In this week’s miscellaneous updates, HMRC has released a new online calculator to work out the adjustment needed for disposals of assets on or after 30 October 2024 when the rates of capital gains tax changed and as expected, the UK has revoked its Double Taxation Treaties with Russia and Belarus. HMRC is holding a webinar on voluntary payrolling of benefits and has sent an email about year-end processes for payroll. The Institute for Fiscal Studies (IFS) has announced the appointment of its next Director and 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 finally, check HMRC’s online services availability page for details of planned downtime and the online services affected. Mid-year CGT rate changes HMRC has published a new online calculator to work out the self-assessment (SA) adjustment needed for disposals of chargeable assets on or after 30 October 2024 when the rates of CGT changed at the Autumn Budget 2024.  This is because the  2024/25 SA return will not automatically calculate using the correct CGT rates for the 2024/25 if there are disposals on or after 30 October 2024. Hence taxpayers may need to work out an adjustment to the tax automatically calculated and can use the adjustment calculator to do this. Revocation of Russia and Belarus tax treaties Following HMRC’s announcement in February that the UK would be suspending its Double Taxation Treaties with Russia and Belarus, legislation revoking the original Orders giving effect to the UK-Russia and UK-Belarus Double Taxation Treaties has now been introduced via statutory instruments. These will both cease to have effect from: 6 April 2025 for Income Tax and Capital Gains Tax, and 1 April 2025 for Corporation Tax. HMRC webinar on voluntary payrolling of benefits and advice for employer’s finalising 2024/25 HMRC is holding a webinar on voluntary payrolling of benefits which will become mandatory for most benefits in kind in real time from April 2026 and the below information has been provided to employers on 2024/25 year-end processes for payroll: “Finishing the 2024 to 2025 tax year and starting the 2025 to 2026 tax year HMRC have published important information for employers on GOV‌‌‌.UK, which includes: • help with finishing the current tax year 2024 to 2025 • starting the new tax year 2025 to 2026, by using our guidance on P9X (2025) Tax codes to use from 6‌‌‌April 2025 • information on the rates, limits and changes for 2025 to 2026 • the 'Employer Bulletin: February 2025' – this edition contains information about sending in your final submissions for the year.” Next IFS director announced The IFS has announced that Helen Miller has been appointed as its next Director. The current Director, Paul Johnson, will step down in July 2025 after over 14 years at the helm. Paul was also Chair of the Independent Fiscal Commission for Northern Ireland.

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 announced that the parcels and freights changes under the Windsor Framework which were originally due to commence from 30 September 2024 and which were then delayed to 31 March 2025 have now been further delayed and will commence from 1 May 2025. HMRC’s announcement last week was as follows: ‘Following the guidance issued in September 2024, there has been extensive preparatory work undertaken for the new arrangements for the movement of goods from Great Britain to Northern Ireland by parcels or freight set out in the Windsor Framework. As a result, and subject to the relevant procedures, the new arrangements as set out in the Windsor Framework are planned to take effect from 1 May 2025.’ The Institute has been discussing these changes with HMRC via the NI Joint Customs Consultative Committee and was concerned at the low level of awareness among businesses. Minutes from the most recent meeting are available here and here (note that all references to 31 March 2025 in these documents should now be taken to be 1 May 2025). We are pleased to see that a further month is being provided to assist businesses in their preparations given the low levels of awareness of the changes for many businesses. It is therefore imperative that businesses take action now to consider the specific impact of these changes on their supply chain and plan accordingly for a commencement date of 1 May 2025 as we do not expect any further delay will be announced. The following guidance has therefore been updated accordingly: Internal Market Movements from Great Britain to Northern Ireland, Submitting the Internal Market Movement Information, Sending parcels to and from Northern Ireland, Sending parcels between Great Britain and Northern Ireland under the Windsor Framework, Sending parcels from Great Britain to Northern Ireland between private individuals, How to send parcels from a business in Great Britain to a private individual or a business in Northern Ireland, How to move parcels from Great Britain to Northern Ireland for parcel carriers, and Data requirements for parcel carriers who move consumer parcels from Great Britain to Northern Ireland. Miscellaneous guidance updates and publications Check if you can use transit to move goods to the EU and Common Transit Convention countries, Known error workarounds for the Customs Declaration Service (CDS), Designated export place (DEP) codes for Data Element 5/23 of the Customs Declaration Service, Report a problem using the Customs Declaration Service, and External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service.

