On the 17 July 2025 the 2025 National Risk Assessment was published.  It is the fourth comprehensive assessment of money laundering and terrorist financing risk in the UK. It is the UK's stock-take of the collective knowledge of money laundering and terrorist financing risks and builds on the understanding of the risks identified in the 2015, 2017 and 2020 NRAs. Member firms are advised to review the assessment carefully and to update their AML risk assessments and policies and procedures accordingly.

Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said “Today’s revised National Development Plan (NDP) is a strong statement of intent towards securing Ireland’s competitiveness in the coming decade. It is encouraging to see such significant emphasis on addressing housing over the next five years. 1 in 4 SMEs surveyed by Chartered Accountants Ireland in April reported that their business has lost employees or seen prospective employees unable to take a role due to the unavailability of affordable housing. “Housing is only one element of the puzzle, however. We know the critical levers to delivery also include energy and water, so these significant deficits in the State’s infrastructure need to be addressed holistically if Ireland is to fully realise its ambition of becoming a place where businesses can thrive. Today’s announcements are a step in the right direction. “Another of the most frequent barriers encountered by our 40,000 members is access to childcare. Despite featuring as a key commitment in the Programme for Government, the revised NDP lacks detail on how more childcare places will be created for working parents. Greater priority must be given to an issue that so fundamentally affects the labour market. “As an all-island body, the Institute also welcomes the focus in the NDP on the Shared Island Fund, and we look forward to engaging with stakeholders on how the NDP will deliver cross-border infrastructure projects.”

Chartered Accountants Ireland has introduced an Annual Return for those firms supervised for AML purposes pursuant to the Anti-Money Laundering Supervision Regulations - TCSPs and Bookkeepers (The Regulations). The Regulations provide for the Institute’s AML supervision of trust and company service providers (TCSPs) and bookkeepers which fall within the Institute’s supervisory remit under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended (the Act) and related agreements. These are entities which: are TCSPs and/or bookkeepers; and include Institute members amongst the entity's principals; and are not subject to the Public Practice Regulations since they do not provide any services which would meet the definition of public practice in the Public Practice Regulations; and are not subject to AML supervision by another competent authority pursuant to agreements between the Institute and other competent authorities as provided for by the Act. The annual return should be submitted by 31 August 2025. Queries should be directed to Professional Standards. Further information on the registration and supervision of members for AML purposes can be found on our authorisations page of our website.

Northern Ireland should be excluded from UK Government proposals to restrict the benefit of two key Inheritance Tax reliefs; agricultural property relief and business property relief, because of the disproportionate impact this is already having on the region’s agricultural sector and family-owned businesses. Chartered Accountants Ireland, the largest professional body on the island of Ireland, which represents over 5,000 members in Northern Ireland reiterated its position after the Government published draft legislation for the next Finance Bill. As announced last October, from April 2026, 100% relief will be limited to the first £1 million of combined agricultural and business property, with any value above this receiving relief at 50%, effectively resulting in an inheritance tax liability of 20%. Director of Members and Advocacy at Chartered Accountants Ireland, Cróna Clohisey said: “Yesterday on ‘L-day’, the Government published the draft Finance Bill clauses for this policy change which confirms, disappointingly, that they will commence from April 2026 as planned. On behalf of members, this Institute has engaged extensively with Government to emphasise the impact this will have in Northern Ireland. Farming is the biggest industry in NI, and farms and family-owned businesses are the heartbeat of our economy. “We recognise that in the current geopolitical and economic environment, difficult decisions are necessary, however, we feel that the impact of these changes has not been fully considered on a regional basis and will hit Northern Ireland harder. It is already causing forced, premature business sales and the loss of jobs, lives and livelihoods. Although we have some of the highest land prices in the UK, what the government has failed to grasp is that land values here do not correlate to the income generated. Any value is tied up in land and assets, not cash.” Data from the NI Assembly already suggests that by 2026 these changes will affect approximately 75 percent of dairy farms in Northern Ireland, which account for 60 percent of owned land and provide the majority of food production in NI. Clohisey continued: “Ultimately the Government is taking a broad-brush approach to address specific concerns that ‘non-farmers’ are investing in land to avoid inheritance tax. As a result, they are missing the opportunity to reframe this policy and include a range of mitigations to protect genuine farming activity and family-owned businesses.” Chartered Accountants Ireland is urging the Government to find a way to introduce a carve out for agricultural and family-owned business sectors in Northern Ireland. If there is not a willingness to do so, the Institute is calling on the Government to amend the draft legislation to include a range of mitigations. This would enable the Government to target this policy more effectively and reduce its negative impact before the legislation begins its journey through Parliament after the summer recess. ENDS

