainee auditors with Professional Scepticism (PS) skills. The VR simulation puts learners into the role and persona of a junior auditor conducting an external audit, allowing them to practice PS in realistic scenarios that mirror the complexities of real-world audit environments.  Presenting the Award, Maurice Whelan, Founder and CEO of Unleash Potential Ireland, said:  “Tonight’s Learning and Development Award celebrates a programme that didn’t just raise the bar — it completely reimagined it. This organisation tackled one of the most complex challenges in professional education head-on, fusing cutting-edge Virtual Reality technology with real-world expertise to deliver a truly immersive, transformative learning experience. By embracing bold innovation and setting a global first in their field, they have not only elevated their own members’ development but captured the attention of top universities and industry leaders alike. They’ve shown that when technology meets vision and collaboration, the results can be nothing short of groundbreaking”.