Revenue has updated the filing guidelines for DAC 2 – Common Reporting Standard (CRS) to confirm that the CRS XML Schema Version 3.0 and User Guide 4.0 recently published by the OECD will come into effect from 1st January 2027 and will be used for all filings from that date onwards. The guidelines have also been updated to include a link to CRS Schema information under Annex 3 of Standard for Automatic Exchange of Financial Account Information in Tax Matters.

The Revenue Economic Research Unit has  published a news update regarding a survey it is conducting of taxpayers who interact with Revenue’s customs services. This short online survey is being carried out with a view to understanding customs issues encountered by taxpayers and to assist in improving the quality of the services provided by Revenue. Revenue has confirmed that the survey is not connected with a taxpayer’s customs affairs. Taxpayers who have been selected to complete the survey will receive an email invitation to complete it before 18 July 2025.

The Central Statistics Office (CSO) has published the Annual National Accounts 2024 which confirms that Gross National Income (GNI*), a key deglobalised measure of Ireland’s economic performance, increased by 4.8 percent last year. GDP grew by 2.6 percent, primarily driven by growth in sectors dominated by domestic activity. In 2024, Modified Domestic Demand (MDD), a broad measure of underlying domestic activity that covers personal, government and investment spending, rose by 1.8 precent. Total exports grew by 8.6 percent, which was driven by an increase in services exports of 10.9 percent. Total imports grew by 2.7 percent last year.  Commenting on the publication, Minister for Finance Paschal Donohoe T.D. said: “I welcome today’s data which confirm robust growth in the domestic economy last year. Inflation eased considerably throughout 2024, which boosted real incomes. As a result, consumer spending grew solidly by just under 3 per cent, supported by strong growth in employment. Overall, Modified Domestic Demand (MDD) increased by 1.8 per cent in 2024, while GNI* increased by almost 5 per cent. From a policy perspective, we need to continue to calibrate economic and budgetary policies that recognise the changed external backdrop. In particular, this means focusing on boosting the competitiveness of the economy and continuing to build up our fiscal buffers. The government will set out its updated strategy in the Summer Economic Statement later this month”.

Last week, the Minister for Social Protection, Dara Calleary T.D. launched a major national awareness campaign for the new Automatic Enrolment Retirement Savings System, called ‘My Future Fund’. In addition to the campaign, information resources are also available including a dedicated online hub and information videos. The available resources provide details on how auto enrolment will work, who will be auto enrolled, contribution rates and relevant information for employers and employee. Announcing the launch of the campaign, Minister Calleary said: “I believe that My Future Fund will transform how people save for their retirement. This landmark policy will help hundreds of thousands of hardworking people in Ireland put money aside for their life after work. Auto Enrolment has been talked about for decades. I am delighted that this is finally happening. My Future Fund will mean that two-out-of-three private sector employees who currently have no supplementary pension will get to enjoy a greater sense of wellbeing and financial freedom in the future."

Revenue issued a news update last week confirming its continued commitment to the Small Company Administrative Rescue Process (SCARP). In the update, Revenue outlined its role and responsibilities in the process and emphasized that its primary objective is to work constructively with financially distressed companies, while ensuring that public interest safeguards remain in place. Restructuring under SCARP can facilitate certain businesses which may be facing difficulties in repaying their debt obligations and were once viable to help them restart trading, thereby saving the business and jobs. Revenue outlines in the news item that for directors acting in good faith, SCARP remains a valuable and supported option to restructure a viable business. Under the Companies Act 2021, Revenue has a structured opt‑out right which is considered a legal safeguard to ensure the integrity of the SCARP process is not misused to evade tax liabilities. Since SCARP was introduced in December 2021, Revenue confirmed that there have been 99 applications for SCARP during which Revenue has exercised the opt-out in 19 cases.   Revenue confirmed that it will only exercise its opt-out right under clearly defined circumstances as follows: Where Revenue cannot quantify the debt due as a result of outstanding returns or other relevant information, an ongoing audit or intervention, or an active tax appeal, or Where the company or directors has a track record of non or poor compliance. A dedicated SCARP team has been established by Revenue to streamline communications and support viable outcomes.

