This week we bring you news of an extension to the work of the HMRC taskforce on clearing post more than 12 months old, and advice for finalising 2021/22 Self-Assessment (“SA”) returns which were filed with provisional figures/estimates. HMRC has also published new guidance on “negative earnings” and the regulations which give effect to changes in transfer pricing records have been laid. A new online tool is now available to check your tax code and updated guidance has been published on basis period reform together with the online form to obtain details of overlap relief which was launched today as expected. HMRC has also announced a forthcoming change to the functionality that enables agents to copy across existing VAT clients to their Agent Services Account (“ASA”) and has updated the Agent Standard, which sets out what HMRC expect from agents representing or advising taxpayers. Update on work of HMRC taskforce clearing post more than 12 months old  In July we outlined how HMRC had begun to implement its plans for dealing with agent post more than one year old which had not been responded to, and how agents could contact HMRC to action post more than a year old. Agents are able to use the Agent Account Manager team to escalate these cases via an online form. HMRC has since reviewed progress on this and has decided to continue with this work with no end date specified at present.   We would therefore encourage agents to use this process because although HMRC is identifying such post in its post queues, cases may be missed. We understand that once sufficient progress has been made on post more than 12 months, HMRC will then be seeking to address post in the 10-12 months old category.  2021/22 SA returns with provisional figures/estimates  Last month HMRC began sending letters to agents to encourage them to finalise any 2021/22 SA returns filed with provisional/estimates figures. HMRC is asking that these be amended by 30 November 2023 if actual figures are now available, or by 31 December 2023 if they are not yet available.   It should be noted however that this request does not displace the 31 January 2024 statutory date for amending these returns. Unfortunately, the agent letter does not include a list of affected clients, however HMRC can provide this on request by the agent.  Guidance on negative earnings  For the first time, HMRC has published guidance on negative earnings and clawback of bonuses. The guidance describes how employees may be able to claim an income tax refund.   Transfer pricing regulations  The Transfer Pricing Records Regulations 2023, which give effect to the record keeping requirements in the OECD’s 2022 Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, were laid over the summer. These regulations introduce master file and local file as UK documentation requirements for multinationals with turnover of  €750 million or more and have effect for corporation tax purposes in relation to returns for accounting periods beginning on or after 1 April 2023, and for income tax purposes from the 2024/25 tax year.  New tool to check your tax code  HMRC recently launched a new online tool “Check what your tax code means” which aims to assist taxpayers with understanding their tax code and what it means for them. To check what a tax code means, taxpayers need their tax code to hand together with an estimate of their annual income including details of any benefits and pension income. This new tool also directs taxpayers to the relevant service to change their tax code in specific instances.   As this is a new tool, HMRC is seeking feedback on user experiences via a screen at the end of the tool. Although the new tool is helpful to taxpayers, Chartered Accountants Ireland continues to advocate that HMRC should develop an online process which enables agents to amend taxpayer codes for their clients.  Basis period reform  HMRC has published an updated guidance note on the basis period reform rules which commence with the changes required as a result of the transitional year 2023/24. From 2024/25, the current year basis of assessment will change to the tax year basis. More detailed guidance on basis period reform is available in HMRC’s Business Income Manual.  HMRC has also now launched the online form which enables a taxpayer or their agent to contact HMRC and request details of unused overlap. The need for HMRC to provide taxpayers with details of unused overlap relief was a recommendation of this Institute in its response to the consultation on basis period reform in summer 2021.  Change to Agent Services Account functionality  When using their ASA, agents can currently copy over existing client relationships for VAT and Income Tax Self-Assessment (ITSA) from their old Government Gateway ID. HMRC will be removing the functionality to do so in respect of VAT from October 2023. There is no change proposed to the functionality for copying ITSA clients to the ASA which will therefore remain in place.  Agents are therefore advised to ensure that existing VAT clients are copied across to their ASA before October. Once this functionality is removed, VAT clients must be authorised using the digital handshake authorisation route available in the ASA.  

On 31 August 2023, Papua New Guinea deposited its instrument of ratification for the MLI (The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting). Then on 5 September 2023, Romania confirmed the completion of its internal procedures in preparation for ratification of the MLI. 

We’d like to hear your views on HMRC’s consultation on the taxation of employee ownership trusts and employee benefit trusts. The consultation closes on 25 September 2023 and examines potential proposals to reform the tax treatment of each of these types of trust. Let us know your views before Monday 18 September 2023.  The aim of the consultation is to ensure that the tax regimes for these trusts remain focused on the targeted objectives of rewarding employees and encouraging employee ownership, whilst preventing tax advantages being obtained through use of these trusts outside of these intended purposes.   There’s also still time to let us know your views on the on the consultation examining potential new tax incentives for occupational health. We’d like to hear from you on this consultation by Friday 29 September 2023. 

