In the last week, the Institute has responded to three technical consultations on draft legislation launched on L-day in July. Two of the consultations focus specifically on the behaviour of tax agents and fall under HMRC’s ‘Raising standards in the tax advice market’ project: ‘Enhancing HMRC’s powers and sanctions against tax adviser facilitated non-compliance’ and ‘Modernising and Mandating Tax Adviser Registration’. In both submissions, the Institute is recommending that the proposals therein are delayed until at least 1 April 2027. The Institute also responded to the consultation ‘Making Tax Digital for Income Tax and penalty reform’. Enhancing HMRC’s powers and sanctions against tax adviser facilitated non-compliance This consultation contains draft legislation to enhance HMRC’s powers against agents who facilitate non-compliance and includes the following measures which are currently scheduled to commence from 1 April 2026: Issuing file access notices to advisers suspected of facilitating non-compliance (the behaviour involved is reduced from dishonest conduct to deliberate behaviour), Significantly increased penalties where there is evidence of such behaviour, and Publication of details of advisers subject to any HMRC agent sanction. The key recommendations in the Institute’s submission are that implementation should be paused to commence no earlier than 1 April 2027 given our concerns about the lack of effective safeguards in the draft legislation. A range of new safeguards have therefore been proposed, in addition to citing the need for HMRC to revisit the highly disproportionate penalties in the draft legislation (which are currently based on the potential lost revenue to the Exchequer of the agent’s client). Modernising and Mandating Tax Adviser Registration This consultation examines the proposal that from 1 April 2026, subject to a three month transition period, all tax advisers who interact with HMRC on behalf of their clients must register with HMRC and will not be registered unless they meet ‘minimum standards’. The requirement to register will not initially apply to those who already have an Agent Services Account. Anyone who is not registered will be unable to represent their clients. Registration applications will require the name and address of the tax adviser and each ‘senior manager’ (essentially those at the highest level in the business, though not just those working in tax), together with confirmation that the eligibility conditions are met. To be eligible, the tax adviser and each senior manager must meet certain conditions including, inter alia, that they have no outstanding tax returns or payments and that they meet certain standards expected of tax advisers (which will be set and published by HMRC). There are also powers for HMRC to monitor eligibility and compliance with the rules on an ongoing basis and hefty sanctions for agents who fail to comply. The Institute made the following recommendations in its submission: Given concerns that the proposals are a form of quasi-regulation of members of Professional Bodies who are already subject to heavy regulation, registration should be delayed to no earlier than 1 April 2027 to allow for more in depth consultation, The definition of ‘senior manager’ should only apply to those who provide tax services, and, Further detailed consultation is required on the proposed sanctions in the draft legislation, given the link to the potential for the agent’s details to be published under the consultation on ‘Enhancing HMRC’s powers and sanctions against tax adviser facilitated non-compliance’. Making Tax Digital (MTD) for Income Tax and penalty reform This consultation legislates for the changes announced in March at the Spring Statement. In our submission, the Institute’s key ask remains that the Government monitors readiness and progress and listens to and acts on feedback from stakeholders. Although our main objective is to drive the MTD readiness of our members ahead of time, the Institute will continue to listen to and share members concerns as April 2026 approaches, and where appropriate, seek mitigations from this policy change. The Institute is flagging early that there is a high likelihood there will need to be some form of ‘soft landing’ for taxpayers, given the significance of this once in a generation change. HMRC should consider this and announce any soft landing, in particular it’s format, application, and parameters, as early as possible. The Institute raised concerns across a range of other areas including the ability of HMRC to cancel/ reset penalties/penalty points, exemptions, the calendar quarters election, and the definition of digital records. We also took the opportunity to raise concerns about the extension of MTD to those with qualifying income less than £30,000 from April 2028.