IAASA has issued a public consultation on their draft work programme for the period 2026 – 2028. Please see the consultation and draft work programme . The due date is no later than 5pm on 22 August 2025.

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: External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Short shipments at temporary storage locations, Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS), Submitting an electronic administrative document or an electronic simplified administrative document for excise goods, The Customs (Miscellaneous Amendments) Regulations 2025, Report a problem using the Customs Declaration Service, Make an entry summary declaration using the Import Control System 2, Apply for authorisation for the UK Internal Market Scheme if you bring goods into Northern Ireland, Categorising goods for Internal Market Movements from Great Britain to Northern Ireland, and Declare your goods to authorised use and completing authorised use.

In this week’s detailed miscellaneous updates which you can read more about below, the UK has laid further regulations on the Pillar Two rules which take effect from 24 July 2025 and HMRC is working on a new online form which will allow employers to report disputes on their pay as you earn (PAYE) liabilities. In other news this week: The latest Agent Update: Issue 133 is available; this sets out more information on a range of areas, including the ongoing Class 2 National Insurance Contributions issue which we reported on a few weeks back in miscellaneous updates. HMRC has also asked to share a separate update on this which contains supplementary information, HMRC is holding a webinar later this week on reporting via PAYE real time and how to provide accurate information - book onto the webinar now, The Public Accounts Committee has published a report on collecting tax from wealthy individuals that calls for further action and clarity from HMRC, The National Audit Office has published HMRC’s 2024/25 accounts, and The latest tax publications from the Institute for Fiscal Studies have been published: https://ifs.org.uk/articles/wealth-tax-would-be-poor-substitute-properly-taxing-sources-and-uses-wealth and https://ifs.org.uk/publications/taxing-capital-income-and-wealth-low-and-middle-income-countries-practice-principles. New Pillar Two regulations The Multinational Top-up Tax (Pillar Two Territories, Qualifying Domestic Top-up Taxes and Accredited Qualifying Domestic Top-up Taxes) (Amendment) Regulations 2025 have now been laid, and come into force later this week on 24 July 2025. The regulations enable HMRC to specify additions to the list of Pillar Two territories, qualifying domestic top-up taxes, and accredited qualifying domestic top-up taxes to take effect from a date before the notice is published. According to HMRC, this is a procedural change to ensure the effective date of changes in the UK aligns with the date in the central record of internationally agreed qualifying territories and taxes published by the OECD/G20 Inclusive Framework. It also means that there will be no requirement for individual Statutory Instruments which would otherwise be required due to the retrospective nature of such changes. Employer PAYE liability disputes HMRC is currently developing an online form which will enable employers to report disputes on their pay as you earn (PAYE) liabilities. Currently, employers can either call the Employer Helpline on 0300 200 3200, or write to HMRC at the following address: PT Operations North East England, HM Revenue and Customs, BX9 1BX, United Kingdom. Further information will be provided in due course.

The 2025 Administrative Burdens Advisory Board (ABAB) ‘Tell ABAB’ survey is open for completion. The ABAB survey is your opportunity to provide ABAB with insights on the tax system. The ABAB challenges HMRC on its performance, and aims to provide robust scrutiny of key initiatives, such as Making Tax Digital, and HMRC service standards. The ABAB also aims to provide crucial insight on the big issues faced by small businesses, including tax agents, in the tax system. Members are encouraged to complete the survey. The survey will take roughly 15 minutes to complete, and will remain open until 31‌‌‌ July 2025. Results will be published on GOV‌‌‌.UK in September 2025 in the ‘Tell ABAB report’. The survey is commissioned annually by HMRC, although the ABAB is an independent body. The ABAB says it is passionate about listening to and understanding the needs of the small business community. Board members come from a range of businesses and professions, and their goal is to support HMRC to make the tax system quicker and simpler for small businesses. If you have any questions about the 2025 survey, please email advisoryboard.adminburden@hmrc.gov.uk.

