Budget 2026 was announced by Minister for Finance, Paschal Donohoe on Tuesday to the general support of the business community and the juxtaposing ire of the opposition. The Institute’s view is that this Budget is one that balances prudence, thoughtful policy choices, and social support where it is most needed. The package announced is the highest projected public spending growth in the EU. So, it is not clear what more could be done while balancing the risk of intensifying inflationary pressures.  The Budget, of course, is as much a political balancing act as it is an Exchequer one. With that said, we are in the enviable position of running a projected Budget surplus of €10.2 billion this year and a revised projected surplus of €5.1 billion in 2026.  Total spending is projected at €117.8 billion, comprising €97.7 billion in current spending, €19.1 billion in capital investment, and a further €1 billion in unallocated resources. This is an increase of almost €11.4 billion when compared to the Budget Day estimate for 2025. The tax package for Budget 2026 is €1.3 billion, however the full year costs for the measures announced will be approximately €2.3 billion.  The notable omission from the tax package were increases to the income tax standard rate band and the universal tax credits. As I mentioned above, there is always a political dimension to policy making, and so we can reasonably expect a return to income tax changes as we move on into the election cycle. With that political nod made, putting more money by way of tax increases into people’s pockets against the backdrop of inflationary risk can be stood over from a policy perspective. It is not popular, but it is arguably prudent.  Instead, the Government has prioritised enterprise-focused tax changes. They have reinstituted the VAT9 for the hospitality sector, effective from 1 July 2026. They have shown their commitment to the Special Assignee Relief Programme and the Foreign Earnings Deduction, extending these key reliefs for a further five years to 31 December 2030. They have listened to our profession’s call for a targeted, time-limited tax-based lever to stimulate the supply of apartments by instituting VAT9 for the sale of completed apartments, effective immediately. And in a very welcome surprise, they have increased the lifetime limit for disposals of qualifying assets under the Revised Entrepreneur Relief by €500,000 to €1.5 million, effective 1 January 2026.   Clearly, there is much in Budget 2026 that I have received positively from a tax policy perspective. While a lean Budget in some respects, it is a courageous statement from a Government that is willing to make choices to steer the economy towards ever greater prosperity. The Institute, under the auspices of the CCAB-I can reflect positively on our engagement throughout the year with the Government and its institutions in supporting the tax policy agenda, having the hard conversations, and stimulating the ongoing discourse needed to arrive at reasonable choices.  For more information on Budget 2026, you can read our Special Budget Day 2026 Tax Newsletter. Gearóid O'Sullivan ACA CPA

IAASA has published an updated edition of its Compendium of Illustrative Reports. The update reflects the auditing standards and legislation in effect at 30 June 2025. The Compendium includes example audit reports for: Financial statements of a private company Financial statements of a private group Financial statements of a micro company Revised financial statements Abridged financial statements Financial statements of a qualifying partnership Financial statements of an industrial or provident society Financial statements of a friendly society Key changes in this edition include: An updated and simplified link to the description of the auditor’s responsibilities on IAASA’s website. Updated language in the auditor’s opinion section to refer to ‘material accounting policy information’, where relevant. This reflects changes to certain accounting standards and updates in the International Auditing and Assurance Standards Boards’ handbook. Inclusion of sample wording to reflect the requirements of S.I. No. 322/2023 – European Union (Disclosure of Income Tax Information by Certain Undertakings and Branches) Regulations 2023. For reports prepared under the Companies Act 2014, the auditor must include a statement whether the entity was required to publish a report on income tax information for the previous financial year. Updated legal references, amended terminology, and new footnotes within the example reports for industrial and provident societies and friendly societies, providing additional guidance for auditors on the content and format of their report. Auditors are encouraged to review the updated examples to ensure that their audit reports align with current requirements. The updated Compendium is available to download from the Auditing Standards Page of IAASA’s website

We set out below the remaining measures on excise measure, in addition to changes to the Vehicles Registration Tax and Carbon Tax. Carbon tax rate increase for propellant and other fuels In line with the trajectory set out in the Finance Act 2020, the carbon tax rate per tonne of CO₂ emitted for propellant fuels will increase from €63.50 to €71, effective 8 October 2025. This revised rate will be extended to all other fuels from 1 May 2026, continuing the Government’s commitment to climate action and emissions reduction through fiscal measures. The increase forms part of Ireland’s broader environmental taxation strategy aimed at incentivising lower-carbon energy use across sectors. Extension of Vehicle Registration Tax relief for electric vehicles The Vehicle Registration Tax (VRT) relief for electric vehicles, originally scheduled to expire on 31 December 2025, has been extended by one year and will now remain in place until 31 December 2026. This extension encourages continued uptake of electric vehicles in line with Ireland’s climate and transport decarbonisation goals. Excise Duty increase on Tobacco Products Budget 2026 provides for an increase in excise duty on tobacco products. The duty on a pack of 20 cigarettes will rise by €0.50 (inclusive of VAT). Pro rata increases will also apply across other tobacco products, in line with the Government’s public health objectives and ongoing commitment to reducing tobacco consumption.

