As Shannon Foynes Port Company advances plans to become a global leader in offshore floating wind energy, CEO Pat Keating outlines his ambitious vision for the Shannon Estuary The Shannon Estuary is primed to become a renewable energy leader and global hub for floating offshore wind farms as Shannon Foynes Port Company advances plans to harness the power of its close proximity to the Atlantic. “Ireland’s potential for floating offshore wind generation off the West Coast stands at 70GW, which is 12 times our current installed wind capacity on land,” said Pat Keating, FCA and Chief Executive of Shannon Foynes Port Company (SFPC). “The potential is enormous. It is all there, and it could play an enormous role in enabling Ireland’s transition to a low carbon economy, but, without the right infrastructure, all that potential energy will be going nowhere. Now is the time to plan ahead and make the right decisions.” SFPC recently appointed Bechtel, the US engineering firm, to revise Vision 2041, the development masterplan it published back in 2013. “Bechtel is assessing the entire potential of the Shannon Estuary for us, from an engineering point-of-view, so that we can plan out the roadmap of deliverable supply chain investments required to assemble these floating wind turbines and transport them out to sea,” said Keating. Ports like SFPC could act as a crucial focal point in the manufacturing, installation, and operation of large-scale offshore wind farms, while also supporting crucial local supply chains, Keating said. “The port infrastructure is critical, but there is a lot more to it. We are looking at other critical elements like how we can accommodate the offshore grid along the Shannon Estuary, so that this renewable energy has a route to market.  “We’re looking at the potential to produce eFuels from the wind energy resource, like hydrogen ammonia and sustainable aviation fuel.  “We won’t see wind turbines in the Atlantic until 2030 at the earliest, but if we don’t plan now for all of the different infrastructural and supply chain elements that will need to be in place, we may not even make that deadline.” As Keating sees it, Shannon Foynes Port Company is well-placed to play a leading role in the roll-out of such a strategy, with its most recent annual report, released in July, revealing record earnings in 2021 with profit before taxation exceeding €5.2 million for the first time. SFPC is Ireland’s largest bulk port company and second largest port operator. A commercial semi-state company, it is responsible for operating Foynes and Limerick ports and has statutory authority over all marine activities along the estuary, stretching from Kerry to Loop Head and Limerick city. “Our ‘harbour’ is the entire Shannon Estuary, the largest and deepest watercourse in the country, which consists of 500 sq. km. of water with channel depths of up to 32 metres. That is a unique asset in its own right,” said Keating. “Now, we want to use this unique asset to harness the renewable energy asset we have here in the Atlantic.”  Climate Action Plan If realised, Keating’s ambition to develop the offshore renewable energy resource off Ireland’s West Coast could potentially exceed targets laid out in the Government’s Climate Action Plan to achieve 5GW in offshore wind energy by 2030, rising to 30GW by 2050.  As it stands, Phase One projects currently in development under the plan mainly comprise fixed-pile developments situated off the East Coast. These include the Codling Wind Park co-development between EDF and Fred Olsen off the Wicklow coast, Oriel Windfarm – a joint venture between ESB and Parkwind NV in Louth – the RWE Renewables and Saorgus Energy-led Dublin Array Project, and Statkraft’s 750MW North Irish Sea Array. Only after these Phase One projects have been completed is the focus expected to shift to the floating offshore wind developments Keating is envisioning, in the deeper waters off the West Coast. Currently, offshore wind infrastructure in Ireland is markedly underdeveloped compared to other EU countries. The 25MW Arklow Bank Wind Park in the Irish Sea off the coast of Wicklow is our only existing operational offshore renewable energy project, but recent developments suggest significant change ahead. Offshore wind history “The Arklow Bank Wind Park goes back to 2004 and it was actually one of the largest offshore wind farms in the world,” said Noel Cunniffe, Chief Executive of Wind Energy Ireland. “At that point in time, Ireland was regarded as a world leader in offshore wind, but then we put the brakes on, mainly I think because offshore wind was seen as prohibitively expensive to develop.” In the years since, Ireland has been overtaken by the UK and a clutch of European leaders in offshore wind energy, among them Denmark, Germany, Holland and Norway. “We have definitely fallen behind, but there is an upside,” said Cunniffe. “The cost of developing offshore wind energy has come down massively since the early 2000s and Ireland is now in a strong position to take the learnings from Britain and our EU neighbours, so that we can hit the ground running at a much faster pace.” Policy and legislation The Irish Government has made substantial progress over the past 12 months in introducing policy and legislative measures to support the ramping up of offshore energy development. The National Marine Planning Framework was published by Taoiseach Micheál Martin on 1 July 2021, followed late last year by the Marine Area Planning Act. “The National Marine Planning Framework is Ireland’s first comprehensive marine spatial planning framework, and the Marine Area Planning Act provides the legal and administrative underpinning for a new planning regime in the maritime area, facilitating the development of offshore energy,” explained Rebecca Greene, Energy Tax Policy Leader with PwC Ireland.  A regulatory agency has also been announced to enforce the new planning regime and manage the relevant Maritime Area Consents (MACs) and foreshore licensing requirements.   The Maritime Area Regulatory Authority (MARA) is expected to be operational in 2023, while the first batch of MACs are expected to be issued soon to selected Phase One projects. “All of these developments are critical to paving the way forward for our offshore wind sector and making Ireland an attractive location for renewable energy investment,” said Greene. “At a fundamental level, Ireland’s maritime area is seven times the size of our landmass, so we have access to significant marine renewable energy resources, such as offshore wind, but also wave and tidal.” Renewable energy export The Programme for Government set out targets of 70 percent renewable energy by 2030, underpinned by 5GW of offshore wind.  Thereafter, the plan is to commission at least 30GW of floating offshore wind by 2050, turning Ireland into a significant exporter of energy to other markets.  Speaking recently at the National Economic Dialogue in Dublin Castle, Tánaiste Leo Varadkar, TD, highlighted the country’s potential to one day generate enough green energy to sell excess supply overseas. “While weaning ourselves off coal, oil and gas is a global challenge, it also presents incredible opportunities for Ireland, specifically in the area of electricity generated by offshore wind, backed up by mega-batteries and interconnection, and of course, green hydrogen,” Varadkar said. “I believe, in a few decades, we can go from being an energy importer to being an energy exporter,” he added, “with all the benefits that come with it – greater energy security and price stability, employment and regional development.” Surplus energy produced in the future would be transported through purpose-built interconnectors or existing gas infrastructure converted for the purpose. It could also be converted to green hydrogen stored in Ireland for energy security purposes. “Under the new planning system, we expect to see the first planning application submitted for a new offshore windfarm in the first half of 2023, and the government is also working on the ancillary infrastructure needed to cater for offshore wind energy,” said Cunniffe. “The Department of Environment Climate and Communications is currently working with Eirgrid to work out the cable infrastructure plan for connecting offshore wind farms to the electricity transmission grid around our coastline.” Route to market The route to market for new projects in the pipeline, meanwhile, will be handled initially via a series of auctions under the Offshore Renewable Energy Support Scheme (ORESS). Delivered by the Department of Environment, Climate and Communications with the support of Eirgrid and the Commission for Regulation of Utilities, the ORESS auctions will see offshore wind developers bid for capacity, receiving a guaranteed price for the electricity they generate.  “The most competitive projects will get contracts and they will then enter into construction. The first auction will open before the end of the year and we expect the bidding to take place around April 2023,” said Cunniffe. In addition to planning, licensing, and commercial supports, investment in the ancillary infrastructure for the developing offshore wind energy sector will be crucial in the years ahead, according to Greene. “We need to invest significant amounts in port infrastructure, supply chains and workforce requirements. Doing so will enable us to meet our climate objectives, but it will also create huge opportunities for economic prosperity across our economy and society,” she said. Cunniffe agreed that a “major recruitment drive” would be needed to support anticipated growth in the sector. “It is really great that we now have a planning system in place for offshore wind energy with the introduction of the National Marine Planning Framework and Marine Area Planning Act, but what we don’t have enough of are the skills we’ll need to support this,” he said. “There is definitely a shortfall in the number of marine ecologists, biologists and planners we will need to process the quantity of applications we’ll see over the next few years.  “We’re also going to need a lot of electricity transmission grid reinforcement around our coastline, so that we have sufficient capacity to move offshore power from where it’s being created to where it’s needed.” Budget 2023 As we await the announcement of Budget 2023 on 27 September, PwC is calling on the Government to prioritise measures that will support private investment in offshore wind and other renewable energies. “From a tax perspective, developers and investors in the Irish energy sector – and, in particular, the offshore wind sector – require certainty and stability in the tax regime given the significant investment involved. Minimising the administrative burden they face is critical,” said Greene. Among the recommendations outlined to the Government in PwC’s Pre-Budget 2023 Submission for Climate Action is the introduction of accelerated capital allowances for investment in port infrastructure, and the extension of the capital gains tax participation exemption to pre-trading ventures, including renewable energy developers. “We would like to see a broad exemption for infrastructure projects extending to Irish companies investing in renewable energy projects, even if they are not directly involved in the project,” said Greene.  “We’d also like to see the pre-trading expenditure window increased from three to seven years and would welcome clarity and confirmation from the Government with regard to the qualifying nature of grid connection costs.” The R&D tax credit regime could be improved to support green innovation and the development of climate technologies, Greene added. “We are also recommending that the Government reintroduces the relief for investment in renewable energy generation (s486B TCA 97), which ceased in 2014, in order to encourage corporate investment,” she said. “And we would also like the Government to amend the Relevant Contracts Tax regime to enable non-resident contractors with good tax standing to avail of the zero percent rate, and allow for monthly VAT returns to improve cash flow for projects at development or construction phase.”