In this week’s detailed miscellaneous updates which you can read more about below, HMRC has published the latest Agent Update and this week several webinars are taking place looking at internships and the National Minimum Wage. In other news this week: The House of Lords Finance Bill Sub-Committee has launched a call for evidence into the latest Finance Bill, which the Institute will be responding to, 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. Latest Agent Update Agent Update: Issue 135 is available now. Get the latest guidance and information on: Guidelines for Compliance: help ensure documents filed with HMRC are correct and complete, Final reminder: UK businesses in climate change agreements to report annual tax subsidy awards to HMRC by‌‌‌ 30‌‌‌ September‌‌‌ 2025, Update on winter fuel payments recovery through the tax system, Opportunity for agents to join HMRC forums, and 'Tax Help for hustles' campaign: new resources for agents and their clients. Internships and the National Minimum Wage new live webinars Are your clients accidentally underpaying their workers? Join a HMRC webinar to find out more. Many employers think 'interns' can work for free, but in the majority of cases they are workers for National Minimum Wage (NMW) purposes. That’s exactly why so many businesses unintentionally fall short, even when they think they’re doing everything right. HMRC’s NMW team are delivering brand-new live webinars this week looking at internships and the NMW. You’ll learn: How to determine whether an intern is a worker for NMW purposes, Scenarios and common pitfalls that could be affecting your payroll right now, and What to do if an underpayment occurs. Plus, get your burning questions answered live. HMRC’s expert panel will be on hand to answer questions. Whether you’re an employer wanting to stay compliant or an accountant advising clients, these sessions will give you the confidence and knowledge to navigate NMW requirements with more certainty. Secure your spot now, because getting it right the first time is always better than fixing it later. Book onto a webinar now: Tuesday‌‌‌ 23‌‌‌ September‌‌‌ 2025, and Thursday‌‌‌ 25‌‌‌ September‌‌‌ 2025.  

In this week’s cross-border 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. Lord Murphy of Torfaen has now completed his Independent Review of the Windsor Framework and the UK Government has sent an email setting out details of the new export health certificate which took effect last month. Independent Review of the Windsor Framework Earlier this month Lord Murphy of Torfaen published his report on the Independent Review of the Windsor Framework (WF). Despite the disparate views of local political parties on the WF, the report sets out that the parties have put forward important and practical suggestions on how improvements to its operation could be made.  The key elements of the report can be summarised as follows: Small and medium-sized companies are struggling with the new rules and processes, Some gaps remain in how Northern Ireland can meaningfully influence EU laws that apply to it, and The recent sanitary and phytosanitary agreement between the UK and EU is a significant advancement which promises practical improvements to NI-GB trade. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Using a special procedure without a prior authorisation, Apply to pay less duty on goods you import for specific uses, Sailing a pleasure craft into the UK temporarily for private use, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Appendix 2 C21e: Data Element 1/11: Additional Procedure Codes, Appendix 2: DE 1/11: Additional Procedure Codes of the Customs Declaration Service (CDS), and Withdraw funds from your Customs Declaration Service cash account.

