In this week’s miscellaneous updates, the latest Stakeholder Digest from HMRC confirms that it’s new Permanent Secretary and CEO has taken up his office and the expected reductions in HMRC’s interest rates have been announced after the Bank of England Monetary Policy Committee reduced the base rate last week from 4.5 percent to 4.25 percent. The first changes in four years have been made to HMRC’s CEST (check employment status for tax) tool and HMRC has updated their genuine communication guidance to add information about ongoing research into agent and professional standards which means that some tax agents may receive an email or phone call from HMRC inviting them to participate. The latest newsletter from the Federation of Small Businesses (FSB) says that the ‘taxi tax’ must be stopped and small business employers are invited to take part in FSB’s latest survey on the National Living Wage by 19 May. And finally, the Public Accounts Committee (PAC) has published a report on the cost of the tax system which not surprisingly concludes that the cost of administering taxes is increasing for HMRC and taxpayers. New HMRC Permanent Secretary and CEO After the retirement last month of Sir Jim Harra, John Paul (JP) Marks joined HMRC as its new First Permanent Secretary and Chief Executive. JP has been a civil servant for over two decades and previously served as Permanent Secretary of the Scottish Government for three years. In a You Tube video to mark the occasion, JP introduces himself and sets out his key priorities. CEST updated On 30 April 2025 HMRC updated this tool which is used to find out if a worker on a specific engagement should be classed as employed or self-employed for tax purposes. According to HMRC, CEST has been updated to simplify its language; useful links have also been added. The update also features a  new mutuality of obligation question (the obligation on the employer to provide work and the employee to accept the work) which is often key to many decisions at tax tribunal. HMRC has reaffirmed its ongoing commitment to the tool saying it will stand ‘behind the outcomes of this tool where it has been used correctly.’ Updated guidance is therefore expected to be published on how to answer the questions in the tool which have changed. PAC reports on cost of the tax system The House of Commons PAC report on the cost of the tax system concludes that the cost of administering taxes is increasing for HMRC and taxpayers and as a result calls for HMRC to “publish realistic plans to simplify the tax system and establish robust metrics for reporting the impact on its costs, and on taxpayers’ costs, in its annual reports”. The report also says that taxpayers’ trust in HMRC is falling and recommends that HMRC should work with taxpayers and their representatives to understand why this is the case and what it can do to quickly address the decline. HMRC should publish the concerns it has heard and the actions it is taking to address these, as a first step to improving trust.

HMRC has contacted us to advise that as of 6 May, Unique Taxpayer References (UTRs) are no longer being provided when requested by either agents or taxpayers over the phone. This change is being made for security reasons.   HMRC has asked us to remind taxpayers that they can source this information from the top of the home page of their Personal Tax Account (PTA). If they do not have a PTA, they can find their UTR at the top of any Self-Assessment letter HMRC may have sent. If neither of these methods is available, HMRC will instead send this to them by post after they have successfully answered a series of security questions.   Agents that call on behalf of their client will also be advised of where the client’s UTR can be found. If it’s not possible to retrieve the UTR from one of those sources, then HMRC will issue a letter direct to the agent’s client. This can take up to two weeks to arrive.    

That’s according to the Institute’s Northern Ireland Tax Committee chaired by Janette Burns. The Committee responded last week to the UK Government’s consultation ‘Electronic invoicing: promoting e-invoicing across UK businesses and the public sector’. A series of recommendations featured in the submission including the need to ensure that businesses in Northern Ireland (NI) are not subject to different standards compared to the rest of the UK. Any UK e-invoicing regime should be decentralised and should also be aligned with what is ultimately agreed at EU-level in respect of the Digital Reporting Requirement (DRR) aspect of the VAT in the Digital Age (ViDA) package. The submission also considers the impact on smaller businesses and recommends that grants/tax incentives be introduced to encourage and help fund voluntary uptake. In summary, the key recommendations are as follows: An appropriate lead-in time and extensive testing by and consultation with various stakeholders will be essential in order to successfully implement a UK wide e-invoicing policy, This should begin by encouraging a voluntary approach, in particular for small and micro businesses, by educating taxpayers on the advantages cited in the consultation and by providing grant incentives/tax reliefs to encourage and help fund uptake, Mandatory e-invoicing and real-time reporting should only be introduced in a phased format based on the size of the business, The Government should establish a dedicated e-invoicing support team, A review should be undertaken of the UK’s VAT regime to identify opportunities for simplification ahead of introducing any e-invoicing policy in the UK, Any UK wide e-invoicing system will need to consider the potential impact in the NI context in order to avoid adding further complexity or different standards for different regions within the UK, The UK’s e-invoicing regime should be decentralised and should be aligned with what is ultimately agreed at EU-level in respect of the DRR aspect of ViDA, and Continued open, transparent and broad consultation will be needed with stakeholders to resolve and identify challenges/issues on the journey to a UK wide e-invoicing policy.

Artificial intelligence is rapidly becoming an integral part of daily life, but many organisations have yet to fully grasp its potential, limitations and associated risks, writes David O’Sullivan The introduction of the European Union’s Artificial Intelligence (AI) Act means organisations are now legally required to ensure that employees using AI, as well as those impacted by its outputs, possess adequate AI literacy. AI literacy is the ability to understand, evaluate and interact effectively with AI systems. It encompasses recognising risks and opportunities, interpreting AI outputs and making informed deployment decisions. Ensuring AI literacy within an organisation isn’t just about compliance – it reduces risk, fosters innovation and drives competitive advantage. For businesses seeking to enhance their AI literacy, the European Commission offers detailed guidance, accessible in their online library: AI Literacy Learning Repository. Leading organisations integrate AI literacy into AI governance frameworks, ensuring clear roles, responsibilities and key performance indicators. Here are the six most effective strategies. 1. Tailored training for different levels of expertise A one-size-fits-all approach to training rarely works. Successful organisations provide: Foundational courses for employees new to AI; and Advanced technical training for developers and data scientists. 2. Hands-on learning with practical applications The best way to understand AI is to use it. Companies should offer their employees: Workshops, case studies and simulations to demonstrate AI’s practical impact; and AI sandbox environments for employees to test and experiment with AI safely. 3. Role-specific AI training Different teams utilise AI in different ways. Finance teams, product managers and engineers all interact with AI in various ways. Tailored training can help to ensure employees receive the relevant knowledge necessary to integrate AI into their workflows effectively. 4. AI mentorship and cross-department collaboration Encouraging knowledge-sharing between AI experts and employees helps bridge skill gaps. Some companies establish AI mentorship programmes where experienced employees guide their peers in AI adoption. 5. Embedding responsible and ethical AI practices Many organisations are integrating responsible AI principles into their training, focusing on transparency, fairness and compliance with AI regulations such as the EU AI Act. In Ireland, the Government introduced principles for public sector organisations early in 2024, and these are still relevant today. 6. Continuous learning AI is evolving rapidly. Training should be ongoing with regular updates and refresher sessions to keep pace with advancements. The impact of AI literacy When AI literacy programmes are effectively implemented, organisations experience significant benefits, including: Increased AI adoption and engagement: Companies have seen an increase in employee participation in AI training and a higher usage of AI tools in daily tasks. According to the AI Literacy Learning Repository, one organisation that implemented an AI literacy programme reported a 30 percent increase in AI training participation and a 65 percent rise in AI tool utilisation. Improved workforce confidence and innovation: Employees who are comfortable with AI use it effectively, leading to better decision-making and new ideas. Operational efficiency gains: AI literacy helps automate repetitive tasks, streamline workflows and boost productivity. New AI-driven offerings: Some organisations have leveraged AI literacy training to upskill employees, leading to new AI-driven products and services. Greater consumer trust: Companies that prioritise transparency in AI usage – and educate affected individuals – see higher trust levels. Some businesses even involve clients in AI training sessions. Making AI literacy a business priority Organisations cannot afford to overlook AI literacy, given our rapidly changing world and the requirements of the EU AI Act. Investing in education, practical training and ethical AI practices equips employees with the skills they need to work effectively with AI and allows leadership to make informed decisions on deployment and controls. By addressing challenges and leveraging the best strategies, companies can build an AI-literate workforce that drives innovation, enhances efficiency and ensures responsible AI use while meeting compliance objectives. AI literacy isn’t just about understanding how AI works; it’s about ensuring businesses and employees can utilise AI effectively to create meaningful and positive outcomes. If your organisation hasn’t yet prioritised AI literacy, now is the time to start. David O’Sullivan is Director of Privacy, Digital Trust & AI Governance at Forvis Mazars