The latest UK tax tidbits features the updated guidance in several areas including updated guidance on the suite of the UK’s creative sector tax reliefs. Appeals reviews and tribunals guidance, Negligible value claims and agreements, HMRC issue briefing: operational activity during the new independent review of the Loan Charge, Apply to pay voluntary National Insurance contributions when abroad (CF83), Taxable pay tables: manual method, Supplementary pages CT600N: Residential Property Developer Tax, Class 1A National Insurance contributions on benefits in kind (CWG5), CWG2: further guide to PAYE and National Insurance contributions, Check if a letter you've received from HMRC is genuine, Named tax avoidance schemes, promoters, enablers and suppliers, Check if an email you've received from HMRC is genuine, Check genuine HMRC contact that uses more than one communication method, Child Benefit notes for coming to or leaving the UK, Check the recognised overseas pension schemes notification list, How to pay a debt to HMRC with a Time to Pay arrangement, Inheritance Tax account (IHT400), Direct Payment Schemes for Inheritance Tax (IHT423), Claiming Children’s Television Tax Relief for Corporation Tax, Claiming Theatre Tax Relief for Corporation Tax, Claiming Orchestra Tax Relief for Corporation Tax, Claiming Video Games Expenditure Credits for Corporation Tax, Claiming Film Tax Relief for Corporation Tax, Claiming Animation Tax Relief for Corporation Tax, Claiming High-end Television Tax Relief for Corporation Tax, Claiming Video Games Tax Relief for Corporation Tax, Claiming Museums and Galleries Exhibition Tax Relief for Corporation Tax, Claiming Audio-Visual Expenditure Credits for Corporation Tax, Creative industry tax reliefs for Corporation Tax, Detailed tax guidance for charities, Claim a refund if you've paid tax on your savings and investments, What to do when someone dies: step by step, Pension savings — tax charges (Self Assessment helpsheet HS345), Research and Development (R&D) Tax Relief: Enhanced R&D intensive support for loss-making SMEs based in Northern Ireland, GAAR Advisory Panel opinion of 29 October 2024: Reducing the value of an estate for Inheritance Tax and avoiding Inheritance Tax on a lifetime transfer by acquiring shares in a company and gifting those shares to an employee trust, Manage your trust's details, GAAR Advisory Panel opinion of 29 October 2024: Reward through creation of an obligation to make pension payments to employees and the transfer of that obligation to another employee in exchange for payment, and How to pay a debt to HMRC with a Time to Pay arrangement.

Paul Guess explores how work stress can strain relationships and shares his advice on protecting your personal life from the impact of professional pressures Being on top of your tasks all the time sounds like a good thing. However, if you're glued to emails, drowning in deadlines and thinking about work 24/7, your relationship might be paying the price. In today’s fast-paced world, our careers can quickly spill over into our personal lives. In fact, 71 percent of people report that work stress has led to a relationship breakdown or divorce, demonstrating the potentially devasting consequences of demanding jobs.  Long hours, constant pressure and the mental strain of high-stress careers in professions such as accounting can push relationships to breaking point.  Recognise the warning signs We’ve all been there—juggling work deadlines, emails and endless tasks—but when that stress begins to creep into your relationships, the warning signs can be hard to ignore. You might tell yourself, “It’s fine, I’m just busy,” but this can create an emotional distance between you and your partner which can build over time.  In a recent report on burnout published by the Chartered Accountants’ Benevolent Association (CABA), more than half (54%) of respondents reported that feelings of burnout were affecting their ability to maintain a healthy work-life balance.   Burnout can make you feel more irritable, anxious or even detached, leading to more tension and miscommunication with your partner. Conversations become harder and you may just feel disconnected altogether.   For a busy accountant, there are often short periods of high stress, but when this pressure is prolonged over a period of months, the impact it can have on a relationship becomes evident. If you find your love life suffering because of work pressures, there are ways to keep things in check.    Set clear boundaries: It’s important to carve out time during your day when work can’t take over. Set boundaries at work and stick to them. Protecting your downtime is crucial for your mental health and your relationship.  Prioritise quality time with your partner:  It can be tough, but even small gestures like cooking dinner together, going for a walk or just talking about your day, can help you reconnect. It’s all about finding that balance between work and your personal life.  Practice open communication: If work is stressing you out, don’t keep it to yourself. Be open with your partner about what’s going on and how it’s affecting you. This way, they are not left in the dark, and they can offer support when you need it most.  If you are feeling overwhelmed, the first step is to acknowledge it and then talk to someone. Whether it’s talking to family and friends, or seeking professional support, relying on others can make a huge difference.   Next, see if you can implement helpful strategies, such as managing your workload or giving yourself small treats like going for a walk, or watching some football, for example. By setting boundaries, prioritising quality time with your partner and asking for help when you need it, you can make sure work stress doesn’t take over your life. Take proactive steps to protect both your career and your relationship—you’ll be better for it in the long run.  Paul Guess is a mental wellbeing expert at CABA

Russell Smyth explores KPMG’s latest research, revealing generational divides and public scepticism about Ireland’s capacity to meet our ambitious climate goals People are central to Ireland’s Climate Action Plan, yet KPMG research reveals that more than half (56 percent) continue to be concerned about climate change, down by just four percent from 60 percent in 2023. Climate concern is particularly notable among younger adults aged 18 to 34 and people aged over 65, with 62 percent in each group expressing unease.  In contrast, just 46 percent of those aged between 45 and 54 report similar levels of concern, suggesting a potential generational divide in attitudes toward climate change and Ireland’s capacity to tackle it effectively.  Twenty-six percent of the respondents we surveyed, meanwhile, do not believe efforts or plans to reduce emissions will be sufficient to meet Ireland’s Climate Action Plan goal. Fewer than one in 10 (six percent) believe Ireland will reduce emissions by 51 percent by 2030 in line with the current Government target. Thirteen percent consider this target to be completely unattainable, highlighting significant scepticism concerning Ireland’s ability to fulfil our climate commitments.  Clear and transparent communication With Ireland expected to cut total greenhouse gas emissions by up to 29 percent by 2030, the public scepticism captured in our research raises questions about the perceived effectiveness of current strategies and policies.  Our findings also underscore the urgent need to educate and engage communities on the role they can play in Ireland’s journey towards net zero. Instilling confidence in our ability to meet our decarbonisation targets requires clear and transparent communication and concrete actions that can deliver measurable progress. The power of data centres Data centres offer a promising opportunity to help transform Ireland’s energy sector. The transition towards renewable energy sources is key to reducing Ireland’s dependence on fossil fuels and achieving our net zero commitments. A prime example of this is the critical role data centres could play. Ireland’s rapidly growing data centre sector—if powered by renewable energy—could be crucial to achieving net zero emissions.  Data centres consume a lot of electricity. However, with proper investment and strategic planning, they could also help to drive demand for renewable energy, helping to balance the grid. Data centres with energy storage capabilities could store surplus renewable energy during peak generation periods, for example, and release it back to the grid during times of high demand. This would support grid stability and maximise the use of renewable energy resources.  Accelerating the transformation of the electricity sector will be crucial to supporting decarbonisation efforts across other industries. If powered by renewable energy, data centres could become a critical component of Ireland’s net zero strategy. They have the potential to meet higher demand for electricity while also providing essential services to businesses and consumers. Data centres also present a rare opportunity to attract inward investment from some of the world’s leading companies.  Stakeholder management Recognising the potential for renewable energy to drive Ireland’s decarbonisation will require significant investment in sustainable energy infrastructure, including greater wind and solar energy capacity and the development of adequate energy storage solutions. Collaboration among all stakeholders, including government, businesses and communities across the country, will be fundamental to ensuring data centres positively contribute to Ireland’s decarbonisation efforts.  Educating and empowering these groups to adopt sustainable practices will be critical. By making incremental changes—such as improving energy efficiency at home and work, supporting renewable energy initiatives and adopting low-carbon behaviours and technologies —every sector and citizen could potentially contribute to helping Ireland achieve our climate goals. Russell Smyth is Partner and Head of Sustainable Futures at KPMG 