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Department of Enterprise, Tourism and Employment has issued an Action Plan on Competitiveness and Productivity which contains 85 actions for strengthening our competitiveness and productivity performance presented across six themes. The Financial Reporting Council has also released two new Factsheets to assist FRS 102 preparers and readers may be interested in registering for some of our free upcoming CPD events. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The European Securities and Markets Authority (ESMA) has published its second risk monitoring report of 2025 setting out the key risk drivers currently facing EU financial markets. Registration is still open for our free, in-person events with the FRC in Belfast on 15 October and Dublin on 16 October. These events will focus on the implementation of the 2024 Periodic Review amendments to FRS 102 and FRS 105. Places are limited and are booking fast so register now if you would like to attend. The IFRS Foundation is hosting a webinar on 30 September with the theme of how companies are integrating IFRS Accounting Standards into products and services. Auditing and Assurance IAASA has released its second publication as part of its 2025 AQS Insight Series which focuses on key messages in relation to auditing of financial statement disclosures. The FRC has launched a new initiative to support the development of the capability and quality management by small audit firms looking to establish a greater presence in the UK Public Interest Entity (PIE) audit market. The Scalebox Programme will introduce a new and more proportionate supervisory approach, designed to enhance audit quality and reflect the unique needs of smaller firms. The European Commission has announced an intention to launch a consultation which could lead to measures to further convergence in audit supervision. Accountancy Europe’s recent article discusses the implications of this and has recommended some key priorities of any future supervision reform. Artificial intelligence (AI) In September 2025 the Irish government advanced the rollout of the EU Artificial Intelligence (AI) Act, confirming the designation of 15 National Competent Authorities under the AI Act. Ireland becomes one of the first six Member States to reach the critical milestone of designating the competent authorities which will be responsible for enforcement of the Act. Sustainability On Tuesday 23 September, Chartered Accountants Ireland will be hosting a webinar with the European Financial Reporting Advisory Group (EFRAG) on the Revised European Sustainability Reporting Standards (ESRS). If you would like to register to attend this free outreach event, you can do so via our website. IAASA has released a Thematic Desktop Examination on Sustainability-linked financing. The thematic examination looked at the annual reports of 17 equity issuers listed on the main market of Euronext Dublin. As the public consultation on the ESRS enters its final few days, EFRAG has prepared some informative videos and a factsheet on the proposed simplifications to the standards. The consultation remains open until 29 September. EFRAG are hosting a hybrid event on 6 October on the VSME standard entitled “The VSME Standard in Action: From the European Commission’s Recommendation to Digital Solutions.” Accountancy Europe has updated its CSRD Transposition Overview which monitors the CSRD transposition status across the EEA countries. The International Sustainability Standards Board (ISSB) will be hosting episode 12 of their “Perspectives on sustainability disclosure” webinar series on 6th October. Accountancy Europe has published its September 2025 Sustainability Update. Anti-money laundering and sanctions From our Professional Standards colleagues: we remind readers of how to be an Authorised Corporate Service Provider (ACSP) with Companies House in the UK. From 18 March 2025, you can apply to become an ACSP using Companies House new service ‘Apply to register as a Companies House authorised agent’. - To register you must be supervised for AML in the UK. - When completing the application process, you will be asked to provide your firm identity number - that will be your Institute firm number. Please ensure that the firm’s business name, address and any trading names provided to Companies House match what is recorded with the Institute, otherwise your application may be rejected. Central Bank of Ireland (CBI) The Central Bank has published its third Quarterly Bulletin of 2025.  The Central Bank has launched a consultation regarding proposed amendments to the Central Bank Undertakings for Collective Investment in Transferable Securities (UCITS) Regulations and the Central Bank Guidance on performance fees for UCITS and certain types of Retail Investor Alternative Investment Funds (AIFs). The Central Bank has launched a consultation regarding proposed amendments to the Central Bank Alternative Investment Fund Rulebook (AIF Rulebook). Other news With busy filing season almost upon us again we outline some tips and pointers for the busy Annual Return filing season which may help you navigate the process with the Companies Registration Office. We advise readers to file early if at all possible. In September 2025 the President of the European Commission delivered her State of the Union address to the European Parliament. She shares her vision for the EU, takes stock of achievements and announces major upcoming initiatives. Please click for the Letter of Intent where she detailed the actions the Commission intended to take in the following year by means of legislation and other initiatives. Click here for the document “From promise to progress: first year in office Von der Leyen Commission 2024-2029”. The Department of Enterprise, Tourism and Employment (DETE) has issued an Action Plan on Competitiveness and Productivity which contains 85 actions for strengthening our competitiveness and productivity performance presented across six themes. In other DETE news, it is holding a webinar on export controls on 25 September 2025 from 10AM to 12.30PM. The webinar is designed for current exporters, potential exporters and agents acting on behalf of exporters. Click to find out more details and to register for the webinar. The Pensions Authority has published its Annual Report and Accounts 2024. The Report and Accounts, and an accompanying statement from the Pensions Regulator is available here. The National Cyber Security Centre (NCSC) continues to flag critical vulnerabilities identified in September 2025 regarding cyber security issues that may affect Ireland as part of the ‘Alerts and Advisories’ section of its website. Recent vulnerabilities noted for SAP products, Ivanti products, and Adobe products. Th NCSC recommends installing updates for vulnerable systems. Click NCSC: News for further details. 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 FISC Subcommittee on Tax Matters will hold a public hearing on the tax implications of the Trump administration’s policies next week on Tuesday 23 September 2025. The hearing is an opportunity to both consider the evolving dynamics of EU-U.S. tax relations and to reflect on how the EU can safeguard its interests in a rapidly changing global context.