Under the new Small-Scale Renewable Electricity Support Scheme, SMEs can turn idle rooftops or land into a 15-year income by exporting renewable electricity, writes Justin Wallace The recently launched Small-Scale Renewable Electricity Support Scheme (SRESS) presents a valuable opportunity for small- and medium-sized enterprises (SMEs) that may have under-utilised rooftop space or land available for long-term passive income. SRESS is an initiative of the Department of the Environment, Climate and Communications, designed to support SMEs, farmers and communities that wish to generate renewable electricity for export to the national grid. It offers support for solar photovoltaic (PV) and onshore wind renewable electricity installations that are not suitable for the larger utility-scale Renewable Electricity Support Scheme (RESS) or the Micro-generation Support Scheme (MSS). Support is offered in the form of a guaranteed tariff for 15 years to export projects ranging in capacity from 50 kw to 6 MW. The scheme opened for applications in January 2025. When a business joins the SRESS scheme, it receives payment through a Power Purchase Agreement (PPA) with a supplier, utilising a special payment system designed to provide certainty to SRESS projects, thereby insulating it from fluctuating market prices. Regardless of the market reference price of electricity, businesses will receive the same amount for the power supplied. When electricity prices are low, the payment received from a supplier is topped up. Conversely, when prices are high, SMEs still receive the standard tariff rate, but their supplier separately pays a surplus into a Government fund, the Public Service Obligation (PSO) levy. This scheme presents a valuable opportunity for SMEs that may have under-utilised rooftop space or land. For instance, a 50 kilowatt peak (kWp) rooftop or ground-mounted installation requires only 125 to 200 solar panels, equivalent to 250 to 300 square metres of roof space, roughly the size of a double tennis court. The SME tariff for solar projects under 1 megawatt (MWh) is €130/MWh (€0.13/kWh), which generates a passive yearly income for your business for 15 years. Further, solar panels are low-maintenance and generally expected to last for 25 to 30 years, so your system should still be capable of generating renewable electricity even after the SRESS support period ends. This could involve entering into a new PPA, without Government support, but with capital costs paid off. If you are interested in joining SRESS, start by assessing your premises to determine its suitability for a renewable energy project. Consider how close your premises is to a grid connection at an ESB substation. Generally, being located closer to a substation brings down the cost of your connection. ESB Networks publishes capacity heatmaps, which indicate the spare transformer capacity available at substations at each voltage level. For generators exceeding 200 kilowatt (kW), ESB Networks provides a minimum cost calculator tool to estimate the minimum costs associated with connecting to the grid. Visit the grid cost calculator tool and grid capacity map on the Department’s website for more information. Consider engaging a renewable energy expert to assist with calculating the financial implications, risk assessment and negotiating agreements. They can assist with estimating the total upfront costs, including equipment, installation, grid connection and other fees, as well as ongoing operational and maintenance costs. A renewable energy expert can also calculate the expected revenue of the project based on the tariff rate and projected energy generation, taking into account variables such as seasonal change and any potential downtime. Generally, most renewable electricity projects are required to have full planning permission in place before applying to SRESS. However, revised regulations, introduced in October 2022, expanded the eligibility of properties for exemptions to include the rooftops of certain premises, such as industrial buildings and businesses. While these exemptions are subject to certain conditions and limitations, your local planning authority will be able to confirm if your premises is eligible for such an exemption. Further information and details on the solar planning exemptions are available on the Department of Housing, Local Government and Heritage’s website. If pursuing an export project is not for you, there are also grants available for renewables self-consumers with projects from 50 kw up to 1 MW under SEAI’s Non-Domestic Microgen Grant. Renewable energy self-consumers are electricity customers who generate their own renewable energy for personal use. They may then sell or store any excess electricity produced, if electricity generation is not their primary business. To apply for SRESS, applicants must complete the application form. Completed application forms and any additional queries relating to the scheme can be directed to sress@decc.gov.ie. SRESS will ultimately contribute to lower long-term energy costs for both households and businesses, enabling them to play a key part in the renewable energy transition. Please see the scheme’s T&Cs and its Non-Technical Summary for more information. Justice Wallace is an Officer in the Department of the Environment, Climate and Communications