Last week, President Trump signed the Executive Order ‘Extending the Modification of the Reciprocal Tariff Rates’ which effectively extended the suspension of ‘reciprocal tariffs’ on EU imports until 1 August 2025. These ‘reciprocal tariffs’ were originally announced by President Trump in April this year and had been suspended until 9 July 2025.  Following the announcement of this further suspension, the US President sent a letter to European Commission President Ursula von der Leyen announcing that a 30 percent tariff would be imposed on imports from the EU on 1 August 2025. In a statement following the announcement, the Tánaiste, Minister for Foreign Affairs and Trade and Minister for Defence, Simon Harris T.D. said: “There is no necessity to escalate the situation or to further increase the additional tariffs which have been imposed on the EU. The Government strongly supports the efforts by the European Commission to reach a mutually beneficial agreement with the US. The EU is at the negotiating table and will remain there. Now is the time to redouble our efforts and to seek to achieve positive results in the time available. The EU will remain united and focused as negotiations continue between now and 1 August.”

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 most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Check when you can account for import VAT on your VAT Return, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, 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 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 Quotas) (EU Exit) Regulations 2020, Reference Documents for The Customs Tariff (Suspension of Import Duty Rates) (EU Exit) Regulations 2020, Reference Document for The Customs (Origin of Chargeable Goods) (EU Exit) Regulations 2020, Reference Document for The Customs Tariff (Establishment) (EU Exit) Regulations 2020, and Export goods from the UK: step by step.  

In this week’s detailed miscellaneous updates, which you can read more about below, HMRC has launched a new dedicated bereavement service helpline and the UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard have been laid before Parliament. In other news this week: As Wimbledon’s strawberries and cream season comes to an end, the VAT debate over Marks and Spencer’s limited-edition strawberries and cream sandwich, inspired by the Japanese "fruit sando", continues to rumble on – will the taxman grab a bite? The scammers are out in force in recent week’s: HMRC’s latest Press Release on scams is warning of winter fuel scams, and After the announcement of the loss of £ 47 million as a result of successful taxpayer phishing scams, HMRC’s action against the fraudsters continues with the announcement of arrests in Romania, 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. New dedicated bereavement service helpline Bereaved taxpayers or their representatives are now able to report a death and settle the deceased’s tax affairs by calling HMRC’s new dedicated bereavement service helpline on‌‌‌ ‌‌0300‌‌‌ ‌‌322‌‌‌ ‌‌9620. Interactive Voice Response messages will direct taxpayers who ring this new number to PAYE, Self-Assessment, or Child Benefit depending on the service they need. This aims to get taxpayers/their agents to the right place first time around and will allow them to talk to someone about several matters during the same call. Crypto-assets reporting framework and updated Common Reporting Standard The UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard (CRS2.0) have recently been laid before Parliament. Both will come into effect from 1 January 2026. In summary, these regulations will impact on a range of financial services businesses such as banks, asset managers and insurance companies and will also bring e-money providers and crypto-asset service providers into scope for the first time. Under both, there will be a £300 penalty per account for failure to collect a self-certification or to apply due diligence, and a £100 penalty per account for incorrect reporting. The regulations also introduce a penalty for customers of institutions who fail to provide a self-certification when requested of up to £300. HMRC has launched a Press Release highlighting these changes.

The Institute is pleased to advise that the link for booking the HMRC led webinar on Making Tax Digital (MTD) for income tax, which we covered in last week’s Chartered Accountants Tax News, is now open for booking. The webinar will take place on Tuesday 16 September 2025 from 1-2pm. HMRC has also recently launched its MTD comms campaign page ‘Making Tax Digital for Income Tax - HMRC guide.’ HMRC is holding two ‘Talking Points’ webinars this week on MTD for income tax which you can book at the below links: How to get ready for MTD if you are an agent, and Client authorisation and enrolment. The guidance on choosing more than one agent has also been updated: Use Making Tax Digital for Income Tax.  

The second 2024/25 self-assessment (SA) payment on account for income tax and Class 4 National Insurance Contributions (NICs) is due for payment on or before midnight on Thursday 31 July 2025. Anyone who is self-employed is required to make two payments on account for 2024/25 unless: Their 2023/24 SA tax bill was less than £1,000, or  More than 80 percent of all the tax owed in 2023/24 was deducted at source, for example via PAYE.  Each payment on account made should be 50 percent of the person’s total income tax and Class 4 NICs liability for 2023/24. If the final tax liability in 2024/25 is greater than the total payments on account made, a balancing payment will be due on or before 31 January 2026.  If a taxpayer knows that their tax bill for 2024/25 is going to be lower than that in 2023/24, a claim can be made to HMRC to reduce payments on account. 

In a Written Ministerial Statement to Parliament by the Exchequer Secretary to the Treasury, it is confirmed that draft clauses for the next Finance Bill will be published next week on Monday 21 July 2025. These are expected to cover pre-announced policy changes (there are no details of precisely what though) and will include “accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents”. This is traditionally known as legislation day or ‘L-day’. Coverage of L-day will feature in Chartered Accountants Tax News in due course. It remains unclear precisely which policy changes we may see draft legislation published for next week, particularly if drafting is still in progress for areas such as recent consultations or where decisions are still being made on the final details of specific policies. There is, however, some speculation that we may see draft clauses for the controversial changes to inheritance tax, including the curtailing of agricultural property relief and business property relief. The Institute has previously written to the Government on this and also responded to the technical consultation which took place earlier this year.