The OECD has published its annual report on Tax Policy Reforms for 2025. The report covers the tax policy reforms introduced or announced in 2024 in 86 member jurisdictions of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which includes all OECD countries.

Revenue has restructured its guidance on Capital Acquisitions Tax (CAT) and has published two new manuals, the CAT Administration Manual and the CAT Manual which replace the existing guidance. Apart from minor changes, the contents in both manuals have been taken directly from pre-existing guidance. Revenue has confirmed that links to the documents in the manuals will be updated over the coming weeks and a table has been provided which lists the titles of the documents in the new CAT manual and indicates the source of the guidance contained in each document. The new CAT Administration Manual contains the following details: CAT Part 01 - Introduction to Capital Acquisitions Tax CAT Part 02 - Statement of Affairs (Probate) Form SA.2 CAT Part 03 - The Self-Assessment Tax Return (Form IT38) CAT Part 04 - Certificates of Discharge Guide to Capital Acquisitions Tax Compliance Intervention The new CAT Manual covers the following topics: Part 02 - Gift Tax Part 03 - Inheritance Tax Part 04 - Value of Property for Tax Part 05 - Provisions relating to Gifts and Inheritances Part 06 - Returns and Assessments Part 07 - Payment and Recovery of Tax, Interest and Penalties Part 09 - Exemptions Part 10 - Reliefs Schedules

Revenue has published the Karshan Disclosure Opportunity Guidance, outlining detailed information regarding possible settlement arrangements arising from the Supreme Court’s decision in Revenue Commissioners v Karshan (Midlands) Ltd. This follows the publication in May 2024 of the Revenue Guidelines for Determining Employment Status for Tax Purposes, which was update to reflect the decision in Karshan. In a recent press release, Revenue notes that “the judgment changed the understanding of the correct legal principles and legal tests to apply in determining whether an employer had correctly classified workers as employees or as self-employed”. Where a business or employer deems that it is necessary to make a disclosure and that disclosure can be treated under the new guidance, the disclosure must be made no later than Friday, 30 January 2026. In the new guidance note, Revenue states the following: “Revenue invites employers impacted by the Supreme Court ruling to make a disclosure in respect of 2024 and 2025. Revenue will treat any adjustment of liability in respect of both years as a “technical adjustment” as provided for in the Code of Practice for Revenue Compliance Interventions. This means that Revenue will not consider liabilities to have arisen from either deliberate or careless behaviour and a tax-geared penalty shall not apply to any liabilities to Income Tax, USC and PRSI in respect of these years. In addition, fixed penalties will not apply.” At the time that the judgment was released, the Institute engaged extensively with Revenue through the Tax Administration Liaison Committee. You can find links to the various meetings where this issue was discussed below: Minutes of TALC Direct and Capital Taxes Sub-Committee - 30 November 2023 Minutes of TALC Direct and Capital Taxes Sub-Committee - 29 February 2024 Minutes of TALC Direct and Capital Taxes Sub-Committee - 25 April 2024 Minutes of TALC Direct and Capital Taxes Sub-Committee Meeting - 12 June 2024 Minutes of Main TALC Meeting - 27 June 2024 As part of our engagement with Revenue through TALC, the Institute, under the auspices of the CCAB-I also provided feedback on the judgment. While our understanding did not reflect Revenue’s interpretation in certain areas, the process provides the appropriate forum for a detailed understanding of the judgment and its implications.