Tax has emerged as a powerful tool in the EU’s Clean Industrial Deal. Sinead Kelly explores how policy could unlock investment and drive Europe’s green transition On 26 February 2025, the European Commission unveiled the Omnibus Package, a set of proposals aimed at simplifying EU rules, boosting competitiveness and unlocking investment capacity. A key component is the Clean Industrial Deal (CID), which focuses on raising funds and driving innovation to accelerate decarbonisation and foster a circular economy. The CID strategically focuses on energy-intensive industries and the clean-tech sector, identifying six key business drivers: affordable energy, lead markets, financing, circularity, global markets and skills – all essential for a sustainable industrial ecosystem.  Tax policy is often cited as a potential lever for influencing behavioural change and mobilising the investment needed to fund the clean transition and meet our climate targets. It is interesting that tax policy is noted as a key lever within all six key business drivers, representing a combination of the “carrot and stick” approach. It is also noteworthy that, at the recent EU Tax Symposium in Brussels, Commissioner Hoekstra stated that decarbonisation is a priority on the EU competitiveness agenda and tax measures are needed to help energy-intensive industries decarbonise. Tax as a lever Here are some key areas where tax features within the CID. Affordable energy The European Commission recognises securing affordable energy as crucial for industry competitiveness, with tax playing a role via the Energy Taxation Directive.  Negotiations to revise the Energy Taxation Directive have been ongoing since July 2021 and aim to ensure tax frameworks do not incentivise the use of fossil fuels and are more conducive to electrification. The CID emphasises the urgency of concluding these negotiations. For short-term relief, member states are encouraged to reduce tax levels on electricity, including eliminating levies on electricity that are used by governments to fund initiatives not directly related to the energy sector. The European Commission will issue recommendations to guide member states on how to lower electricity taxation cost-effectively. Lead markets Building a business case for decarbonised products is central to the CID. The proposed Industrial Decarbonisation Accelerator Act (Q4 2025) will introduce resilience and sustainability criteria to foster clean European supply for energy-intensive sectors. This includes a voluntary carbon intensity label for industrial products. Such labels should allow industrial producers to distinguish the carbon intensity of their industrial production and to benefit from targeted incentives. It is suggested that member states could use these labels to design tax incentives and other support schemes in line with state aid rules. This approach aligns with our climate-related pre-budget submissions, suggesting targeted tax incentives linked to greenhouse gas (GHG) emission reductions. Financing Leveraging public and private capital is crucial for funding the substantial investment required for the European clean energy transition. From a tax perspective, the European Commission recommends member states support clean business through corporate tax systems, suggesting: Accelerated depreciation for clean technology assets; and Tax credits for businesses in strategic sectors for the clean transition. Helpfully, the European Commission mentions that to the extent these measures involve state aid, the new state aid framework will integrate these instruments into its compatibility rules. Ireland should proactively review these proposals and consider tax policy changes to encourage faster decarbonisation of the Irish economy, increased investment in decarbonisation measures and position Ireland as a clean tech innovation leader. Circular economy The European Commission recognises the importance of scale and a single market for waste, secondary raw material and reusable materials to promote circularity. VAT has been identified as a potential lever, with a commitment to review the rules on the second-hand scheme contained in the VAT Directive by Q4 2026 to address the issue of embedded VAT in second-hand products (Green VAT initiative). Global markets European clean industrialisation requires global partnerships and open, rules-based trade with access to third markets for goods and capital. Tax can play a role here in seeking to protect a global level playing field. This includes: The Carbon Border Adjustment Mechanism The Carbon Border Adjustment Mechanism (CBAM), operational since 2024 (reporting only), seeks to ensure that the EU’s efforts to reduce carbon emissions are not undermined by the importation of carbon-intensive products into the EU. From 2027, importers of certain carbon-intensive products must purchase CBAM certificates to equalise carbon costs between imported and EU-produced goods. Recognising the complexity in compiling CBAM returns, especially regarding supplier data, the European Commission proposes to simplify administration in 2025 while continuing to incentivise global carbon pricing. A comprehensive review of CBAM in Q3 2025 will explore extending CBAM to other EU ETS sectors at risk of carbon leakage, to downstream products and indirect emissions with the aim of closing potential loopholes. The Foreign Subsidies Regulation Effective July 2023, the Foreign Subsidies Regulation (FSR) impacts businesses operating in the EU, including non-EU-based multinational companies. It requires European Commission notification and approval for merger and acquisition activities or public procurement contracts above certain thresholds if non-EU governments provide 'financial contributions' (including grants, export subsidies or tax credits) that could unfairly advantage companies against EU competitors. By the first quarter of 2026, the European Commission will adopt guidelines on key FSR concepts, including assessing foreign subsidy distortions and clarifying the circumstances in which mergers, which do not meet the thresholds but pose a risk to the level playing field in the single market, may be reviewed. The European Commission has also stated that it will continue FSR ex officio investigations in strategic sectors, such as the ongoing probe into Chinese wind turbine suppliers. Skills The European Commission aims for an inclusive clean transition. As part of the General Block Exemption Regulation review, it will consider whether state aid rules can be updated to provide better incentives to industry to invest in upskilling, reskilling, quality jobs and the recruitment of workers for a just transition. Examples in an Irish context could include different PRSI rates and double tax credits for green upskilling. Sinead Kelly is a Director at PwC Ireland

Chartered Accountants Ireland is excited to announce that the search for the next Chartered Star is now on! Open to members and students, Chartered Star celebrates the amazing work done by the Chartered community in support of the UN Sustainable Development Goals (SDGs), whether that’s by volunteering in your personal life, driving change in your workplace or through leveraging your ACA qualification in some way. As well as being awarded the prestigious ‘Chartered Star’ title and joining an incredible community, the winner will get the once in a lifetime chance to attend the One Young World Summit in Munich, Germany this November (3 – 6 November 2025), representing Chartered Accountants Ireland and Chartered Accountants Worldwide.  The One Young World Summit convenes the brightest young talent from every country and sector, working to accelerate social impact, through four transformative days of speeches, panels, workshops and networking.  Learn more about Chartered Star here.

Last week, the Institute was proud to win Best Learning and Development Programme at the Irish HR Champion Awards for its innovative virtual reality (VR) experience. This groundbreaking combination of the latest technologies and traditional learning provides learners of audit with a unique perspective that can set them apart. The programme - developed with the Metaverse team at Sia and funded by Skillnet Ireland - addresses the very real challenge of equipping junior and trainee auditors with Professional Scepticism (PS) skills. The VR simulation puts learners into the role and persona of a junior auditor conducting an external audit, allowing them to practice PS in realistic scenarios that mirror the complexities of real-world audit environments.  Presenting the Award, Maurice Whelan, Founder and CEO of Unleash Potential Ireland, said:  “Tonight’s Learning and Development Award celebrates a programme that didn’t just raise the bar — it completely reimagined it. This organisation tackled one of the most complex challenges in professional education head-on, fusing cutting-edge Virtual Reality technology with real-world expertise to deliver a truly immersive, transformative learning experience. By embracing bold innovation and setting a global first in their field, they have not only elevated their own members’ development but captured the attention of top universities and industry leaders alike. They’ve shown that when technology meets vision and collaboration, the results can be nothing short of groundbreaking”.  