Accounting firms can gain a valuable competitive edge by developing professional skills to complement technical excellence, writes Mary Cloonan For mid-sized accounting and advisory firms, growth and expansion isn't just about technical excellence. Winning new clients, strengthening relationships and building a standout reputation requires more than just number-crunching. When it comes to standing out in a competitive market, professional services can mean the difference between growth and stagnation. Your team may have deep expertise in tax, audit or corporate finance, but do they have the confidence to build relationships, communicate complex ideas clearly and position your firm as a trusted advisor to clients? Too often, firms fail to actively develop their team’s professional skills as a core element of their service offering. Why communication and commercial skills matter Traditionally, technical ability was enough to climb the ladder in accounting. If you were a brilliant accountant, career progression followed naturally—but not anymore. Clients now expect more than just technical expertise. They want commercial awareness, proactive advice and a relationship-driven approach. The most accomplished leaders in the profession have mastered their technical skills. What separates them from the pack is their ability to connect with clients, lead teams and create commercial opportunities. As artificial intelligence and automation become more embedded in accounting and advisory work, the human skills of communication, engagement and trust-building will likely become more prominent differentiators. The firms that recognise this shift are more likely to do well in the future—and, let’s be honest, calling these skills ‘soft’ is misleading. It makes them sound easy, like they can be picked up over tea and a chat. Anyone who has watched a technically brilliant, but socially awkward, colleague try to ‘build rapport’ with a client knows otherwise. Honing effective professional skills takes work, just like any other form of professional expertise. For a long time, many in the accounting profession believed these interpersonal competencies couldn’t be taught. However, professional skills can be improved and developed with practice, coaching and the right support One thing is for sure: if you don’t try, it definitely won’t happen. Firms risk losing talent if they don’t invest in professional development. Today’s accountants and advisors want more than a competitive salary, they want training, opportunities for career progression and scope to develop the skills needed to succeed in today’s dynamic business environment. Forward-thinking firms are responding by embedding business development, communication and leadership training into their culture. Recognising the importance of these professional skills is one thing, embedding them into your firm’s DNA is another. Here is how to make a real impact: 1. Offer training Firms invest heavily in continuing professional development and technical training but often neglect client-facing skills. Structured programmes covering business development, negotiation and executive presence should be built into career progression at every level. These skills are fundamental to long-term success. 2. Use mentoring to reinforce learning These skills cannot be developed in a seminar room alone. They require real-world practice. Pairing younger professionals with experienced partners can help build their confidence in client conversations, pitching and networking. However, mentoring only works when it is viewed and managed as a structured, firm-wide priority—not just an informal arrangement. A quick ‘shadow me in this meeting’ approach won’t cut it. 3. Measure what matters You are missing a trick if your performance metrics focus solely on billable hours and technical skills. Tracking client engagement, business development efforts and leadership contributions can help to reinforce the value of these skills. Encourage team members to record their networking activities and new business wins. This promotes accountability and highlights the contribution of rising stars in the firm. 4. Encourage client interaction Waiting until a team member is a senior manager before you put them in front of clients is a mistake. The sooner professionals gain experience in meetings, negotiations and relationship management, the better. Encourage managers and associates to lead discussions, present insights and handle follow-ups. This builds confidence and capability. (And let’s face it, the sooner they learn how to recover from a botched pitch or awkward introduction, the better.) 5. Embed a supportive culture If the partners at the top of a firm view business development as an obligation rather than an opportunity, this mindset is likely to filter down through the organisation. Senior leaders should lead by example by attending events, engaging in client conversations and mentoring their teams. A firm prioritising communication and relationship-building will stand out in a crowded market. The competitive advantage Firms that invest in interpersonal and leadership skills can potentially gain a real edge. They can build deeper client relationships, uncover more opportunities and create a culture in which growth is viewed as everyone’s responsibility, not just that of a few ‘rainmakers’. For managing partners, the message is clear: technical ability alone won’t drive your firm forward. The real differentiator is how well your team connects, communicates and builds trust. Make these professional skills a strategic priority, and the results will speak for themselves. If this sounds like hard work, so is tax legislation—and you mastered that just fine. Mary Cloonan is the founder of Marketing Clever