This year, as in previous years, a number of key reliefs for the agricultural sector have been extended. We outline these below in further detail. Accelerated Capital Allowances scheme for slurry storage The Accelerated Capital Allowances Scheme for the construction of slurry storage facilities by farmers has been extended for a further four years, now applying until 31 December 2029. Under this measure, qualifying capital expenditure on slurry storage buildings and associated equipment may be written off at a rate of 50 percent per annum over two years, compared to the standard write-off periods of seven years for farm buildings and eight years for plant and machinery. This accelerated relief continues to support investment in environmentally sustainable agricultural infrastructure by improving cash flow and reducing the effective tax burden on capital investment. Farm Restructuring Relief extended and expanded Finance Bill 2025 will provide for the extension of Farm Restructuring Relief to 31 December 2029, continuing support for farmers undertaking land consolidation and restructuring. In addition to the extension, the scope of the relief is being broadened to include: Commercial forestry land, and Non-commercial woodland/forestry, reflecting a more inclusive approach to land use within the agricultural sector. These changes will be subject to separate commencement orders, pending the necessary notification and approval from the EU Commission under State Aid rules. Further operational details will be confirmed in due course. Farm Consolidation Relief extended and scope expanded You can read a full update on the announcements under our Stamp Duty section here. Young Trained Farmer Stamp Duty Relief extended You can read a full update on the announcements under our Stamp Duty section here. Farmer’s Flat Rate VAT compensation revised for 2026 The Farmer’s Flat Rate Payment, which compensates unregistered farmers for VAT incurred on purchases, has been revised for 2026. The new rate will be 4.5 percent, down from 5.1 percent in 2025. This adjustment reflects the average VAT costs incurred by farmers, calculated using macroeconomic data compiled by the Central Statistics Office (CSO) and Revenue over the preceding three years. The Flat Rate scheme continues to provide simplified VAT relief for farmers who choose not to register for VAT, helping to offset input costs without the administrative burden of full VAT compliance.

The need for a whole-of-government approach to tackle the ongoing housing crisis is well accepted by now. The Institute has called for tax-based levers to address the ongoing market failure in delivering affordable housing at scale and at speed. Today’s Budget includes some important changes to key reliefs as well as new measures which, if properly implemented and legislated, should have a positive impact on the construction of buildings and utilisation of land in Ireland. VAT on New Apartments You can read a full update on the announcements under our VAT section here. Residential Development Stamp Duty Refund Scheme You can read a full update on the announcements under our Stamp Duty section here. Deduction for retrofitting by landlords The tax relief available to landlords for qualifying retrofitting expenditure on rented residential properties has been extended by a further three years, now applying until 31 December 2028. In addition to the extension, two key enhancements have been introduced: Timing of relief: The deduction may now be claimed in respect of the year in which the expenditure is incurred, rather than being deferred. Scope of relief: The maximum number of properties for which a landlord may claim the relief has increased from two to three. These changes aim to further incentivise energy efficient improvements in the private rental sector. Corporation tax exemption for cost rental income The new corporation tax exemption for cost rental income will apply to rental profits derived from residential properties designated as Cost Rental to accelerate the delivery of affordable housing. The exemption will apply from 8 October 2025. Cost Rental is a tenure model established under Part 3 of the Affordable Housing Act 2021, aimed at supporting moderate-income households who fall outside the eligibility criteria for social housing. Strict eligibility criteria and operational rules apply to ensure transparency and alignment with the scheme’s objectives. Enhanced corporation tax deduction for apartment construction costs The enhanced corporation tax deduction allows developers to claim 125 percent of qualifying construction costs, subject to a cap of €50,000 in additional deductible costs per apartment unit. The measure is aimed at improving the financial viability of apartment development projects by bridging the gap between development costs and achievable market prices. Key features of the measure include: Deduction rate: Qualifying construction costs will attract a deduction of 125 percent, capped at an additional €50,000 per unit, equating to a maximum tax benefit of €6,250 per apartment. Ownership requirement: The developer must be the beneficial owner of the property at the time of completion. Project size: Relief is available for developments comprising 10 or more apartments. Eligible projects: Applies to both new-build and conversion projects, including changes of use (e.g. office or retail to residential). Timing: Relief is available for projects where a Commencement Notice is submitted between 8 October 2025 and 31 December 2030. Claim point: The deduction becomes claimable upon completion, evidenced by the signing of the Certificate of Compliance. Living City Initiative A number of enhancements to the Living City Initiative were announced today. The initiative supports the regeneration of older housing and commercial stock in designated Special Regeneration Areas. The key changes announced include: Extension of the initiative to 31 December 2030. Expansion of eligibility: The qualifying building age for owner-occupier and rented residential relief is increased from pre-1915 to pre-1975. New relief category: A tax deduction will now be available for the conversion of commercial properties into residential units, including ‘over the shop’ premises. Notably, no building age restriction will apply to this category. Increased relief cap for enterprises: Where works are carried out by businesses, the maximum relief available will rise from €200,000 to €300,000, in line with EU State Aid thresholds. Greater flexibility in claiming the relief will be introduced, with further operational details to be outlined in Finance Bill 2025. In addition, the scheme will be extended to five regional centres identified under the National Planning Framework: Athlone, Drogheda, Dundalk, Letterkenny, and Sligo. The process of mapping Special Regeneration Areas in these locations will commence shortly, in collaboration with the relevant Local Authorities. Residential Zoned Land Tax (RZLT) Budget 2026 introduces further refinements to the RZLT framework, aimed at improving fairness and administrative clarity for landowners. Key updates include: Additional submission window: Landowners will be given a further opportunity to request a change in zoning for land included on the revised 2026 RZLT map. In certain cases, successful submissions may result in an exemption from RZLT for 2026. Exemption during planning appeals: A new exemption will apply where An Coimisiún Pleanála proceedings are initiated by a third party in relation to a grant of planning permission for a relevant site. RZLT will not apply while such proceedings are pending. Legislative amendments: Consequential changes arising from the Planning and Development Act 2024, along with technical amendments to ensure the RZLT legislation operates as intended, will be included in Finance Bill 2025. These measures aim to support landowners navigating zoning and planning complexities, while maintaining the policy objective of encouraging the activation of zoned residential land.