Welcome to the latest edition of Technical Roundup. In developments since the last edition, the Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024.  The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast covering the latest developments in sustainability and financial reporting. 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 annual review of structured digital reporting highlighting key areas for improvement in how UK listed companies present their digital annual reports. The FRC has released two new podcasts in their “in conversation” series. Discussing the FRC’s end-to-end enforcement process review Transforming access to company data The European Financial Reporting Advisory Group (EFRAG) has released the March edition of its Podcast, covering the latest developments in sustainability and financial reporting. The International Accounting Standards Board (IASB) has announced that it has started its Post-implementation Review of IFRS 16 Leases. The IASB expects to issue a Request for Information (RFI) for this in June 2025. In preparation for this, the UK Endorsement Board has invited preparers who are lessees to complete a survey on the ongoing costs and benefits of applying the standard. EFRAG has called on stakeholders in the field of corporate reporting to participate in the European Commission’s (EC) consultation on the future EU long-term budget. This consultation runs until 6 May. The International Accounting Standards Board (IASB) has released its April 2025 podcast and its Q1 2025 IFRS Interpretations Committee podcast. The CCAB has published an updated draft of its LLP SORP. This will be open for public comment for a 12 week period until 22 July 2025. The draft SORP contains updates which take into account the amendments to FRS 102 following the 2024 periodic review, as well as other factors. Once finalised, it is proposed the SORP would be effective for periods commencing on or after 1 January 2026. Auditing IAASB are consulting on a Proposed Narrow-Scope Amendments to Standards Arising from the IESBA’s Using the Work of an External Expert Project These proposed narrow-scope amendments are aimed at maintaining interoperability between IAASB standards and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code). Responses are due by 24 July. The targeted amendments focus on the following IAASB standards: ISA 620, Using the Work of an Auditor’s Expert ISRE 2400 (Revised), Engagements to Review Historical Financial Statements ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information ISRS 4400 (Revised), Agreed-upon Procedures Engagements IAASA has released its first publication as part of its 2025 AQS Insight Series which focuses on key messages on auditing related parties. IAASA has published its annual Profile of the Profession for 2024.  The Profile of the Profession provides a statistical profile of the five Prescribed Accountancy Bodies (PABs) within IAASA’s supervisory remit. It includes information on members and students, approved statutory auditors and statutory audit firms, and the regulation and monitoring of members, statutory auditors and statutory audit firms. Sustainability EFRAG has submitted its work plan to the European Commission outlining the steps it will take to fulfil the specific mandate received on 27 March 2025 to provide technical advice on the revision and simplification of the European Sustainability Reporting Standards (ESRS). The IFRS Foundation has signed a Memorandum of Understanding (MoU) with the Inter-American Development Bank (IDB) to promote the adoption and implementation of the ISSB standards across Latin America and the Caribbean. The International Sustainability Standards Board (ISSB) has published Exposure Draft ISSB/ED/2025/1 ‘Amendments to Greenhouse Gas Emissions Disclosures’ with comments requested by 27 June 2025. The ISSB has published a new episode of its “Perspectives on sustainability disclosure” series entitled “Ramping up systems and processes for sustainability data”. Central Bank of Ireland The Central Bank of Ireland has published the annual Financial Conditions of Credit Unions Report, which provides an update on the financial performance and position of the sector for the financial year ended 30 September 2024.   Other news Carmichael, a specialist training and support body for non-profits in Ireland has published its latest Governance Dilemma Newsletter. These newsletters look at a real-life challenge that a Board has faced and consider a range of responses to that challenge. The most recent edition considers the issue of procurement contracts being issued where there is a conflict of interest in place. The Charity Commission for Northern Ireland has announced the appointment of Elaine Armstrong, Chief Executive of the Cedar Foundation, as the new independent Chair of its Stakeholder Engagement Forum. The Charities Regulator has issues the latest edition of the Charities Regulator News. In it you will find information including more details on charity financial reporting in Ireland. The news includes information  on the updated  Charities SORP (Statement of Recommended Practice) and details on  a (UK) public consultation on the updated Charities SORP which is now open. The deadline for completion of the consultation is midday, Friday 20th June 2025. It is also noted in the magazine that under changes in the (Irish) Charities (Amendment) Act 2024, accounting regulations will be introduced by the Minister for Rural and Community Development (who is the Minister responsible for charities) that are likely to include the Charities’ SORP. There are also updates in the magazine on trustee recruitment and retention and on the Charities Regulator stakeholder forum. They expect to be able to announce the members of the forum by early May. Accountancy Europe has issued its April 2025 SME Update and Newsletter. The UK Insolvency Service published guidance relating to director disqualification sanctions, which prohibit individuals designated under the UK sanctions regime from acting as, or being involved in the management, promotion or formation of, a company. 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.  

AAB named winner in Employer of the Year category and Tax Team of the Year category at the Irish Accountancy Awards last night      Business leader Feargal McCormack has been recognised for his contribution to the accountancy profession. He was awarded the Outstanding Contribution to Accountancy award at the 2025 Irish Accountancy Awards in Dublin marking his achievements over a career that has spanned more than 30 years. AAB, in which McCormack is a Senior Partner was awarded Employer of the Year and Tax Team of the Year at the event.  This Outstanding Contribution to Accountancy category recognises a senior individual who has made a significant contribution to the profession. Previous recipients of this award include Elaine Coughlan, FCA, Dr Laurence Crowley, CBE, FCA, Dr Margaret Downes FCA, Terence O’Rourke FCA and Professor Patricia Barker.   Feargal McCormack founded FPM Chartered Accountants in Newry in 1991 which he grew over many years to become an award-winning practice with a presence across the island of Ireland. The company merged with AAB in 2022 and Feargal remains there as Senior Partner and Head of Family Business. Feargal McCormack said that he was very humbled and honoured to receive the award, and addressing the gathering, added “Looking to the future, ethics must be embedded at the heart of the business landscape. An Irish Chartered Accountancy qualification is a global business and leadership passport for life. Go forward with confidence, have fun, embrace and enjoy the journey. Onwards and Upwards.” Chief Executive of Chartered Accountants Ireland, Barry Dempsey said  “Feargal is an exemplar of this profession and a role model for anyone currently in it or aspiring to join it. In founding FPM Chartered Accountants, he created a highly successful cross-border firm with the best interests of small to medium and family-run businesses at heart – businesses which are the lifeblood of our economies. He steered the firm through to its recent merger with AAB and remains a key Partner in it. As a former President of this Institute, he actively promoted the profession and truly connected with members. “His contribution to the profession has previously been recognised in his and his firm’s many awards and recognitions, but Feargal’s interests extend far beyond his work. He sits on numerous committees and boards contributing to academia, sport, community ventures and is a Patron of Special Olympics Ireland. I warmly congratulate Feargal and his family on this well-deserved recognition from his peers and entire Chartered community”. The Irish Accountancy Awards were launched in 2016 to celebrate excellence in the accountancy profession and now cover a total of 28 categories.  