Technology is shaping the future of financial services and creating exciting opportunities for innovative professionals at the heart of the fintech revolution As Chief Executive of Swoop Funding, Andrea Reynolds occupies a unique position at the nexus of fast-changing trends in financial services, emerging technologies, and the evolving role of the financial professional. The Chartered Accountant established Swoop in 2017 with Ciarán Burke, the company’s co-founder, to develop software that could help accountants identify the best funding options for SMEs. “The platform has been used now by 75,000 businesses to access funding, ranging from equity and grants to loans and tax credits. That’s given us an interesting overview of how much technology is changing the world of finance,” said Reynolds. Headquartered in Dublin, Swoop was founded in the UK where Reynolds had been working as a management consultant with KPMG in London before deciding to go into business with Burke. “At the time, everyone was moving to cloud accounting and open banking was coming down the line with the EU’s Revised Payment Services Directive (PSD2). We were seeing these new fintech lenders emerging, offering alternative funding to businesses and consumers,” she said. “In accountancy, you are trained to solve a problem by breaking it down into smaller elements, and that’s basically what I did with Swoop. I built a platform that could bring all of these funding options together in one place and do the heavy lifting for accountants advising SMEs.” Five years on, Swoop is on course for expansion in North America and other markets, having recently raised €6.3 million in Series A funding. “Finance is increasingly data-driven and borderless and that creates opportunities for fintechs like us, but different markets also have different strengths and weaknesses,” said Reynolds, pointing to her experience launching her own start-up in Ireland and the UK. “The idea for Swoop originally came from my experience navigating the funding system for SMEs in the UK, which is a lot more fragmented than the Irish system,” she said.  “The flipside is that the UK has been much more open to alternative finance, as have other European countries. That’s meant a lot more activity in non-bank lending, whether that’s crowdfunding, or loan finance from the likes of Wayflyer, Clearco or Youlend.” By comparison, Ireland is in ‘catch-up mode’, but it is catching up fast, said Reynolds. “Wayflyer is a huge fintech success story and there are other alternative lenders in the Irish market, like Linked Finance, Flender, and Accelerated Payments.  “Ireland already has a very strong fintech base in regulatory technology, anti-money laundering, ID verification, and Know Your Customer (KYC) technology. Where we still have to build up momentum is in the area of open banking.”  Automating auditing For David Heath, FCA, it was his early experience training as an auditor that sparked the idea for Circit, the fintech venture he co-founded in Dublin in 2015. “I trained with Grant Thornton, and it was a really great experience because the firm was so ambitious and the clients so varied, but as an entrepreneur, your starting point is always ‘what is the problem and how can we solve it?’  “For me, it was a case of thinking back to those early years in my career and digging into the processes that were the most challenging,” said Heath. “Auditors typically have a good relationship with their clients but getting the information they need from third party evidence providers is a big pain point.  “You have to verify the information your client gives you with an independent source—usually a bank, law firm or broker—and that process can take anywhere from three to six weeks.” Heath saw an opportunity to solve this problem with the advent of PSD2, using the EU’s open banking regulation to create a digital verification platform for auditors.  A cloud-based open banking platform, Circit connects auditors to their clients’ banks, solicitors, and brokers, allowing them to verify information within seconds.  Circit is approved by the Central Bank of Ireland as an Account Information Service Provider (AISP) under PSD2. It works with more than 300 accounting firms in Ireland and overseas and recently closed a €6.5 million funding round. “The funding will help us to increase our footprint and build out our open banking and regulated products, leveraging the license we have from the Central Bank of Ireland,” said Heath. “The problem we’re addressing may be niche, but it has global application.” Global ambition This global ambition is a common trait among Ireland’s most promising fintechs, according to Matt Ryan, a director in the Financial Services Consulting Group at Deloitte Ireland. “The ones to watch—the ones that do well quickly—tend to be thinking globally from day one. They have the talent and the funding, but they also know that Ireland is a very small market, so they are thinking in cross-border terms from the get-go,” said Ryan. Ryan points to Transfermate and Wayflyer as two such Irish fintech ventures whose global vision is paying dividends. A business payments infrastructure company founded in 2010, Transfermate closed a $70 million funding round in May, valuing the Kilkenny fintech at $1 billion. Wayflyer secured $300 million in debt financing in the same month following a $150 million Series B funding round, closed in February, which earned the Dublin start-up a $1.6 billion valuation and coveted ‘unicorn’ status. The pandemic effect The speed with which Wayflyer’s revenue-based financing and e-commerce platform succeeded globally reflects a wider trend in fintech. “The pandemic really accelerated the development of the sector as businesses and consumers suddenly moved online en masse,” said Ryan.  “Fintech was already a fast-growing market, but COVID-19 has made digital and contactless payments the norm and that has catapulted financial technology into a new era of growth.” While fintech awareness among consumers tends to centre on high-profile digital banks like Revolut and N26, the fintech sector globally, and in Ireland, is far more diverse.  “People usually think of full stack providers like Stripe and Revolut when they think of fintech, but that’s really not the whole story,” said Ryan. “Equally relevant are the technology companies selling services and solutions to financial institutions. “There are some very successful Irish companies in this space, such as TansferMate and Fenergo, which specialises in KYC technology for banks.” Fintech in Northern Ireland The established financial services sector is equally important to the fintech ecosystem in Northern Ireland, according to Alex Lee, Executive Chair of Fintech Northern Ireland (Invest NI). Figures published last year by Fintech NI found that there were 74 fintech companies in the region and 7,000 people employed in fintech jobs. “The financial services sector here has a good track record of attracting foreign direct investment (FDI), particularly over the last 15 to 20 years,” said Lee. “Large institutions like Citi, Allstate, CME, TP ICAP and Liberty Mutual have all established a meaningful presence here.” Together, these US multinationals form ‘the foundation’ on which Northern Ireland’s fintech sector has continued to build, Lee said.  “Attracting big international players has helped to grow out our fintech expertise and talent pool, because most of these companies have global technology development centres running out of Northern Ireland, and that has contributed to the rise of some really successful homegrown fintechs,” he said. FinTrU is one such success story. Founded in 2013, FinTrU develops regulatory technology for investment banks, ranging from legal, risk and compliance, to Know Your Customer (KYC). The Belfast-headquartered company employs 1,000 people and, in July, announced plans to create a further 300 jobs at a European Delivery Centre in Letterkenny, Co. Donegal. Another scaling success story in Northern Ireland is FD Technologies (formerly First Derivatives).  Founded in 1996, the Newry-headquartered data firm employs 3,000 people at 13 offices in Ireland and globally and recently announced plans to create 500 jobs at a new technology hub in Dublin. Northern Ireland is also continuing to attract FDI. In June, the Bank of London announced plans to establish a Centre of Excellence in Belfast, creating 230 jobs by 2026.  “We are making strides now and my hope is for a homegrown fintech ‘unicorn’ to come out of Northern Ireland. We’re not quite there yet, but I would like to see this ‘poster child’ for the sector emerge soon,” said Lee. Decline of the unicorn Such is the pace of growth in the fintech sector globally, however, that even the much sought-after ‘unicorn’ moniker is losing its lustre.  “In developed markets at least, I think there is a view that ‘unicorn’ status has lost some of its cachet,” said Ian Nelson, FCA, Head of Financial Services and Regulatory at KPMG Ireland, and a member of the board of the Fintech and Payments Association of Ireland. Even Stripe—perhaps the best-known ‘unicorn’ with Irish origins—has outgrown the label.  Established in Silicon Valley in 2010 by Limerick brothers Patrick and John Collison, the online payments giant’s $95 billion market capitalisation has soared beyond the $1 billion unicorn requisite. “Stripe is really now a ‘centicorn’, if you like, and there are numerous other fintechs in the same sphere, and ‘decacorns’ valued at $10 billion coming up behind them,” said Nelson. “At $1 billion, becoming a ‘unicorn’ has less meaning for fintech start-ups in developed markets, but it will continue to be an important building block for start-ups in emerging markets and less mature fintech hubs.” Among the other trends Nelson is keeping an eye on is the role technology will play in supporting environmental, social, and governance (ESG) capabilities in business. “Since COP26, we have seen a lot of attention directed towards fintechs with ESG capabilities,” he said.  “This really reflects the growing prioritisation of ESG in financial reporting and financial services generally. ESG is going to be a really important play in fintech. “We can expect to see more fintech companies focused on climate change, decarbonisation and the circular economy, and more jurisdictions setting up incubators specifically focused on ESG solutions.” Digital innovation in financial services Already a leader in payments globally, Ireland is now shaping the business environment for digital finance, writes Seán Fleming TD, Minister of State at the Department of Finance As Minister of State with responsibility for financial services, I lead the whole-of-government strategy for developing international financial services in Ireland, titled Ireland for Finance. I very much welcome this timely report on fintech.  In recent years, new entrants and long-standing financial institutions have looked to capture the opportunities presented by digital technologies.  Ireland is well-placed to benefit from the application of new technologies in the financial services industry. We have both a well-developed financial centre and a renowned technology sector.  This makes Ireland a centre of excellence for start-ups and big-name companies that want to establish operations in the European Union.  Ireland has shown leadership in shaping the business environment for digital finance. Important to this is Ireland’s education system, which has produced some of the finest innovators in the world. These graduates are leading the development of cutting-edge technologies.  The Government has an ambitious agenda for education. Two out of 15 Cabinet Ministers are dedicated to education and skills. Consecutive Governments have invested substantially in education, making it a cornerstone of Ireland’s economic strategy.   This economic strategy has created a strong mix of multinationals that have chosen Ireland as a place to do business. We have been very successful in supporting high-potential start-ups, with over 200 Irish fintech firms at various stages of development. Ireland is a leader in payments, and a number of firms have substantial development operations here. The digital finance ecosystem has expanded in recent years to include institutional financial services providers that have chosen Ireland to help them develop their fintech capability. The importance of fintech is reflected in the Ireland for Finance strategy. I identified Fintech and Digital Finance as one of the five themes in Action Plan 2022.  The Department of Finance’s Fintech Steering Group leads the cross-government approach with other departments and state agencies, and with representatives of the financial services and information technologies industries, and third-level researchers. Financial Services Ireland, the Ibec sector representing financial services companies, recently identified the future talent pipeline as being critically important. Particular areas they identify are fintech, digital finance and the environmental, social and governance agenda. I will shortly be publishing the updated Ireland for Finance strategy and fintech will be a key theme, and it will be at the centre of our work in the coming years.