Chartered Accountants Ireland notes targeted actions to support business and the domestic economy, such as changes to Revised Entrepreneurs Relief, the extension of the Special Assignee Relief Programme, and an increased rate of R&D tax credit, noting the role these can play in enabling Ireland to remain competitive in attracting quality employment and investment. Cróna Clohisey, Director of Members & Advocacy, said: “Global economic uncertainty presented government with a trade off in Budget 2026, and it is clear today that VAT measures have trumped personal taxes in the need to protect employment.    “For the first time in five years, income tax credits and bands have not been adjusted for inflation—meaning many workers will face an unexpected tax hike in 2026. Wage growth will push more earners into the 40% tax bracket, while rising PRSI contributions further erode disposable income. This squeeze on take-home pay, despite no change in tax rates, will inevitably impact consumer spending.”  Missed opportunity to reduce the burden of compliance for business On Enhanced Reporting Requirements, Cróna Clohisey said: “It is really disappointing that no changes to Enhanced Reporting Requirements were announced today. The onerous real-time reporting of tax-free small benefits and expenses is a compliance burden on businesses and not addressing this today was a missed opportunity.” Balancing the cost of doing business Chartered Accountants Ireland advocates on behalf of almost 40,000 members, with Institute research showing that 77% of SME members reported increased business costs in the past six months, the largest being labour costs. While the VAT reduction for food, catering and hairdressing services will be helpful in managing costs for some businesses, it will not address the cost pressures facing SMEs across other sectors of the economy. Cróna Clohisey said: “While the reduction in VAT for certain hospitality services may offer some relief to businesses in that sector, it does not address mounting cost pressures across the wider economy. For example, businesses have already been impacted by the increase in Employers’ PRSI from 1 October 2025 with further increases expected each year up to 2028 – a direct increase in the cost of labour. A more sustainable approach to easing these cost burdens is needed.” Supports for business At a time when countries globally are sharpening their industrial tools amid greater competition for investment, today’s changes to the R&D tax credit demonstrate the government’s commitment to research and innovation. Gearóid O’Sullivan, Head of Tax, Chartered Accountants Ireland said: “R&D is an extremely valuable tool to boost economic resilience and drive growth and job creation in the economy, and today’s increase in the R&D tax credit rate to 35% is very welcome. We look forward to further detail in the coming weeks on the government’s research & development compass which we hope will lead to meaningful changes to the relief to address divergence with industry practices. “In terms of broader innovation and enterprise supports, we know that barriers to access and administration can disincentivise businesses from claiming, particularly for time and resource-constrained SMEs. Such barriers should be reduced in favour of efficiency wherever possible.” Addressing the infrastructure deficit Chartered Accountants Ireland has engaged extensively in recent years on methods to address significant deficits in the State’s crucial infrastructure, which represent a threat to ongoing economic growth and investment. Commenting on the tax measures for new build apartments, Cróna Clohisey said: “The VAT cut on new apartment sales coupled with the targeted corporate tax deduction for certain construction costs on the building of new apartments should help address supply challenges given it will be implemented in a time limited and targeted way. Viability of certain construction projects has been cast into sharp focus in recent months, with CSO data showing a drop of 24% in apartment completions from 2023 to 2024. Today’s measures will hopefully jumpstart construction on many sites that already have planning permission.”  

