The Financial Reporting Council (FRC) has published a thematic review entitled “CRR Thematic review of climate-related metrics and targets” which assesses the quality and maturity of climate-related metrics and targets disclosures across 20 companies annual reports for 2022. The review focusses on 4 sectors- materials and buildings, energy, banks and asset managers. The report is intended to assist preparers in the preparation of climate-related disclosures and highlights instances of good practice identified as well as opportunities for improvement and omissions identified. Throughout the report the FRC consider the following overarching questions; Has companies’ climate-related metrics and targets reporting improved since last year? Are companies adequately disclosing their plans for transition to a lower carbon economy, including interim milestones and progress? Are companies using consistent and comparable metrics? Are companies explaining how their targets have affected the financial statements? Overall, the report shows an improvement in the quality of companies’ disclosures of net-zero commitments and interim emissions targets, however it also noted that disclosures of actions and milestones required to meet these targets were sometimes unclear.  

The International Auditing and Assurance Standards Board (IAASB) has announced that it plans to issue its proposed sustainability assurance standard, International Standard on Sustainability Assurance 5000 (ISSA 5000) on 2 August. This will then be subject to public consultation until early December to allow for stakeholder feedback. In making the announcement the IAASB stated that "When approved, ISSA 5000 will be the most comprehensive sustainability assurance standard available to all assurance practitioners across the globe. It will apply to sustainability information reported about any appropriate sustainability matter and prepared under any suitable framework. It will also apply for both limited and reasonable assurance engagements."

Seeking a new adventure, Ailish Byrne's ACA qualification brought her to Bermuda.  Where did you grow up and where do you live now? I grew up in Kilcoole in Co. Wicklow (of Glenroe fame!) and moved to Bermuda in April 2022 to work as Chief Compliance Officer with the Bermuda Stock Exchange (BSX). I spent all my career in Dublin except for a year in Australia post qualification. What made you choose to become a Chartered Accountant? I was always interested in business subjects in school, particularly accountancy. I liked languages too and thought I’d like to combine the two and initially chose to do Languages and Marketing (German and Spanish) in Dublin City University (DCU). However, I realised fairly quickly that the course was too language focused for me. After completing first year, I switched into DCU’s Accounting and Finance where I was much happier. After that, becoming a Chartered Accountant was highly likely as a career path once you secured a training contract. Can you tell us a little about how you got to where you are today – both the geographical relocation and career path? I was looking for a new role post Covid and I wasn’t attracted to the job opportunities in Ireland. I decided an adventure abroad might be fun. Turns out the BSX was looking to replace their Chief Compliance Officer who was retiring. I had worked in the Irish Stock Exchange (ISE) for 18 years in two different roles – as Head of Regulation and Head of Communications and my exchange experience was a perfect fit for what they needed. It was great timing! What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? Being an Irish Chartered Accountant has given me career opportunities and experiences that I would not have had without my qualification. Accountancy training gives you a mindset and a way of thinking that can be applied to lots of different roles and challenges. I’ve taken a non-financial accounting path and worked in internal audit, communications, compliance and regulatory roles - who knows what’s next! How has your membership been of value to you globally and what do you value about it now that you’re living overseas (and what would you like to see more of)? The Irish Chartered Accountancy profession is a ready-made network of people.  When I contacted Gillian Duffy, the Global Member Manager, about a potential Bermuda Chapter she said there was about 90 members living in Bermuda. We had our first event in May and for our July event, Chartered Accountants Ireland President, Sinead Donovan, was visiting so the timing was brilliant. I think the Chapters are a great way to keep ties with home and meet other members of all ages when you are working overseas. What were the most significant differences you encountered doing business and networking in a completely new location a long way from home? Bermuda has a culture all its own – it has a blend of British, Caribbean, Portuguese and American influences. It’s true that Bermuda shorts are considered business attire during the summer months! Business is more relaxed though it can be more formal and bureaucratic too. With a population of less than 60,000, I find everyone really does know everyone and people are friendly so it makes networking fairly easy as long as you are happy to get involved and join in.  

The FRC Lab has published a report entitled "ESG data distribution and consumption- Optimising the flow of ESG data from companies to investors". This report is the second phase of the FRC Lab's ESG data project, having published "Improving ESG data production" in 2022. This report examines how investors access and collect ESG data and how they use it. Specifically, it looks at the following three elements of relevance to ESG data; Motivation- What motivates investors to collect ESG data? Method- How do investors collect the data? Meaning- How do investors integrate ESG data into their investment processes?