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. Further guidance was published last week in relation to the Windsor Framework and the latest Trader Support Service bulletin is also available. And finally, we bring you more on the announcement last week that the UK has agreed a deal to associate to Horizon Europe.  Windsor Framework updated guidance  Last week HMRC published the following updated guidance documents (which includes guidance on moving parcels to and from Northern Ireland):-  The Windsor Framework - further detail and publications; Sending parcels to and from Northern Ireland;  Moving parcels from Great Britain to Northern Ireland under the Windsor Framework from 30 September 2024; and  The Customs (Northern Ireland) (EU Exit) (Amendment) Regulations 2023.  Horizon Europe  Last week the UK agreed a deal to associate to Horizon Europe, the EU's key funding programme for research and innovation. From 7 September 2023, UK researchers can bid into Horizon, certain that all successful UK applicants will be covered through the UK’s association (or through the guarantee) for the remainder of the programme. All calls in Work Programme 2024 will be covered by association and the UK guarantee scheme will be extended to cover all calls under Work Programme 2023.  For more information, see:- UK joins Horizon Europe under a new bespoke deal; and  Joint Statement by the European Commission and the UK Government on the UK’s association to Horizon Europe and Copernicus.  Miscellaneous updated guidance and publications   The following guidance, and publications relevant to EU exit are available:-  Customs declaration completion requirements for Great Britain;  Customs, VAT and excise UK transition legislation from 1 January 2021;  Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020;  Reference documents for The Customs (Reliefs from a Liability to Import Duty and Miscellaneous Amendments) (EU Exit) Regulations 2020;  Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020;  Reference document for authorised use: eligible goods and authorised uses;  Check simplified procedure value rates for fresh fruit and vegetables;  Apply for an Advance Origin Ruling;   Classifying edible fruit, vegetables and nuts for import and export;  Valuing imported fruit and vegetables using simplified procedure values with Method 4;  Check if a business holds Authorised Economic Operator status;  Notices made under the Customs (Import Duty) (EU Exit) Regulations 2018; and  Maritime ports and wharves location codes for Data Element 5/23 of the Customs Declaration Service. 

Remote and hybrid work is changing employee eating habits, productivity and work-life balance. Deirdre O’Neill explains how employers can foster healthier and more productive teams Employees who work from home are more likely to eat indulgent foods, snack between meals and work longer hours than their workplace-based colleagues, new research from Compass Group indicates. More than half of workers globally said they struggle to maintain a healthy diet while at work, with employees who work from home finding it hardest to resist temptation. Figures from Compass Group show that 53 percent of home-based and hybrid workers in Ireland admit to regularly eating indulgent foods during their working day. They were also found to snack on average 1.9 times a day, almost 20 percent more than workplace-based employees. Healthy eating expectations and realities The survey found that most workers recognise the productivity and well-being benefits of a healthy diet during their working week. Sixty-seven percent of respondents said that what they eat and drink at work directly impacts their productivity, and, of the Irish respondents, 77 percent said the food and drink they consume has a direct impact on how they feel. Hybrid workers are making the effort to maintain their health while in the office. Seventy-five percent in Ireland said they make a concerted effort to eat healthier foods when they are in the workplace. With snacks readily available in the kitchen cupboard and the hassle of planning and preparing balanced meals, employees working from home find it hardest to maintain healthy eating habits while working. Age-related eating habits Healthy eating has a generational component, as well. Younger workers in Ireland are most interested in healthy eating and its impact on productivity. Millennials are likelier to choose a healthy snack during their breaks (48 percent versus 44 percent of Baby Boomers), and Gen Z snacks more than any other demographic, averaging 2.3 snacks per working day, sometimes replacing a main meal. Despite their snacking, however, 87 percent of Gen Zers agree that what they eat and drink at work directly impacts how well they work, compared to just 56 percent of Baby Boomers. Work-life balance The survey revealed that home-based workers are nearly three times more likely than workplace-based colleagues to exercise during the working day. However, 66 percent of hybrid workers said they work longer hours when working from home, detracting from their work-life balance. The research also highlighted that hybrid workers miss the opportunity to socialise with colleagues during their working day, with 60 percent saying they would like to eat lunch with colleagues more often. Employers can enhance the health of their people by offering wellness programmes, encouraging regular exercise and providing nutritious food options while hybrid employees are in the office, and creating a supportive work environment that values work-life balance, ultimately fostering happier and more productive teams. A healthy bottom line In a world where remote and hybrid work has become the norm, maintaining healthy eating habits and work-life balance presents unique challenges. Employers are pivotal in promoting employee wellness through tailored programmes, nutritious offerings and a balanced work environment, ensuring a healthier and more productive workforce. Deirdre O’Neill is the Managing Director at Compass Ireland