In this week’s cross-border developments and trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. This newsletter highlights that the delayed EU entry-exit system (the digital border system for registering non-EU nationals travelling to the Schengen area for short stays) comes into force later this week on 12 October. Also covered are the announcements on EU-UK youth mobility made by the Chancellor Rachel Reeves at last week’s Labour Party Conference. The minutes of the June meeting of the UK-EU Trade and Cooperation Agreement Domestic Advisory Group, which Chartered Accountants Ireland is represented on, have been published. And finally, you can also read more below about the implementation of ICS2 which, as covered last week, has been delayed to 31 December 2025. ICS2 further update HMRC has confirmed that traders who need more time to prepare for the move to ICS2 are able to continue to submit ENS (entry summary) declarations via Import Control System Northern Ireland (ICSNI) for movements until 31 December 2025. However, they are advised to continue to work with their supply chain to prepare for ICS2 and use this no later than this date. The message from HMRC is set out below:  “If you’re already using ICS2 you should continue to do so, or if you expect to be ready to migrate to ICS2 shortly you should continue preparations and migrate as planned.  As a reminder, you don’t need to make ENS declarations for parcels moving to and from consumers (i.e. private individuals) in Northern Ireland.  When physically moving goods from Great Britain to Northern Ireland   Trader Support Service (TSS) users can continue to submit ENS declarations using ICSNI or the new ICS2 dataset if ready to do so. For movements from 1 January 2026 the new ICS2 dataset will become mandatory for all TSS users.  As a TSS user, you don’t need to register to use ICS2, as they will do this for you.     However, if you don’t use TSS to submit ENS declarations, you’ll have to register by 31 December 2025 to use the EU Shared Trader Interface (also known as the EU Customs Trader Portal) to submit safety and security declarations into ICS2. Visit GOV.UK Register to use the Import Control System 2 for more information.  You don’t need to do anything if you are already using ICS2, when moving goods by road (including roll-on roll-off movements) from Great Britain to Northern Ireland.   When sending or receiving goods moving from Great Britain to Northern Ireland   If you are a business that sends or receives goods that move from Great Britain to Northern Ireland, you should:  speak with those who are physically moving your goods on your behalf, such as your haulier, freight forwarder or express operator to check whether they need to make any changes to their processes for ICS2  make sure that for movements arriving in Northern Ireland after 31 December 2025, your supply chain has the correct information, at the correct time, to keep your goods moving as smoothly and efficiently as possible   When sending or receiving goods moving from Great Britain to the EU  If you move goods from Great Britain into the EU, you may need to use ICS2 now depending on the country you are moving goods into. A list of all ICS2 territories and the date from which ICS2 becomes mandatory for road and rail movements is available at the bottom of this page: Guidance for the submission of an ENS for road and rail during the ICS2 and NCTS P6 derogation period.  If you are moving goods by transit you will need to meet safety and security requirements for the relevant system (ICS, ICS2 or NCTS6-TSADs) of the country you are moving goods into.  You must check with the customs authority of the ICS2 territory you are moving goods into for details on which systems to use and any specific ICS2 processes to follow (for example, use of the ELO system for movements into France).  Further information  You can find more information on:  Using ICS2 for movements into Northern Ireland - Make an entry summary declaration using the Import Control System 2 - GOV.UK  Using ICS2 for movements into the EU - Import Control System 2 (ICS2)  Using TSS - Sign up for the Trader Support Service - GOV.UK.”  Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Check if a business holds Authorised Economic Operator status, List of goods imported into Great Britain that are controlled, Authorisation type codes for Data Element 3/39 of the Customs Declaration Service, Country codes for the Customs Declaration Service, CDS Declaration Completion Instructions for Imports, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, Currency codes for Data Element 4/10 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS), Appendix 2: DE 1/11: Additional Procedure Codes of the Customs Declaration Service (CDS), and Valuing imported goods that are lost, damaged or defective.

In this week’s detailed miscellaneous updates which you can read more about below,  HMRC has launched a new HMRC manual finder tool, and new guidance and webinar dates for the 6 April 2026 changes to PAYE rules for labour supply chains with umbrella companies has been published. In other news this week: The House of Commons Library has published the research briefing Fuel Duty: Developments since 2022. This briefing refers to calculations performed by the Office of Budget Responsibility which indicate that freezing fuel duty rates cost the government approximately £100 billion between 2011 and 2024, A research briefing about the structure of Inheritance Tax (IHT) and the debates there have been about IHT in recent years has also been published,  The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and Check HMRC’s online services availability page for details of planned downtime and the online services affected. New HMRC manual finder tool This new tool enables searching across all manuals, filtering by manuals or manual pages, and sorting of results, with the aim of letting users also see the latest updates more easily. The tool is available at the following link: Find HMRC manuals page. HMRC’s welcomes feedback on the new tool. The feedback route to use is set out in the banner at the top of this new page. Feedback can also be emailed to hmrcmanualsteam@hmrc.gov.uk. HMRC has also published a new tool which can be used to check if a claim for corporation tax overpayment relief can be made. This also covers how taxpayer’s can make the claim. Guidance and webinar dates for labour supply chains featuring umbrella companies: PAYE responsibilities From 6 April 2026, recruitment agencies (or, in their absence, end clients) will be responsible for deducting PAYE on payments to workers supplied via umbrella companies. HMRC published draft legislation for this on L-day on 21 July 2025. To support businesses and at the request of stakeholders wanting as much information as possible on how the legislation will work, HMRC has now published the associated guidance ahead of the final legislation. Note that this guidance is in draft and may change if there are any changes to the legislation before it receives Royal Assent. The guidance aims to provide detailed information on the changes which have been designed to tackle non-compliance in the umbrella company market. Agencies and other parties in labour supply chains can also register for one of HMRC's in-depth webinars on 7 and 21 October or 17 November to understand more about the changes and ensure compliance readiness. HMRC’s Employment Status Manual has also been updated to reflect these changes. Further guidance is also available here: Help with labour supply chain assurance.  

HMRC has asked us to share that its Agent Maintainer Team has a new postal address. The team, which forms part of HMRC’s Agent Compliance Team, is responsible for setting up new self-assessment agent records and amending those records. The new address which agents should use for postal correspondence is: Agent Compliance Team, HM Revenue & Customs, BX9 2BG.