The FRC has published the 20th edition of Key Facts and Trends in the Accountancy Profession. This report provides statistical information and trends on members and students in the accountancy profession. Information contained in the report is taken from the six UK Chartered Accountancy bodies (which includes the Institute), the Association of International Accountants and the Association of Accounting Technicians. The report shows that membership within these accounting bodies grew by 2.8% worldwide to 590,000 members in 2021 and student numbers grew by 1.6% to 597,000. The report shows that the overall percentage of female members worldwide has increased from 36% in 2017 to 37% in 2021 and noted a continued decline in the number of audit registered firms (down from 5,127 in 2019 to 4,745 in 2021).

Organisations considering outsourcing in a tight labour market will need to get to grips with the relevant legislation. Shona O’Hea talks us through the current guidance The increasing digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services. These changes, coupled with the pandemic and rising demand for employees, have led to an acceleration of outsourcing solutions. Organisations typically outsource activities for several reasons. It could be to gain efficiencies, focus on core business activities, a need for specialist expertise, to deal with a business change, or to tackle a problematic delivery cycle. In all cases, it is helpful to know what requirements are needed when considering going down the outsourcing route. Updated guidance The Central Bank of Ireland (CBI) recently published new guidance regarding outsourcing. Issued in December 2021, the Cross-Industry Guidance on Outsourcing (CIGO) aims to equip regulated firms with the knowledge to assess outsourcing risks better. In essence, regulated entities need to ensure effective governance and risk management processes are established to allow for effective oversight of outsourcing. CIGO, which supplements existing sectoral legislation and regulations, has come into effect immediately and applies to all regulated financial service providers in Ireland. Sub-outsourcing and offshoring risk The guidance outlines the CBI’s expectations on specific risks, such as sub-outsourcing and offshoring, along with key considerations managers should know to mitigate risk when entering into outsourcing arrangements. The CBI recognises the increasing trend for outsourcing arrangements to be spread across different physical and geographical locations. Offshoring presents great opportunities for regulated entities to expand services and teams. If not set up and governed correctly, however, offshoring can hinder visibility and a regulator’s super-visibility of the activities that are being performed. Section 5.5 of the CBI’s guidance outlines the steps required to ensure the most effective and appropriate approach to offshoring. When considering or engaging in outsourcing to offshore jurisdictions, the CBI expects regulated firms to: Evaluate the particular risks associated with the country or countries to which they are planning to outsource activities, ensuring that their outsourcing risk assessments pay sufficient attention to 'country risk' and document the assessment; Ensure that contracts for outsourced arrangements, including those which are offshored, stipulate that regulated firms and the CBI must be given access to carry out all necessary quality assurance and supervisory work; Ensure that there are minimum standards for risk appetite at the outsourced service provider (OSP). These must be aligned to the regulated firm's risk management expectations and requirements to mitigate reputational risks or regulatory breaches; Ensure that country risk assessment issues identified are also considered as part of the regulated first disaster recovery and business continuity management; and Pay particular attention to complications that might arise in insolvency (e.g. recovery of data and records, protection of intellectual capital), termination and/or recovery and resolution actions. Restrictions to offshoring Restrictions to offshoring may occur where the CBI deems that super-visibility is severely constrained or non-existent. Other concerns include having a memorandum of understanding, the level of contact with the regulator in the offshoring jurisdiction, the location of the offshoring, and excessive operational risks associated with the offshoring of particular activities. Understanding and applying outsourcing legislation is essential if your business relies on outsourcing services. It is also worth noting that the CBI may update or amend its guidance or provide supplemental advice. Keeping up to date with these changes is crucial. Shona O'Hea is Partner of Financial Accounting and Advisory Services at Grant Thornton

With the cost-of-living crisis looming and the remnants of the pandemic still having an impact, now is an important time to think about the future of your business. Geraldine O’Connor outlines six areas to consider For managers and business owners, the summer months can give you time to prepare your accounts, clients and staff, for the end of the year. Here are six critical areas to focus on before the autumn rush begins. Inflation Rising costs are on everyone’s mind – energy, supplies, transport, staff costs, or simply the cost of living. So, how do we manage the impact on our bottom line? A critical step is to understand what you’re spending. Now is the time to analyse your costs, both to look for potential savings and to spot problems that, if left unattended, could mean that you run into serious trouble later in the year. If do you think you may run into difficulty, keeping the lines of communication open with your bank is essential. Remember, your credit history will affect your future ability to raise finance, so address issues as soon as they are identified. Budgeting will be more important than ever this year, and inflation needs to be factored in when you analyse and forecast your variable costs. Time Are you making the best use of your time? What do you spend most of your time on? Chances are you spend a lot of your time answering questions from clients and staff. Identify time-consuming tasks you can delegate to a staff member or outsource to a service provider. Remember, any time you get back can be used to enhance your wellbeing and effectively manage your team and business. If you charge for your time, it’s important to quantify its worth. Pressure Consider whether there are things that can be done now that will take some of the pressure off later in the year. For example, do you need to update job specifications? Are there ways to streamline processes and work more efficiently? What can you do now to prepare for forthcoming changes like the introduction of statutory sick pay, remote working and pensions auto-enrolment?  If you took advantage of debt warehousing during the COVID-19 pandemic, have you agreed on a payment plan with Revenue? If not, now is the time to do so. If you are a sole trader, check that you have the correct information for your tax return. Pipeline When was the last time you looked at your sales pipeline? What incomings do you expect next year, and how will inflation affect your input costs? Have any prospects fallen off your list? Can you identify new opportunities? The more realistic your projections, the better your forecasts will be. Service providers Are you getting what you need from your service providers? If not, why? Could it be that your provider doesn’t understand your requirements? Have you outgrown them? If they don’t have the required skills, it is time to start looking for alternative solutions. Systems Work patterns changed during the pandemic, putting pressure on systems and resources in some areas and highlighting opportunities in others. Do your systems highlight opportunities to improve cash flow, increase profit, flag risks, and produce meaningful reports to help you run your business more efficiently? If you aren’t getting value from your systems, now might be the time to seek advice and invest in some training. We’ve come through a very disruptive period that accelerated the pace of change in many businesses and put pressure on resources. Soon, we’ll be facing a hectic time for business owners while finance teams will have filing deadlines and quarter- and year-ends on the horizon. Now is the time to plan and position your business to move forward confidently in the months ahead. Geraldine O’Connor is Senior Bookkeeper at GroForth