This week we bring you news of new guidance and a form for anyone self-employed and working abroad. HMRC has also asked us to publish “Handy hints for taxpayers – June 2023”. Read HMRC’s update on new employees, and we remind you that from next month the research and development (“R&D”) Additional Information Requirements form must be submitted with all R&D tax relief claims, although this commences from the later date of 8 August 2023. The latest report from the Department for Trade on the National Minimum Wage is also available, and HMRC has published updated guidance on “How HMRC advice and information can help you”. New guidance and form for self-employed taxpayers working abroad New guidance and a g-form are available for any self-employed individuals who are working abroad and wish to apply for a certificate to confirm they pay UK national insurance. The form should be used to ask HMRC to confirm that you only need to pay UK social security contributions if you are a self-employed individual working temporarily in an EU country, or Gibraltar, Iceland, Liechtenstein, Norway, or Switzerland. HMRC’s update on new employees HMRC has sent an email about upcoming activity to support employers with new starters. The email sets out useful tips to help employers get their staff on the right starter declaration and tax codes.  R&D Additional Information Requirements form commences from 8 August 2023 From 8 August 2023, a week later than the original commencement date of 1 August 2023, companies must complete and submit the Additional Information Requirements (“AIR”) form to HMRC to support all claims for R&D tax relief or the R&D expenditure credit. The AIR form must be sent before submitting the company’s Corporation Tax Return which includes the R&D claim. Failure to do so means that HMRC will write to the company to confirm it has removed the claim for R&D tax relief from the Corporation Tax Return. According to HMRC, the delayed commencement date is designed to give companies more time to prepare. The Relief for Research and Development (Content of Claim Notifications, Additional Information Requirements and Miscellaneous Amendments) Regulations 2023 were published last week and codify the content of both the AIR form, and the Claim Notification form, which are both mandatory requirements for R&D tax relief claims to be considered valid. Chartered Accountants Ireland is represented on HMRC’s R&D sub-group forum and would welcome any feedback or questions on either the AIR form or the Claim Notification form. Department for Trade’s annual National Minimum Wage report The Department for Trade’s annual National Minimum Wage report was published last month and named over 200 employers for failing to pay their staff the National Minimum Wage. Guidance for employers on pay continues to be available on GOV.UK. Additional advice has also been published about breaches and the steps employers should take to make sure they pay their workers correctly. Updated guidance “How HMRC advice and information can help you” HMRC has published updated guidance “How HMRC advice and information can help you”. Some of the key changes made are as follows:- It should be clearer what types of information, or advice the statement applies to; Links are included to the HMRC Charter, and a link to the Admin Law Manual which covers “Legitimate Expectation” (“LE”) in more detail; and It is now clearer that HMRC can consider applying the correct tax position prospectively, something it always did as part of LE but did not say in the guidance.  The updated statement is based on stakeholder feedback from the Guidance Strategy Forum, with further improvements expected to both the guidance, and the Admin Law Manual.  HMRC are keen to hear feedback on the changes and is also considering more opportunities to signpost to the guidance.  