Revenue has published new guidance on the registration process for Pillar Two taxes. Entities must register with Revenue for the relevant taxes within twelve months following the end of the first fiscal year in which they fall within the scope of Pillar Two taxes which includes taxes arising under the Income Inclusion Rule (IIR), the Undertaxed Profit Rule (UTPR), and/or the Qualified Domestic Top-up Tax (QDTT). The guidance outlines the relevant Pillar Two registration obligations and provides information on the registration hub and managing the various registrations. The registration hub is now live and the deadline for in-scope entities with a fiscal year ending on or before 31 December 2024 to register with Revenue for Pillar Two is 31 December 2025 Entities are also required to register for the Top-up Tax Information Return (TIR) through the registration portal, enabling them to inform Revenue whether the TIR will be filed in Ireland or by a Designated Filing Entity in another jurisdiction. Revenue issued letters to Irish Ultimate Parent Entities (UPEs) in mid-August 2025 regarding the registration process and a second phase of letters are due to be issued soon to the constituent entities of the Irish UPEs. Further details on the registration portal and the dedicated Revenue Pillar Two hub are outlined in our recent news item.

In this week’s cross-border 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. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS), Appendix 2: DE 1/11: Additional Procedure Codes Notices made under the Customs (Special Procedures and Outward Processing) (EU Exit) Regulations 2018, Notices made under The Customs (Import Duty) (EU Exit) Regulations 2018, Apply to delay or pay less duty on goods you import to process or repair, Apply to pay less duty on goods you export to process or repair, Import goods to the UK temporarily, Check if you can get import duty relief on goods using Temporary Admission, and Apply to import goods temporarily to the UK.

Ahead of HMRC’s Annual Stakeholder Conference which takes place in London tomorrow, the Institute has written a letter of introduction to HMRC’s new CEO setting out four key issues on its agenda. The Institute will be represented at the conference and will report back on the conference in next week’s Chartered Accountants Tax News. This year the conference theme is “Navigating the future together: the Transformation Roadmap in Action”.  The four key issues covered in the letter to JP Marks are: The Institute’s campaign for a lower rate of corporation tax in Northern Ireland, The tax burden and complexity arising from cross-border and remote/hybrid working, Tax simplification and the lack of progress in this area, and Making Tax Digital for Income Tax and the implementation of mandatory tax adviser registration from 1 April 2026. 

In a detailed miscellaneous update this week which you can read more about below, HMRC is seeking research participants for its project looking at multi-factor authentication (MFA) for agents. In other news this week: The House of Commons library has published a research briefing listing some of the most useful sources on tax law, policy and statistics, in addition to guidance for taxpayers, The latest fuel advisory rates applicable 1 September 2025 from have been published; notable in these is that there are now two advisory electric rates for company car drivers which depend on where a vehicle is charged, Today, 15 September 2025, is the deadline to opt out of winter fuel payments, which you can read more about in a previous news story, 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. A webinar is also taking place tomorrow on statutory maternity and paternity pay, in addition to webinars on 16 and 17 September covering the National Minimum Wage, and Check HMRC’s online services availability page for details of planned downtime and the online services affected. HMRC seek research participants for MFA HMRC is seeking agent volunteers to participate in its project on introducing MFA for agents. HMRC has therefore asked us to share the following message which provides more information: “Request for user research volunteers for MFA discussions HMRC is expanding the implementation of multi-factor authentication (MFA) for all agents and want to engage with specific agent groups about its introduction. HMRC already uses MFA to enhance the security of Government Gateway accounts for all individuals and organisations, adding an extra layer of protection. We want to work collaboratively on the introduction of MFA so we’re looking for your help in identifying agents to take part in individual user research sessions. These will provide an opportunity for us to gather insight on the working processes within different types of agents and the operational requirements they need for implementation. We would like to speak with 6-8 representatives from each of the following agent types: Group 1 – Sole practitioners and micro firms (0-9 employees), Group 2 – Mid-sized and smaller firms (10-49 employees), and Group 3 – Large agents (50+ employees). Sessions are expected to last 60 minutes running across the month of September. When responding to us please reply to: customerengagementforums@hmrc.gov.uk and include ‘MFA volunteer’ in the subject line. Please also indicate the size of the firm the volunteer represents by indicating which of the 3 groups you belong to when replying.”

