In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. DEFRA has also sent an email setting out details of locations which are no longer valid points of entry for plant health imports into Northern Ireland. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Designated export place (DEP) codes for Data Element 5/23 of the Customs Declaration Service, Report a problem using the Customs Declaration Service, CDS Declaration Completion Instructions for Imports, CDS Declaration Completion Instructions for Exports, Short shipments at temporary storage locations, Appendix 1: DE 1/10: Requested and Previous Procedure Codes, Appendix 1: DE 1/10: Requested and Previous Procedure Codes, Requested Procedure 10: Permanent Export or Dispatch, Requested Procedure 11: Inward Processing Prior Export Equivalence, Requested Procedure 21: Temporary Export under Outward Processing, Requested Procedure 22: Temporary Export or Dispatch under Outward Processing if not covered by Procedure 21, Requested Procedure 23: Temporary export for return of goods in the unaltered state (Returned Goods Relief), and Requested Procedure 31: Re-export or Dispatch of non-Union goods following a Special Procedure.  

Welcome to the latest edition of Technical Roundup, our first edition after the summer break. This edition contains updates from 1 July to date. In developments since the last edition, Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 resulting in a change to the current audit exemption regime, and the Minister has also signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025 which transposes the ‘stop the clock’ EU Directive  and corrects other anomalies. Read more on these and other developments that may be of interest to members below. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has published its Feedback Statement on its response to the IASB’s Exposure Draft Provisions – Targeted Improvements. The Feedback Statement sets out the feedback received from stakeholders and explains how this input was used to inform their final comment letter. EFRAG has also updated its EU Endorsement Status Report, which includes some recently endorsed IASB and IFRS documents. The Financial Reporting Council (FRC) has proposed some narrow scope amendments to FRS 102 in its Exposure Draft FRED 87. This proposes changes to the prescribed formats for balance sheets where an entity applying FRS 102 uses the option to adapt the presentation format. FRED 87 remains open for public comment until 10 October 2025. The IFRS Foundation Conference 2025 took place on 23 and 24 June with the theme of ‘Knowledge in Practice’. In June, the International Accounting Standards Board launched its review of IFRS 16 Leases. The initial stage of this review involves a Request for Information, which is open for comment until 15 October 2025. EFRAG and the UK Endorsement Board have both published drafts of their comment letters. The IFRS Foundation has developed stand-alone modules for each section of the IFRS for SMEs with the second of the updated modules now available. Free CPD- learn about the upcoming changes to FRS 102 Please join us for some free CPD at our events in Belfast on 15th October and Dublin on 16th October, registrations can be made through these links. The focus of these sessions is the upcoming changes to FRS 102, which are effective from 1 January 2026. These changes will result in many FRS 102 preparers changing the way in which they measure and recognise leases and income, and these events will look at some examples of how accounting for these may change after 1 January 2026. Auditing and Assurance A new guidance Document TR 02/2025 Reporting under The Central Bank and Financial Services Authority of Ireland Act 2004 has been issued. This replaces two previously published documents: (1) Miscellaneous Technical Statement M46 which was issued in 2006 to provide guidance on the statutory duty on auditors to make an annual confirmation to the Financial Regulator as to whether there are matters to report in addition to, and including, any reports already submitted to them. (2) TA 05/2016 Update for auditors regarding prescribed enactments for the purposes of section 27B of the Central Bank Act 1997 which was a supplementary piece of guidance. All guidance can be found on the Institute’s Technical Hub. The FRC has published a Practice Note Exposure Draft – Guidance for audits of smaller and/or less complex entities to help auditors deliver more proportionate audits of small and medium-sized enterprises (SMEs). The consultation period is open until 17 October. The FRC has published a consultation on proposed amendments to the PIE auditor Registration Regulations in the UK. The consultation period is open until 2 October. IAASA has issued its Insights Podcast Episode #3: Understanding the Annual Audit Programme and Activity Report. The FRC has published its first guidance on the use of artificial intelligence (AI) in audit.  This new guidance outlines a rational approach to implementing a hypothetical AI-enabled tool designed to support innovation across the profession. On 18 July 2025, the FRC has published version 2.1 of Technical Actuarial Standard 300: Pensions (TAS 300). The FRC has issued a podcast ‘In Conversation: What’s the difference between statutory audit and assurance?’ hosted by Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs. Sustainability The European Securities and Markets Authority (ESMA) has issued a thematic note on sustainability-related claims used in non-regulatory communications. The International Sustainability Standards Board (ISSB) has published two exposure drafts proposing amendments to the SASB Standards and consequential amendments to the Industry-based Guidance on Implementing IFRS S2. In an interesting and thought provoking article published by the IFRS Foundation, Jenny Bofinger-Schuster, member of the International Sustainability Standards Board (ISSB) looks at some of the deeper insights on the topic of disclosure of information about anticipated financial effects  of sustainability-related risks and opportunities in a company’s financial statements. The European Commission has adopted a set of measures to simplify the application of EU Taxonomy which will reduce the administrative burden for EU companies while preserving core climate and environmental goals. ESMA and the European Environment Agency recently signed a Memorandum of Understanding to reinforce their collaboration in the area of sustainable finance. The International Auditing and Assurance Standards Board is hosting a three-part webinar series in October to assist sustainability assurance practitioners and professional organizations as they adopt, implement, or apply International Standard on Sustainability Assurance (ISSA) 5000, General Requirements for Sustainability Assurance Engagements (ISSA 5000). European Sustainability Reporting Standards On 31 July, the European Financial Reporting Advisory Group (EFRAG) launched a 60-day public consultation on the revised and simplified European Sustainability Reporting Standards (ESRS). This consultation is a major step and follows on from the European Commission’s Omnibus proposal which seeks to make reporting under the CSRD more manageable, while maintaining alignment with the European Green Deal. The public consultation remains open until 29 September and some of the notable goals achieved in the revised draft standard include; Mandatory datapoints (which need to be reported if material) have been reduced by 57% The full set of disclosures (both mandatory and voluntary) have been reduced by 68% The overall length of the standards has been shortened by over 55% VSME Over the Summer, the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME) was recommended for voluntary use by the European Commission. While the use of this standard is not mandatory, the Commission believes that its use may be beneficial for SMEs, particularly those who are in the value chain of companies who report- or will report - under the CSRD. UK Sustainability Reporting Standards Over the Summer the UK government launched three separate consultations which aim to develop the sustainability reporting framework in the UK. These consultations address the following; UK Sustainability Reporting Standards Assurance of sustainability reporting Climate-related transition plan requirements European Union (Corporate Sustainability Reporting) Regulations 2025 In July, the Minister for Enterprise, Tourism and Employment signed into law Statutory Instrument S.I. No. 309/2025 - European Union (Corporate Sustainability Reporting) Regulations 2025. The purpose of this Statutory Instrument (S.I.) is to transpose the ‘stop the clock’ EU Directive into Irish law and to amend the anomalies that were present in previous S.I.s relating to the transposition of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. For more information on this please refer to our news item. Reports issued in July/August 2025 IAASA has published its 2024 Annual Report.   