The latest UK tax tidbits feature updated guidance in a range of areas: Double Taxation Treaty Passport Scheme register,  HMRC email updates, videos and webinars for tax agents and advisers,  Extra Statutory Concessions (VAT Notice 48),  Check how much tax you pay on dividends and interest from savings,  Work out your Capital Gains Tax adjustment for the 2024 to 2025 tax year,  Late registrations for employment related securities,  Check how to deal with an employment related securities penalty,  Check if you have to pay tax on your pension,  Appeals reviews and tribunals guidance,  Calculate interest and penalties for tax years ending 5 April 2005 to 5 April 2023,  Calculate tax, interest and penalties for the tax years ending 5 April 2010 to 5 April 2023,  Named tax avoidance schemes, promoters, enablers and suppliers,  Our governance,  Check genuine HMRC contact that uses more than one communication method,  Apply for a refund of the higher rates of Stamp Duty Land Tax,  What will happen if you do not pay your tax bill,  Claim tax relief on your private pension payments,  Additional information you must submit before you claim for Research and Development tax relief,  Research and Development (R&D) Tax Relief: Enhanced R&D intensive support for loss-making SMEs based in Northern Ireland,  Research and Development tax relief: the merged scheme and enhanced intensive support,  Let Property Campaign: your guide to making a disclosure,  Employment Allowance: further guidance for employers,  Rates and thresholds for employers 2025 to 2026,  Inheritance Tax account (IHT400),  Check genuine HMRC contact that uses more than one communication method,  Check if you need to tell HMRC about your rental income,   Help with common risks in transfer pricing approaches — GfC7,  Penalties for a failure to correct certain offshore tax non-compliance, and  Details of deliberate tax defaulters. 

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. HMRC has also sent several reminders that the 1 May 2025 deadline for changes in how goods are moved by parcel and freight from Great Britain (GB) to Northern Ireland (NI) is in just a few days.  1 May 2025 parcels and freight deadline is approaching  HMRC has issued a range of reminders about the revised 1 May 2025 deadline for changes in how parcels and freight move from GB to NI. Read HMRC’s reminder emails as follows:  Traders moving goods from Great Britain to Northern Ireland, and  If your business moves goods from Great Britain to Northern Ireland.  Miscellaneous guidance updates and publications  Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS),  CDS Declaration Completion Instructions for Imports,  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service,  Customs Importer and Exporter Population,  Customs UK Importer and Exporter Population: data tables 2024,  Top-up your Customs Declaration Service duty deferment account,  Amend or cancel a Customs Declaration Service import declaration,  Search the register of customs agents and express operators,  NCTS: software developers, and  Declare commercial goods you’re bringing into Great Britain in your accompanied baggage or a small vehicle.   

In this week’s miscellaneous updates, HMRC has published a range of updated guidance for key legislative changes which took effect from 6 April 2025 and draft legislation on the carbon border adjustment mechanism has been published for consultation. HMRC has issued a press release highlighting that Making Tax Digital for income tax commences next year and in another press release to mark the 20th anniversary of HMRC, HMRC looks to the future and says it is “harnessing the spirit of then Chancellor Gordon Brown’s bold reforms and embarking on a new era of transformation”. An update has been published on the consultation on predevelopment costs 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.   Updated guidance published on key legislative changes   Globally mobile employees The new Foreign Income and Gains regime commenced from 6 April 2025. HMRC has therefore published a collection of new guidance on 'Globally mobile employees' for employers. This includes guidance on the impact of residence on an employee’s liability to UK income tax, the newly reformed overseas workday relief, and the operation of PAYE for the new rules in place from 6 April 2025.   HMRC has also published guidance on how to send a notification to HMRC on running PAYE on a proportion of globally mobile employee’s income related to their UK duties. This addresses the new Section 690 Income Tax (Earnings and Pensions) Act 2003 direction process.   HMRC has also updated the relevant sections of their manuals with more detailed guidance as follows: new pages in the PAYE manual to cover the new globally mobile employee PAYE notification process,   a new section in the Employment Income manual for Overseas Workday Relief, and   updated pages on travelling expenses for non-resident and qualifying new resident employees working in the UK.  In September 2024, the Institute established a new working sub-group of the NI Tax Committee and Tax Committee South which is examining the complexity of cross-border and remote/hybrid working on the island of Ireland with a view to discussing the complexities of this with both the UK and Irish Government to identify improvements for employers and employees impacted. New Inheritance Tax (IHT) residence based regime  From 6 April 2025, the UK’s IHT territoriality rules changed from a domicile to residence-based regime. Broadly, and subject to transitional provisions, individuals who have been UK tax resident for at least 10 out of the previous 20 tax years are now considered ‘long-term UK resident’ and are therefore subject to IHT on their worldwide assets. There are specific provisions relating to trusts.   HMRC has now published guidance, and changes to its IHT manual which includes a new section on the rules for long-term UK residents.  Abolition of non-domiciled regime  The non-UK domiciled ‘remittance’ regime was abolished from 6 April 2025 and the new Foreign Income and Gains (FIG) regime was introduced. As a result, UK tax resident individuals now pay tax on worldwide income and gains on an arising basis irrespective of their domicile. This is subject to the four-year FIG regime which is available to individuals within their first four years of UK tax residence, after a period of at least 10 consecutive years of non-residence. These changes are also accompanied by a series of transitional rules which include the three-year Temporary Repatriation Facility for those previously taxed on the remittance basis.   HMRC has now published guidance to support these changes as follows:  a new Residence and FIG regime manual, and   updated pages in the Trusts, Settlements and Estates Manual, and   International Manual.   Further HMRC guidance and manual updates are expected to be published in due course.  Update on consultation on predevelopment costs  In the 2024 Autumn Budget, the Government committed to launching a consultation in early 2025 to explore the tax treatment of predevelopment costs. Earlier this month, HM Treasury published an update on this which referred to the recent Court of Appeal judgment in Orsted West of Duddon Sands (UK) Ltd v HMRC .   According to HM Treasury, as this case considered “matters with significant readout across to this issue” the publication of this consultation has therefore been postponed. The Government will determine its next steps in respect to this consultation in due course.   In the meantime, views from stakeholders on this judgment and its implications are invited by email to predevcosts@hmtreasury.gov.uk. 