Last week we reported that ‘L-day’ will take place today, Monday 21 July 2025. The timing of this is expected to be late afternoon when we expect to see draft Finance Bill clauses on a range of pre-announced tax policy changes. Full coverage of L-day, also referred to as legislation day, will feature in Chartered Accountants Tax News next Monday 28 July.

In April this year, the Institute’s NI Tax Committee wrote to the Exchequer Secretary to the Treasury to raise its concerns about the disproportionate impact of the proposals to curtail the benefit of agricultural property relief and business property relief from April 2026, particularly in Northern Ireland, on genuine farming activity and family owned businesses. The Committee urged the Government to postpone the changes in order to consult wider and reframe this policy change in a way that it is more effectively targeted. Last week HM Treasury responded to the letter which you can read in full on our website. Unfortunately, the content of the letter suggests that the policy will be proceeding as planned, and there is no suggestion that there will be any mitigations to the draft policy as it currently stands. It is therefore possible that later today, draft Finance Bill clauses for this policy change will be published as part of ‘L-day’. The Institute is therefore considering what further action needs to be take on this important issue. In April, the NI Tax Committee also responded to the related technical consultation which took place earlier in the year.

The Financial Reporting Council (FRC) has published FRED 87 Draft amendments to FRS 102  The Financial Reporting Standard applicable in the UK and Republic of Ireland. FRED 87 proposes amendments to FRS 102 to reflect recent amendments to IAS 1 Presentation of Financial Statements and the subsequent replacement of IAS 1 with IFRS 18 Presentation and Disclosure in Financial Statements. Specifically, it proposes changes to the prescribed formats for balance sheet and profit and loss accounts where an entity applying FRS 102 uses the option to adapt the presentation format. The changes are proposed to maintain the existing level of alignment with IFRS 18 and IAS 1. Entities that choose not to adapt their financial statements under FRS 102 will not be impacted by the proposed amendments. FRED 87 remains open for public comment until 10 October 2025.