This is the key recommendation of the Institute’s Northern Ireland Tax Committee, chaired by Janette Burns, in its response last week to the UK Government consultation ‘Transfer pricing scope and documentation’. This consultation proposes to remove the medium sized transfer pricing exemption for cross-border transactions, which as the Committee has highlighted, will have a disproportionate impact in Northern Ireland for transactions with its nearest neighbour, Ireland. For that reason, the Committee recommends that the medium sized exemption remains for these transactions. The Committee also recommended that there be a transition period of at least three years before removal of the medium sized exemption, if this proceeds. It also took the opportunity to highlight the need for the regional impact of policy changes to be embedded throughout the UK tax policy consultation and implementation cycle in future.

Readers will know that accountants in practice, as designated persons under Irish anti-money laundering legislation, have a statutory obligation to report suspicious transactions to both the Financial Intelligence Unit (FIU) of An Garda Síochána and the Irish Revenue Commissioners. In February 2025 Chartered Accountants Ireland hosted a webinar on suspicious transaction reporting when the Professional Accountancy team were joined by representatives of both An Garda Síochána and the Revenue Commissioners. They provided an overview of how to report on the recently updated FIU GoAML system, as well as the Revenue system. Click the link to access the webinar  https://youtu.be/SL_h9msVwJo. Also available now are details of some of the questions and potential answers  which were discussed at the webinar. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.

In July 2025 the UK’s Financial Conduct Authority (FCA) published revised guidance for firms on the treatment of politically exposed persons for anti-money laundering purposes. Guidance is provided on how to apply a proportionate and risk-based approach to UK Politically Exposed Persons (PEPs), their relatives and close associates for anti-money laundering purposes. The guidance includes: - clarifications that firms should not treat non-executive board members (NEBM) of civil service departments in the UK as PEPs; - changes to reflect amendments made to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and - updates to the sign-offs for PEP business relationships.   This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.    

Last month we highlighted the key aspects of how the 2025 Spending Review will specifically impact on HMRC. Overall, the Spending Review announced an additional settlement for HMRC of £0.5 billion in 2026/27 which will be used to “make HMRC a digital-first organisation”. The Department was also set two ambitious targets related to this; that by 2029/30, 90 percent of taxpayer interactions will be digital self-serve and HMRC will have reduced the number of letters it sends by 75 percent. The Institute recently met with HMRC to discuss this.    In the meeting we highlighted to HMRC how ambitious these targets are and expressed concern about the impact on current service levels as HMRC seeks to achieve these targets. The transition to a digital-first organisation must not result in a deterioration of service levels and HMRC will need to communicate clearly how it will deal with incoming post as it moves to becoming digital first.     We also asked when HMRC expects to publish both its digital roadmap and its broader transformation roadmap which will be critical elements in seeking to achieve these targets. HMRC noted that these are expected to be published over the summer and both will set out in more detail how HMRC intends to achieve the targets set by government. The Institute will continue to discuss this and service levels with HMRC; we welcome your feedback at any time on this by email to tax@charteredaccountants.ie.     The House of Lords Treasury Committee is currently conducting an inquiry into the Spending Review and continues to take oral evidence from experts.  

The Institute is pleased to advise that HMRC will be delivering a webinar for our members on Tuesday 16 September 2025 on Making Tax Digital for income tax. The webinar will cover key technical points and readiness tips ahead of the first phase of mandation from April 2026 for sole traders and landlords with gross income above £50,000. There will also be an opportunity to ask questions. More details, including a booking link, will be available in the coming weeks.  

Last week we highlighted a request from HMRC for agents to participate in phase two of testing the VAT Import One Stop Shop (IOSS) system in Northern Ireland, the system which allows business to report and pay VAT on imports of low value goods to consumers. As mentioned HMRC is now working on the phase of delivery of this which will allow agents to register and act on behalf of businesses. HMRC is seeking agent volunteers to participate in testing during phase two. Read more about how you can get involved in this unique opportunity and email tax@charteredaccountants.ie if you would like to participate or require more information.  