With just over six months to go to the commencement of Making Tax Digital (MTD) for Income Tax, the Institute is inviting tax agents and businesses affected by this change to take a short eight question survey. The survey is being used as a temperature check to assess readiness and will be open until the end of this month. Its results will be compared with an earlier survey from April this year and will enable us to present direct evidence of the challenges to HMRC. Take the survey now. We also remind readers that the second of two CPD webinars on MTD for Income Tax takes place later this week, tomorrow Tuesday 16 September. This webinar will be delivered by HMRC’s MTD team.

The Financial Reporting Council has issued two new Factsheets to support entities applying FRS 102 and FRS 105. There are currently eleven factsheets in issue and each Factsheet aims to assist stakeholders by highlighting certain requirements set out in FRS 102 and other FRSs. The following Factsheets have been issued; FRS Factsheet 12 - Presentation of the financial statements- This Factsheet sets out the financial statement presentation options available to entities. While the factsheet is primarily focussed on FRS 102, the considerations for entities applying FRS 101 and FRS 105 are also addressed. The Factsheet also considers the option available to FRS 102 preparers to adapt the format of the profit and loss account and balance sheet. FRS Factsheet 13 - The Going Concern Basis of Accounting for Small Companies and Micro-entities- This factsheet aims to assist directors of small companies and micro-entities on how to address going concern- both in terms of performing going concern assessments and in preparing financial statements disclosures about their conclusions on going concern.

Tips and pointers for the busy filing season  Important dates For the majority of Irish companies, the following timelines apply: For a financial year end date of 31 December, the 30 September is the most common Annual Return Date (ARD). Therefore, by Tuesday 25 November, 56 days from the ARD, the company’s Annual Return, financial statements and signed signature page should be electronically filed (only-no manual filing is permitted). Please note that not every 31 December year end has an ARD of 30 September so it is important to confirm the ARD and then it is 56 days from that date. Please click here for the Companies Registration Office information on peak filing. File early! We would encourage presenters to file early if at all possible. Do not leave filing till the last minute. The Companies Registration Office’s (CRO) position on timing of receipt of a document is when it has been received by the CRO and not when it has been sent by you or your agent. Therefore, if there are delays in the system which result in the documents being received after midnight on 25th November then the document is late even if it had been sent before midnight. Also, early filing will help to avoid problems with potential CRO systems and resource deficiencies. At a stakeholder meeting with the CRO on 3 September 2025 the CRO reported that it has a backlog of 20,000 B1’s to process. They estimate that this is a 6-week backlog. They anticipate that this will reduce by the beginning of peak filing season, but early filing may mitigate potential difficulties and delays. Please click for more companies office information on common errors on form B1. Other matters to keep in mind Please also check if there have been any changes in the company since the last annual return and that the forms have been filed to reflect these changes, and then update the B1 accordingly. Confirm that if you are claiming any exemptions such as audit exemption, abridgement or Section 357 Guarantee you are entitled to do so and check if there have been changes in the company size or the group thresholds. Remember also that the financial statements must be uploaded before the signature page is generated so anyone leaving it to the last day will have to make sure that the director and secretary are available to sign if there is no electronic filing agent , EFA appointed to the company. Please note that the Companies Registration Office (CRO) will not accept electronically signed documents. The signature page(s) must be physically signed i.e. “wet ink” and then scanned for submission. If you require help with CORE or have technical issues with filing your annual return, please contact the CRO Helpdesk support@cro-helpdesk.cloud.gov.ie. Agents who use software packages should contact their software vendor directly for information in relation to technical issues, such as upgrades of these systems. All other queries for Annual Returns can be directed to the dedicated mailbox CRO Annual Returns annualreturns@cro.ie Adverse consequences of late filing Late filing can have the following adverse consequences: Late filing fees Loss of audit exemption. The rules have changed since July 2025 .Click for a news item on the changes to audit exemption rules Possible application to district court for extension of time to file Involuntary strike off of the company Disqualification of director 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.    