Navigating the evolving cyber threat landscape demands vigilance. Aaron Hambleton explores four critical vulnerabilities shaping the second half of 2023 In the ever-evolving landscape of business technology, the second half of the year presents a host of challenges that demand the unwavering attention of organisations and cybersecurity experts. As organisations navigate this dynamic environment, it is imperative to be acutely aware of the vulnerabilities that loom large on the horizon, poised to test the resilience of businesses and their security measures. As we delve into the nuances of these vulnerabilities, it becomes evident that vigilance and proactive measures are the keys to safeguarding organisations. Here are four vulnerabilities organisations and businesses should be aware of going into the second half of 2023. 1. AI-powered social engineering attacks Artificial intelligence (AI) has entered almost all spheres of the business world. While AI brings numerous benefits and advancements, it also introduces new cybersecurity risks, such as social engineering attacks. These attacks use manipulative tactics to deceive the victims into revealing sensitive information or trespassing organisations’ security infrastructure. To execute these attacks, cybercriminals rely on AI-based natural language processing (NLP) algorithms to generate more realistic and human-like phishing emails, chatbot interactions or voice calls. According to Forbes, “AI technology is advancing so rapidly that hackers are very possibly developing their own custom AI applications specifically designed to take social engineering to the next level.” Detecting these malicious campaigns is getting harder for the average employee, which is why significant training is required to know what to look for and how to prevent escalation. 2. Cloud-based breaches Cloud computing has become the norm in today’s digital landscape, offering scalability, flexibility and cost-efficiency to businesses. However, the widespread adoption of cloud services exposes organisations to new cybersecurity threats, making them a major concern in 2023. Cybercriminals target cloud environments to exploit misconfigurations, weak access controls or insecure application programming interfaces (APIs). A recent example of the consequences of cloud misconfigurations is the Toyota data leak, in which the personal information of over two million customers was exposed after an access key was leaked on GitHub for almost five years. “Upon discovering the GitHub [repository], Toyota immediately made it private. Two days later, the company changed the access key to the data server. The Japanese giant commissioned an investigation into the blunder and was unable to confirm or deny whether miscreants had spotted and used the key to pilfer data from the server,” reports The Register. 3. Enhanced phishing attacks Phishing attacks involve cybercriminals posing as trustworthy entities with the intention of deceiving individuals into divulging sensitive information or performing malicious actions. With over 500 million phishing attacks reported in the US in 2022, this number is expected to rise further this year. Threat actors are continuously refining their techniques to make phishing emails and messages appear more genuine and convincing, which takes a trained eye to spot. 4. Zero-day vulnerabilities in supply chain attacks With the increasing complexity of supply chains and the interconnectivity of various systems, zero-day vulnerabilities are expected to be a significant cybersecurity threat in the second half of 2023. A zero-day attack is a strategic exploitation that involves the use of previously unknown vulnerabilities in the supply chain and has no available patches or fixes. These vulnerabilities in the supply chain can have severe consequences, allowing attackers to compromise the integrity and security of products and services. They can lead to data breaches, unauthorised access, and the potential for sabotage or manipulation of systems. Aaron Hambleton is Director for Middle East & Africa at SecurityHQ You can read their full white paper, Global Threat Forecast: H2 2023 Predictions, at securityhq.com

From flexible workspaces to scheduling brainstorming sessions, Mark Fallon outlines five strategies to ignite innovation and inspire your hybrid team It can be challenging to spark creativity when working from home and even more difficult to encourage creativity among your team members. Here are five steps leaders can take to encourage remote creativity that supports organisational success.   1. Facilitate workspace flexibility A change in scenery is often a great way to recharge the creative batteries. This might include encouraging your team to move their office setup to a new room that has a great view or colourful paintings, or even a complete shift in location to a relative’s house or outside to a park bench. Whatever the choice, the change will be sure to enhance their creative process.   2. Find your creative hours Depending on their role or personal circumstances, members of your team may find the best time to be creative is first thing in the morning or last thing at night before going to sleep. It is important to adjust work hours accordingly to allow for this time, ensuring that the appropriate resources are available when team members are at their peak creativity (even if it is just a pen and notebook on the bedside locker!).   3. Schedule brainstorming sessions Ideas often develop and build in-depth as you discuss them with people either face-to-face or over a video call. Carve out time in your working week to run your thoughts by team members together in one place – either online or in the office together. Encourage healthy discussion and ask for their input and feedback – they may have a unique viewpoint you have not yet considered.   4. Use your commute time When you and your team commute to and from the office, you will often find yourself thinking through a project or solution to a problem. You might jot notes on your phone about a new idea or send an email to yourself to remind you of an important action or next step. If working from home and stuck in a creativity rut, ask your team to recreate this headspace by using the commute time to think by going for a walk or dedicating an hour of their day to deep thinking and creativity.   5. Take time off If team members have the time to take a day (or more) of annual leave, encourage it! Our best ideas often come to us when we least expect them. Taking some personal time to relax will let the mind freely wander and help the team feel rejuvenated and re-energised when returning to work – hopefully with a few new ideas. Whether you are looking to get into that creative mindset or inspire your team members to think outside the box, keep these tips in mind and implement them in everyone’s working day. Most importantly, lead by example – when you focus on creativity and innovation, the people around you will feel motivated to do the same. Mark Fallon is Director and Co-Founder at Coopman Search and Selection