Last Tuesday 18 July was “Legislation Day” (or “L-day”) when the Government published draft legislation for inclusion in Finance Bill 2024. Also published were explanatory notes, tax information and impact notes, responses to consultations, several new consultations, and other supporting documents. L-Day came just days after the Spring Finance Bill 2023 received Royal Assent to become the Finance (No. 2) Act 2023, and the second Finance Act of 2023. Following the Spring Finance Bill 2023 receiving Royal Assent, the Government published a statutory instrument implementing the new UK transfer pricing (“TP”) documentation requirements. The Transfer Pricing Records Regulations 2023 mean that for the first time the UK has mandatory TP documentation requirements. HMRC have also published new guidance on this in its International Manual. Chartered Accountants Ireland is disappointed to see draft legislation published last week on L-day for the potential merger of the UK’s SME and large company R&D schemes from April 2024 which we were opposed to in our response to this consultation earlier in 2023. However, we are pleased to see that the Government plans to simplify how the high-income child benefit charge is collected which was a recent recommendation in a consultation response in June. Last week’s L-day announcements contained few surprises and largely built on previous policy announcements at both Spring Budget 2023 and April’s Tax and Administration Maintenance Day. The Government also made some announcements in a small number of technical tax policy areas and published some new consultations and summaries of responses to previous consultations. Changes to the UK’s Pillar Two rules also featured which we will cover in detail next week. The Government also intends to change the income tax rules for anyone who inherits a pension which will make them liable for income tax at their marginal rate from 6 April 2024. This announcement was made briefly in the guidance on abolishing the pensions lifetime allowance which was published on L-day last week. Other headlines from last week’s L-day announcements included:- Research and development tax reliefs – draft legislation to introduce a new permanent rate of relief for the most R&D intensive loss-making SMEs from 1 April 2023 and on the proposed design of a potential merged scheme combining the SME and RDEC schemes. Further, the restrictions on overseas R&D expenditure, delayed from April 2023, will be introduced for expenditure incurred on or after 1 April 2024. With a few exceptions, expenditure on overseas R&D will no longer be qualifying; Reform of audio-visual creative tax reliefs – draft legislation to implement the previously announced modernisation and reform of the existing audio-visual tax reliefs into expenditure credits. The reforms include a higher rate of relief for animation and children’s TV, which will also be extended to animated films; Administrative changes to the high-income child benefit charge – the Government wants to simplify the process for those who become liable to this, particularly for those who currently need to register for Self-Assessment (“SA”) to pay the charge. Details will be provided in due course on how this will enable employed taxpayers to pay this through their tax code, without the need to register for SA; and Data HMRC collects from taxpayers – the draft Finance Bill clauses have been published for technical consultation before introducing the changes in the Autumn Finance Bill. Subsequent amendments to regulations will be required to enact the changes and set out the detailed requirements. The changes will take effect from no earlier than 2025/26 and broadly the changes mean that HMRC will be given extra powers to collect information about the amount of dividend payments earned by owner managed business directors while employers will have to report the number of hours worked by individual employees. HMRC will continue working closely with businesses and other affected parties to progress these changes, ensuring clear requirements, guidance, and adequate time for implementation. If you have any comments or questions about the draft legislation, please email: responsivenessdataconsultation@hmrc.gov.uk In addition, the following consultations have been published: Mass Balance approach to account for chemically recycled plastic for Plastic Packaging Tax; Tax incentives for occupational health; Taxation of Employee Ownership Trusts and Employee Benefit Trusts; and Review of the VAT Terminal Markets Order legislation.

The second 2022/23 self-assessment payment on account for income tax and Class 4 NIC (National Insurance Contributions) is due for payment on or before midnight Monday 31 July 2023. Each payment on account is half of the previous year’s tax bill. Information on time to pay arrangements and how to apply is available on GOV.UK. Anyone who is self-employed is required to make two payments on account every tax year unless:- their last Self-Assessment tax bill was less than £1,000; or they’ve already paid more than 80 percent of all the tax owed, for example through their tax code. If a taxpayer knows their tax bill is going to be lower than last year, a request can be made to HMRC to reduce payments on account.

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The latest Trader Support Service bulletin is also available. We also remind you that the deadline for applying for the new UK Internal Market Scheme to ensure applications are processed in time is next Monday, 31 July. Miscellaneous updated guidance etc. The latest documents and publications relevant to EU exit are as follows:- Reference Document for The Customs (Northern Ireland) (EU Exit) Regulations 2020; Report payments and view your allowance for non-customs state aid and Customs Duty waiver claims; Check if you can claim a waiver for goods brought into Northern Ireland; Request Customs Declaration Service data on imports and exports; 4-digit to 3-digit procedure to additional procedure code correlation matrix for imports; Simplified procedures exclusion list of procedure and additional procedure codes for CDS; Appendix 2: DE 1/11: Additional Procedure Codes of the Customs Declaration Service (CDS); Reading notes for Declaration Category Data Sets: CDS Declaration and Customs Clearance Request Instructions; Additions and deductions for Data Element 4/9 of the Customs Declaration Service; Appendix 1: DE 1/10: Requested and Previous Procedure Codes of the Customs Declaration Service (CDS); CDS Declaration Completion Instructions for Imports; Appendix 21: Import Declaration Category Data Sets; Imports and Exports of the Customs Declaration Service (CDS); Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service; Authorised Consignee Temporary Storage (ACTS) location codes for Data Element 5/23 of the Customs Declaration Service; Maritime ports and wharves location codes for Data Element 5/23 of the Customs Declaration Service; Notices made under the Customs (Export) (EU Exit) Regulations 2019; Bringing commercial goods into Great Britain in your baggage; and Notices made under the Customs (Import Duty) (EU Exit) Regulations 2018.