There are a lot of widely held beliefs about the UK’s Patent Box relief scheme, but how many of them are true? Carrie Rutland debunks the myths surrounding the scheme for businesses in the United Kingdom The UK’s Patent Box scheme (Patent Box) is a tax incentive designed to encourage businesses to develop and commercialise patentable Intellectual Property (IP). While many will know the headline benefit—namely, that Patent Box claims reduce the effective rate of corporation tax paid on eligible profits to 10 percent —there are several misconceptions about how the scheme works. Here are some common myths regarding the Patent Box – and how businesses can benefit from it. 1. Patent Box relief is only for manufacturing and technology companies While businesses in the manufacturing and technology sectors do benefit from the Patent Box, there is no reason why companies in all sectors cannot use the scheme. Any business with patent-derived income can make Patent Box claims, provided they meet the qualifying criteria.  2. Patent Box only applies to goods Patented processes or technology that enable services to be provided can qualify for Patent Box relief. For example, a computer-implemented method for time stamping a transaction – where systems document a time of payment to authenticate a user – could be patentable. 3. The whole product needs to be patented Many products and services now contain various components that are essential to how they work. If you have a patent over one critical element, the whole of the income derived from the product or service can qualify for relief. Helpfully, profits arising between patent submission and grant can be included in a Patent Box claim once the patent is granted. 4. Software cannot be patented In recent years, companies have successfully applied for patents regarding software platforms. Where the software provides essential support to a service offering, income generated from that service can qualify for relief. Suppose a business makes a successful claim for research and development (R&D) tax relief on software or other technology. In that case, it is worth seeing whether a component of that technology or software can be patented, thereby gaining access to Patent Box relief. 5. The patent must be owned to be claimed Patent Box can be claimed if there is an exclusive licence over the qualifying IP right. A valid claim can be made if the company actively manages the IP and another company in the group has undertaken the qualifying development activities. 6. You can’t have R&D relief and Patent Box relief on the same thing Yes, you can. In fact, you must have carried out R&D on the patented item to be able to claim Patent Box relief. The amount of any Patent Box claim is adjusted by the ‘R&D fraction’ to limit relief where you have acquired the patent or subcontracted out the R&D leading to its creation to another group company. 7. The ‘R&D fraction’ is frozen in time The amount of qualifying R&D spend counted for the R&D fraction adjustment is not limited to the R&D carried out before the patent was granted. Later R&D work to apply the patented item to your products or services counts as a “good” expenditure for the R&D fraction – so, the more R&D you do to develop the patented application, the more Patent Box relief you can claim. 8. It’s not worth the hassle of trying to stream revenues and track costs Making your first Patent Box claim can be time-consuming, but it is worth remembering that once a system for calculating the qualifying profits has been set up, compiling the details for subsequent years will become a relatively straightforward process. 9. Intragroup sales don’t count as relevant income All sales revenue that arises from patents can qualify, including licence fees paid by members of the same group to use a patent, e.g. patented software or other technology. 10. In practice, the benefit of the Patent Box is too small to be worth the effort of claiming Patent Box claims can be highly beneficial – namely, reducing corporation tax payable on qualifying income by 47 percent (60 percent from 2023). The actual benefit will depend on how your product and service offerings are structured. For example, if you have a patent over something sold as an add-on to a core product, it may be worth reconfiguring that product in the future so that more income is ‘patent dependent’.    Carrie Rutland is Partner of Innovation Incentives at BDO UK Claire McGuigan is Tax Director at BDO Northern Ireland