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Central Bank of Ireland have issued their Quarterly Bulletin No. 1 2025 which includes commentary on the latest economic and market developments.  The Financial Reporting Council has launched a new public tool designed to improve free access to structured company reporting data. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published its Strategy for 2025-28 and its Annual Business Plan and Budget for 2025-26.  In its response to the IASB’s Exposure Draft IASB/ED/2024/8- Provisions – Targeted Improvements Proposed amendments to IAS 37, the Institute’s Financial Reporting Technical Committee have outlined some areas where the proposed amendments to the IAS 37 standard could be improved. These include; A recommendation that examples are included within Application Guidance to the standard A recommendation that the difference between a “transfer” and “exchange of economic resources” is better explained Concerns regarding the proposed deletion of paragraph 18 of IAS 37 The UK Endorsement Board (UKEB) has also published its Final Comment Letter and Feedback Statement in response to the same Exposure Draft. The Institute’s Financial Reporting Technical Committee has responded to the Financial Reporting Council’s (FRC’s) Exposure Draft FRED 86 Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle. The Institute noted its general agreement with the FRC’s proposed changes. The UKEB has published a Draft Endorsement Criteria Assessment (DECA) on the potential use in the UK of the IASB’s Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity. The European Financial Reporting Advisory Group (EFRAG) has published a Feedback Statement on its response to the International Accounting Standards Board’s (IASB’s) Exposure Draft- Equity Method of Accounting. The Statement explains how the feedback received was considered by EFRAG in reaching the positions reflected in its final comment letter. The IASB has begun discussions on its next agenda consultation, which will shape its technical strategy and work plan from 2027. It expects to launch a request for information from stakeholders in relation to this in the fourth quarter of 2025. In response to the Government’s changes to UK company size thresholds, due to come into effect from 6 April 2025, the FRC)has released updates to relevant existing publications. The FRC has also published a summary document, outlining the changes to provide clarity for those reporting in line with the updated framework. Auditing Technical Alert 02/2025 – Illustrative Management Representation Letter in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive.  TA 02/2025 provides an illustrative example of a management representation letter that may be used by the assurance provider when conducting a limited assurance engagement required under the Corporate Sustainability Reporting Directive (“CSRD”) as transposed in Ireland into Part 28 of the Companies Act 2014. IAASA has published its 2024 quality assurance review reports in respect of seven firms that perform statutory audits of public-interest entities (PIEs) in Ireland. The reports summarise IAASA’s inspection of each firm’s internal system of quality management. The reports include any findings and recommendations made by IAASA to the firms regarding these systems. As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the FRC has published the first in its series of supporting materials to help SMEs to engage with the annual audit process effectively and confidently. The summary document provides an introduction to audit standards, setting out the role International Standards on Auditing (ISAs) play in delivering transparent and accountable capital markets, and setting out the process for the development of standards in both the UK and international context. To engage further with the FRC and discuss this important topic, stakeholders can sign-up for roundtables or email stakeholderengagement@frc.org.uk. Anti-money laundering and sanctions Europol’s EU Serious and Organised Crime Threat Assessment 2025 (EU-SOCTA 2025) has just been published which is an intelligence-driven report offering insights into how organised crime is changing and its impact on our societies. A press conference to launch the publication took place on Tuesday, 18 March 2025 at the Europol’s headquarters in The Hague, the Netherlands. Sustainability Following on from the recently published Omnibus proposals, the Chair of the Global Sustainability Standards Board has highlighted the short-term pressures that exist to weaken regulations and why now is the time for the EU to show global leadership. The European Financial Reporting Advisory Group (EFRAG) are holding an event on 7 April entitled “VSME in Action: Empowering SMEs for a Sustainable Future”. The event will look at how the standard can be implemented. EFRAG and the CDP have published correspondence mapping between the CDP question bank and ESRS E1. IFAC has finalised revisions to the International Education Standards. The standards embed sustainability throughout aspiring professional accountants training. IFAC has called on stakeholders to begin preparing for implementation, with early adoption encouraged ahead of the 1 July 2026 effective date. Legislation 2025 The UK Government has published in draft the Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025. They have not yet been adopted, and that date is currently unknown. If adopted the legislation will repeal most requirements relating to the reporting of directors’ remuneration by quoted companies that were added in 2019 to implement the EU revised Shareholder Rights Directive. Readers can find more information about the changes in the explanatory memorandum to the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025 and click here to read a recent news item on the draft corporate reporting regulations. Other news A Policy Paper has recently been issued setting out an outline transition plan for the UK Companies House in relation to the Economic Crime and Corporate Transparency Act. The FRC has launched a new public tool designed to improve free access to structured company reporting data. The Central Bank of Ireland have issued their Quarterly Bulletin No. 1 2025.  This Bulletin includes commentary on the latest economic and market developments with regular features on the Domestic Economy and Financial Developments.  A recent significant rise in policy uncertainty is the most striking factor due to the recent negative shift as regards the trade/investment relationship between the EU and US. Companies House (UK) is hosting a webinar on 2 April 2025 which will share helpful information on registering as an Authorised Corporate Service Provider. You can register to attend this webinar here.   DETE are holding a Market Access Day 2025 on 9th April in the Clayton Hotel, Ballsbridge. Readers can register here. Registration closes at 5pm on 2 April 2025.It is a free event aimed towards companies who may be first-time exporters, companies that may not have operated outside the EU market previously, or those who have encountered trade barriers. Topics will include implementation and enforcement of EU trade policy and its benefits for Irish businesses, available tools for business looking to export outside the EU Single Market, EU trade policy instruments (Access to Markets and Single-Entry Point), Trade barriers and solutions, Trade policy in the changing geopolitics, EU Free Trade Agreements and their concrete benefits to companies, Trade defence instruments. The Dept. of Foreign Affairs recently launched the Communicating Europe Initiative 2025 round. This provides government funding to voluntary organisations, educational bodies and civil society groups and bodies, for projects intended to deepen public awareness of the role that the European Union plays in our daily lives. €400,000 is being made available to eligible applicants and readers can click for more 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 recent launch of our New York chapter, held on Monday 10 March at the Consulate General of Ireland in New York, was met with much enthusiasm from members. This event marks an exciting milestone, and the Institute is confident that it will open up new opportunities for the growing network of Irish Chartered Accountants in the New York area. Conall McGonagle FCA will lead this newly established chapter, working closely with Gillian Duffy, District and Global Member Manager. Following this, President Barry Doyle, Deputy President Pamela McCreedy, and District and Global Member Manager Gillian Duffy continued their US outreach engaging with members across the region. There are over 800 Chartered members living and working in the US, many of whom are based in New York and Washington, DC. The team had the opportunity to engage with members and stakeholders at events including the IBEC St. Patricks Day Dinner; the NI Bureau Breakfast; the St. Patrick’s Luncheon at the British Embassy; the American Chamber of Commerce Ireland's Business Breakfast, and the Ireland Funds Gala, attended by senior leaders from both Ireland and Northern Ireland. This outreach is vital to supporting our members overseas and in strengthening our enduring business ties with the USA, ensuring the continued stability and growth of our international relationships. Members who would like to know more about the New York Chapter – or any other overseas member chapter – can contact Gillian Duffy directly.