Today is exactly six months to the commencement of MTD for Income Tax for sole traders and landlords with income over £50,000. Last week HMRC published its digitally excluded exemptions guidance for Making Tax Digital (MTD) for Income Tax and information on the exemptions application process. HMRC has also published the second edition of their newsletter ‘Ready, Steady, File!’, which provides the latest news on the MTD for Income Tax testing journey. A range of ready to use assets which agents can utilise when communicating with their clients about Making Tax Digital for Income Tax is also available. The newly published exemptions guidance explains how to consider if a taxpayer could be exempt from MTD for Income Tax because they are digitally excluded, which would mean it is not reasonable for them to use compatible software to keep digital records or send them to HMRC. It also explains how a taxpayer, or an agent, family member, or friend acting on their behalf, can ask HMRC to decide if they are digitally excluded. From last week, HMRC is accepting applications for all taxpayers who would otherwise be legally required to use MTD for Income Tax from April 2026 or later.  There are two processes involved:    The first process applies if the taxpayer is already exempt from MTD for VAT. They must contact HMRC by phone or in writing so that HMRC can confirm if the exemption also applies to MTD for Income Tax. Taxpayers (or their representative) will be asked about their MTD for VAT exemption, and if there has been a change in circumstances since that decision. According to HMRC, this should usually result in a quick decision letter. The second process applies if the taxpayer does not have a MTD for VAT exemption. Again, they must contact HMRC by phone or in writing. HMRC will ask for details to support their case for a digital exclusion. This may require the submission of supporting evidence; if so, HMRC will make clear what is needed and when. The information provided will then be assessed, and a decision letter will subsequently be sent. The published guidance sets out that HMRC is aiming to respond within 28 days of receiving an application. However, HMRC recommends that taxpayers still prepare to use MTD for Income Tax whilst they waiting for HMRC’s decision, in case exemption is not granted.   In each case, if it is accepted that the taxpayer is digitally excluded, they will not need to use MTD for Income Tax and can continue with their current filing method, unless their circumstances change.       