Over the duration of a successful career as a Chartered Accountant, Suliyat Olalekan has learned the value of hard work, commitment and, above all, kindness From as far back as she can remember, Suliyat Olalekan wanted to become a Chartered Accountant. “I was really good at maths from a very young age and I was always very certain that I wanted to have a career as an accountant,” says Olalekan.  “I didn’t want to be an academic, studying mathematics or statistics in a university. I wanted to apply my skills in the real world. Accountancy seemed to me to offer a lot of possibilities, but I can’t say I had any real sense back then of what the role would actually involve day-to-day.” Born in southwestern Nigeria, Olalekan was raised in a tight-knit family in Ibadan, the capital of Oyo State. One of five siblings, she moved to Ireland as a teenager, settling in south Dublin, and went on to study Leaving Cert Accounting.   Though Olalekan had “absolute conviction” about her career aspirations, acclimatising to the Irish way of life after relocating from Ibadan as a young teen came as a culture shock. “I found the education system in Ireland fantastic, but it was very different to the education I had experienced in Nigeria, which was highly academic,” she says.  “When I started secondary school in Ireland, I was ahead of the syllabus so it was an easy transition starting out. I was able to focus instead on integrating socially and learning about the culture and way of life in this new country that was so different.” Learning to adapt at a young age has stood to Olalekan over the course of an accomplished career as a Chartered Accountant that has taken her from practice to industry, and from Dublin to London. “It is so important to do your research in any profession. This is my go-to approach when I am considering a potential new role, or finding my feet in a new job, and it’s the reason I think I’ve been able to adapt well to new roles and responsibilities,” she says. “I reach out to people and lean into my network, so that I can find out as much as I can about a new role on offer—and not just the role itself, but the organisation, and the wider industry. The same goes for how I approach my work day-to-day. I always try to learn from other people who are experts in their role, their field, or sector.  “If I need advice on a tax issue, for example, I will go to a tax expert—and I never jump into anything. When I start a new job, I stand back and take stock of what is happening around me; what the dynamics are; how things work. I never dive in. I take my time and I do my research. This balanced approach has worked well for me in my career.” Now Chief Accountant at SFL Corporation, an international NYSE-listed maritime company, Olalekan manages a team in London and Oslo responsible for accounting and reporting on US Generally Accepted Accounting Principles (US GAAP).  She began her career in practice, training with Deloitte in Ireland after graduating from Dublin Business School in 2007 with a first-class honours degree in accounting and finance. “I knew I wanted to train with a ‘Big Four’ firm and I really enjoyed my time with Deloitte. Joining their Audit Graduate Programme was a really wonderful start to my career and they sponsored my Master of Accounting at UCD Michael Smurfit Graduate School of Business. “From there, I went straight into the Final Admitting Examination (FAE) with Chartered Accountants Ireland in 2012 —and then I reached a point where I wasn’t quite sure what I wanted to do next.” Rather than mapping out a strict career plan, Olalekan instead decided to hang back and gain more experience where she was, before deciding on her next move.  “A lot of my friends and peers around that time were moving to Australia, the Cayman Islands, Bermuda — and thinking ahead to ‘what’s next?’ I was happy enough where I was though, so I stayed with Deloitte, moving from Audit Senior on to Assistant Manager and then Manager.” It was when Olalekan was offered a secondment with Bank of Ireland that she got her first taste of working life beyond practice. “I got this fantastic opportunity to see what it was like on the ‘other side’ working in capital investment, and I found I really enjoyed it,” she says. The experience prompted Olalekan to look further afield and, when she decided to relocate to London in 2014, she found herself open to a move into shipping – a sector she had no experience in at the time. “It was my brother who told me about this job as Group Reporting Manager with SFL Corporation and, straight away, I was intrigued,” she says. “I knew nothing about the maritime sector at the time, but shipping is such a traditional and tangible industry. I thought ‘that’s how food gets to my table and how furniture gets to my home’.  “SFL Corporation is also listed in the US, which meant I could get experience in US GAAP. I already had experience in UK GAAP and International Financial Reporting Standards (IFRS) in Ireland. I thought US GAAP would be a challenge that would really stand to me.” Olalekan was promoted to her current role as Chief Accountant with SFL Corporation in London in 2017. “They have been very persuasive in keeping me, and I really enjoy the work I do here because it is just so interesting,” she says. “My day-to-day can go from journal approvals on really important qualitative items to filing statements to the US Securities and Exchange Commission’s EDGAR [Electronic Data Gathering, Analysis, and Retrieval] system. “I’m involved in preparing financial data for press releases, and in constantly reviewing and ensuring the accuracy of the information we make available to the public. I advise our commercial and operational teams on the accounting implications of new business contracts and potential transactions. My role is so varied and I find that incredibly rewarding professionally.” As her career has progressed, Olalekan has settled into an open, approachable leadership style centred on building strong relationships with the people on her team, as well as those she reports to and colleagues in the wider organisation. “There are many ways you can approach leadership and different styles work for different people—but I have always leaned into genuine, positive relationships and that continues to work really well for me to this day. “I make sure that I am seen as a ‘can-do’ person; someone people won’t hesitate to approach to ask for help. This has been very beneficial because people know I don’t shy away from work and that I’m not afraid of challenges.  “In any new role, you can’t know everything straight away. That is what growing and learning as a professional is all about. If you are seen as a positive can-do person who can be relied on to work hard, it is more likely that you will be offered promotions because your managers will trust that, even if you are not 100 percent ready, you will rise to the occasion, learn, and do what is needed.” Approachability, and a willingness to help others and collaborate to solve problems, is equally important for managers who want to support, encourage, and get the best from the people on their team. “Just as my managers know they can trust me, my team learns the importance of trustworthiness from me. It creates a positive chain reaction,” says Olalekan.  “They know they can come to me with problems and challenges, and that means they are also more likely to come to me with ideas, insights and solutions that can benefit the business. That is very rewarding for me as a manager.” A mother to two young children, Olalekan still finds time outside her work and home commitments to support her profession. A committed member of the London Society of Chartered Accountants Ireland, she was among four members recently elected to Council. “I am honoured to have been elected and to have the opportunity to give something back to the profession that has been so good to me in my career,” she says. “We train people to be robust, to be intimate with numbers, to be able to analyse the data and make sense of the figures. You don’t need to be the CFO of a FTSE 100 to be a success in this profession.  “My own ambition now is to add value to the organisation I work for, and support the people I work with. Even though I was so sure so young that I wanted to be an accountant, I couldn’t have known then how fulfilling my career would turn out to be. I am exactly where I want to be.”  

Originally posted on Business Post 09 July 2022.  Glowing reports from the IMF won’t mean much to those struggling with rent, fuel and food costs. It feels as if the country has just done some kind of economic Leaving Cert, with end of term reports published last week. First there was the Summer Economic Statement, then the Central Bank quarterly update, and finally on Thursday a good conduct report from the International Monetary Fund. Subject to the usual terms, conditions and hedging that we tend to find in economic assessments, the portrait which all three of these reports painted of the Irish economy is surprisingly positive. The Summer Economic Statement projects that there will be a modest budget surplus in 2022 with significant money available to help on the social welfare and tax front to take the sting out of inflation. The Central Bank is of the view that the inflation spike will be most pronounced in 2022, and that once we are through this current calendar year, inflation may revert to something more tolerable. Both the IMF and the Central Bank conclude that the employment outlook is perhaps as strong as it has ever been, with less unemployment, more vacancies available and much greater female participation in the labour force. This time three years ago, the predictions from all these bodies were not as positive. The commentary in the 2019 Summer Economic Statement and the Central Bank’s quarterly forecast in July 2019 was dominated by Brexit fears. The IMF chimed in with Brexit concerns as well, adding the escalation of global protectionism, and having to adapt to ongoing international tax changes for good measure Since then, of course, we did have Brexit which was orderly or disorderly, depending on your political (not commercial) point of view, a crushing pandemic, and a Russian invasion of Ukraine disrupting commodity supplies worldwide. You would never seek it out, but one outcome of the pandemic is that it was like an experimental laboratory for the economy. Decisions were stress-tested in a way that would otherwise never have been possible. Depending on how you count them, more business supports and social welfare benefits were paid out by government in the two years of the pandemic than might usually be the case over five years. The outcome of this “experiment” has been that these payments seem to have been more in the nature of an investment than in the nature of largesse. The pandemic has also proven that our tax base is very resilient. We have discovered that the exchequer is predominantly funded by the corporate sector paying corporation tax, high-income earners paying income tax – about 80 per cent of all income tax and USC comes from the top 20 per cent of earners – and consumer activity in the form of Vat. According to the June exchequer figures, over 85 per cent of all of our tax revenues come from these three sources. Whatever else is done in the September budget, these sources have to be managed and preserved as no package of social welfare benefits and tax reliefs can be delivered without them. This resilience is further underlined by the fact that it is Irish business that acts as the collector of taxes for PAYE and Vat. During the pandemic, a sensible process of tax debt “warehousing” was introduced which allowed business to defer paying PAYE and Vat to Revenue. However, it is surprising how little tax debt was deferred in this way. Totals did vary over the ebb and flow of the lockdowns, but broadly speaking, there was deferral only to the tune of 5 per cent of the total tax yield. That's a confident performance by Irish businesses in a pandemic crisis. This sense of business confidence is reflected by surveys such as the Bank of Ireland’s Economic Pulse, suggesting that business sentiment is currently higher than consumer sentiment, but vastly more so than in April 2020, when we all stared into the abyss of the Covid-19 pandemic. There will be some who will argue that all this confidence and positive sentiment is misplaced and that we underestimate the interest rate and inflationary challenges of the coming months, but nevertheless, that confidence is there and is already having a bearing. It may yet be bolstered further. The indifference, bordering on hooliganism, shown by the current British administration to the political and economic status of Northern Ireland and Ireland’s position within the EU could soon be remedied. It certainly can’t get much worse. The problem now for the government is to translate this economic capacity and success into consumer sentiment. Glowing reports from the IMF won’t cheer anyone who is struggling with fuel, grocery or accommodation costs, nor for that matter the employer who can’t get staff because prospective employees can’t find a place to rent. And while inflation is expected to ease over the next ten months or so, it won’t over the next ten weeks between now and budget time. The economic exams may have been passed with flying colours. The budget will be a different matter entirely. There could even need to be some economic mistakes made by over-spending or undertaxing on the next Budget Day to make the public aware of these past successes. Dr Brian Keegan is Director of Public Policy at Chartered Accountants Ireland