HMRC has sent a range of emails and published several documents relevant to employers, including the April 2025 Employer Bulletin. The minutes of the 13 March 2025 HMRC Employer and Payroll Group forum meeting, which the Institute is represented on, have also been published. These contain detailed information about the new Globally Mobile Employee PAYE Notification Form.   April 2025 Employer Bulletin  The April 2025 edition of the Employer Bulletin brings you all the latest HMRC updates and guidance to support employers, payroll professionals and agents. Included in this edition are important updates on:    • the new rates of the National Minimum Wage,   • reporting expenses and benefits for 2024/25,   • changes to notifications by employers to operate PAYE on a proportion of a globally mobile employee’s income and to overseas workday relief, and   • changes to the tax treatment of double cab pickups.         It also provides information to employers to ensure they are selecting the correct national insurance contributions (NICs) category letter for certain employees in respect Category B (married women and widows who have a certificate of election form showing that they are entitled to pay reduced NICs).   You can read the bulletin on screen or print it off. It’s compatible with most screen reading software packages.  Paying your PAYE and VAT bill by direct debit  HMRC is reminding taxpayers that you can make your PAYE or VAT payments simpler by signing up to pay by direct debit (DD). According to HMRC, DD is the most accurate way to pay these tax bills and reduces the burden of having to make the payment yourself, so you don’t need to work out how much you need to pay or miss a payment deadline.  Payments are automatically collected from your bank account based on the information you provide in the: Full Payment Summary and Employer Payment Summary for PAYE tax bill, and  VAT return.  To pay PAYE bill by DD, see: https://www.gov.uk/pay-paye-tax?utm_source=PAYE&utm_medium=email&utm_campaign=DD. To pay your VAT bill via DD go to https://www.gov.uk/pay-vat?utm_source=VAT&utm_medium=email&utm_campaign=DD.  Employer emails from HMRC  HMRC has sent a range of emails on subjects relevant to employers:  Are you expecting to pay statutory payments?,   Reporting accurate information in real time, and  Statutory Neonatal Care Leave and Pay update. 

Remote work offers flexibility, but connection with colleagues can’t be left to chance. Building relationships at work boosts well-being and helps teams thrive, writes Moira Dunne The traditional working model, where most people congregate in the office at the same time, enabled connection and collaboration. But, with so many people working remotely these days, we can't leave collaboration to chance—especially as meaningful connections with our work colleagues can boost our wellbeing. The importance of workplace connection It is widely agreed that one of the biggest limitations of remote working is the lack of social connection. According to Maslow’s Hierarchy of Needs, social interactions come third, with only physiological and safety needs being more important, suggesting that social interaction and a sense of belonging and togetherness, are crucial for people. The downsides of not connecting with others include: Isolation; Problems seeming bigger; Lacking an alternative perspective; No feedback; and No rapport with colleagues. In contrast, the list of reasons to collaborate is long. Consider the benefits of the following: Emotional support during challenges/setbacks; Less stress and anxiety; Mood boost and increased happiness; Sense of belonging; Productive team culture; Collaborative problem-solving; Learning and personal growth; and Enhanced well-being. Working together in a group brings a sense of purpose as we share goals or targets. Providing input helps us feel valued which, in turn, boosts our well-being and self-esteem. By exchanging ideas with others, we learn from their experiences and can share our knowledge to help others grow. Networking with colleagues and industry professionals also leads to professional growth opportunities. It can often seem easier to “save time” by foregoing optional work events, but by connecting with colleagues, we may avoid the negative impacts of working alone, such as anxiety, worry and reduced ability to switch off. Making time to connect For most people, time is at a premium. Everyone is busy. When you are planning your week, consider who you need to meet. By booking time at the start of the week, you have a greater chance of connecting while respecting their busy schedule.   Boosting online connection Working from home can be very productive as we have fewer distractions. Our energy levels can drop as we spend hours working alone, however. An online collaboration can inject energy and help spark ideas. Book a catch-up session or a project discussion with some colleagues, or ask your manager for a one-to-one check-in. In addition to formal meetings, there are many informal ways to connect with colleagues when working remotely. Encourage team members to try something new, and then tweak the approach to suit each person's needs. Most people already collaborate within Microsoft Teams—but, make sure you access all of the functionality on offer, such as chat, messaging and polls. This kind of collaboration can save time and deliver better outcomes. Connect to manage relationships Consider the amount of time often wasted trying to get started on a project—or time spent reworking a document that isn’t approved at a later review. Working together enhances our relationships and can prevent issues from occurring. An open and honest connection provides an ongoing chance to discuss issues or challenges before they develop into bigger problems that may be harder to resolve. Communicating assertively promotes open and transparent communication through which everyone feels heard. The key to this style is to present your needs and concerns while also demonstrating your interest in the other people’s needs and concerns. (endbio) Moira Dunne is the co-founder of beproductive.ie. Moira will present a free Webinar on May 1st to mark National Workplace Wellbeing Day. You can sign up for 'How Connection with Colleagues can Boost Your Wellbeing', which runs from 9:30am to 10:15am. Register here.

Offering high-margin business models and recurring revenue streams, gaming is fast becoming a focus for investors in Ireland, writes Christopher Brown Gaming is an industry traditionally overlooked by investors in Ireland, but there are indications that the tide is turning. Irish gaming company Keywords Studios made headlines in October 2024 when it accepted a $2.8 billion acquisition bid of from a consortium of investors. Albeit at the larger end of the scale, this deal is one of many in the Irish gaming space and follows a wider trend emerging in the international investment landscape. As of the third quarter of 2024, the buyout value of private equity (PE) gaming increased 63.46 percent year-on-year, from $5.2 billion in 2023 to $8.5 billion in 2024 (as you can see on this Pitchbook graph). This trend, both globally and in Ireland, begs the question: Why gaming, and why now? Growth potential and revenue streams Gaming companies are attractive to investors for several reasons, the most compelling being the strong return on investment achievable under private ownership. Gaming companies typically have low overheads, high margins and obtain exit valuations such as those yielded by software-as-a-service companies. Like software businesses, gaming is also scalable at low cost, and developers can capitalise product expenditure on the balance sheet as an asset. Games have in-built data and insights, which can be leveraged for both research and development and advertising. While its ease of deployment gives gaming global reach, the sector is also relatively resistant to economic cycles. Games also have the potential to generate recurring revenue in the form of microtransactions. The term ‘gaming-as-a-service’ (GaaS) has been used to describe game content provided on a recurring revenue model, offering a potentially lucrative investment opportunity. The global online microtransaction market size has been valued at $522.50 billion in 2025, and is predicted to reach about $691.30 billion by 2029. The product mix in gaming has also adapted over time and extends well beyond the release of a new gaming title. In-game transactions, limited edition content, subscriptions (including season passes), skins (which allow players to customise the appearance of characters or items), brand collaborations, live services, advertising and downloadable content (DLCs) can all deliver recurring revenue. Gamers have demonstrated their willingness to pay for new and innovative gaming experiences, and while the younger generation of gamers continues to grow, older gamers also offer stronger purchasing power. Consolidation opportunities The gaming industry is ripe for consolidation. Investors see opportunities to merge smaller companies in a fragmented industry to create larger, more competitive entities. Further, as PE-backed gaming corporations continue to hold fast in the face of current financial headwinds, their larger publicly traded counterparts are struggling and expected to offload some of their underperforming titles, creating acquisition opportunities at depressed valuations. We expect 2025 to be a strong year for large-cap and mid-market gaming deals as investors seek out bolt-ons as part of buy-and-build strategies. The independent gaming scene has been applauded for its use of cutting-edge innovation and ability to tell compelling stories through gameplay. Typically bootstrapped, these companies have proven that larger investment in game development does not necessarily equal greater returns. Investors recognise that there are opportunities to acquire developers at a lower valuation, securing a great return on investment. In short, there are clear signals that gaming deals are likely are likely to rise in Ireland in the years ahead. Overall, the industry feels buoyant and optimistic. Christopher Brown is Partner and Head of Strategy at KPMG