The Corporate Enforcement Authority (CEA) has published its Annual Report for 2024. A new report has been published showing the progress made on the recommendations from the Independent Review of Charity Regulation in Northern Ireland. The Charities Regulator has published its 2024 annual report. The UK Companies House has issued its annual business plan which outlines their priority commitments for the year ahead. The Competition and Consumer Protection Commission’s (CCPC) Annual Report for 2024 was published in July 2025. Anti-Money Laundering & Sanctions Chartered Accountants Ireland has introduced an Annual Return for those firms supervised for AML purposes pursuant to the Anti-Money Laundering Supervision Regulations - TCSPs and Bookkeepers. Readers can find out more by clicking to read a news item on the new Annual Return from our colleagues in Professional Standards. AMLA, the EU’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism has published its Annual Work Programme (AWP) for 2025. The Europe Banking Authority (EBA) published its 2025 Opinion on money laundering and terrorist financing (ML/TF) risks affecting the EU’s financial sector in July 2025. Click link for the full EBA report. On July 30, 2025, HM Treasury in the UK issued a consultation response on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The response contains a summary of the UK Government’s feedback and next steps setting out the areas where it intends to make changes to the MLRs. Readers can access the consultation response on MLRs here. In Sept 2025 the UK Government issued a draft statutory instrument (SI) and policy note on the proposed amendments to the MLRs. It seeks review of the practical operability, clarity, and effectiveness of the SI and welcomes feedback on errors, ambiguities, or unintended consequences by 30 September 2025. In sanctions news, on 18 July 2025 the EU adopted its 18th package of sanctions against Russia. In August 2025 the EU Sanctions Helpdesk issued a guide on ownership and control. It details the rules about a Listed Person owning or controlling an entity, what ‘ownership’ of an entity and ‘control’ of an entity means and there is also some discussion of firewalls about which see more on our Technical Hub sanctions pages. Central Bank of Ireland (CBI) The Central Bank of Ireland updated and republished the Cross Industry Guidance on Operational Resilience in July 2025. The guidance is updated to align with the Digital Operational Resilience Regulation and Directive (DORA). Click link for the Guidance document. Credit Union Lending Regulation Changes The CBI announced planned targeted changes to credit union lending regulations on 14 August 2025. This will allow the sector increased scope to provide house and business lending to members following changes in lending limits. The announcement of these changes came about following an evidence-based review and public consultation process regarding proposed changes to the lending regulations for credit unions set out in Part 4 of the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016. In addition, the CBI consulted with the Minister for Finance and various stakeholders including the Credit Union Advisory Committee (CUAC) and credit union bodies regarding the draft amending regulations. The final changes to these lending regulations will come into effect on 30 September 2025. CBI AML/CFT Sector Specific Risk Evaluation Questionnaires The CBI is adapting its supervisory approach for AML/CFT risk in the context of Financial Action Task Force (FATF) standards, the new EU AML Framework, and future data requests from the EU Anti-Money Laundering Authority (AMLA). This is resulting in a phased implementation of sector specific AML/CFT Risk Evaluation Questionnaires (‘REQs’), which was recently announced by the CBI. Initial implementation will apply to credit, payment, and electronic money institutions. Revised REQ templates have been published for these sectors. The REQ reporting requirements apply to Regulated Financial Service Providers (RFSPs), which are subject to supervision by the CBI. This change is being highlighted for Institute members who work in RFSPs. News on the Charities sector Click for the press release on the Charities Regulators 2024 Report. The report includes details on statutory investigations and actions and the new tool to shine light on compliance status for charities. The Charities Regulator recently issued their third e-zine for 2025 It includes details of publication of their new Statement of Strategy 2024-2027. The Strategy outlines the Regulator’s Strategic Objectives and Indicators being the regulatory approach, the Register, Stakeholder Engagement and Organisational Capability. Other interesting items in the e -zine include how to carry out a board appraisal and dates are confirmed for Charity Trustees’ Week 2025 which is from Monday, 10 November to Friday 14 November 2025. A recently published article from the Charity Commission for Northern Ireland highlights some reflections from the Charity SORP-making body on the responses it received from the recent consultation on the proposed amendments to the Charity SORP. While the final version of the SORP is not yet available, the article sets out some of the feedback received from the almost 150 responses to the consultation. New or proposed legislation Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024.  This provision relates to a change to the current audit exemption regime, whereby small and micro sized companies will not, in future, automatically lose the privilege of audit exemption on a first occasion, in a five-year period, of late filing of an annual return with the Companies Registration Office.  Please see the press release here. The UK Government has passed the Protection and Disclosure of Personal Information (Amendment) Regulations 2025 which extends the types of personal information an individual can request that Companies House makes unavailable (including signature, date of birth, residential address) on the public register. The UK Parliament published a draft of the Companies (Directors’ Report) (Payment Reporting) Regulations 2025 (“Regulations”). It has also published a draft explanatory memorandum. The purpose of the draft Regulations is stated to be to make changes to reporting requirements to require large companies to report information about their payment practices and performance within directors’ reports. Click for an Institute news item with further information. Artificial Intelligence & Cyber The EU Agency for Cybersecurity (ENISA) published guidance on the skills and roles for the cybersecurity professionals needed to meet NIS2 legal requirements.  Click link for the Guidance document. The Joint Committee on Artificial Intelligence established by the Oireachtas held its first public meeting in June 2025. IBEC have recently launched their new AI Hub as part of their campaign to reinforce their role as a trusted partner to policymakers, influencers, regulators, and members on their AI journey. Other News   The Companies Registration Office has recommenced the involuntary strike-off process in mid-August 2025. Approximately 35,000 companies are facing involuntary strike-off due to a failure to file annual returns. The backlog is because the process was paused during Covid-19 and was again paused in 2024. It will take some time to work through the backlog, but companies with the most annual returns outstanding will be dealt with in the first instance. The Housing Agency is holding evening information meetings around the country for stakeholders, including residents, owners, and directors of Owner Management Companies (OMCs).  