In this week’s EU Exit Bulletin, we bring you the latest guidance updates and publications relevant to EU exit and news from HMRC about the closure of the CHIEF training service. Issues are being reported with June 2022 import VAT statements and we also update you on recent developments in relation to the Northern Ireland Protocol Bill. Northern Ireland Protocol Bill update As covered last week, the Bill has now completed its various stages in the House of Commons however as summer recess has now commenced, it will not progress to the House of Lords until Parliament returns on Monday 5 September 2022 when the next leader of the Conservative Party and UK Prime Minister will also be announced. On Friday 22 July, the EU launched further legal action against the UK for alleged breaches of the Protocol. The four infringement proceedings concern customs enforcement, and excise and VAT rules. These new legal actions are in addition to the three infringement proceedings which began on 15 June 2022. Members will continue to be updated on developments in relation to the Bill in future newsletters. CHIEF training service closure From Tuesday 26 July 2022, the free HMRC CHIEF training service closed in preparation for the move to the Customs Declaration Service (“CDS”) for all import declarations from 1 October 2022. HMRC recognises that some traders may still need to use the CHIEF training service while they complete their move to the CDS hence continued access may be granted on an exceptional needs basis. Traders can make an application to do so by emailing HMRC. Please use the subject line ‘CHIEF TRAINING SERVICE’ and state in the email when you intend to move to the CDS. Requests will be considered on an individual case basis. HMRC has stated that the CHIEF training service should only be used to develop an understanding of submission obligations before going live and to submit declarations in a test environment. It should not be used to test how to reduce liabilities by generating duty and VAT estimates on declarations which have not been submitted.  HMRC strongly urges businesses to move to the CDS now to ensure they are ready to make all import declarations via the CDS from 1 October 2022.  Issues with import VAT statements HMRC has asked us to highlight that it has identified a technical issue with June 2022 import VAT statements which may mean that the import VAT figures showing on the statement may not be correct. Businesses are therefore advised not to use import VAT statements published by HMRC between 4 - 8 July 2022 (inclusive). More information is available at Complete your VAT Return to account for import VAT. Miscellaneous updated guidance etc. The latest guidance updates, and publications relevant to EU exit are as follows:- Customs declaration completion requirements for Great Britain; CHIEF: customs procedure codes; Search the register of customs agents and fast parcel operators; Check simplified procedure value rates for fresh fruit and vegetables; Receive goods into and remove goods from an excise warehouse (Excise Notice 197); Apply to access Customs Handling of Import and Export Freight (C1800); Apply to use simplified declarations for imports you entered in your records without authorisation; Flexible Accounting System for imports (Customs Notice 100); Apply to use simplified declarations for imports; Refunds and waivers on customs debt by HMRC; Search the register of customs agents and fast parcel operators; EU Settlement Scheme caseworker guidance; Safety and security requirements on imports and exports; Get a goods movement reference: service availability and issues; Delaying declarations for goods brought into Great Britain; and Duty due on bananas imported into the UK.

In Irish tax developments, the Institute, under the auspices of the CCAB-I, has responded to the public consultation on Pillar Two Minimum Tax Rate Implementation, and Revenue has published guidance on the Residential Zoned Land Tax.  On the UK front, read about the key announcements on last week’s legislation day, and the deadline for paying the second self-assessment payment on account for 2021/22 is Sunday 31 July. In International news, the OECD has published a report on housing taxation. TaxNews will be taking a seasonal break for the next two weeks, returning 15 August 2022. Ireland The Institute, under the auspices of CCAB-I, response to the Pillar Two Minimum Tax Rate Implementation consultation recommends ongoing stakeholder engagement throughout the process of implementation.   Revenue has published guidance on the Residential Zoned Land Tax. UK Read about the key announcements on last week’s legislation day including the news that the date of registration for self-assessment is not being changed, as recommended by the NI Tax Committee.   The deadline for paying the second self-assessment payment on account for 2021/22 is Sunday 31 July. International    5. The OECD has published a report on housing taxation. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.    

The FRC has published an update of its thematic review of judgements and estimates. The first thematic review in this area was published in 2017 and this updated publication was produced due to the frequency with which issues in relation to the topic continue to be identified. This publication also includes guidance on topical matters such as climate change. The disclosure of judgements and estimation sources form a key part of the financial reporting process and continues to be an area of focus and challenge for preparers. The report highlights that good disclosure of judgements and estimates should be tailored to a company's specific circumstances and should explain, in sufficient detail, the judgements and assumptions made. Sources of estimation uncertainty should be quantified and other relevant information such as sensitivities or ranges of potential outcomes should be provided where these help readers understand management’s judgements about the future. In order to assist preparers, the review identifies many good examples of detailed disclosures relating to judgements and estimates. It also identifies some areas where there is room for improvement.