Clare Murphy trained in EY in Waterford and spent some time in the earlier stages of her career in Sydney before moving back to Kilkenny and more recently has been based in Cork. Having progressed in her career over the years, she is excited to continue her career journey back in Sydney where she has two siblings and plans to return this autumn. Clare returns to Australia at a more advanced career level and has already started leveraging the strong network of members there. We caught up with Clare during her preparations. 1. Where did you grow up and where do you live now? I grew up in Wexford before moving to Bunmahon, Co. Waterford midway through my childhood. More recently, I have been living and working in Cork, though I will be returning to Sydney at the end of October. I studied Commerce International with German at University College Cork, which included an Erasmus year in Konstanz, Germany. After graduating, I began my training with Chartered Accountants Ireland, working with EY Waterford for three and a half years. Following that, I moved to Sydney where I gained nine months of international experience before returning home to live and work in Kilkenny for 18 months. This past year I’ve been based in Cork, continuing to develop both professionally and personally, while preparing for the next stage of my career back in Australia. 2. What made you choose to become a Chartered Accountant? And if you weren't a Chartered Accountant, what do you think you would like to have been? I always loved working with numbers and enjoyed maths and accountancy in school, so that was telling enough. I was also interested in engineering, architecture or lecturing (I love the academic world). Or perhaps I would have thrown my hat at anything sports-related! 3. Can you tell us a little about how you got to where you are today – both the geographical relocations and career path. I’ve always been quite active — growing up I played camogie competitively in and for Waterford, and more recently I’ve turned to running, which has fitted in well with living all over Ireland and in Sydney, a city that thrives on an active lifestyle. My professional journey started in financial audit with EY Waterford, before moving into financial consulting with EY Dublin. That mix of audit and commercial exposure gave me a really solid grounding in accountancy, and it was the perfect base for moving into more analytical and commercially focused roles. From there, I took on an FP&A role in Sydney, which sparked a career path I’ve loved. Since then, I’ve worked across FP&A, finance business partnering and finance manager roles. These roles have combined not only analysis, forecasting and commercial awareness, but also leadership, project delivery, and working with a wide range of stakeholders to influence decisions and drive improvements. It’s been a varied path, but the common thread has always been using financial insight to add value to the business. 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?  For me, the real value of the profession is the credibility and global recognition it brings. The CA qualification has enabled me to build a career that has taken me around Ireland and across the world — with Australia being a choice I was able to make because of the strength of the designation. It has given me the confidence to work across industries and countries while staying connected to a strong professional community. Beyond individual careers, the profession supports the economy by driving better business decisions, stronger governance, and growth. And on a societal level, it creates a community of people all over the world who share the same standards, values, and commitment to transparency. That sense of trust and connection is more important now than ever in supporting both businesses and society as a whole. 5. As a member that has lived away from Ireland, returned and is on the move again, can you talk to us about how your membership has been of value to you here and living overseas?  As I mentioned, I have a network and community I can link in with again. In addition, the Institute teams are always open to connecting members and assisting members across a variety of career paths. 6. What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland?  Away from home, I found that having connections was vital — in Sydney, even a small network made a big difference when starting from scratch. Networking there is fast-paced and often happens outside formal settings, so leaning on those relationships was key. Back in Ireland, it feels easier to build connections on your own. The community is smaller and very interconnected, which means relationships grow more naturally and often overlap between personal and professional circles. I’m really looking forward to going back to Sydney and building on my network — there’s a strong connection between Ireland and Australia, and I’ve already reaped the benefits of it, so it will be great to nurture that further.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the FRC has issued four new audit and financial reporting consultations, IAASA has issued its annual Observations Paper and EFRAG has released two complementary reports to support the application of the VSME standard. Read more on these and other developments that may be of interest to members below. Financial Reporting IAASA has published its annual Observations Paper  which highlights matters that management, audit committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year ends. The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting, which looks at that the quality of corporate reporting across FTSE 350 companies during the 2024/25 monitoring cycle. The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 88, which proposes no changes to FRS 101 ‘Reduced Disclosure Framework’, as a result of the FRC’s 2025/26 review cycle. FRED 88 is open for comment until 16 January 2026. The IFRS Foundation has published a package of new educational material to support the implementation of the third edition of the IFRS for SMEs Accounting Standard. The International Accounting Standards Board (IASB) has published its IFRIC September 2025 update. This includes details of the decisions reached by the committee in its recent public meetings. EFRAG has issued its draft endorsement advice letter and a separate invitation to comment on the proposed EU adoption of IFRS 19 Subsidiaries without Public Accountability. This remains open for comment until 28th November. The UK Endorsement Board’s (UKEB’s) consultation on its draft endorsement criteria assessment of IFRS 18 remains open for public comment until 7 October. UKEB have also updated their work plan.   Auditing and Assurance IAASA has published its annual Observationspaper highlighting matters that management, Audit Committees and auditors should consider when preparing, approving and auditing financial statements for 2025 year end dates. IAASA has issued an updated version of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors). It reflects conforming amendments arising from ISA (Ireland) 505 (Revised March 2024), External Confirmations, which is effective for audits of financial periods beginning on or after 15 December 2024. The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to two key auditing standards, dealing with the auditor’s responsibilities relating to fraud and going concern: ISA (UK) 240 (Revised) The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (UK) 570 (Revised) Going Concern The FRC is updating these standards to align with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January 2026. The FRC has launched a consultation on proposed revisions to three auditor reporting standards: ISA (UK) 700 – Forming and opinion and reporting on Financial Statements ISA (UK) 701 – Communicating Key Audit Matters in the Independent Auditor’s report ISA (UK) 720 – The Auditor's Responsibilities Relating to Other Information The FRC is updating these standards to simplify and declutter the auditor’s report, discourage boilerplate disclosures, and encourage the inclusion of more relevant information to support investor decision-making. Alongside these proposals, further amendments are being made to align these standards with recent revisions to equivalent international standards issued by the International Audit and Assurance Standards Board (IAASB). The consultation runs until Friday 16 January.   