The UK Government has published in draft the Companies (Directors' Remuneration and Audit) (Amendment) Regulations 2025. They have not yet been adopted and that date is currently unknown. If adopted the legislation will repeal most requirements relating to the reporting of directors’ remuneration by quoted companies that were added in 2019 to implement the EU revised Shareholder Rights Directive. The explanatory memorandum explains that those requirements overlapped considerably with the reporting framework as it was before the Directive’s implementation, or added no material value to shareholders so this legislation would remove most of these requirements, to avoid duplicative or unnecessary reporting. It will also make changes to the existing audit regulatory framework to address some gaps or inconsistencies in regulations that have been identified by Government and the audit regulator, the Financial Reporting Council (FRC). The changes form part of wider action being taken by the Government to streamline the UK’s non-financial reporting framework. Readers can find more information about the changes in the explanatory memorandum to the Companies (Directors’ Remuneration and Audit) (Amendment) Regulations 2025. 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 recent months the Institute has approved certain Institute Registered Auditors (audit firms), and responsible individuals (RIs) at those firms, to carry out sustainability assurance engagements in Ireland, pursuant to the EU Corporate Sustainability Reporting Directive (CSRD) as transposed into Irish law.  These are referred to as ‘approved firms’ and sustainability assurance service providers (SASPs) respectively.   The recent Omnibus proposals from the EU Commission have created uncertainty over the scope of the CSRD going forward.  Audit firms should be alert to these emerging developments when considering whether and/or when to seek approval to carry out sustainability assurance engagements.  Transitional (‘grandfathering’) arrangements for SASP approval The EU Omnibus package does not include proposals to directly change the transitional (‘grandfathering’) arrangements for SASP approval. Therefore, it remains the case that an individual approved as a RI in Ireland before 1 January 2026 can avail of transitional arrangements when applying for approval as a SASP.   Under those transitional arrangements a RI is eligible for SASP status if he/she undertakes a minimum of 60 hours of CPD in the relevant subjects.   Note that a RI who is approved as RI in Ireland before 1 January 2026 does not have to apply for SASP status before 1 January 2026 to be eligible to avail of the transitional arrangements described above.  A person approved as RI on/after 1 January 2026 who applies for SASP status will be required, by law, to complete an examination and 8 months relevant practical experience to gain the sustainability assurance qualification. Eligibility for approval to carry out sustainability assurance engagements The eligibility criteria for SASP and firm approval are set out in the Institute’s Audit Regulations (incorporating assurance under CSRD) and Guidance, Ireland (the Audit Regulations).   The Institute has prepared FAQs to provide information for audit firms and RIs considering applying for approval to carry out sustainability assurance engagements. For audit firms who do wish to apply for approval at this time, the audit compliance principal can start the application process by contacting sasp-applications@charteredaccountants.ie to request the relevant application forms.    When an audit firm first applies for approval to carry out sustainability assurance engagements at least one RI at the firm must also submit an application for approval as a SASP. Ongoing obligations of approved firms and SASPs Once approved to carry out sustainability assurance engagements, an approved firm and SASP have ongoing obligations in relation to SASP CPD, compliance with relevant provisions of the Audit Regulations and annual regulatory fees relating to sustainability assurance approved status.  Regulatory Fees It is necessary for the Institute to collect regulatory fees to fund the Institute’s work in providing a robust regulatory framework for approved firms and SASPs.  Each application for SASP status is subject to an approval fee.  From 2026, ongoing annual regulatory fees will also be payable by approved firms. Applications for RI status in 2025 An applicant for SASP status must be a RI in Ireland.  As outlined above, an applicant who is approved as RI before 1 January 2026 can avail of transitional arrangements when applying for SASP status (even where that SASP application is made at a date after 1 January 2026).  If an audit firm wishes to designate new RI(s) during 2025 with the intention of ensuring that the RI status of that person is approved by the Institute before 1 January 2026, the firm is advised to submit application(s) for RI status to the Institute as soon as possible, and at the latest by   1 August 2025.    Early application allows time, in most cases, for assessment of the application by the Institute, including where necessary, consideration by the Quality Assurance Committee, before the end of 2025. The Professional Standards Department cannot provide guaranteed timelines for consideration and approval of RI applications as time required depends on the nature of the application.  Complex or incomplete applications for RI status may take longer to process than well-presented, detailed applications which clearly demonstrate an applicant’s competence and experience.  While the transitional arrangements for SASP status may encourage some firms to consider appointing more RIs during 2025 than might otherwise have been intended by the firm, firms are reminded that only appropriately qualified and experienced individuals can be granted RI status in accordance with the Institute’s Audit Regulations. Application forms for RI status are available on the Institute’s website.  Queries regarding RI applications can be directed to authorisations@charteredaccountants.ie.