Cróna Clohisey, Director of Members & Advocacy commented:  “Today’s Action Plan places a welcome emphasis on controlling what we can in a volatile global environment. It is encouraging to see the announcement of a ‘Red Tape Challenge’ to reduce regulation for SMEs. Combined with the existing SME Test, we hope to see reduced cost and regulatory burdens so businesses can spend more time innovating and creating jobs. Our research reinforces this urgency; 57% of SMEs surveyed by us this year identified regulatory compliance burdens as a key area in need of government support.  “The policy focus on examining options to boost the competitiveness of the R&D Tax Credit is crucial for ensuring that Ireland remains a top destination for innovation, attracting both domestic and international companies. The R&D tax credit regime critically requires enhancements for greater uptake and access for SMEs and we have called for these in the CCAB-I Pre-Budget Submission.   “The announcement of a National Artificial Intelligence Office reflects our longstanding view that AI is a powerful opportunity to reduce administrative burdens, enhance data driven decision making and bolster competitiveness. The NAIO will hopefully be a much-needed forum to shape the future landscape for business in Ireland. “While the direction of the Action Plan is welcome, as is a whole-of-Government commitment, delivery will be critical. The implementation framework with its broad timelines is a useful element of the plan, however businesses also need to see accountability and transparent implementation so that these policy objectives translate into progress on the ground.”  

Minister of State at the Department of Finance Robert Troy welcomed guests to a Chartered Accountants Ireland New York member chapter event hosted in collaboration with Enterprise Ireland’s Strategic Financial Leadership programme last night. The event was held at the Consulate General of Ireland New York, with Gerald Angley, the new Consul General and his team in attendance. The panel discussion event, titled “Strategic scaling: Empowering financial leaders for growth,” was attended by approximately 100 members from New York and surrounding regions and other guests. Attendees on the evening also heard from Daryl Regan, Programme Manager of Enterprise Ireland’s Strategic Finance Leadership programme as well as Chartered Accountants Ireland’s Global Member Manager Gillian Duffy. Introducing the event, Minister Troy highlighted the importance of Irish companies' contributions to the U.S. economy, noting Ireland as the 6th largest source of Foreign Direct Investment in the U.S. The Minister acknowledged the vital role of professional bodies like Chartered Accountants Ireland in supporting economic growth. He emphasised the need for CFOs to be strategic leaders and encouraged networking to build relationships that will drive future success and global engagement. He noted the vital role of member networks like the Chartered Accountants Ireland New York member chapter as a testament to global reach and ambition. The event was a panel discussion of Chartered Accountants Ireland members who are based in New York and the surrounding regions recounting their journeys and learnings. They gave advice on expanding businesses beyond Ireland; navigating the advantages and challenges of cultural differences when expanding overseas; dealing with payroll compliance and tax complexities; how their Chartered training has played a pivotal role in getting them to where they are today and embracing AI. Other advice was to think big, be aware of costs which can often be higher than in Ireland, have a strong structure and don’t be afraid to articulate your successes and wins. Also in attendance at the event were Shane Rogers FCA FCPA – President of CAW Network USA, and Institute Council member Conall McGonagle FCA FCPA – CFO and CAO of the Ireland Funds America. The Chartered Accountants Ireland New York member chapter would like to thank Enterprise Ireland, the IESE Business School, Minister Robert Troy, Gerald Angley, the Consulate General of Ireland New York and his team, as well as all the members of the chapter who contributed to the event. The panellists were: Alan Fagan FCA FCPA – Partner, CrossCountry Consulting (discussion moderator), Sharon Cunningham FCA FCPA – CEO & Co- Founder, Shorla Oncology, David Evans FCA FCPA – Chief Executive Pivotel Corporate Barry Flanagan FCA FCPA – Vice President Global Payroll, and You can view photos from the event here. You can learn more about overseas member networks here.    