Dealing with one crisis at a time is no longer effective as the onslaught of unprecedented events becomes the norm for businesses, writes Colette Devey A fire at a substation causes a catastrophic power outage. A cyberattack paralyses the operations of an organisation. A major storm deprives a business of power, water and telecommunications. The imposition of tariffs by major trading partners requires supply chain reshaping. These are all examples of real-world crises that have affected corporations in the recent past. While they may take many forms, together they form an urgent call to action that goes well beyond the normal course of business. The age of permacrisis Organisations today have shifted from managing multiple interconnected crises to operating in a constant state of crisis. We have entered the era of the permacrisis, an ongoing period of instability resulting from a series of catastrophic events. Business leaders can no longer rely on traditional one-off business continuity practices to manage this new reality. They have been forced into a state of constant firefighting, often supported by outdated plans and response mechanisms. Those that are managing best have shifting their approach to focus on resilience, with stronger capabilities and less organisational stress. When a crisis hits, the typical approach has been to apply a ‘playbook’ based on how previous business disruptions have been handled. There is no such thing as a standard or textbook crisis, however. Each event, and its consequences, tend to be unique in their own way. Instead of preparing organisations for all potential scenarios, this limited approach forces organisations to improvise when each new crisis hits, expending scarce resources in the process. Worse still, it can lead to flawed decision-making and missteps as the people involved are operating in unknown territory. More frequent unexpected events A different approach is required in the face of increasingly frequent crisis events—one that  can help to build organisational resilience. Catastrophic and once-rare events occur with greater frequency these days, including cyber breaches, IT outages such as CrowdStrike, and weather events such as Storm Éowyn and Storm Darragh. Each brings with it the potential to compromise an organisation’s ability to do business. The question for organisations now is how best to prepare for the increased frequency of such events and situations never encountered before. The nature of their response to unanticipated events is crucially important. In recent years, many organisations have found that just thinking about business continuity is probably too narrow an approach. It is more important to consider what is critical and core to the organisation. If yours is a services business, ask yourself: what are the most critical services we provide, whether that be to a patient, citizen or consumer? If you sell products, identify your core products and the operational processes critical to their production and distribution. This approach will help you identify and prioritise the aspects of the crisis requiring an immediate response, and determine the order of recovery that will enable the business to resume operations as quickly as possible. A successful resilience programme encompasses the process and plan of action that empowers an organisation to manage any crisis, no matter how improbable or unexpected. Five-step approach to crisis and risk management To effectively prepare for, and respond to, crises, organisations should follow these five steps: Anticipate – Plan ahead and consider the risks and threats that may arise in the future. Think about what might go wrong in the organisation and the impact this would have. Prepare – Establish a business resilience policy and framework encompassing crisis management, communications, business continuity and disaster recovery. Respond – It is critically important that everyone in an organisation understands their assigned role in a crisis response, and how to perform it. Learn – Organisations should examine what has gone wrong during a crisis response, and what should be done differently in the future. Equally important is the need to examine what went right. This will help you identify the strengths you can build on in future crisis responses. Improve – Drawing on these lessons, leaders should seize the opportunity to reshape their business in preparation for the next crisis. The increasing frequency of previously improbable and unprecedented events, requires a new approach to crisis response. What worked in the past will not necessarily be effective today or in the future. Organisations must focus on resilience and implement processes and action plans that will shield them for the full impact of unexpected events, and protect core operations. Colette Devey is Risk Consulting Partner at EY Ireland

On 14 April, the European Council approved the European Commission’s proposal to postpone the dates of application of certain sustainability reporting and due diligence requirements. The proposal (often referred to the “Stop the clock” proposal) postpones;  by two years the entry into application of the Corporate Sustainability Reporting Directive (CSRD) requirements for large companies that have not yet started reporting, as well as listed SMEs, and  by one year the transposition deadline and the first phase of the application (covering the largest companies) of the Corporate Sustainability Due Diligence Directive (CSDDD).  Following the approval by the European Council, the legislative act was published in the EU’s Official Journal on 16 April. Member States, including Ireland, will be required to transpose the Directive into their national legislation by 31 December 2025. 