Last week at a conference marking the 20th anniversary of HMRC, the Exchequer Secretary to the Treasury (XST) announced that from 31 March 2025, HMRC will be launching a new email enquiry service for agents to help escalate and resolve individual (and not employer) PAYE and Self-Assessment queries which are over four weeks old. HMRC subsequently provided more details of how the new service will work in an email to agents. For several years, the Institute has been advocating for HMRC to establish an email enquiry service for agents including in last year’s Pre-Budget submission and in a letter at the end of 2024 to HMRC on services. The Institute participates in the new HMRC Stakeholder Forum, the Customer Services for Tax Agents and Representative Bodies Working Group which aims to assess current agent services and to develop improved services for agents contacting HMRC with client queries. This new email enquiry service is an output from that forum which will continue its work including reviewing the workings of the new service. During the XST’s speech at the same event, he reflected on the Government’s vision for the future of HMRC and announced that the Government intends to raise the income tax Self-Assessment reporting threshold for trading income from £1,000 to £3,000 within this Parliament. You can read more about the XST’s speech in an email from HMRC.

The Institute will be responding to the following consultations over the coming weeks and wants to hear your views: Electronic invoicing: promoting e-invoicing across UK businesses and the public sector and Reforms to Inheritance Tax agricultural property relief and business property relief: application in relation to trusts. Email tax@charteredaccountants.ie to participate. Electronic invoicing The purpose of this consultation is to gather views on standardising electronic invoicing (e-invoicing) and how to increase adoption of e-invoicing across UK businesses and the public sector. The consultation explores how different e-invoicing approaches may align with businesses and aims to support the development of a UK approach. The consultation will run to 7 May 2025. Please share your views with us by Friday 18 April 2025. Should you wish to respond individually, responses are being accepted by submitting a form or by email to einvoicingconsultation@hmrc.gov.uk. April 2026 changes to Inheritance Tax (IHT) reliefs - agricultural property relief (APR) and business property relief (BPR) As many readers will be aware, at Autumn Budget 2024 the Government announced controversial reforms to two key IHT reliefs, APR and BPR, which will commence from April 2026. Among the changes include the following amendments: a new £1 million allowance will apply to the combined value of property that qualifies for 100 percent BPR or APR or both - after the £1 million allowance has been exhausted, relief will apply at a lower rate of 50 percent to the combined value of qualifying agricultural and business property, and the rate of BPR will be reduced from 100 percent to 50 percent in all circumstances for shares admitted to trading on a recognised stock exchange which are not ‘listed’. HMRC has now launched a limited technical consultation on this issue. Note that the purpose of this consultation is not for stakeholders to provide feedback on the overall policy change but is instead limited to examining aspects of the application of the £1 million allowance for property settled into trust qualifying for 100 percent APR or BPR. As this is a technical consultation, it is running for a shorter period of time to Wednesday 23 April 2025. The Institute is aware of the damaging impact that these reforms will have on businesses and farms in Northern Ireland and in November 2024 flagged these concerns to the Government. We would encourage members to take the opportunity to respond to this limited technical consultation and express their wider views on this damaging policy change. You can respond by using the online form or by email to aprbpr.consult@hmrc.gov.uk. The Institute again encourages you to share your views on these policy changes as we will again be writing to the Government to highlight the particular damage these changes will cause in Northern Ireland. Please email tax@charteredaccountants.ie by Friday 11 April 2025 with your views.

Last week we highlighted that HMRC is conducting a review of the Agent Online Forum (Agent Forum) as there is concern that the forum is not working as intended. The Agent Forum is for tax agents who are members of a professional body and its aim is to enable agents to report issues about HMRC systems that are affecting taxpayers and their clients with responses received to forum posts from HMRC. If you use the Agent Forum, please email tax@charteredaccountants.ie with your feedback. If you are not already a member of the forum, a profile must first be set up on HMRC’s Customer Forum after which access to the Agent Forum should be requested. HMRC will require your contact details, the name of your professional body and your membership number in order to register you on the Agent Forum. The aim of the forum is to be a place for agents to report issues that are potentially widespread and affect a number of taxpayers or agents therefore it should not be used to raise client specific queries.

We previously notified you about industrial action affecting HMRC’s Employer Helpline and Construction Industry Scheme (CIS) helplines. This has now been extended to 16 May 2025. Read the full message from HMRC below about this further extension. “We have robust plans in place to ensure we continue delivering critical services. HMRC Employer Services phonelines and webchat will be open 8am-6pm as usual but customers may experience longer wait times. We recognise that this is inconvenient for customers and agents who need direct support.  The lines affected are:  Employer Helpline (EHL)   Construction Industry Scheme (CIS) Helpline   There are no expected impacts on other services. We will keep the opening hours and service levels under review, and we will update you in advance of any changes.   We are updating GOV.UK and the recorded message that customers hear when calling the helpline. This tells them about the industrial action, the increased wait times and encourages customers to use our digital services.  We strongly encourage customers to use our digital services rather than waiting to speak to us on the phone. Some of the main topics customers call these helplines about, which they can do online are: get a quick answer to queries using the digital assistant  Check the status of your CIS refund in the ‘Where’s My Reply’ tool – only call us if the date has passed   Check your balance in the Business Tax Account. For technical support with online services use the Online Services Helpdesk.”