The meetings will take place in Carrick on Shannon, Galway, Dublin, Limerick and Cork. They will cover challenges faced by OMCs and managed estates, roles and responsibilities and resources available. The case of Downtul Limited (in liquidation) contains an extensive examination of the grounds for restricting a director under section 819 of Companies Act 2014. Click here to read the Institute’s recent news item on the Starbucks case. The respondents were found to have discharged the burden of showing they acted honestly but because they had not acted responsibly this was enough to trigger the operation of the restriction provisions. The directors were restricted for 5 years. The Institute made a representation to the Department of Public Expenditure, Infrastructure, Public Service and Digitalisation to raise concerns expressed by members regarding the Statement on Internal Control (SIC) – a key requirement under the Code of Practice for the Governance of State Bodies. IAASA has issued its Work Programme draft 2026-2028.  While the date for response to the consultation has passed readers may still find the draft programme of interest. Readers may find interesting the Irish Revenue Commissioners e brief on Taxation of Partnerships dated July 2025. In addition to providing guidance on the taxation of partnerships, it describes the background to partnerships, the 3 types of partnership available under Irish law, the main types of partners and gives some information on joint and several liability. The Pensions Authority Supervision of pensions 2025 – 2029 conference will be held on Wednesday 17 September 2025 in the Round Room at the Mansion House, Dublin 2. It issued the Pensions Authority statement of strategy 2025 to 2029 in July 2025. Readers can find out more details and about the objectives in the press release issued on 10 July 2025.     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 earning potential for Chartered Accountants working in Leinster has increased significantly, according to the Chartered Accountants Ireland Leinster Society Salary Survey 2025. The survey results show the average salary package of Chartered Accountants in the region now stands at €131,654. This figure is a 6.6% increase on the 2024 average (€123,466) and marks a salary increase of 20% since 2020 (€109,989).   The annual survey of nearly 1,000 Chartered Accountants, launched today by Chartered Accountants Ireland Leinster Society in partnership with Barden, Ireland’s leading accounting and tax talent advisory and recruitment firm, provides the most up-to-date guide to Chartered Accountant salaries and employment prospects in the Leinster region.    The research, conducted by Coyne, shows earning potential across the profession remains strong, with:   Average salary package of €131,654 for Chartered Accountants working across all sectors. This figure includes base salary, car or car allowance, and bonus.  Average salary package for a chartered accountant with 5 years post qualified experience now stands at €97,527, an increase of over 8% on 2024. Newly qualified respondents across all sectors saw their pay increase to €72,450 from €68,121 last year, an increase of 6%. The average salary package of newly qualified respondents working in industry now stands at €82,279 (up almost 16% on 2024 data).   Satisfaction with remuneration   Respondent satisfaction is high, with 65% satisfied or very satisfied with the salary they receive. The data highlights several positive trends, with 88% of respondents saying their total remuneration has increased in the past three years and 27% reporting more than a 25% increase. 77% expect their total remuneration to increase within the next 12 months.   Uptake of artificial intelligence (AI)  28% of Chartered Accountants use AI in some form to assist their day-to-day work, doubling from 14% in 2024. In this way, the potential of AI to streamline workflows and increase efficiency is already being felt across the profession.   Over half (57%) of respondents say AI represents a significant opportunity for the profession, and that it will allow the profession to move further up the value chain in terms of the work it does.  Two-thirds of respondents feel that artificial intelligence will impact positively on their career, with only 9% believing it will have a negative impact. Looking beyond AI to the wider impact of technological development, 69% feel that automation solutions will impact positively on their career, with 66% of respondents saying the same about online collaboration tools.   Sarah Murphy, Chairperson of Chartered Accountants Ireland Leinster Society, said:   “Salary increases across the sector are evidence of the value that employers place on the work of chartered accountants in businesses, practices and more. Looking to the future, the potential for progression is also strong, with 44% of respondents having received a promotion in the last three years.    “As the role of accountants continues to evolve, to see a year-on-year doubling of the numbers using AI in their day-to-day work points to a profession that is highly adaptable and open to the opportunities that technology presents. Chartered Accountants hold positions of significant trust in organisations, and their ethical standards, critical thinking and analytical capabilities will be in even greater demand as business leaders as AI becomes more established. These results are a strong endorsement of Chartered Accountancy as a sustainable and fulfilling career, full of opportunity.”  Attractiveness of the profession  Becoming a Chartered Accountant remains attractive for those seeking career progression pathways while maintaining work-life balance. In the last three years, 44% of respondents received a promotion and almost 80% cited the ability to work remotely as a key way in which their employer provides flexibility.   Findings show that employers facilitate healthy work-life balance for members through a range of non-monetary rewards. As well as the option for hybrid working, parental and carers’ leave (available to 48% of respondents) and an employee assistance programme (available to 48% of respondents) were offered across sectors. 64% of respondents were satisfied with the non-monetary aspects of their job (63% in 2024); 72% were satisfied with their work environment (76% in 2024); and 67% were happy with work-life balance (66% in 2024).   Elaine Brady, Managing Partner, Barden, said:  “Despite the continued backdrop of macro-economic uncertainty over the past 12 months, the inauguration of Donald Trump and the subsequent US trade policy changes, the demand for accounting talent from 2024 continued. This has resulted in very competitive offerings from employers across the board. There has never been a better time to enter the profession, with a widespread focus from employers on work-life balance and non-monetary rewards for employees.   “The findings of this years’ survey can act as a reference point for employers focused on talent acquisition and retention. With high standards across the sector in terms of salary packages and pension contributions, employers continue to look for new ways to recognise the value of their employees. This includes hybrid working, which 80% of respondents cited as a highly valued attribute of their role.”    Common elements across salary packages   The majority (89%) of members have a pension, with 95% of these members receiving pension contributions from their employer. After basic salary, this pension contribution is the most valued aspect of the Chartered Accountant salary package for 54% of respondents. The other most common elements in respondents’ salary packages are payment of professional subscriptions (79%); Cycle to Work scheme (57%); health insurance (53%); and sponsored professional development (46%).    