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) in the UK supervises the 25 professional body supervisors in the legal and accountancy sectors including Chartered Accountants Ireland. OPBAS has done work in 2025 on assessing the quality of suspicious activity reports (SARs). In order to improve the quality of SARs it is actively working with the UKFIU to support training sessions on SAR quality. UKFIU has recently released a series of videos to support SAR submissions. We encourage our members and firms to view these six SARs Best Practice Videos, available on YouTube and accessible by clicking the links below 1. What is a SAR and why do I need to submit one? 2. Know your Glossary Codes 3. Reason for Suspicion 4. Best practice for completing the criminal / terrorist property section 5. Best practice for completing the prohibited act section 6. What happens after you submit a DAML or DATF? This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

Last week the Chancellor of the Exchequer, Rachel Reeves, announced in a You Tube video that the next UK Budget will take place on the later than anticipated date of Wednesday 26 November. As usual, the Institute will be reacting on the day to the Budget announcements and will issue a special newsletter to members. In recent months, the Chancellor remains under pressure to balance public finances, whilst trying to also boost economic growth and maintain the confidence of investors in financial markets. However, growth remains sluggish and inflation has been increasing. Economists therefore continue to say that further tax rises are needed. Speculation has been rife about what options the Chancellor has for tax rises, given that the Government pledged in its election manifesto not to increase taxes on working people. Last Monday also saw a reshuffle of some roles in Government including the appointment of Daniel Tomlinson MP to the role of Exchequer Secretary to the Treasury, after James Murray MP was moved into the role of Chief Secretary to the Treasury.

Last week, members of the Institute’s Tax and Public Policy team met with senior representatives from the Department of Finance and the Department of Agriculture, Environment and Rural Affairs in Northern Ireland in our continued effort to highlight the disproportionate impact that the April 2026 restrictions to the Inheritance Tax (IHT) reliefs, agricultural property relief and business property relief, will have in Northern Ireland (NI). The meeting followed on from a recent letter from the Minister of Finance in response to the Institute having previously shared with local government its April 2025 letter to the Exchequer Secretary to the Treasury (XST) on this issue. The Institute continues to call on the UK Government to introduce a special derogation for the region from these changes and will be making further representations on this key issue for the agricultural and family owned business sectors in NI ahead of the Autumn Budget on 26 November. During the meeting it was clear that local government shares our concerns in relation to this. Government representatives also outlined the wide range of work being undertaken locally to discuss this, particularly by the Minister of Finance, with Westminster. This includes direct engagement with the Chancellor of the Exchequer at a meeting last month in Stormont Castle. At present, HM Treasury continues to insist in discussions and in the policy paper published with the draft legislation on L-day in July that their data shows these changes will have minimal impact. They are also resisting all representations on how the draft legislation could be mitigated. The Institute set out a range of mitigations in its letter to the XST earlier this year to reduce the impact on genuine farming activity and the family owned business sector. During the meeting, the Institute also took the opportunity to highlight its recently launched refreshed campaign for a lower rate of corporation tax in NI as outlined in the position paper “Enhancing Our Competitiveness”, which was launched in June.