Minister Burke has signed into law Statutory Instrument S.I. No. 309/2025- European Union (Corporate Sustainability Reporting) Regulations 2025. The purpose of this Statutory Instrument (S.I.) is to transpose the ‘stop the clock’ EU Directive into Irish law and to amend the anomalies that were present in previous S.I.s relating to the transposition of the Corporate Sustainability Reporting Directive (CSRD) in Ireland.   By way of background the Corporate Sustainability Reporting Directive (CSRD) became law in 2023, and it was transposed into Irish law in July 2024 by virtue of S.I. No. 336/2024 - European Union (Corporate Sustainability Reporting) Regulations 2024 (and subsequently S.I. No. 498/2024 - European Union (Corporate Sustainability Reporting) (No. 2) Regulations 2024, which amended some of the previous legislation)  There were a number of anomalies in these regulations which caused concern and challenges for businesses implementing the CSRD. The Institute, along with other professional bodies and law firms, made numerous representations to the Department of Enterprise, Tourism and Employment outlining the amendments that were required to give clarity on the implementation of the CSRD. The ‘wave 1’ reporters which were subject to the CSRD published their first sustainability statements earlier this year. Just as they were being published the European Commission published their ‘omnibus simplification package’ the purpose of which is to simplify sustainability reporting, and it also included a proposal to ‘stop the clock’ by delaying the commencement of reporting obligations by two years for the majority of companies.   The current state of play  Minister Burke recently published statutory instrument S.I. 309/2025, European Union (Corporate Sustainability Reporting) Regulations 2025 to transpose these changes into Irish law.   A summary of the changes are as follows:  ‘Stop the clock’: The S.I. transposes this EU Directive into Irish law and delays the application of the CSRD for the majority of Irish companies (wave 2 and wave 3) by two years. Large Irish incorporated entities will publish their first report in 2028 based on data for the 2027 financial year. SMEs with securities listed on an EU regulated market, small and non-complex institutions, captive insurance and reinsurance undertakings will issue their first reports in 2029 based on data for the 2028 financial year.  Definition of net turnover: The definition of ‘net turnover’, which is one of the thresholds for determining if a company is in scope for CSRD reporting, has been amended. The initial definition of turnover was broader in scope and for companies whose ordinary activities included the making or holding of investments, the gross revenue derived from such activities. Therefore, there were a number of companies, primarily in the funds sector and Special Purpose Vehicles, which were captured which may not otherwise have fallen within scope of the CSRD. The revised definition aligns more closely with the definition of ‘net turnover’ under the EU Accounting Directive.  Ineligible entities: Under the original S.I. relating to the CSRD, there was confusion in Ireland regarding  ‘ineligible entities’ and if they were potentially in scope for CSRD reporting irrespective of their size. The revised regulations expressly exclude these from scope and ‘ineligible entities’ are only in scope for the CSRD if they meet the CSRD thresholds.  Subsidiary exemptions: There was uncertainty under the original transposition as to whether or not an Irish subsidiary could claim a subsidiary exemption if its sustainability information was included in the consolidated report of an EU parent company. In the revised regulations the provisions on subsidiary exemptions have been expanded, consistent with the CSRD, so that an Irish in-scope company may be exempt from preparing its own sustainability report where the information is included in the report of an EU parent, drawn up in accordance with the consolidated sustainability reporting obligations of the EU Accounting Directive, as amended by the CSRD.  Ultimate parent company reporting: There was, in the initial CSRD regulations, the potential that all non-EEA parent companies of certain Irish companies had to prepare a sustainability report, and not just the ‘ultimate parent company’. The revised regulations have provided clarification on this matter and there is a new definition of ‘ultimate parent company’, and only that company now must prepare a report. The timeframe has not been amended by the revised regulations, and reporting obligations in respect of non-EEA undertakings apply beginning on or after 1 January 2028.

Institute representatives Judith Condell and Cróna Clohisey attended the launch of the third Annual Report of the Women in Finance Charter. The Institute is proud to be one of 100 signatories to the Charter: an industry-led and Government supported initiative aimed at increasing women's participation at all levels of business in financial services in Ireland. The Report was launched at an event in Dublin by An Taoiseach Micheál Martin with Minister of State Robert Troy and is an important milestone highlighting the significant progress that has been made since the Charter was established in 2022. For example, since the first organisations signed up: 43.4% of senior management roles in signatory firms are now held by women – up from 36.2% Female board representation has risen from 30.3% to 36.3% CEO-level representation has increased from 19.4% to 22.6% The Institute believes in and is committed to gender diversity at all levels of our organisation, and is proud to be a signatory to the Charter. As Ireland strives for greater inclusion and competitiveness, this Charter is a powerful driver of change.  The Report can be read in full here.

Minister Burke has announced the commencement of Section 22 of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024.  This provision relates to a change to the current audit exemption regime, whereby small and micro sized companies will not, in future, automatically lose the privilege of audit exemption on a first occasion, in a five-year period, of late filing of an annual return with the Companies Registration Office. Section 22 will replace section 363 of the Companies Act 2014. Section 363 in summary provided that if a company failed to submit an annual return it would lose its audit exemption for the succeeding two years. Section 22 amends this and introduces a graduated regime which means that audit exemption will only be lost if a company files its annual return late more than once in a five-year period. Section 22 also provides that a company’s first annual return or previous failure to file an annual return before the commencement of the provision (as the company has already lost its audit exemption) shall not be considered a previous failure. This is a matter that we have made numerous representations on for the last number of years. While we advise members to file on time, there will be genuine reasons why a filing deadline is missed and commencing this provision should reduce the burden on those companies.   It is great to see the commencement of this piece of legislation before the peak filing season commences which will give clarity to members who may need to benefit from it.   Please see the press release here. Please see the DETE press release here and a notice from the CRO.      