This month, two Institute CPD events are taking place, each of which will look at Making Tax Digital (MTD) for income tax from different angles. More details on each are available below. As we approach the six months to go mark to the first tranche of mandation from 6 April 2026 for sole traders and landlords with gross income in excess of £50,000, the Institute recommends that members with clients affected book onto both of these webinars. HMRC has recently launched a new agent outreach campaign which allows agents to complete an online form to register to receive support directly from HMRC ahead of April 2026. CPD webinars Tim Palmer’s two hour CPD webinar on Thursday 11 September is open for booking and will deal with the detail of the technical rules and practicalities of MTD. Planning opportunities will also be considered. The following week at 1pm on Tuesday 16 September, HMRC are delivering a 1 hour webinar which will mainly focus on key readiness tips for agents and taxpayers. Spaces are still available to book. The detailed agenda for Tim Palmer’s webinar is as follows: The requirements of MTD for income tax, Which self-employed individuals and landlords will be mandated to comply, The turnover test, Digital record-keeping, The submission of quarterly updates, including what must be submitted, The election to use calendar quarters instead of fiscal quarters, Traders with turnover below the VAT threshold, The submission of the final declaration, Planning opportunities, The software decision, Practical case studies, The transitional rule, Pre-populated income, The impact on the construction industry, and A general overview of MTD for income tax. The HMRC led webinar on 16 September will be delivered by Sam Wood BSc ACA. Sam works with agents within HMRC’s MTD programme and has a background in accounting and digital transformation. Sam is responsible for Cross Cutting Stakeholder Engagement, Policy and Strategy at HMRC and is a Chartered Accountant and a member of ICAEW with wide experience of MTD from its inception. HMRC agent outreach support campaign for agents launched According to the latest data from HMRC, approximately 864,000 taxpayers will be mandated to use MTD for income tax from April 2026. Almost 1,100,000 (£30,000 - £50,000 population) will be mandated from April 2027 and this will be followed by circa. 975,000 (£20,000 - £30,000) from April 2028. In recognition of the scale of this change for taxpayers and agents, HMRC has recently launched a new agent outreach campaign.  This campaign allows agents to register with HMRC for direct and tailored support by completing an online form. Agents who have an Agent Services Account (ASA) can access the form by signing in with the Government Gateway ID and password linked to their ASA. If the agent does not have an ASA, the form can be completed by signing in with their online services for agents account details (which will require contact details to be provided manually). When completing the form, the agent will be asked to:  allow HMRC to make contact them by email; indicate how many clients they must sign up to MTD for income tax and any that are willing to sign up voluntarily for testing, and    express an interest in having a one to one conversation with HMRC about readiness for and testing of MTD for income tax.   HMRC then aims to review the agent’s form and tailor its response, and the support provided, depending on the agent’s specific needs. Priority is being given to agents with a large number of clients who will be required to sign up. HMRC is aiming to offer a wide range of supports which will include information emails, virtual peer group sessions and, if appropriate, a direct support discussion with HMRC’s MTD team. This is a very valuable tool for agents with clients affected by this significant change hence we encourage you to consider availing of this key support ahead of time.