Sustainability EFRAG has released two complementary reports to support the application of the VSME standard. This includes: A report and infographic which provides practical supports to SMEs who wish to report their greenhouse gas emissions under the VSME. This includes a focus on some of the digital tools used by entities in preparing their sustainability reports. A report and infographic providing an overview of over 200 platforms and initiatives for SMEs. This compares the characteristics of those platforms. Accountancy Europe has published a paper entitled “Sustainability Statements Based on ESRS: Compliance or Fair Presentation”. This paper discusses the challenging issues faced by ESRS preparers regarding whether their Sustainability Report should be prepared on a “compliance” or “fair presentation” framework. The piece discusses some differences between the two frameworks, as well as what both would mean for reporters. The International Sustainability Standards Board (ISSB) has published its September 2025 update and podcast. Anti-money laundering and Fraud The National Crime Agency in the UK has published issue 33 of its SARs in Action magazine. Read more about how informal value transfer systems such as Hawala can be misused to facilitate organised immigration crime The publication notes how settlement across multiple jurisdictions through value or cash outside of the banking systems presents challenges for law enforcement. This, in addition to being cost effective and efficient, makes informal value transfer systems  attractive to criminals. The publication also includes a baseline analysis from UK FIU on organised immigration crime in SARs to review the reporting for elements linked to Organised Immigration Crime (OIC ). The results note a rapid increase in reporting of OIC related SARs. Our colleagues in Professional Standards have this week issued their 3rd Regulatory Bulletin for 2025. It includes valuable updates and insights for practitioners across general practice, audit, sustainability assurance, anti-money laundering and other regulated areas. The Banking & Payments Federation Ireland (BPFI) published survey results via its fraud awareness initiative (FraudSMART) regarding money mule risks. New survey shows almost a third of 18-24-year-olds have been approached, or know someone who has been approached, to use their bank account to transfer money. The Accountancy AML Supervisors’ Group (AASG)  in the UK has recently issued AASG Guidance on Verifying Beneficial Owners .The Guidance outlines the steps that auditors, insolvency practitioners, external accountants and tax advisers should take when verifying beneficial owners to ensure consistency in approach across the entire sector. AASG has also issued its AASG risk outlook: Money laundering, terrorist financing and proliferation financing risk in the accountancy sector. The Outlook was updated to reflect the UK's National Risk Assessment 2025. The Risk Outlook sets out the key AML risks and red-flag indicators relevant to the accountancy sector. The UK's National Risk Assessment was last updated in July 2025. It is recommended that firms consider the two documents and update their internal AML policies and procedures accordingly. Central Bank of Ireland (CBI) The CBI published its quarterly Insurance newsletter outlining supervisory insights, insurance and Central Bank updates. Also, read here CBI Director Seána Cunningham’s recent remarks at European Insurance Forum 2025 on how the CBI’s approach to the regulation and supervision of the insurance sector is evolving. Read here CBI Deputy Governor Colm Kincaid’s remarks “Towards Our Future Financial Wellbeing”. The remarks were made a round table at Financial Services Ireland .He outlined how CBI is improving its approach to protecting consumers and investors through its new integrated supervisory model, and via the revised Consumer Protection Code 2026.He also spoke about the importance of financial wellbeing for individuals, families and businesses, and urged the financial services industry to become more active in the social conversation about how the emerging concept of “financial wellbeing” can shape the future of financial services and Ireland’s economic progress more generally. CBI Governor Gabriel Makhlouf recently spoke at British Irish Chamber of Commerce Annual Conference where he discussed the economic outlook in a period of global change and CBI regulatory approach in the changing environment. Finally ,in CBI news Deputy Governor Mary-Elizabeth McMunn spoke yesterday to  the Compliance Institute Annual Conference. Click to read her remarks on regulation and supervision in an uncertain world. Cybersecurity The UK National Cyber Security Centre (NCSC) issued a statement regarding the cyber incident impacting Collins Aerospace urging all organisations to make use of NCSC's free advice and guidance for SMEs and large organisations.   The National Cyber Security Centre (NCSC) in Ireland issued an alert regarding multiple vulnerabilities in Cisco products. The NCSC strongly recommends installing updates for vulnerable systems with the highest priority, after thorough testing. Affected organisations should review the latest release notes and install the relevant updates from Cisco.   The European Union Agency for Cybersecurity (ENISA) published its latest Threat Landscape report providing an overview of the most prominent cybersecurity threats and trends the EU faces in the current cyber threat ecosystem.   ENISA published an article regarding the risks of phishing as part of the European Cybersecurity Month (ECSM) awareness campaign in October. Phishing is one of the primary methods used for initial intrusion in cyberattacks. Other news Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smith recently met with the Chair and Members of the Company Law Review Group. She welcomed the publication of the Company Law Review Group Annual Report (May 2025) . The CLRG current two-year work programme 2024-2026 may be of interest to readers. It includes some topical items such as court appointed inspectors by third parties and review of examinership law and law on directors’ duties. The Pensions Authority has published a consultation on investment rules for personal retirement savings accounts (PRSAs). The closing date for submissions to the consultation is 17 November 2025. A consultation paper and submission form are available on the Open consultation papers area of the Pensions Authority website. In other pensions news, the Pensions Authority recently hosted its ‘Supervision of Pensions 2025–2029’ conference. The event focused on key developments in the Irish pensions landscape, including scheme consolidation, the Authority’s continued implementation of forward-looking, risk-based supervision, and the growing impact of EU regulatory obligations. The importance of high-quality data in supporting these supervisory efforts was also a central theme. Presentation slides and related materials are now available on the Events page of the Authority’s website. Accountancy Europe has published its September 2025 Newsletter. The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) advise financial institutions to stay alert to stability risks in uncertain and volatile times. The Report highlights various risks and for financial institutions to manage and monitor such risks including geopolitical, uncertainty regarding global trade policies, and cyber risks.    The European Banking Authority (EBA) published its Work Programme outlining the key priorities and initiatives for 2026. The EBA also published a report on the efficiency of the regulatory and supervisory framework detailing 21 actions to enhance its efficiency in the context of the overall EU effort towards simplification and efficiency. The European Commission Newsletter October 2025 includes details of two major initiatives to advance the savings and investments union and deliver tangible benefits for all citizens across the EU. The initiates relate to financial literacy and Savings and investment accounts. Boosting financial literacy and investment opportunities - Finance The Digital Regulators Group (DRG) launched the 'Short Guide to Digital Regulation', aimed at clarifying common queries in the digital regulation space in Ireland.   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.