In this week’s miscellaneous updates, HMRC is holding a webinar tomorrow on the National Minimum Wage increase from 1 April 2025 and the minutes from two HMRC Stakeholder Forum’s which the Institute is represented on have been published. Amd finally, new GOV.UK content has now been launched on setting up a business as a result of the work of another HMRC forum that the Institute participates in. National Minimum Wage from 1 April 2025 HMRC is holding a webinar on this tomorrow. Read the full email from HMRC below which includes a link to register for the webinar. “The National Minimum Wage (NMW) rates increase from 1‌‌‌ April‌‌‌ 2025. HMRC is offering a live webinar to help employers get ready for the change, as well as talking over some common mistakes employers make. The NMW team are offering a number of live webinars as mistakes are very easy to make. If your clients are a business that makes deductions through payroll, operate salary sacrifice schemes or don’t necessarily pay for all time worked, this webinar is for you. The NMW team are offering a number of live webinars as mistakes are very easy to make. If your clients are a business that makes deductions through payroll, operate salary sacrifice schemes or don’t necessarily pay for all time worked, this webinar is for you. Getting ready for the National Minimum Wage increase Register for this webinar on how we can help you get your clients ready for the new rates and avoid accidentally underpaying your workers. You’ll have the opportunity to ask questions throughout using the on-screen text box. Some other useful steps employers/your clients can take, include: check the new rates identify which staff are due the new rate update payroll systems as soon as possible contact the ACAS helpline to get impartial and confidential advice on paying workers correctly ·visit the 'Calculating the minimum wage' guidance page on GOV.UK for advice on how to perform the right calculations, because NMW is more than just a pay rate.” Stakeholder Forum minutes HMRC has published the minutes of the November 2024 Wealthy External Forum sub-group examining the changes to the taxation of non-doms on GOV. UK. The following guidance has also been published by HMRC’S Wealthy Team: IFM37800 - Carried interest: information provided in a tax return - HMRC internal manual, and IFM37850 - Carried interest: tax packs - HMRC internal manual. The minutes from the 128th Joint VAT Consultative Committee meeting from January 2025 have also been published and are now live on GOV.UK. New content on starting up a business HMRC has published the following new content on GOV.UK as a result of the work of the Guidance Strategy Forum which the Institute participates in: Set up a business, Step 1 of Become a sole trader: What a sole trader is, and Step 1 of Set up a private limited company: Limited companies. The guidance contains a new comparison table format which is not previously done on GOV.UK before. Since the launch there has been a lot of great feedback about how users are finding it useful. This is not the end of this group’s work but is considered to be a major milestone. HMRC is conducting another round of user research with limited companies (and another with sole traders is planned) and is also now conducting impact tracking to see if the changes help users in the way that the new guidance aims to.

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. Miscellaneous guidance updates and publications Apply to operate a customs warehouse, Notices made under the Customs (Special Procedures and Outward Processing) (EU Exit) Regulations 2018, Communications resources to help you move goods from Great Britain to Northern Ireland, Using a special procedure without a prior authorisation, Making an entry summary declaration, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Authorised Consignee Temporary Storage (ACTS) location codes for Data Element 5/23 of the Customs Declaration Service, and Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020.