Technical Roundup is now published on the first and third Friday of every month – the next edition will be issued on 15 September 2023. 

The Administration (Restrictions on Disposal etc. to Connected Persons) Regulations (Northern Ireland) 2021 which came into effect on 25 June 2021 imposes additional obligations on connected person purchasers in administrations. These legislative changes mean that changes need to be made to Statement of Insolvency Practice 16 - Northern Ireland (SIP 16) – pre packaged sales in administrations, and additionally the Statement of Insolvency Practice 13 - Northern Ireland (SIP 13) - disposal of assets to connected parties in an insolvency process, also need to be changed to align the content of the standards with the law. No changes have been made to the SIPs other than those required by the change in the law. The Joint Insolvency Committee has amended SIP 16 to remove references to the Pre Pack Pool and to replace them with reference to the statutory obligation placed on a connected person purchaser to obtain the opinion of an evaluator. The regulations apply to transactions that take place within 8 weeks of the appointment of an administrator. This extends the scope of the regulations beyond pre pack administrations to all administrations within that time frame. That means equivalent changes had to be made to SIP 13 as it applies to any connected party transaction in an insolvency process. The new SIPs will apply effective from 25 June 2021.

Wednesday 6 September 2023 – Earning potential for Chartered Accountants working in Leinster remains strong, with an average salary package this year of €118,578. The results of a new survey published today shows a notable increase in the average salary package of newly qualified Chartered Accountants, rising 6.6% to €62,866 compared to last year. The survey of approximately 1,000 Chartered Accountants, launched today by Chartered Accountants Ireland Leinster Society in partnership with Barden, Ireland’s leading accounting and tax talent advisory and recruitment firm, provides the most up-to-date guide to Chartered Accountant salaries and employment prospects in the Leinster region.   Strong remuneration packages The research, conducted by Coyne, shows earning potential across the profession remains strong, with €118,578 the average salary package for Chartered Accountants working across all sectors. This figure includes base salary, car or car allowance, and bonus. The remuneration package of members who qualified in the past two years increased by 6.6% from €58,967 in 2022 to €62,866 in 2023. Almost 9 in 10 (89%) of respondents overall say their total remuneration has increased in the past three years, compared to 86% in 2022. Two in five (39%) said their salary had increased by more than 25% this year. And four in five claim their total remuneration is expected to increase within the next 12 months. As part of the remuneration package, over 60% expect to receive a bonus in 2023.   The vast majority (87%) of members have a pension, with employers contributing an average 9% of their salary. After basic salary, this pension contribution is the most valued part of their package for 50% of respondents.      High job satisfaction and flexibility  Job satisfaction was high across all the metrics amongst those surveyed, with 76% of members satisfied with their work environment (73% in 2022); 68% happy with the salary they receive (62% in 2022); and 64% happy with work/life balance (unchanged on 2022). Half of respondents have been promoted in the last three years, with promotion highest amongst those working in practice at 77%.  Flexibility has become embedded as a feature of working life, with 75% of respondents employing a hybrid working model, up 2% on 2022. Only 1 in 10 respondents express concern that time spent working remotely will impact on their career progression. 7 in 10 value location flexibility, and over half of all members value flexibility in the shape of their working day (compressed hours, core hours, flexitime).  Automation and productivity The survey also shows the accounting profession is benefiting from technological advances, with 70% believing automation will have a positive impact on their career and almost half believing AI and big data will free up capacity to focus on higher-value parts of the job.  Des Gibney, Chairperson of Chartered Accountants Ireland Leinster Society, said:   “This year’s survey points to continued strong earning prospects for Chartered Accountants in Leinster. I’m particularly pleased to note the increase at the newly qualified level. This increase will play a crucial part in ensuring our profession remains attractive to the next generation – and will help us retain our top young talent in a very competitive market.   “I am also really pleased to see automation being so strongly embraced by respondents. Almost half agree that it will allow us to move further up the value chain in terms of the work that we do. This is already happening, with the work of Chartered Accountants transformed in recent years. It is really important that we communicate the breadth of opportunity in our profession to the next generation.”   Elaine Brady, Managing Partner at Barden, said: “Despite the backdrop of almost constant uncertainty over the past 12 months, the demand for accounting talent seen in 2022 continued almost unabated. Standing out from the crowd and attracting this much sought after talent is a key challenge for companies throughout Ireland. Accurate data on reward can create competitive advantage for those who choose to use it, especially in times such as these. These insights can also help businesses and hiring managers to craft competitive reward structures to aid talent retention and to understand what is required when looking to attract talent externally.  “It is also extremely interesting to see that 10% of members are working fully remotely, while 75% of members have hybrid working arrangements. Companies that mandate five days in the office have been, and will continue to be, at a significant competitive disadvantage when trying to attract accounting talent. To mandate five days in the office is to effectively reduce the talent pool available to you by 85%.” ENDS    Note to editors  The survey was conducted by Coyne Research on behalf of Chartered Accountants Ireland Leinster Society, in partnership with Barden, between 19 July and 14 August 2023.   About Chartered Accountants Ireland Leinster Society   Chartered Accountants Ireland Leinster Society is a district society of Chartered Accountants Ireland, representing over 16,000 Chartered Accountants throughout Leinster.     Chartered Accountants Ireland is Ireland’s leading professional accountancy body, representing over 32,000 members around the world and educating 7,000 students. The Institute aims to create opportunities for members and students, and ethical, sustainable prosperity for society. An all-island body, Chartered Accountants Ireland was established by Royal Charter in 1888 and now has members in more than 90 countries.     It is a founding member of Chartered Accountants Worldwide, the international network of over one million chartered accountants. It also plays key roles in the Global Accounting Alliance, Accountancy Europe and the International Federation of Accountants.     Chartered Accountants Ireland members provide leadership in business, the public sector and professional practice, bringing experience, expertise and strict standards to their work for, and with, businesses in every sector. Chartered Accountants Ireland engages with governments, policy makers and regulators on key issues affecting the profession and the wider economy.   About Barden Barden is a partner led talent advisory and recruitment firm consumed with supporting companies that really know the value of their people. Barden’s expertise covers Accounting, & Tax, Business Support, Financial Services, Legal, Life Sciences, Supply Chain and Technology talent advisory and recruitment. Chartered Accountants specifically choose to join Barden in order to use their qualification in a different way.   Barden has proudly partnered with the Chartered Accountants Ireland Leinster Society, for the last seven years, to bring you the annual salary survey. Barden also works closely with Chartered Accountants Student Society of Ireland (CASSI) and Young Professionals to make sure their members get access to the right information, at the right time in order to make more informed decisions about their professional future.  