Welcome to the latest edition of Technical Roundup. In developments since the last edition, following public consultation last year IAASA has published a revised Ethical Standard for Auditors (Ireland).  The effective date of the revised standard is for audits of financial statements for periods beginning on or after 15 December 2026. Early adoption is permitted.  The European Council has approved the Commission's proposal to postpone certain sustainability reporting requirements.  Read more on these and other developments that may be of interest to members below.  Financial Reporting   The European Financial Reporting Advisory Group (EFRAG) has published its Final Comment Letter on the IFRS Foundation’s Exposure Draft Proposed Amendments to the IFRS Foundation Due Process Handbook.  The IFRS Foundation is hosting episode 9 of its “Perspectives on Sustainability Disclosure” webinar on 24 April.  The Financial Reporting Council (FRC) has published the key observations from the pilot phase of its actuarial monitoring programme.  The FRC has announced the introduction of a quarterly consultation release schedule. This is intended to provide consistency and clarity for stakeholders as they prepare for and respond to consultations.  The European Securities and Markets Authority (ESMA) has issued a Consultation Paper on the new clearing thresholds under the review of the European Market Infrastructure Regulation (EMIR 3). The consultation will remain open for comments until 16 June which will be followed by a final report and submission of draft technical standards to the European Commission by end 2025.  The European Securities and Markets Authority (ESMA), has published the latest edition of its Spotlight on Markets Newsletter.  The UK Department for Business and Trade has announced the appointment of Paul Lee as the next UK Endorsement Board Chair.  Auditing  Following public consultation last year, IAASA has published a revised Ethical Standard for Auditors (Ireland). The effective date of the revised standard is for audits of financial statements for periods beginning on or after 15 December 2026. Early adoption is permitted.  The International Auditing and Assurance Standards Board (IAASB) has released its revised International Standard on Auditing 570 (Revised 2024), Going Concern. The revised standard responds to corporate failures that raised questions regarding auditors’ responsibilities by significantly enhancing the auditor’s work in evaluating management’s assessment of an entity’s ability to continue as a going concern. The revise standard is effective for audits of financial statements for periods beginning on or after 15 December 2026.  The IAASB also approved ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements. The standard will be effective for periods beginning on or after December 15, 2026, which is the same effective date as for the revised going concern standard.  The IAASB have also withdrawn ISAE 3410 Assurance Engagements on Greenhouse Gas Statements, once ISSA 5000 on sustainability assurance becomes effective as ISSA 5000 addresses all sustainability assurance engagements, including greenhouse gas-related information.  Sustainability  On 14 April, the European Council approved the European Commission’s proposal to postpone the dates of application of certain sustainability reporting and due diligence requirements. The proposal (often referred to the “Stop the clock” proposal) postpones;  by two years the entry into application of the Corporate Sustainability Reporting Directive (CSRD) requirements for large companies that have not yet started reporting, as well as listed SMEs, and  by one year the transposition deadline and the first phase of the application (covering the largest companies) of the Corporate Sustainability Due Diligence Directive (CSDDD).  Following the approval by the European Council, the legislative act will be published in the EU’s Official Journal. Member States, including Ireland, will be required to transpose the Directive into their national legislation by 31 December 2025.  The International Sustainability Standards Board (ISSB) has issued its April 2025 update and podcast.  EFRAG has launched a call for input on the revision of the European Sustainability Reporting Standards (ESRSs) Set 1 with comments requested by 6 May 2025.  The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed a ‘Memorandum of Understanding’ (MoU) to formalise their collaboration.   Following on from the European Commission’s Omnibus Proposals, which seek to reduce the reporting burden on European Companies, Accountancy Europe has issued a statement addressing the ESRS Revision Due Process.  Economic Crime & Anti-money laundering   In April 2025 Accountancy Europe issued its new publication “New EU AML rules: advice for accountancy practitioners”. The document “…outlines concrete steps for accountancy practices, national institutes of accountants, auditors and advisors to take to be ready when the EU anti-money laundering and countering the financing of terrorism (AML/CFT) legislation takes effect in 2027….”  The European Banking Authority has recently issued its April EBA AML/CFT Newsletter which contains lots of information on AML matters. It includes news on crypto-assets and the EBA consultation on new rules related to the anti-money laundering and countering the financing of terrorism package AMLD6.  The Minister for Justice invites expressions of interest for appointment of ordinary members of the Advisory Council against Economic Crime and Corruption. The Council was established in 2022 following the Hamilton report. It advises and makes proposals on strategic and policy responses and is responsible for developing a multi-annual strategy to combat economic crime and corruption.  The UK National Crime Agency has published its latest SARs in action magazine Issue 31. You can read the SARs magazine from the link here.  Other news  The Institute has recently published a webpage on Economic Crime and Corporate Transparency Act 2023 - Changes in Companies House. The aim of this webpage is to inform members of the recent Companies House identity verification changes and how to register as an Authorised Corporate Service Provider.   Following the webinar the Institute hosted with Sean Tierney from the Corporate Enforcement Authority (CEA) on 25 March 2025 "Directors’ duties and responsibilities – what you need to know” we have published some of the questions and potential answers which were discussed at the webinar on the Business law and regulation pages on the Technical Hub.  Readers should also note that there are very useful FAQs on the CEA website – cea.gov.ie CEA-FAQs if readers have further questions about company law or the CEA’s work.   The Pensions Authority has published its supervisory activities report for 2024 which details observations and findings identified over the course of 2024.  The European Securities and Markets Authority (ESMA) has published its Consultation Paper on the remaining Regulatory Technical Standards (RTS) for external reviewers under the European Green Bonds Regulation.  On Monday, 7 April 2025 the European Insurance and Occupational Pensions Authority (EIOPA) launched its fifth EU-wide stress test for pension schemes (IORPs) which will focus on the impact of adverse market developments on the liquidity position of IORPs.   The European Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection Michael Mc Grath recently welcomed the launch of a new set of guidelines for businesses in Ireland. The guidelines focus on what traders must do to uphold consumer rights when selling goods and services, following the introduction of new rules in the Consumer Rights Act 2022. Click the link above to read more about the guides which cover consumer remedies in sale of goods contracts and consumer remedies in service contracts.  The Minister for Enterprise, Tourism and Employment, Peter Burke has announced government approval to accelerate the development of a new whole-of-government Action Plan on Competitiveness and Productivity with a suite of measures designed to bolster business resilience and support competitiveness.  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.   

Moira Grassick explores the implications of the new gender pay gap reporting portal set to launch in Autumn 2025 Norma Foley, Minister for Children, Disability and Equality, has announced that a gender pay gap reporting portal will be launched in Autumn 2025.   This is a significant update for Irish businesses, as the Department estimates that about 6,000 companies will need to submit a gender pay gap report to the online portal this year.   Foley also indicated that the reporting deadline is expected in November.  Gender pay gap reporting to date The Gender Pay Gap Information Act 2021 requires businesses to publish a report detailing the hourly gender pay gap in their business, across a range of specified metrics. The Act is part of a wider initiative to improve gender equality in Ireland and, more specifically, aims to bring about greater pay parity between men and women.  Initially, when the requirement was introduced in 2022, only companies with 250 employees or more were required to submit a gender pay gap report. This threshold has been increasing gradually each year and, in 2025, any company with 50 employees or more will be required to file a report.    The portal: what you need to know  Up until this point, companies have been required to post their gender pay gap reports either on their own website or somewhere else accessible to the public.   As well as submitting statistics and figures on gender-based pay information within the business, employers have also been required to publish an explanation for any gender pay gap that does arise from those findings.   With the introduction of the new portal, this system will change.   Once launched, employers will be required to upload their pay gap reports directly to the portal, and not just on their own website.   New reporting deadline  As well as announcing the upcoming launch of the portal, the Minister for Children, Disability and Equality also suggested that the reporting deadline this year will take place in November, and not in December as was the case in previous years.   Employers will be required to gather their gender pay gap data on a ‘snapshot’ date in June, and to publish those results in November. The exact reporting date will depend on the snapshot date selected by the employer. For example, if a business chooses 5 June as their snapshot date, they will be required to publish the results on the portal by 5 November.   Transparency and accountability If your business employs 50 or more staff and you need to file a gender pay gap report in November, it's essential to understand the required publishing method. Once launched, you must submit your report directly through the online portal.  The portal's design could enhance public access to gender pay gap reports compared to before. Individuals will be able to search all gender pay gap reports on one platform, facilitating easier comparison of multiple reports simultaneously and enabling clearer conclusions and comparisons. Moira Grassick is Chief Operating Officer at Peninsula