On Monday evening 10 March, Institute President and Deputy President Barry Doyle and Pamela McCreedy started a series of US engagements on behalf of Chartered Accountants Ireland.  Approximately 150 Chartered members based in New York and the surrounding region assembled in the Consulate General of Ireland, New York, to attend the Institute’s panel discussion and member networking event on the current economic climate for FDI from the US into Ireland. The Institute’s newest overseas members chapter, for members in New York, was also launched by the President, accompanied by Minister Jennifer Carroll MacNeill. The weeks leading up to the event were characterised by geopolitical uncertainty, and given this context, the Institute was privileged to have such a well-placed panel of speakers at the event. Feargal O’Rourke FCA – Chair of IDA Ireland; Liz Munnelly FCA – CFO of Kerry North America; and John Feeney, Head of Corporate and Commercial Banking joined MC Caitríona Perry, chief presenter for BBC News in Washington, for an engaging and informative conversation at a time of increased focus on the long-established bilateral trade relationship between Ireland and the Unted States.   The event was opened by Gareth Hargadon, Deputy Consul General of Ireland in New York, and we want to thank Gareth and the team for their warm welcome again this year. Minister Carroll MacNeill spoke of the Institute’s status as an all-island body allowing Chartered Accountants Ireland members to access key business and economic positions as “trusted, ethical leaders” who occupy an important position in the island’s US-EU and US-UK relationships – allowing potential to influence and shape policy which cannot be underestimated. She noted the breadth of Irish businesses paving the way in the US across a variety of sectors, from Therapie Beauty Clinic to Kerry Group. President Barry Doyle spoke to members about the importance of Irish Chartered Accountants’ role in American organisations, steering businesses and strengthening relationships across the Atlantic. Barry’s key message was the vast potential offered by the global nature of the accounting qualification. New York resident and Chartered Accountants Ireland Council member Conall McGonagle – CFO and CAO of The Ireland Funds referenced the fact that New York is home to a complete cross section of members, and he and Barry Doyle launched the New York member chapter, providing members in the region key touchstones with the Institute and each other. The chapter – like the other 14 overseas member chapters around the world – will offer a central point of contact for members arriving in the city as well as those who already call it home. The panelists set the scene of the reality on the ground for businesses operating between the Irish and American markets, at a time of increased turbulence and uncertainty. The message was however positive, with Feargal O’Rourke noting Ireland’s all-time-high employment rate, something that is very appealing to US FDI investors. Echoing his sentiments at last November’s launch of a Chartered Accountants Ireland Guide to FDI in Ireland paper, he noted that Ireland maintains its position as a good place to invest for a wide variety of economic and social reasons. Continuing in this positive vein, Elizabeth Munnelly encouraged all businesses – regardless of their size – to explore the Irish market, citing Kerry as an example of a company that started out small and now employs 6,000 staff. John Feeney focused on domestic investment, reassuring potential investors to Ireland that there is funding available for infrastructure projects, emphasizing that Ireland must continue to create the right environment to attract investment. Members in the room were highly engaged and there were plenty of questions from the floor on everything from FDI to defense spending to tariffs.  During the week, the President and Deputy President also met with Mark Koziel – President and CEO of AICPA (Association of International Certified Professional Accountants) to congratulate him on his new role. The President also met with AICPA’s Susan Coffey as well as Lee White, CEO of IFAC, to ensure we strengthen the Mutual Recognition Agreement. During the meeting, they discussed IFAC’s key priorities, and ways in which IFAC plans to collaborate with other accountancy bodies to support the growth of the profession. Barry and Pamela, along with Global Member Manager Gillian Duffy, continue their outreach in Washington DC forging and strengthening relationships with stakeholders and members there. With over 750 members in the USA, the United States continues to be a draw to Irish Chartered Accountants at all stages of their career. The role members play in supporting both US and Irish businesses is critical to their success with senior business leaders such as Donald Gaynor, Elizabeth Munnelly and Alan Ennis making an impact on the US and Irish economies. Initiatives like the Morrison Visa – now in its 30th year – are just one avenue to help Irish people to access America and continue this tradition of success. Likewise, the ACA qualification is dubbed a “global passport” for good reason. Ireland remains uniquely placed to support growth, and with Irish Chartered Accountants held in such high esteem within business communities, they can provide trusted leadership in changing times. Members who wish to become involved with the New York member chapter – or any other member chapter – should contact Gillian Duffy. Photos from the event can be viewed here.

If your firm wishes to file information at Companies House on behalf of clients or if you plan to verify the identity of certain individuals, you will need to register to be an Authorised Corporate Service Provider. Click here for more information. 

HMRC is conducting a review of the Agent Online Forum (Agent Forum) as there is concern that the forum is not working as intended. The Agent Forum is for tax agents who are members of a professional body and its aim is to enable agents to report issues about HMRC systems that are affecting taxpayers and their clients with responses received to forum posts from HMRC. If you use the Agent Forum, please email tax@charteredaccountants.ie with your feedback. If you are not already a member of the forum, a profile must first be set up on HMRC’s Customer Forum  after which access to the Agent Forum should be requested. HMRC will require your contact details, the name of your professional body and your membership number in order to register you on the Agent Forum. The aim of the forum is to be a place for agents to report issues that are potentially widespread and affect a number of taxpayers or agents therefore it should not be used to raise client specific queries.

The Northern Ireland Tax Committee chaired by Janette Burns met recently for the first time in 2025. A range of issues was on the agenda including Making Tax Digital (MTD) for income tax which commences in just over a year from April 2026 for unincorporated businesses and landlords with turnover from self-employment and property income exceeding £50,000 in 2024/25. The meeting was attended by several HMRC MTD Programme representatives, including the Programme Director Craig Ogilvie, who gave an update on the current status of this project whilst also reflecting on its challenges. Craig also set out what HMRC’s ambitions are for the next phase of testing in 2025/26, including the supports which will be available to taxpayers and agents. HMRC will be writing to agents who are likely to have clients in the first phase of mandation in the coming months; just one element of a wider comms plan. HMRC is keen to hear about the plans of our member firms to get ready for this major change and, in particular, specifically the reasons why firms are not planning to take part in testing in 2025/26 and what the challenges/blockers are preventing participation. Email tax@charteredaccountants.ie to provide your feedback. The Institute continues to work with HMRC on MTD readiness and is developing a cross-department MTD readiness strategy to assist members in their preparations. Last week HMRC held an MTD event in Belfast on Tuesday 4 March which the Institute was represented at. Another event is to be held in Belfast later in 2025 which we will share details of once available. HMRC’s MTD team, including the Programme Director also presented at the Institute’s Practice Consulting team’s Practice News webinar at the start of February. On the guidance front, HMRC has published an updated version of work out your qualifying income for Making Tax Digital for Income Tax. The changes made to this guidance are as follows: Clarified the definition of ‘qualifying income’. This is because HMRC is seeing that various taxpayer types think that other income sources are included under ‘income from self-employment’ e.g. income from a partnership or dividends from their personals service company when they are not, Explanation of ‘latency’, Added a new sub-section on what’s not included, Added new sections on if you use the cash basis and are VAT registered, if the transactions in UK land rules apply, and if you are impacted by basis period reform, and Redesigned the section on residency and removed the concept of domicile which will no longer be relevant from April 2025. These changes align to internal HMRC feedback and policy review but are also based on user feedback from ongoing user research in support of this interactive guidance tool, linked from Find out if and when you can use MTD. The list of available MTD for income tax software has also been updated.