Starting something new or jumping into an old routine after a break can be tough, but Bryan Rankin is here to ease the transition with some information you should know before the new academic year with Chartered Accountants Ireland begins A warm welcome from the Education Department to all our new and returning  students. We hope you find your studies with us challenging, stimulating and rewarding.  For starting students, here is what you can expect in the coming weeks and how you might get off on the right foot. The basics Chartered Accountants Ireland's (the Institute) first year of studies is Chartered Accountants Proficiency One (CAP1) and commences on Friday, 22 September 2023.  Chartered Accountants Proficiency Two (CAP2) will start this year on Friday, 06 October 2023.   Your education is primarily provided online through on-demand learning content and live webinars supplemented by hard-copy textbooks.  This online model allows you considerable flexibility to study when and where it suits you and to balance your work, study and personal commitments.  At the same time, the model is self-directed, so it requires your preparation, commitment and tenacity.  All your learning content is hosted on the Institute's online learning platform, the Learning Hub. It’s where you’ll find all the materials to support your education.   Each subject is broken up into several 'sessions’ covering specific areas of the course. Each session includes slides, video recordings, question and solution packs and plenty of other educational materials.   The week before your programme commences, we’ll email you details on accessing the Learning Hub. Previous students have found the platform easy to navigate and the content very accessible.  Learning  The Institute places a lot of emphasis on ‘active learning’, demonstrating what you’ve learned by attempting questions. You should expect to start working on questions from day one.   It’s a good idea to get into the habit of writing your attempted solutions in Word, as the exam platform you’ll be using in the summer (Cirrus) is similar. Make sure to review the solutions provided with each set of questions carefully.   A lot of the new material will be taught through the Learning Hub, but live webinars are equally important. They are a vital component of every subject and give an important structure to the academic year.   Webinars are two hours long and take place, on average, twice a week, often including Saturday mornings.  For all information on when your live webinars will occur, please check out your programme timetables, available on the Chartered Accountants Ireland website in the ‘Current students’ section.  Our live webinars do not equate to a teaching lecture. Instead, the purpose of the live webinar is to cover the practical application of learning principles.  In the webinar, lecturers will bring you through solutions to exam-standard questions and discuss where students sometimes struggle.  You’ll also be able to ask the lecturers a question through the ‘chat’ function in the live webinar platform. Before every webinar, you’ll be required to have studied the corresponding sessions in the Learning Hub, understood the concepts underpinning the webinar and practised some questions.  If you join a webinar without any preparation, you will find it of very little value and a frustrating experience.  To kick off each of the three academic programmes –  CAP1, CAP2 and FAE – we’ll ask you to attend an induction-style, one-hour lunchtime live webinar.   The CAP1 induction webinar will be on Friday, 22 September, and the CAP2 equivalent on Friday, 06 October.    This webinar is your chance to meet your programme team, during which we’ll talk you through all aspects of your Chartered Accountancy studies and exams.  Given its importance, all students are expected to join this introductory live webinar. Textbooks Our education follows an online model, but you can also expect to receive a full set of academic textbooks from us to support your studies.  Again, approximately two weeks before the start of your programme, we will email you with details of the dispatch of your textbooks, and we’ll confirm your preferred (usually your nominated home) address details.   Networking events You will also have the opportunity to meet fellow students and programme lecturers at one of our in-person induction and networking events in six locations around the island.  These popular events are a great way to learn more about what’s involved in your education programme while also meeting fellow students. Event dates will be available on the Institute’s website.  If you have any queries before starting your education programme with us, please don’t hesitate to email us at studentqueries@charteredaccountants.ie. Bryan Rankin is Head of Student Operations at Chartered Accountants Ireland