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. Basis period reform – moving to the tax year basis: book now This webinar provides an introduction to basis period reform and looks at:- The tax year basis applicable from 2024/25 The transitional year to basis period reform of 2023/24; and Overlap relief. Agent services account access groups: book now This webinar looks at access groups within the agent services account including:- about access groups; clients lists and transacting with clients; adding team members; managing access groups; examples; and error messages, filters, and client references. An overview of the new alcohol duty structure and rates: book now From 1‌‌‌ August‌‌‌ 2023, alcohol duty will be charged in relation to the strength of the product as opposed to the product type. This webinar will explain the new alcohol structure and rates, including the reduced rates for draught products An overview of the new alcohol duty structure and small producer relief: book now This webinar will provide a background into the new small producer relief, including eligibility criteria, and how to calculate this. Capital allowances and vehicles: book now This webinar is part of HMRC’s annual Self-Assessment programme covering the rules for cars, qualifying expenditure, pools and rates, and vehicle hire purchase. A recording is also available to register to view of the webinar UK freeports – examples of tax and customs benefit.

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.

The OECD will publish its annual review of Asia and the Pacific tomorrow. The publication, “Revenue Statistics in Asia and the Pacific”, presents key indicators tracking progress on the mobilisation of domestic resources and informing tax policies to bridge the financing gap for the Sustainable Development Goals to build sustainable public finances in the wake of the pandemic.

 Employee well-being is vital for business success. Moira Grassick explores the biggest people risks, from stress to diversity, and outlines how you can strengthen your organisation’s resilience A business is only as successful as its employees. People are both the most important asset a business has and, on the other hand, a source of risk if they’re not properly managed. After a stressful number of years in which health and well-being were primary concerns for everyone, the workplace has changed irreversibly, and it’s up to business owners to adapt to ensure their people stay happy and, in turn, deliver business growth. Some business risks are outside the control of Irish employers. Global geopolitical tensions and interest rates continue to impact the cost of doing business, but it’s different when it comes to your people. Employee risks are within your control. Here are some risks your organisation can minimise, ensuring happier and more productive employees. Stress and burnout After a challenging number of years, your employees may be suffering from anxiety, stress or burnout symptoms. These psychosocial issues can have a direct impact on productivity and potentially on the reputation of your business. Employees are more focused than ever on work-life balance and well-being. Taking steps to help employees achieve their goals in these areas helps reduce errors, minimise staff turnover and avoid dips in productivity. Remote Health & Safety  A remote worker’s home workstation is an extension of the workplace, and employers need to consider their Health & Safety obligations in this regard. The main responsibility for Health & Safety at work rests with the employer regardless of whether an employee works remotely or onsite. A risk assessment of the employee’s home workspace should be carried out. Work-related injuries (both physical and psychosocial), whether they happen onsite or in a remote location, could lead to penalties, brand damage and a deterioration in employee relations. Recruitment and retention Although the labour market shows signs of turning back in favour of employers, it’s crucial for business owners to figure out what will help staff build long-term careers with them. High staff turnover is bad for business, so engaging with employees and responding to their feedback on what could help them build a long-term future with you will pay dividends. Workplace culture Serious misconduct like bullying and harassment or theft and fraud can derail a business. It’s vital to manage these risks through the effective operation of appropriate policies and procedures. Staff should be aware of the values they are expected to uphold. Likewise, if employers don’t deal with grievances in the correct manner, they risk demoralising staff who won’t want to work within an uncaring culture. Preventing grievances in the first place should be the aim, but failing to manage employee grievances properly will distract your management team from their main tasks, demotivate staff who think colleagues have not received fair treatment and ultimately hurt your business. Diversity, equity and inclusion As the Irish population continues to diversify, it’s important to develop an inclusive and diverse working environment. Failing to address this area will limit your access to the broadest possible talent pool and potentially have reputational consequences that hurt relationships with employees, customers and other stakeholders. Legal and compliance As well as the challenge of managing the transition away from pandemic-related work practices, employers also have a wide range of new employment laws to consider. The statutory sick pay scheme came into force in January and affects all employers. The transparent and predictable working conditions regulations impact probation periods, employment contracts and documentation. Most recently, employers will need to act upon various new work-life balance rights, including the right to request remote work. It’s a major challenge for employers and employment law practitioners to keep pace with the volume of recent employment regulations. The cost of ineffective management The costs associated with these risks are multiple. Management spends too much time firefighting, employees take their talents elsewhere, and the bottom line suffers. With the right approach, however, business owners can turn all these risks into strengths that will make their business more resilient to setbacks and more productive when trade is brisk. Moira Grassick is Chief Operating Officer at Peninsula Ireland