The AASG have set out guidance on the steps that auditors, insolvency practitioners, external accountants and tax advisers should take when verifying beneficial owners to ensure consistency in approach across the entire sector.

The AASG Risk Outlook has been updated to reflect the UK's National Risk Assessment 2025. The Risk Outlook sets out the key AML risks and red-flag indicators relevant to the accountancy sector. The UK's National Risk Assessment was last updated in July 2025. It is recommended that firms consider the two documents and update their internal AML policies and procedures accordingly.

Chartered Accountants Ireland has responded to the FRC Future of Audit Supervision discussion paper, published in August 2025.  Chartered Accountants Ireland is broadly in favour of the FRC’s proposed approach, which it understands the FRC intends to apply in conjunction with the Recognised Supervisory Bodies (‘RSBs’), across the UK audit market. The Institute has noted the need for a supervision approach compatible with the requirements of the two jurisdictions in which it has supervisory obligations.  A key element of the Institute’s response is that the proposed supervisory approach must be sufficiently flexible to ensure proportionality and scalability appropriate to the size and complexity of all firms within the supervised population.  

3 in 4 organisations are already relying on Chartered Accountants to ensure data integrity against a backdrop of economic uncertainty, digital disruption, and eroding institutional confidence. This is according to new research which finds that Chartered Accountants rank among the world’s most trusted professions in an era of AI and misinformation.This research is the fifth iteration of the Trust Survey conducted by Edelman DXI for Chartered Accountants Worldwide (CAW), and it finds that the profession ranks third globally for trust, just behind doctors and engineers.Data accuracy and misinformation emerge as a key challenge in the current business environment and a growing concern for financial decision makers, with 3 in 4 respondents agreeing that these are key concerns for their business.  Trusted partners in times of transformation Today, finance and business leaders are increasingly turning to Chartered Accountants to help them navigate digital transformation challenges – including AI integration and the threat of misinformation – and provide strategic leadership in adapting to a fast-changing landscape. Commenting, Rosemary Keogh, CEO of Chartered Accountants Ireland said  “Since the first wave of the Trust Survey in 2018, the research has shown a strong demand for our members to act as trusted business leaders in times of uncertainty, providing guidance through global crises such as COVID-19, Brexit, economic shocks, and the cost-of-living crisis. The last time this research was conducted, 67% of business leaders reported that they turned to Chartered Accountants for their services or advice to navigate economic uncertainty and the cost-of-living crisis. Fast forward to 2025, and while the challenge has evolved, the reliance on Chartered Accountants for strategic guidance remains.  “In 2025, data accuracy and misinformation are key challenges in the business environment. 76% of respondents identify these as key concerns for their business, with Ireland and Northern Ireland recording some of the sharpest increases in concern among all the markets surveyed. We will continue to work to support our members across the island of Ireland in meeting this demand.”  Growth of Artificial Intelligence (AI) When it comes to AI, the research shows that Chartered Accountants will be key to helping navigate the challenges brought on by its adoption. While AI can process data, 83% agree that the profession provides the critical analysis for business decisions, and 74% say the profession play a crucial role in driving business AI investment.   The rise of the data guardian and ethical steward The Edelman DXI study reveals that three in four businesses now rely on Chartered Accountants to ensure data integrity: a +6-point rise since 2023. Their role is seen as fundamental to both financial stewardship and safeguarding ethical decision-making in an age of algorithmic risk. “At a time of eroding trust in institutions, Chartered Accountants are bucking the trend,” said Ainslie van Onselen, Chair of Chartered Accountants Worldwide.  “In a world shaped by AI, disinformation, and rising demand for accountability, our profession is standing tall – not just for technical excellence, but as guardians of trusted data and ethical leadership. Across CAW’s global network, member institutes are leading the way in equipping Chartered Accountants and students to meet emerging challenges and opportunities head-on. This is more than a vote of confidence – it’s a mandate for leadership,” said Ms van Onselen. “Chartered Accountants are being called to lead not only in financial stewardship, but in helping businesses navigate ethical and digital frontiers.” About the research The Trust Survey, conducted by Edelman DXI in partnership with Chartered Accountants Worldwide (CAW), has been running since 2018. The 2025 wave explores public and business trust in the accountancy profession during a period marked by global disruption and transformation. This year’s focus includes themes such as trust, AI adoption, misinformation, purpose-driven leadership, and talent. The Trust Survey offers a longitudinal view of how the Chartered Accountant designation is perceived by business leaders globally, particularly in relation to shifting expectations around technology, transparency, and ethics. The research had a sample size of 1,725 finance decision-makers (Director level and above) within businesses across 10 markets.

The Institute recently responded to the Northern Ireland (NI) Affairs Committee call for evidence ‘Economic growth in Northern Ireland: new and emerging sectors’ which closed earlier this month. As part of the UK Government’s growth mission, the Committee is examining plans to deliver economic growth in NI. The Institute’s view is that now is the time to pursue the implementation of a lower rate of corporation tax (CT) as a means of accelerating economic growth in the region. Our full response to this call for evidence will be published in due course in the Tax Representations section of our website. The Institute’s response follows on from the launch in June of a refreshed campaign to pursue a lower rate of CT. A key part of this is the Institute’s position paper ‘Enhancing Our Competitiveness’, which sets out how Northern Ireland’s economy is at a crucial inflection point. In the increasingly competitive global race to attract foreign direct investment (FDI), NI cannot rely solely on the benefits of dual-market access to attract inward investment. The region needs to broaden its FDI proposition to be competitive; a lower rate of CT would be a vital tool in helping to achieve this.

The Institute’s short eight question survey on Making Tax Digital (MTD) for Income Tax remains open for completion and will close on Friday 3 October. With just over six months to go to commencement, we are inviting tax agents and businesses to share their views on this seismic change in UK tax administration. Take the survey now.  HMRC is also holding further in-person MTD for Income Tax events as part of its work to support agents and taxpayers with their preparations. The events will provide an opportunity to discuss technical MTD queries directly with HMRC. There will also be an opportunity  to meet software providers and find out about their products. Events are taking place as follows between now and the end of 2025: Leeds: 28 October, Edinburgh: 11 November, and Belfast: 19 November. Spaces are limited and will be allocated on a first come first served basis to agents who have not previously attended an in-person HMRC event earlier in 2025. Should you wish to attend one of the above events, email mailboxmakingtaxdigital@hmrc.gov.uk to enquire about availability.

Sunday 5 October 2025 is the deadline to notify HMRC of a new source of income or gain for 2024/25 where there is a requirement to register for and file self-assessment returns. Those required to register for self-assessment includes anyone who: is self-employed or a sole trader in a business which commenced in 2024/25, is not self-employed but who had a new source of income or a gain in 2024/25, or became a partner in a partnership or any new partnership which commenced in business in 2024/25.  Failure to register by the deadline can result in HMRC charging a failure to notify penalty.  

In this week’s detailed miscellaneous update which you can read more about below, HMRC has sent an update on the UK’s Pillar Two legislation. In other news this week: The use of AI by a taxpayer to support their appeal has been criticised in the Upper Tribunal case HMRC v Marc Gunnarsson [2025] UKUT 00247 (TCC), Meanwhile, in another Tribunal case, Elsbury v The Information Commissioner [2025] UKFTT 00915 (GRC), the First Tier Tribunal ruled that HMRC must disclose if and when AI was used in cases involving research and development tax reliefs, The House of Commons Library has published a research briefing exploring the National Insurance system, and the debate around integrating National Insurance Contributions with Income Tax, and a briefing which examines the way that Parliament scrutinises the Government's proposals for taxation as set out in the annual Budget statement has also been published, and HMRC has confirmed in an issue briefing that it has recommenced the use of direct recovery of tax debt from bank accounts. Pillar Two update Draft legislation was published in the summer for  amendments to the Multinational Top-up Tax and Domestic Top-up Tax for inclusion in Finance Bill 2025/26. According to HMRC, these amendments aim to ensure that the UK’s Pillar Two legislation is up to date with administrative guidance. The amendments also take into account previous stakeholder comments. A guidance manual was also published on the UK’s Pillar Two rules. More information on the manual is available on the introduction page. HMRC invites any feedback from stakeholders on the manual.