Exam prep, study and practising in exam-day conditions are all important to acing your exams. Caelainn McGonigle knows it's important to take care of yourself, as well During your Chartered education, stress is unavoidable. When you experience high levels of stress, it can present itself by impacting physical and mental health.  Below are several steps to mitigate these stressors and give ourselves the best opportunity to excel when it counts. Sleep When we are stressed, it's easy to think of sleep as “time-consuming”, but allowing our mind and body to rest is critical to our success.  By the time we reach exam week, countless hours will have been spent preparing by attending lectures, revising notes and attempting sample papers. Without achieving seven to nine quality hours of sleep a night, we risk restricting our exam performance on the day.  If you encounter difficulties resting in the lead up to your exams, attempt to close the books an hour earlier and reduce screen time before bed. Exercise and fresh air Taking a break to move your body and relish the fresh air enables your mind and body to relax and reset.  Exercise, whether walking, running or cycling, can moderate our stress levels and improve sleep quality.  When heading outside, you might prefer to enjoy the silence of the outdoors, or need a little motivation to move your body, such as listening to a podcast or music – either is excellent for your mind and body as long as you are getting your heart pumping. Nutrition Maintaining nutritional balance in your meals can be taxing when stressed. It can lead us to over-indulge in meals and snacks, or forgo them all together. We must uphold a nutritious diet to aid focus levels and sustain energy.  Meal planning in advance of high-stress periods, like exam week, along with keeping enjoyable snacks to hand, is a sure way to remain fuelled when working hard.  Positive mindset during exams Stress can amplify our emotions. Preserving a positive mindset and prioritising being gentle with ourselves is critical.  It's important to remember the efforts you have made to reach exam season. The groundwork is complete, and it’s time to flaunt what we have learned.  Exams are important, but maintaining our health is a necessity. If you struggle with positivity, try subscribing to a “quote of the day” app or social media page – it may give you the boost you need at just the right time! Reach out If stress is increasing faster than you can handle, reach out to a fellow student, friend or family member.  Alternatively, the amazing Thrive team and the Chartered Accountants Ireland Wellbeing Hub are on hand to offer help and support throughout our journey.  We have excelled through stressful situations in the past. Accept that stress is unavoidable but manageable, and you haven’t come this far only to come this far. Caelainn McGonigle is PR Officer with CASSI and a trainee with Gilroy Gannon

Last week, the Northern Ireland Tax Committee wrote to the Financial Secretary to the Treasury (“FST”) to express its concerns in respect of the proposal to restrict the geographical scope of agricultural property relief (“APR”) and woodlands relief (“WR”) from April 2024. The Committee would also like to hear your views on a recently launched consultation examining potential new tax incentives for occupational health. Letter to the FST Draft legislation was published on “L” day in July setting out in detail the measure announced in the 2023 Spring Budget which will restrict agricultural property relief and woodlands relief to UK land and property only from 6 April 2024. In the letter to the FST, the Northern Ireland Tax Committee sets out the case for continuing to treat Irish land and property as potentially qualifying for APR and WR given the particular impact the proposal will have on Northern Ireland (“NI”) taxpayers and NI’s close proximity to Ireland. The letter also sets out the retrospective nature of the draft legislation on transactions prior to 6 April 2024 and how unfair this is. New consultation on occupational health incentives Also, on “L” day in July, HMRC and HM Treasury launched a joint consultation on tax incentives for occupational health. This consultation is open until 12 October 2023 and specifically seeks views on how expanding the existing benefit in kind exemption for medical benefits could help employers provide more services, essentially helping people back into work. We’d like to hear your views on this consultation by Friday 29 September.