In the last edition of tax news before its summer break in August, we highlighted that on L-day in July, the Government published three technical consultations on draft legislation each of which close later this month. The Institute will be responding to these and is seeking your feedback by close of business on Friday 12 September. Email tax@charteredaccountants.ie to share your views. More details on each consultation are set out below. Raising standards project Under the banner of the ongoing raising standards in the tax advise market project, HMRC published two separate technical consultations with associated draft legislation. Both these consultations close on Monday 15 September. More details on each are set out below. Modernising and mandating tax adviser registration This consultation seeks views on the introduction of a legal requirement for tax advisers who interact with HMRC on behalf of clients to register with HMRC and meet minimum standards. This will begin from 1 April 2026, with a transitional period of at least three months (it is currently unclear exactly what this means). The legislation’s explanatory note provides a useful overview of the key elements of the registration requirement. Clause 5 of the draft legislation sets out the three eligibility conditions which will need to be satisfied in order for an agent or firm to qualify for registration. These are as follows: Condition A will require the tax adviser, and each of their senior managers, to meet specific criteria. These include having no outstanding tax returns or payments due to HMRC, and not being insolvent or subject to certain sanctions, disqualifications or convictions, Condition B stipulates that the adviser and each of their senior managers must adhere to any specific standards set out by HMRC, and Condition C requires that tax advisers are registered with a supervisory authority for anti-money laundering purposes. Clause 21(2) then defines senior manager for these purposes. As agents will also be grappling with the first batch of taxpayers mandated to use Making Tax Digital (MTD) for income tax from 6 April 2026, clearly this will be a very challenging deadline to meet. It also remains unclear whether or not agents which already hold an agent services account with HMRC will need to register under this measure. Enhancing HMRC’s powers and sanctions against tax adviser facilitated non-compliance This consultation seeks views on further measures to ‘support compliance and transparency in the tax advice market’. There are two associated legislative explanatory notes which are useful: M7087_Conduct_of_tax_agents_explanatory_notes.odt, and https://assets.publishing.service.gov.uk/media/687e1cb54d7769a746325fc6/M7087_Publication_of_information_about_tax_agents_explanatory_notes.odt. The measures include: changes allowing HMRC to request information from tax advisers where there is reasonable suspicion of deliberate conduct (amended from dishonest conduct), penalties for tax advisers who engage in deliberate conduct (again, amended from dishonest conduct), calculated based on the tax loss, and a new power allowing HMRC to publish details of advisers where they have been sanctioned (at present this element appears to have very few safeguards). MTD and penalty reform This draft legislation aims to refine and simplify the existing MTD framework and legislates for many of the changes announced in March at the Spring Statement. This includes the following: A deferral from MTD until at least 2029 for some groups, including Ministers of Religion, Lloyds Underwriters, and recipients of the blind person’s allowance, Exemptions from MTD for others, including individuals with power of attorney, and non-UK resident entertainers with no other qualifying income, Technical and policy amendments, including the authority for HMRC to cancel or reset late submission penalty points and cancel associated financial penalties, A requirement for MTD users to submit their end of year tax return using MTD-compatible software, and The mandation of the £20,000 gross income threshold from 6 April 2028. The aim of this consultation is to seek views on whether the draft legislation works as intended.