In this week’s detailed miscellaneous updates which you can read more about below, HMRC is seeking participants for a 12-month project aimed at improving corporation tax guidance, and a number of changes have been made to the personal tax query resolution service.   In other news this week:    The Institute for Fiscal Studies has published a paper which asks what role taxation can/might play in reducing inequality in low/middle-income countries,   HMRC has published a guidance collection page for taxpayers on setting up and running a small business, and   HMRC is holding webinars this week looking at statutory maternity and paternity pay and statutory sick pay.   Corporation tax guidance research project   HMRC’s Comms and Guidance team are currently conducting research as part of a 12-month project aimed at improving corporation tax guidance. According to HMRC, this initiative is being conducted in response to reports that there is a lack of understanding around certain tax principles.   The project will explore the following four phases:   wholly and exclusively,   capital v revenue,   record keeping, and   director’s loans.   The team is currently in the discovery phase for wholly and exclusively, the goal being to understand how organisations manage and submit expenses on their corporation tax return, and how well they grasp the relevant tax principles. HMRC’s team is keen to speak with:   Limited companies,   Foreign companies with a UK branch or office,   Clubs, co-operatives, or other unincorporated associations (for example: community groups, sports clubs), and   Agents and accountants acting on behalf of these taxpayers.    They are especially interested in micro-entities and small companies with:    An annual turnover of no more than £10.2 million, and   No more than 50 employees.    The research is being undertaken via a 60-minute MS Teams session and will require completion of a consent form and privacy notice in advance. As a thank you, participants will receive a £60 Love2Shop voucher, redeemable at a wide range of high street and online retailers.    If you or a client would be interested in participating, please contact customerengagementforums@hmrc.gov.uk.    Changes to the personal tax query resolution service for agents   Earlier in the year we highlighted the launch by HMRC of a new enquiry service for agents, the personal tax query resolution service which was launched on 31 March. HMRC has been analysing and improving the service since then to make it quicker and easier to access; this includes introducing interactive guidance and enabling agents to access the service using the 'Where's my reply' tool instead of emailing HMRC. These changes are now live.    The ‘Where’s my reply’ tool should first be used by agents to check that their query meets the eligibility criteria before the agent subsequently submits their query. Queries should therefore no longer be sent by email. The aim of this change is to enhance the user experience, save time, and increase HMRC’s efficiency so that the relevant teams can focus on dealing with eligible queries and responding within the relevant timeframes. The guidance in the ‘Tax agents handbook’ has since been updated to reflect this.    By way of reminder, this service is specifically for PAYE and Self-Assessment queries for individuals; it is not available for employer related queries. Before using the service, you must:    have checked the ‘Where’s my Reply’, and at least 20 working days must have passed from the reply date given by the tool,   have tried at least twice to resolve the query by contacting HMRC’s Agent Dedicated Line or Agent Webchat, and   not have already initiated a complaint with HMRC related to the query.    In response, HMRC aims to:    make contact with the agent within 48 hours to acknowledge their query,   provide an update every five working days by phone, and   resolve the query within 20 working days or make an action plan if this is not possible.    To help HMRC resolve queries within the set timeframe, agents are asked to:    provide all relevant information and documentation,   respond promptly if HMRC asks for clarification, or more information,   not to chase a query before the 20 working days have passed, and   not to use this service to chase repayments. 

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 most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. HMRC is seeing an increase in applications to the UK Internal Market Scheme and have developed a document setting out helpful hints and tips to help minimise errors when applying and speed up the authorisation process. And finally, the new UK-US Trade deal came into force last week.  Miscellaneous guidance updates and publications   This week’s miscellaneous guidance updates and publications are as follows:  Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service,   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),   Appendix 22: Declaration Category Data Sets Landing Page and Introductory Text,   Appendix 2: DE 1/11: Additional Procedure Codes,   Appendix 1: DE 1/10: Requested and Previous Procedure Codes,   Reference Document for The Customs (Northern Ireland) (EU Exit) Regulations 2020,   Data Element 2/3: Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS),   Manage your import duties and VAT accounts,   Software developers providing customs declaration software,   Apply for repayment of import duty and VAT (CHIEF),   How to claim a repayment of import duty and VAT if you've overpaid,   Check if a business holds Authorised Economic Operator status,   Apply for a repayment of import duty and VAT in the Customs Declaration Service,   Check when you can account for import VAT on your VAT Return,   External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, and   Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service.

The Corporate Enforcement Authority (CEA) has today published its second Annual Report. The CEA writes that the Report details the CEA’s activities during 2024 in furthering its strategic objectives as set out in its Statement of Strategy 2022-2025. The Report features 22 case studies that highlight the wide-ranging impact of the CEA. Those case studies evidence a careful and tiered approach towards the utilisation of the CEA’s suite of enforcement powers. Please click the link to read the CEA press release with a summary of the highlights of the report and click to read the CEA 2nd Annual Report. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.