THE LEGISLATIVE PROHIBITION The Russia (Sanctions) (Eu Exit) (Amendment) (No. 14) Regulations 2022 (“No.14/2022 Regulations”) came into force on 21 July. An explanatory memorandum was issued with the No.14/2022 Regulations which the reader can access here . The No.14/2022 Regulations amend the Russia (Sanctions) (EU Exit) Regulations 2019 (“2019 Regulations”) and provide for a ban on certain professional and business services. Under newly enacted section 54C a person must not directly or indirectly provide “accounting services” to a person connected with Russia. “accounting services” is defined in new section 54B and means accounting review services, which are services involving the review by a person of annual and interim financial statements and other accounting information, but excluding auditing services; compilation of financial statements services, which are services involving the compilation by a person of financial statements from information provided by a client, including preparation services of business tax returns when provided together with the preparation of financial statements for a single fee, but excluding such preparation services of business tax returns when provided as a separate service; other accounting services such as attestations, valuations, preparation services of pro forma statements; bookkeeping services, which are services consisting of classifying and recording business transactions in terms of money or some unit of measurement in the books of account, but excluding bookkeeping services related to tax returns; Readers can see that the definition scopes out certain services, auditing services is excluded from the prohibition under “accounting review services”, preparation services of business tax returns when provided as a separate service is excluded and so are bookkeeping services related to tax returns. Regulation 21(2) of the 2019 Regulations sets out what a person connected with Russia means. A person is to be regarded as “connected with” Russia if the person is— (a) an individual who is, or an association or combination of individuals who are, ordinarily resident in Russia, (b) an individual who is, or an association or combination of individuals who are, located in Russia, (c) a person, other than an individual, which is incorporated or constituted under the law of Russia, or (d) a person, other than an individual, which is domiciled in Russia. DEFENCES, EXCEPTIONS AND LICENCES New section 54C provides that it is a defence for a person to show that they did not know and had no reasonable cause to suspect that the person to whom the services were provided was connected with Russia. New section 60DA provides certain exceptions to the ban. The prohibition is not contravened if the act is done: - to satisfy UK statutory or regulatory obligations (not arising under contract). - in respect of contractual obligations concluded before 20 July 2022 provided the act is done before the end of the period of one month beginning with the day on which the No 14/2022 Regulations came into force (21 July 2022) and that the person doing the act has notified the Secretary of State in the UK no later than the day 10 working days before the day on which the act is carried out. -out of necessity for the official purposes of a diplomatic mission or consular post in Russia or of an international organisation enjoying immunities in accordance with international law. Licensing provisions are contained in Part 7 of the 2019 Regulations. Please see Chartered Accountants Ireland  sanctions webpages for further information and links including paragraph  3.2 of updated government guidance  UK Government webpage on “Russia Sanctions: Guidance”. Please see here for a useful article on the sanctions by Stephenson Harwood LLP UK sanctions: professional and business services to Russian clients (shlegal.com) .The article includes  a comparison with the EU ban on provision of accounting services introduced in early June 2022 and about which see further Chartered Accountants Ireland recent news item . 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. Chartered Accountants Ireland can accept no responsibility for the content on any site that is linked to/from the Institute website. Links are provided in good faith for the potential support of members and students.  

The Consultative Committee of Accountancy Bodies (CCAB) is an umbrella group of chartered professional bodies in the UK of which Chartered Accountants Ireland is a member. CCAB has recently published a number of helpful client due diligence case studies. Case study 1 -High Risk jurisdiction Case Study 2 – Varying CDD based on level of risk Case Study 3 – Change in client circumstances Case Study 4 – An offer that’s too good to refuse You can click here to access them. The case studies provide different scenarios and consider certain questions in each such as what were the red flags to pick up? What are the risks and the potential threats the firm faces or may face? What action(s) should be or should have been taken?

The Irish Charities Regulator recently published its Annual Report for 2021 .You can click here to read the press release on publication of the report . While she was pleased to see the level of positive engagement by registered charities with the Charities Governance Code in the first year they reported on their level of compliance with the Code, the Regulator expressed concern about the decline in the number of charities filing their annual reports within the required timeframe.  The Minister with responsibility for charities referred to the Regulator’s commitment to strengthening public confidence in Irish registered charities and also cited the progression of the Charities (Amendment) Bill 2022 as of critical importance in assisting both the Regulator and charity trustees. You can click the following link to get a copy of the General Scheme of the Charities (Amendment) Bill 2022.The General Scheme has been the subject of recent debate in the Houses of the Oireachtas :on 6 July 2022 by the Joint Committee on Social Protection, Community and Rural Development and the Islands .

Check out the latest items on the Agent Forum. Remember, in order to view each item, you must be signed up and logged in. All agents, who are a member of a professional body, are invited to join HMRC’s Agent Forum. This dedicated Agent Forum is hosted in a private area within the HMRC’s Online Taxpayer Forum. You can interact with other agents and HMRC experts to discuss topical issues and processes. HMRC’s latest update on the agent forum is also available in addition to the June 2022 Digital Services update which features the latest on Making Tax Digital and the Trust Registration Service.

Revenue’s guidance on "Plant in leased buildings - treatment of leasing income and capital allowances" is now available in Tax and Duty Manual Part 09-02-03. Tax and Duty Manual Part 09-01-03 has been archived.

Revenue has updated several chapters of the Pensions Manual to reflect amendments in Finance Act 2021. The updated chapters include benefits on death-in-service, transfer payments and personal retirement savings accounts.

The European Commission recently launched a public consultation, in form of a questionnaire, on a revision of the Union Customs Code. The aim of the initiative is to revise the Union Customs Code to strengthen the legal framework for customs and make it suitable to address the challenges that have emerged in the recent years.

Revenue has updated several computational examples throughout the Tax and Duty Manuals to reflect the position for the current year of assessment. Updated manuals include the Home Carer’s tax credit, Medical Insurance, and repayments under Section 460 Taxes Consolidation Act 1997.

In Revenue Statistics in Asia and the Pacific 2022,  a new report released by the OECD recently, the OECD provides harmonised data on tax revenues for 28 economies in the region. According to the report, tax revenues in Asia and the Pacific fell by -1.2 per cent of GDP to 19.1 per cent of GDP on average in 2020 as a result of the COVID-19 pandemic.