Earlier this year we highlighted a request from HMRC for agents to participate in phase two of testing the VAT Import One Stop Shop (IOSS) system in Northern Ireland, the system which allows business to report and pay VAT on imports of low value goods to consumers. HMRC continues to work on the phase of delivery of this which will allow agents to register and act on behalf of businesses. HMRC is still seeking agent volunteers to participate in testing during phase two. Read more about how you can get involved in this unique opportunity and email tax@charteredaccountants.ie if you would like to participate or require more information. 

In this week’s detailed miscellaneous updates, all of which you can read more about below, HMRC has recently reduced its interest rates for late and overpayments of taxes and duties, and a detailed update has been sent on winter fuel payments which confirms that the deadline for opting out of receiving this is in two weeks’ time on 15 September 2025. In the latest HMRC Agent Update, you can read about a wide range of areas, and, in July, HMRC began trialling the withdrawal of certain corporation tax reminder letters. In other news this week: The most recent HMRC Stakeholder Digests of 31 July 2025 and 26 August 2025 are available. Noteworthy in the July edition is the publication of HMRC’s 2024/25 annual accounts, and HMRC are holding the following webinars for employers in the next few weeks: payroll for directors: 2 September 2025, and changes to overseas workday relief: 16 September 2025. New HMRC interest rates HMRC’s interest rates on underpaid and overpaid taxes and duties were recently reduced after the Bank of England base rate was cut by 0.25 percent to 4 percent last month. HMRC has now updated its associated guidance which confirms that the new rates are 8 percent for late payment interest and 3 percent for repayment interest. The new rates took effect from the following dates: 18 August 2025 for corporation tax quarterly instalment payments, and 27 August 2025 for other payments of tax and duties. Winter fuel update The new winter fuel payment policy will apply from winter 2025/26. The Social Fund Winter Fuel Payment Regulations 2025 were laid before Parliament last month and come into force on 15 September 2025, the first day of the winter fuel payment qualifying week in 2025/26. These regulations revoke the 2024 regulations and restore winter fuel payments to all pensioner households in England and Wales from winter 2025/26. The rules in Northern Ireland are set out here and work in a similar manner. As previously announced, payments made to pensioners who are not in receipt of pension credit or another relevant means-tested benefit, and who have an annual income over £35,000, will be recovered by HMRC via the tax system. The provisions to achieve this are separate and will form part of the Finance Bill to be introduced after the next Budget, the date for which we expect to be announced in the next two weeks before the current parliamentary sitting goes into recess for conference season. Together, the regulations and the provisions in the Finance Bill will form the legislative basis for means testing the winter fuel payment. For pensioners in Pay As You Earn, HMRC will automatically collect the payment through a change to their tax code, unless they already file a Self-Assessment (SA) tax return. Changing the tax code will mean their winter fuel payment will be deducted from their income and paid to HMRC in monthly instalments across 2026/27, starting in April 2026. If they file a SA return online, HMRC will instead automatically include the payment on their SA return as part of their income, starting in 2025/26. If they file a paper SA, the individual will need to include the payment on their return themselves. There is no impact on 2024/25 returns. Pensioners who do not wish to receive a winter fuel payment can opt out of receiving an automatic payment. By opting out, those with an annual income over £35,000 will avoid having their payment recovered in full via the tax system at a later date. Opting out can be done by: completing an online form: https://submit.forms.service.gov.uk/form/7964/opt-out-of-winter-fuel-payment/29643, or calling the Winter Fuel Payment Centre helpline on 0800 731 0160. Those that wish to do so should opt out before 15 September 2025 to ensure that the opt-out can be processed in time before payments are made. Anyone who does not opt out before 15 September will automatically receive the payment. People who have opted out may choose to opt back in via the helpline. For the 2025/26 winter period, the final date for opting back in is 31 March 2026. The Government is aware of a winter fuel payment text scam and asks anyone who has received this to report it to Action Fraud on 0300 123 2040. For more information on phishing and scams, go to www.gov.uk/report-suspicious-emails-websites-phishing. HMRC also has reporting routes for tax specific scams. HMRC will never contact anyone by text to claim winter fuel payments or to request personal information. If someone is unsure about a text claiming to be from HMRC, the advice is to forward this to 60599. Emails should be sent to phishing@hmrc.gov.uk. Tax scam phone calls should be reported on GOV.UK via www.gov.uk/find-hmrc-contacts/report-suspicious-hmrc-emails-texts-social-media-accounts-and-phone-calls. Latest Agent Update Agent Update: Issue 134 is available now. Get the latest guidance and information on: Finance Bill‌‌‌ 2025/26‌‌‌, Time to Pay for Simple Assessment debts, An update on using Import Control System 2 for goods movements by road or rail from Great Britain to Northern Ireland, Changes to overseas workday relief, and VAT registration: the effective date of registration. HMRC trial withdrawal of corporation tax letters In July 2025, HMRC began a new trial which means certain corporation tax (CT) return and payment reminder letters are no longer being sent to approximately 5 percent of companies with authorised agents. The affected reminder letters are the CT208 PR1 and CT208 PR2. The Institute has been discussing this with HMRC and has flagged the particular impact this is likely to have to have on busy season for CT, in particular for filing 31 December CT returns and 31 December and 31 March CT payment deadlines. We are also concerned with the impact that this will have on newly trading companies as often the correct first accounting period of trading is not reflected in HMRC’s records. Members are welcome to contact us to discuss the impact of this trial by emailing tax@charteredaccountants.ie. To be able to monitor the impact of this on CT debt, the trial will end in December 2025. However, HMRC has advised that if there is a substantial increase in CT debt during the trial period, it will be halted completely. Other statutory CT letters, including the Notice to file a Company Tax Return, will continue as normal. All new companies will also continue to receive information on CT filing and CT payment. HMRC are also trialling the removal of paper copies of other non-statutory CT letters. From June 2025, the following letters are no longer sent automatically: CT205/A return reminders for companies and agents, CT207 interest statement, CT209 payment receipt, CT603A agent list of issued notices to deliver Company Tax return, and CT608 instalment payment reminder. HMRC has advised that information on the ongoing trial was previously communicated in the following publications:  May Agent Update, June Employer Bulletin, and May Stakeholder Digest.

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. HMRC has also sent an updated list of ICS2 ‘stop-words’ that when used in isolation in the goods description will cause entry summary declarations to be rejected and the shipment being placed on hold or prevented from entering Northern Ireland or the EU. ICS2 ‘stop-words’ Import Control System 2 (ICS2) is an advance cargo information system designed to improve security in the international transportation of goods. All Economic Operators that bring goods to or transit through the EU must declare safety and security data via ICS2, through the entry summary declaration. A list of stop-words has previously been publicly available, however the EU has recently updated this list. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Analytical methods for determining the fat, starch and protein content (Tariff notice 16), Stuffed pastry (samosa)(Tariff notice 15), Maritime ports and wharves location codes for Data Element 5/23 of the Customs Declaration Service, Search the register of customs agents and express operators, Moving processed or repaired goods into free circulation or re-exporting them, Appendix 23 Exports: Declaration Category Data Sets, Notice to exporters 2025/18: compound settlement for breaches of export control, Appendix 24: Declaration Category Data Set, and Notices made under the Taxation (Cross-border Trade) Act 2018.  

From the Professional Accountancy team A new service, the EU Sanctions Helpdesk was established in  March 2025. The service is funded by the European Union and will support European SMEs in complying with sanctions. In August 2025 the helpdesk published a new guide on ownership and control in EU sanctions compliance .It details the rules about a Listed Person owning or controlling an entity, what ‘ownership’ of an entity and ‘control’ of an entity means and there is also some discussion of firewalls about which see more on our Technical hub sanctions pages .   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.  