In the modern business landscape, fostering a culture of accountability is paramount for organisational success and ethical behaviour. Yvonne Kelleher and Conor McCarthy discuss the crucial connection between culture and accountability Culture and accountability are not new concepts. However, for many organisations, driving a culture of accountability seems like an intangible feat, with many organisations leaping to enhance the operating model without recognising the need to manage the human factors. This can be a costly oversight, and without considering a unified approach and mindset to drive accountability, the desired benefit and return will not be realised. Executives must set a leading example in this time of increased public and regulatory scrutiny and change in Ireland and globally. They need to exhibit accountability and maintain trust with both stakeholders and employees. Culture and accountability are not static ideas, nor do they impact one industry. In fact, in Ireland, we have seen over the last 12 months a lack of accountability underpinned by poor behavioural drivers across a range of industries such as financial services, public bodies and broadcasting has resulted in computational damage and a loss of stakeholder and employee trust. Time is of the essence for organisations to conduct a stocktake, reassess their culture journey and address any gaps to promote and embed an effective and resilient culture to drive and enforce accountability. Organisations should look at this as not only a necessity but also an opportunity that will support their success in the long run.  Organisational accountability – what is it? Organisational accountability occurs when all employees behave in a way that promotes the successful and timely completion of their responsibilities. It involves the organisation being answerable for its actions, decisions and impact on stakeholders, including employees, customers, shareholders, communities and, of course, the environment. A poor culture of accountability can present itself in several ways. Lack of transparency There is often a lack of transparency in decision-making processes, communication and reporting. Information may also be withheld, buried, distorted or not shared openly with stakeholders.  Lack of clarity in roles and responsibilities When there is a lack of clarity regarding roles, responsibilities and expectations, it becomes challenging to establish accountability. Unclear lines of authority, ambiguous decision-making processes, and overlapping responsibilities can contribute to a culture where no one feels truly responsible or accountable for outcomes. Lack of leadership Leadership plays a crucial role in shaping the culture of an organisation. In a poor culture of accountability, leaders may fail to model and uphold the principles of accountability. Leaders evading responsibility or engaging in unethical behaviour without facing the consequences sets a negative example for others.  Lack of trust There may be an environment of distrust and scepticism. This can lead to a lack of collaboration, communication and willingness to report issues and mistakes.  Low consequences for misconduct In organisations with a poor culture of accountability, there may be a lack of appropriate consequences for unethical behaviour or poor performance. This can lead individuals to believe they can engage in misconduct without facing significant repercussions.  Fear of retaliation Conversely, a poor culture of accountability may foster an environment where individuals fear retaliation for speaking up, reporting wrongdoing or challenging the status quo. This fear can deter individuals from holding themselves or others accountable, leading to a lack of transparency and the perpetuation of negative behaviours. It is crucial, therefore, to get a balance between consequences and a fear of retaliation.  Low morale A lack of organisational accountability can diminish an employee’s sense of purpose. This results in a lack of motivation to do your job and impacts the quality of employees’ work.  The link between culture and accountability Today, an organisation’s success is no longer just about the bottom line; qualitative inputs like transparency, trust and employee performance, productivity, collaboration and engagement also determine success. Therefore, an organisation’s cultural norms, values and practices can significantly influence the expected, accepted and enforced accountability level to ensure sustainable change. 1. Trust and transparency   Culture affects the level of trust and transparency within an organisation. In cultures where trust is high, and transparency is valued, accountability tends to be emphasised more. Employees tend to hold themselves accountable for their actions as they believe in the importance of integrity and honesty.  2. Consequences and enforcement Cultural attitudes towards consequences and enforcement also play a role in accountability. In some cultures, the fear of reputation, trial by the media or social stigma may serve as a powerful deterrent leading individuals to be more accountable for their actions. In other cultures, legal frameworks and regulatory systems play a key role in enforcing accountability (like the new individual accountability regime currently being implemented by the Central Bank in regulated institutions within Ireland).  Cultural influences Cultural influences on accountability can vary significantly across different societies and organisations, particularly as the operating and workforce landscape evolves. While some cultures may prioritise individual accountability, others may emphasise collective responsibility more. Understanding and addressing these cultural dynamics, including behavioural drivers, are essential for promoting a sustainable culture of accountability and ethical behaviour. Yvonne Kelleher is Managing Director in Risk Consulting at KPMG Conor McCarthy is Partner, Head of People and Change at KPMG