Due to the increase in the Bank of England base rate at the beginning of August, HMRC subsequently announced the associated increase in its interest rates. The new rates took effect from Monday 14 August 2023 for quarterly instalment payments, and Tuesday 22 August 2023 for non-quarterly instalments payments. The two new increased rates of interest are as follows:- late payment interest, set at base rate plus 2.5 percent, is now 7.75 percent; and repayment interest, set at base rate minus 1 percent, with a lower limit of 0.5 percent (known as the ‘minimum floor’), increased to 4.25 percent.

This week we bring you news of what is happening with the Register of Overseas Entities, and HMRC has published a new set of Compliance Professional Standards. HMRC has extended the Capital Gains Tax (“CGT”) 60-day reporting paper form trial, and we bring you the highlights from the latest Agent Updates published over the summer (110 and 111) and an email from HMRC on the changes to alcohol duty which took effect from 1 August 2023. The most recent News and Information Bulletins from HMRC (27 July and 31 August) are also available. HMRC has also emailed us to advise that the online process for obtaining overlap relief information in the context of basis period reform will commence on the later date of 11 September. Compliance Professional Standards HMRC’s Customer Compliance Group (“CCG”) has introduced and published a set of Compliance Professional Standards. The Standards set out how HMRC should apply the HMRC Charter and Civil Service values in HMRC’s compliance activity. HMRC is sharing these to be open and transparent about how it aims to conduct its work in this space. The main objective is to clearly set out the way HMRC should behave and act when conducting any form of compliance work. The standards also aim to reinforce the CCG’s commitment to HMRC’s Charter. The four Compliance Professional Standards are as follows:- Getting things right; Being aware of a taxpayer’s situation; Being responsive - communicating with taxpayers; and Treating taxpayers fairly. The standards set out how HMRC should apply the HMRC Charter and Civil Service values in compliance activity. CGT 60-day reporting paper form trial extended HMRC has extended the trial of the paper version of the CGT 60-day return for property disposals until the end of September. It should be noted that a permanent solution is still required to assist those unable to file online who had issues receiving a paper form in the post in order to file within the necessary 60-day deadline. The simplest solution to this would be for HMRC to make the form downloadable from GOV.UK, hence this is being pursued with HMRC. Highlights from the latest Agent Updates Agent Update 110 confirms HMRC’s current position on digital records and signatures. Subject to exceptions, HMRC accepts digital records including scanned copies of documents with handwritten signatures. More information is available in Agent Update 110 which also contains updates on other topical areas including PPI (Payment Protection Insurance) claims, the new Alcohol Duty rates and reliefs, the HMRC online service for the new Economic Crime Levy, the UK Internal Market Scheme, overlap relief in the context of basis period reform, and self-service Time to Pay for VAT. In Agent Update 111, read about the National Minimum Wage and the VAT treatment of second-hand motor vehicles bought in Great Britain and moved to Northern Ireland before 1 May 2023 that are still held in stock, amongst other topics.