On 18 July 2025 the EU adopted its 18th package of sanctions against Russia. The European Council writes that the package focusses on five building blocks: cutting Russia's energy revenues, hitting Russia's banking sector, further weakening its military‑industrial complex, strengthening anti‑circumvention measures, and holding Russia accountable for its crimes against Ukrainian children and cultural heritage. The 18th package includes energy measures, financial measures ,trade measures Anti‑circumvention measures ,targeting Russia's military capabilities and supply chains ,Russia's accountability, measures to protect member states from arbitration and new measures against Belarus. You can read more details on the 18th Package on the European Council webpage (see link above which has links to the various legal acts to bring the 18th package into force. 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.      

UK Parliament has published a draft of the Companies (Directors’ Report) (Payment Reporting) Regulations 2025 (“Regulations”). It has also published a draft explanatory memorandum. The purpose of the draft Regulations is stated to be to make changes to reporting requirements to require large companies to report information about their payment practices and performance within directors’ reports. For further information on company size thresholds please click to access the Institute webpage on UK company thresholds. The draft Regulations when enacted will require the directors' report to include items such as the payment period specified in a company’s standard payment terms in its qualifying contracts between it and its suppliers. Where there are variations to standard payment terms, details of the variations and notifications/consultations with suppliers before making the variation should also be reported. Details should also be included about payments made including percentages and total sums not made within the company’s payment period. See the draft Regulations for full details. “Qualifying contracts” are defined in the draft Regulations, and the definition relates to exclusion of contracts for financial services and other terms dealing with the choice of law of the contract. The draft Regulations are stated to come into force on 1 January 2026 and will have effect in respect of a company’s financial year beginning on or after 1st January 2026. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

Readers may find interesting the Irish Revenue Commissioners e brief on Taxation of Partnerships dated July 2025. In addition to providing guidance on the taxation of partnerships, the e brief describes the background to partnerships, the 3 types of partnership available under Irish law which are general, limited and investment limited partnerships. It also details the main types of partners, general partners, salaried partners, fixed share partners and limited partners and gives some information on joint and several liability.   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.

HM Treasury in the UK has issued a consultation response on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). The response contains a summary of the UK Government’s feedback and next steps setting out the areas where it intends to make changes to the MLRs. The areas where there will be change are listed in the response and reproduced below. • Enhanced due diligence on complex transactions • Enhanced due diligence on high-risk third countries • Due diligence on pooled client accounts • Due diligence triggers for certain non-financial firms • Onboarding of customers in bank insolvency scenarios • Information sharing between supervisors and other public bodies • Supervisor cooperation with Companies House • Currency thresholds currently in euros • Regulation of sale of ‘off-the-shelf’ companies by Trust and Company Service Providers • Registration and change in control for cryptoasset service providers • Registration requirements for the Trust Registration Service In addition, improvements in sectoral guidance in some areas will be sought and  HM Treasury and the Department for Science, Innovation and Technology will jointly produce guidance on using digital identities for MLRs identity verification checks. The response states the intention to publish a draft Statutory Instrument in the coming months for technical feedback, before laying in Parliament later this year time permitting. Readers can access the consultation response on MLRs here. 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.

In a Press Release launching their Transformation Roadmap, HMRC singled out for special mention a new online service for all PAYE taxpayers, which will make it simpler and easier to check and update their income, allowances, reliefs and expenses in future. This will be available via the Personal Tax Account or through the HMRC app. For a number of years, Chartered Accountants Ireland has been calling for a system like this, similar to the one already available for employees in Ireland via myAccount on ROS. The Exchequer Secretary to the Treasury laid a Written Ministerial Statement on the roadmap. The roadmap sets out a wide range of new services which will be developed, including new services for agents, something which the Institute has been consistently lobbying for, for several years. Ultimately, HMRC’s ambition is to develop a tax administration where 90 percent of taxpayer interactions will be digital by 2030. As set out at the Spending Review last month, HMRC also has the objective of reducing the number of letters it sends by 75 percent by the same date. The roadmap therefore sets out in detail how HMRC plans to achieve these ambitious targets. The Institute has previously met with HMRC to discuss these targets, and met again last week to discuss the Transformation Roadmap[LD1] , with particular focus on the level of agent services which will be developed. Once again it would appear that a gap will start to widen between these and taxpayer services, which will be vastly improved, if the plan is implemented as intended. At the meeting, the group acknowledged the roadmap for its ambition and noted that the sound drafting. One important aspect that needs to be clarified over time will be timelines for implementation of the targets. HMRC noted that they plan on update the roadmap annually as the measures develop. An executive summary of the roadmap is also available.

We highlighted in Tax News on 14 July that the HMRC webinar on Making Tax Digital (MTD) for income tax which will take place on Tuesday 16 September from 1-2pm is open for booking. This webinar will be led by Sam Wood BSc ACA. Sam works with agents within HMRC’s Making Tax Digital programme and has a background in accounting and digital transformation. He is responsible for Cross Cutting Stakeholder Engagement, Policy and Strategy at HMRC and is a Chartered Accountant and a member of ICAEW with wide experience of Making Tax Digital from its inception. The Institute is also running a more detailed two-hour webinar, delivered by Tim Palmer, on Thursday 11 September which is also open for booking.