Derarca Dennis explains how CFOs and finance functions are evolving and how organisations need to concentrate on talent management and diverse skillsets for sustained growth The EY Ireland CFO Survey 2023 has found that CFOs are playing an increasingly strategic role in their organisations. The role of the CFO has expanded, as has that of the finance function. It has evolved to become much more engaged with other areas of the business. This has brought with it a requirement for new skills as well as an increased focus on talent management. That need is reflected in the survey results, with developing future leaders, people management and talent retention continuing to be key areas of focus for the next two years for 60 percent of respondents. Reducing costs and compliance with sustainability regulations are also high on the agenda for most CFOs. While technology in the form of automation and advanced data analytics capabilities will undoubtedly be critically important in supporting the evolving role of the finance function, talent must remain a key area of focus if it is to fulfil its potential. Forty percent of the respondents said their priority for driving growth in the coming year is investing in upskilling existing talent in their organisations, while a further 34 percent said investing in new talent would be a priority. CFOs are focused on optimising the skillsets and talent they already have. This is particularly important in a very tight talent market where organisations of all sizes are experiencing significant levels of talent churn. That, in turn, leads to a loss of knowledge and skills, which are not easily replaced. A continuous learning curve A culture of continuous learning that empowers employees to work at their best and realise their potential is a proven talent retention strategy. Not only does it deliver increased job satisfaction, but it also opens new career opportunities within the organisation. However, organisations must also seek to automate the dull, repetitive tasks that have traditionally been undertaken by the finance function. Some of those tasks can also be shared with other areas of the organisation, such as treasury. Closer interaction between the treasury and finance functions can allow certain tasks to be shared, allowing finance professionals to focus on more value-added work. That work includes preparation for upcoming regulations and reporting requirements in areas such as sustainability. Finance leaders may also need to look at hybrid models to access the capability required to meet the finance function’s expanded role. One option is to fill capability gaps by co-sourcing the required skillsets through professional services partners. These organisations can offer a range of services from basic accounting activities, record-to-report activities, control monitoring and testing, through to day-to-day treasury operations, typically on a managed service basis. Need to invest in diverse talent At a higher level, the changing nature of finance reporting requires CFOs to master a diversity of skills, especially a deep understanding of non-financial factors. It is also leading to profound changes in the composition of finance teams. Future finance teams will be very different from those of today. Finance professionals will, of course, be at their core, but  finance teams will also draw upon a diverse talent pool to enable the function to play its full role as a strategic partner in the overall business and to embrace the potential of technology and data. Future finance teams will augment the traditional skills of finance professions with those of environmental, social and governance (ESG), and have data analysts, supply chain experts and process engineers. Having that wider expertise within the team will make it much more effective when it comes to creating greater efficiencies across the business and delivering long-term value to the organisation. Continued investment in diverse talent will, therefore, be imperative given the evolving and increasingly business-critical role of the finance function. Future-fit CFOs need to focus on: rethinking current operating models and mapping future touch points with other parts of the business, such as the treasury and ESG teams; talent management strategies aimed at upskilling existing employees and attracting and retaining new recruits; acquiring the diverse skills that will make the finance function fit for its increasingly strategic role in the organisation; leveraging existing capability within other departments to support the finance function; outsourcing or co-sourcing elements of the finance function to external partners on a managed service basis; and stemming employee turnover by ensuring that processes are future-ready and efficient enough to retain talent interest and engagement. The evolving role of CFOs and finance leaders in Ireland and of the teams they lead makes it imperative to focus on people management and the acquisition and retention of diverse skillsets. To ensure success, acquiring and retaining talent from both internal and external sources is crucial. Finance functions of the future will encompass a wide array of professionals whose skillsets will contribute to the organisation’s strategic growth. Ultimately, driving greater value for the organisation hinges upon empowering talented individuals with efficient, automated and data-driven processes across both financial and non-financial domains. Derarca Dennis is Assurance Partner at EY Ireland