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. Over the summer, HMRC published further detail and publications on the Windsor Framework, and the latest Trader Support Service and Borders Weekly Stakeholder bulletins are also available. We also bring you information on the interaction of the new alcohol duty rules with the Customs Declarations Service (“CDS”) and HMRC has announced a further delay to migrating exports from CHIEF (Customs Handling of Import and Export Freight) to the CDS which is now being phased in. And finally, the new Border Target Operating Model which was due to commence on a phased basis from the end of October 2023 for imports into the UK from the EU (excluding Northern Ireland) is also being delayed. Delay to the new Border Target Operating Model ("BTOM") After much speculation in recent weeks, it was confirmed last week that the new BTOM which was due to commence will be progressively introduced from the end of January 2024. The announcement was made when the UK Government published the Border Target Operating Model which model confirms the regimes for SPS (Sanitary and Phyto Sanitary) and Security and Safety controls for goods moving from the EU to Great Britain. The document also explains how these controls will be delivered through simplification, digitisation, and the UK’s new Single Trade Window. According to the announcement, the decision to delay some implementation milestones was made in response to stakeholder feedback in order to give businesses more time to prepare. Note that the BTOM does not provide detail on the arrangements for moving goods from Great Britain to Northern Ireland under the Windsor Framework (“WF”); hence stakeholders are advised to consult the guidance on the Windsor Framework for such goods movements. The final BTOM also confirms that in accordance with the WF, Northern Ireland businesses retain unfettered access to the market in Great Britain, whether moving qualifying NI goods directly from Northern Ireland or indirectly through Irish ports. A full timeline for introduction of these controls is set out within the BTOM. As a result of the delay in implementation, the UK Government has committed to publishing further detail to support businesses in their preparations. This detail will be published through supplementary annexes to the BTOM, and further guidance, that will be published on GOV.UK. A timeline for the publication of this further detail can be found in Section 4 of the BTOM. The Northern Ireland Civil Service (“NICS”) is eager to engage with stakeholders and business representatives to understand positions on and priorities in relation to the BTOM, and how it can best provide support during the forthcoming implementation period.  To that end the NICS will be in touch in the coming weeks to organise engagement. However, if you have any issues or concerns that you would like to raise in the interim, please send your message to the Post EU Exit Coordination Mailbox at peuec@executiveoffice-ni.gov.uk. In parallel if you have any technical queries or questions about the BTOM please contact border.enquiries@cabinetoffice.gov.uk. Note that by emailing the Cabinet Office you are consenting to be part of the Bulletin email distribution list. Following the BTOM publication, the Government is holding a series of sector specific online training sessions to prepare traders.  These will take place on the following dates:- 7 September 2023 – horticulture sector; 12 September 2023 – live animals/germinal products; 12 September 2023 - fisher products and seafoods; 13 September 2023 – fresh produce sector; 14 September 2023 – meat and poultry sector; 15 September 2023 – composite products sectors; 18 September 2023 – animal by-products sectors; 18 September 2023 – dairy sector; and 21 September 2023 – exports from Ireland. More information on these events and how to register can be found at  https://www.eventbrite.com/cc/the-btom-what-are-the-sps-border-controls-2144279. Phased migration of exports to the CDS  A phased approach has recently been announced to the migration of exports from CHIEF to the CDS. As a result, the final date for migration of exports to the CDS is now 30 March 2024, and not 30 November 2023, although some exporters must still meet the 30 November deadline. During the first phase, HMRC and its software developers intend to support selected high-volume declarants to move to the CDS for exports by 30 November 2023. The second stage of this approach will see all others move to CDS for exports by 30 March 2024. More information will be provided in due course to enable traders to determine in which phase they are required to participate. The new phased approach aims to enable HMRC and delivery partners to build on existing IT testing and undertake additional performance analysis while businesses with the existing IT functionality start to migrate. Interaction of the new alcohol duty rules with the CDS Changes to the structure of alcohol duty took effect from 1 August 2023. Pre-lodged CDS declarations submitted before this date which arrived on the CDS on or after 1 August 2023 and used the 300 and X300 codes need to be cancelled or amended. These can be amended until the declaration has arrived. Once the declaration has arrived, it cannot be amended and CDS will reject it. A new declaration needs to be submitted in these cases. Guidance is available on GOV.UK on how to cancel or amend a declaration on the CDS. Miscellaneous updated guidance etc. The following guidance, and publications relevant to EU exit are available:- Apply to claim a repayment or remission of import duty on ‘at risk’ goods brought into Northern Ireland; Reference documents for The Customs (Reliefs from a Liability to Import Duty and Miscellaneous Amendments) (EU Exit) Regulations 2020; Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020; Reference document for authorised use: eligible goods and authorised uses; Customs, VAT and excise UK transition legislation from 1 January 2021; Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020; Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS); UK Trade Tariff: duty suspensions and autonomous tariff quotas; CDS Declaration Completion Instructions for Imports; Measurement unit codes for Data Elements 2/3 and 4/4 of the Customs Declaration Service; Apply to delay or pay less duty on goods you import to process or repair Check if you can pay less duty if your goods are imported into authorised use; Search the register of customs agents and fast parcel operators; CDS Customs Clearance Request Completion Instructions for Inventory Exports; and CDS Declaration Completion Instructions for Exports.

HMRC’s latest schedule of live and recorded webinars is now available for booking. Spaces are limited, so take a look now and save your place. A new webinar has also been launched on the National Minimum Wage and salaried hours work.

Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime.

Check out the latest items on the Agent Forum. Remember, in order to view each item, you must be signed up and logged in. All agents, who are a member of a professional body, are invited to join HMRC’s Agent Forum. This dedicated Agent Forum is hosted in a private area within the HMRC’s Online Taxpayer Forum. You can interact with other agents and HMRC experts to discuss topical issues and processes.

Tunisia deposited its instrument of ratification for the Multilateral Convention to Implement Tax Treaty Related Measures (“MLI”) to Prevent Base Erosion and Profit Shifting. The MLI now covers around 1,850 tax treaties.