As covered in Tax News on 14 July, the second, and final, 2024/25 self-assessment payment on account for income tax and Class 4 National Insurance Contributions (NICs) is due for payment on or before midnight on Thursday 31 July 2025. Each payment on account is half of the previous year’s tax bill. Anyone who is self-employed is required to make two payments on account for 2024/25 unless: Their 2023/24 Self-Assessment tax bill was less than £1,000, or More than 80 percent of all the tax owed in 2023/24 was deducted at source, for example via PAYE. If a taxpayer knows that their tax bill for 2024/25 is going to be lower than that in 2023/24, a claim can be made to HMRC to reduce payments on account. Each payment on account made should be 50 percent of the person’s total income tax and Class 4 NICs liability for 2023/24. If the final tax liability in 2024/25 is greater than the total payments on account made, a balancing payment will be due on or before 31 January 2026.

Last week the Government also announced three technical consultations on draft legislation. More details are set out below. Raising standards project Following the package of measures announced at the Autumn 2024 Budget, on L-day HMRC also published two separate technical consultations, together with draft legislation. Overall, the measures are designed “to deter harmful practices, hold advisers accountable, and promote a more transparent and trusted tax advice market” and have the objective of supporting the Government’s three main priorities: to close the tax gap, enhance services, and modernise the tax system.   Both these consultations will run for eight weeks and will close on Monday 15 September. More details of the key proposals are set out below. Modernising and mandating tax adviser registration This consultation seeks views on the introduction of mandatory registration for tax advisers engaging with HMRC on behalf of clients, to ensure they meet minimum standards. Registration will be required from April 2026 and is supported by a £36 million investment in modernising HMRC’s adviser registration services. Enhancing HMRC’s powers and sanctions against tax adviser facilitated non-compliance This consultation seeks views on further measures to ‘support compliance and transparency in the tax advice market’. Proposals include strengthening HMRC’s powers to: Access information from advisers suspected of facilitating non-compliance, Apply proportionate penalties where there is evidence of such behaviour, and Publish details of advisers subject to HMRC sanctions.   HMRC also published a summary of responses on this measure, in response to the recent consultation in this space. Views on the draft legislative clauses and the practical implications of the proposed measures are sought by email to raisingstandardsconsultation@hmrc.gov.uk. Making Tax Digital (MTD) and Penalty Reform – draft legislation for technical consultation Last week, the Government also published draft legislation for Making Tax Digital for income tax and penalty reform. This aims to refine and simplify the existing framework and legislates for the changes announced in March at the Spring Statement. This includes: A deferral from MTD until at least 2029 for some groups, such as Ministers of Religion, Lloyds Underwriters, and recipients of the blind person’s allowance, Exemptions from MTD for others, including individuals with power of attorney, and non-UK resident entertainers with no other qualifying income, Technical and policy amendments, including the authority for HMRC to cancel or reset late submission penalty points and cancel associated financial penalties, A requirement for MTD users to submit their end of year tax return using MTD-compatible software, and A new qualifying income threshold for MTD for Income Tax of £20,000 to apply from 2028/29. As also mentioned at the Spring Statement, individuals will not be required to use MTD until April 2027 if they have information that they would need to submit using the SA109 supplementary pages. HMRC will work with stakeholders to finalise this deferral, which will be included in legislation later this year. In line with the existing tax policy framework, the aim of this technical consultation is to seek views on whether the draft legislation works as intended. To provide comments, please email: makingtaxdigitalconsultations@hmrc.gov.uk by 16 September 2025.

It was a busy day last Monday when the Government’s now traditional L-day kicked off with the publication of HMRC’s Transformation Roadmap (more on this later), the publication of several new technical consultations in three areas (see separate story), in addition to draft clauses for the next Finance Bill, covering a range of previously announced policy changes, including the controversial changes to inheritance tax. The key areas of draft legislation covered in the Bill are as follows: Private Intermittent Securities and Capital Exchange System (PISCES) tax implications, Income Tax: changes to Employee Car Ownership Schemes, Multinational Top-up Tax and Domestic Top-up Tax further amendments, Umbrella Companies: tackling non-compliance in the umbrella company market, Reform of the tax treatment of carried interest, Tax implications for companies and employees in relation to employees trading their shares on PISCES, Offshore Anti-Avoidance legislation, Changes to charity compliance measures, Better use of new and improved third-party data, and Reforming Inheritance Tax — unused pension funds and death benefits.

As we predicted last Monday, following HM Treasury’s response to the Institute’s letter on this issue, on L-day the Government published draft finance bill clauses which confirm that the changes to Agricultural Property Relief and Business Property Relief will be proceeding as planned from April 2026. In the draft legislation as it currently stands, none of the recommended mitigations proposed by the Institute have been included. Read the Institute’s Press Release reacting to this in which we are seeking a special derogation from these changes for Northern Ireland, given the disproportionate impact of this in the region on the agricultural sector and family-owned businesses. The relevant Policy Papers on these reforms are also available here and here. The Institute is currently considering what further action is needed on this important issue and is also aiming to discuss this with local government. A full report on the other key announcements from L-day is covered later in this edition of Chartered Accountants Tax News. In the meantime, it is noteworthy that buried amongst the L-day publications is welcome confirmation that the Government has shelved Making Tax Digital for corporation tax.

On the 17 July 2025 the 2025 National Risk Assessment was published.  It is the fourth comprehensive assessment of money laundering and terrorist financing risk in the UK. It is the UK's stock-take of the collective knowledge of money laundering and terrorist financing risks and builds on the understanding of the risks identified in the 2015, 2017 and 2020 NRAs. Member firms are advised to review the assessment carefully and to update their AML risk assessments and policies and procedures accordingly.