This week we bring you information on HMRC’s plans for dealing with post from agents which is more than a year old and how you can get this actioned. Updated guidance for full expensing has been published and a reminder has been issued for the new alcohol duty system which commences next month. We also feature key updates for employers and news that from next month any agent claiming a PAYE income tax refund for a client must have an Agent Services Account. HMRC has also sent an email updating agents on the correction of national insurance records and state pension entitlement. HMRC’s plans for dealing with agent post more than a year old On 10 July, HMRC began to implement its plans for dealing with agent post which is more than one year old. Essentially this involves an extension to the work of the Agent Account Manager Service on a trial basis. Read more about how you can contact HMRC to action post which has not been responded to and which is more than a year old. HMRC’s plan is in response to continued feedback from this Institute and the other Professional Bodies on unacceptable service levels including long post and phone waiting times.  Alcohol duty reform and full expensing for capital allowances HMRC has issued a reminder that the new alcohol duty system commences next month from 1 August 2023, and a reminder email is also available. The guidance on full expensing (capital allowances) for companies has been updated. Employer updates The June 2023 issue of Employer Bulletin has been published which contains articles, amongst others, on:- paying PAYE and Class 1A in July; an update on the National Minimum Wage for interns and work experience; and employer direct debits. Agents making PAYE repayment claims need an Agent Services Account From 2 August 2023, agents that claim PAYE income tax repayments on behalf of clients must have an Agent Services Account. (“ASA”). Note that this change does not affect repayments claimed through Self-Assessment. HMRC is currently updating any relevant forms for such repayments which will include a box for the ASA account reference to be added. As it can take time to set up an ASA, agents who do not currently have one are recommended to apply for one as soon as possible.

Tomorrow, Tuesday 18 July has been announced as “Legislation Day” when the Government will publish draft legislation for inclusion in Finance Bill 2024. Also published will be explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. It is expected that the draft clauses will largely cover pre-announced policy changes. We will be reporting on the key announcements made in next Monday’s Chartered Accountants Tax News.

The UK’s new mandatory disclosure rules which took effect from 28 March 2023 require arrangements caught by the rules and entered into on or after this date to be reported to HMRC. Since 1 June 2023, reportable arrangements should be notified to HMRC via the Mandatory Disclosure Rules service. Taxpayers and agents were still able to use the DAC6 service until 31 May 2023 to tell HMRC about arrangements reportable before 28 March 2023, or to send additional information, replacements or deletions for previously submitted disclosures.

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The government has published the first UK Trade and Cooperation Agreement (“TCA”) implementation report which outlines the progress that has been made in implementing the agreement, and summarises the UK’s engagement with the EU through the TCA’s formal structures. Meetings have taken place recently in Brussels of both the EU-UK Parliamentary Partnership Assembly, and the EU-UK Joint Committee, and the Retained EU Law Bill has received Royal Assent. The latest Trader Support Service Bulletin is also available, and HMRC is advising participants in the current UK Trader Scheme to sign up to the new UK Internal Market Scheme (“IMS”) by the end of this month. Deadline for signing up to new UK IMS We understand that HMRC is currently writing to authorised traders in the UK Trader Scheme (“TS”) to advise them to sign up to the UK IMS by the end of this month so that their application can be approved in time for moving goods in the green lane under the Windsor Framework. HMRC is advising that applications to the new UK IMS which it receives after 31 July 2023 may not be processed in time. You can read more about the new UK IMS here, and here. Miscellaneous updated guidance etc. Guidance for preferential rates of duty and rules of origin; Transit newsletters – HMRC updates; Pay less Customs Duty on goods from a country with a UK trade agreement; Using an origin declaration for the Developing Countries Trading Scheme; Use the Developing Countries Trading Scheme to import goods; Notices made under The Customs (Origin of Chargeable Goods: Developing Countries; Trading Scheme) Regulations 2023; Check your goods meet the Developing Countries Trading Scheme rules of origin; List of customs training providers; Search the register of customs agents and fast parcel operators; Classifying electric lamps for import and export; Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020; Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020; and Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS).

The next OECD Tax Talks webinar will take place from 3.00pm to 4.00pm this Wednesday (19 July). The webinar is open to the public and there will time allocated for a Q&A session. You can also listen to all previous episodes by following the above link.