We all experience periods in life that contribute to increased stress levels and anxiousness. Be it exams, a work deadline looming, moments of uncertainty, crisis, or big life events.  However, it is how we cope through life’s ups and downs that is important. Maintaining good wellbeing is a crucial aspect of living that can help us endure and cope with periods of stress instead of floundering or struggling to cope effectively. And breathe… In moments of stress or anxiety our breathing patterns change.  You might notice your breath is shallow, out of sync or you might find yourself holding in your breath at times. This creates a vicious cycle as out of control breathing is caused by stress but also causes stress, prolonging the symptoms and making them worse.  Whereas deep, controlled breathing has the opposite effect. A slow and steady inhalation and exhalation signals the parasympathetic nervous system to calm the body down. As our breathing is an automatic, unconscious, habitual function of the body, we might not even notice how we are breathing. Therefore, it is important to tune into your breath.  There are countless breathing techniques which helps relax the body and mind, but the general aim is to shift from quick, shallow upper torso breathing to a slow, deep abdominal breath.  Take a minute to focus on your breathing and its pattern. Then place your hand on your stomach and strive to feel the abdomen expand and contract as you breathe in and out. Pay attention to how you feel after engaging in this breathing technique, you are sure to feel calmer.  Food for thought  We all know the tendency to comfort eat when feeling stressed or emotional and it can be tempting to seek out sugary, high calorie, high fat foods for instant gratification or out of sheer convenience. This response however only works in the very short term and again can aggravate our stress levels.  Stress and anxiousness can create digestive and gut issues. Simple things like drinking more water to stay hydrated, reducing your caffeine intake and eating three balanced meals each day can help. Stress can leave your energy reserves depleted and low on essential vitamins and minerals.  Consume plenty of wholesome food that is rich in good nutrients.  Foods high in Vitamin C are understood to reduce anxiety levels while green leafy vegetables and nuts are high in magnesium which can regulate our stress hormones.  Rest and digest  For our brain to function optimally it needs rest and this responsibility falls to the parasympathetic nervous system, also known as the rest and digest system. The parasympathetic nervous system slows our stress response by releasing hormones that relax the mind and body and is where digestion, detoxifying and healing occur.  To activate the rest and digest system, there is no other option but to relax. For some that is mediation, practising yoga or indulging in some self-care.  Self-care has become a popular notion in recent years, but it is not all bubble baths and face masks. Forms of self-care can be spending time in nature, exercising, reading, journaling, colouring, tidying your surrounds or spending time with loved ones. Simply put, self-care practises are tools to help ease our response to stress and enhance our body and mind’s ability to rest, reflect and replenish.  It is important to also take regular breaks throughout the day, a brief pause in momentum allows the brain space to think and process information and brings clarity that helps you feel in control and ultimately reduce stress.  Get some ZZZs The power of sleep to regulate our stress levels should not be underestimated. Stress and anxiety can lead to sleeping problems and a lack of sleep can affect your general wellbeing – again another vicious cycle we can find ourselves in.  When we are not getting enough sleep, it is more difficult to regulate our mood, emotions, and reactions, can affect our concentration, memory and even lead to poor decision making. It’s not always possible to get as much sleep as we would like, generally we should be aiming for at least 5 hours of sleep a night but ideally, we should aim for 7-8 hours. To feel well rested, it is important we develop habits and routines that aid our ability to drift off.  Create a healthy sleep routine by going to bed and getting up at the same time every day, avoid lie ins and naps that can then disrupt our natural sleep cycle.  Start your own personal wind down by creating a night-time routine that you then begin to associate with sleep. It can be as simple as brushing your teeth and washing your face, developing a night-time skincare routine, reading a book or stretching.    This is one of the harder habits to develop but try to limit your use of technology an hour before bed. Our devices keep us awake and stimulate the brain through the activity itself but also from the blue light emitted from the screen. Most phones these days have a blue light filter and can be scheduled to switch on at a certain time.  Thrive is the Institute’s dedicated wellbeing hub which provides emotional and practical support to our members, students and their family members for life. Should you find yourself in a difficult situation, the team at Thrive can help steer you through life’s ups and downs. Talk to us today on mobile: (353) 86 024 3294 or email us.

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.