Welcome to the latest edition of Technical Roundup. In developments since the last edition, the CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) is hosting a series of roundtables to discuss their Future of Audit Supervision Strategy (FASS). The first roundtable takes place on Monday 9th June with additional dates scheduled throughout the summer. The European Financial Reporting Advisory Group (EFRAG) has published its draft endorsement advice on IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’. The draft advice recommends that IFRS 19 should be endorsed in the EU. The invitation to comment which accompanies the draft endorsement advice is open for public comment until of 3 September 2025. EFRAG has published its Annual Review 2024. This review provides a comprehensive overview of its activities, milestones, and strategic developments over the past year. EFRAG has also published its April 2025 update. This summarises the public technical discussions held and decisions taken over the past month. The IFRS Foundation has published a two-part webcast series which explain the main changes to the IFRS Taxonomy following the introduction of IFRS 18 Presentation and Disclosure in Financial Statements. The FRC has published the UK Stewardship Code 2026 which presents a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. Auditing and Assurance The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers and comments are requested by 31 July 2025.  As part of its campaign to support small and medium-sized enterprises (SMEs) access audit services, the Financial Reporting Council (FRC) has issued additional material to help SMEs effectively engage with the annual audit process. The Irish Auditing and Accounting Supervisory Authority (IAASA) recently published its 2024 Annual Audit Programme and Activity Report. The report details IAASA's oversight of the audit profession during 2024, providing valuable transparency into how audit quality is regulated in Ireland. IAASA mentions its key highlights in 2024 which includes completion of supervisory reviews of accountancy bodies' investigation and disciplinary systems and support for implementation of the Corporate Sustainability Reporting Directive (CSRD) in Ireland. Insolvency The CCAB-I Insolvency Committee has published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. On 11 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland, are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. The workbook has been produced to assist Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. Click here to register for this free webinar. Sustainability Wim Bartels, Chair of Accountancy Europe’s Sustainability Policy Group and member of EFRAG’s Sustainability Reporting Board, spoke on behalf of Accountancy Europe at the European Parliament (EP) Legal Affairs Committee hearing on sustainability reporting obligations on 13 May. During this, he shared some of the early insights of the CSRD and ESRD based on the first year of implementation. The International Sustainability Standards Board (ISSB) May 2025 update and podcast have been published. The International Sustainability Standards Board (ISSB) has published the recording of its tenth 'Perspectives on sustainability disclosure' webinar. The webinar is titled ‘Governance of sustainability-related risks and opportunities’. Artificial intelligence Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth made a high-profile visit to Singapore at the end of May at the invitation of the Singaporean Government to participate in Asia Tech x Singapore (ATxSG) 2025. Anti-money laundering and sanctions The Central Bank of Ireland has announced that Derville Rowland, Deputy Governor Consumer and Investor Protection, will join the newly established Anti-Money Laundering Authority (AMLA). Central Bank of Ireland (CBI) The Central Bank of Ireland published its Annual Report and Annual Performance Statement for 2024 on 29 May. Click to read the Governor’s blog on the CBI 2024 Annual Report. We reported in our last edition on the passing into law of the Finance (Provision of Access to Cash Infrastructure) Act 2025. CBI recently welcomed the enactment of the legislation saying that CBI is committed to ensuring that cash is readily available as a means of payment and it warmly welcomes the signing into law of this significant legislation. CBI has published its May 2025 Investment Firm and Intermediary Newsletter. It is a twice-yearly publication by supervision teams within the Investment Firms & Retail Intermediary Supervision Division of the Capital Markets & Funds Directorate. While the newsletter main focus is on new items on its website and regulatory issues that MiFID investment firms need to be aware of, the information on DORA Digital Operational Resilience and the EU Accessibility Act may be of general interest to readers. Click to read comments of the CBI Director, Capital Markets and Funds at the recent Blockchain Ireland Summit 2025 including some insights on the implementation of the Markets in Crypto-Assets Regulation (MiCAR) regime. Other news The Financial Reporting Council (FRC) has published the UK Stewardship Code 2026, an updated set of principles which offers a framework for reporting that demonstrates high quality stewardship to support economic growth and investment. The new Code takes effect from 1 January 2026 and aims to support long-term sustainable value creation while significantly reducing the reporting burden for signatories. The European Securities and Markets Authority (ESMA) has issued a Call for Evidence (CfE) on the retail investor journey under MiFID II in order to assemble feedback from stakeholders to better understand how retail investors engage with investment services and whether regulatory or non-regulatory barriers may be discouraging participation in capital markets. The Minister for Enterprise, Tourism and Employment, Peter Burke, TD, has announced the establishment of a dedicated Small Business Unit, based in the Department of Enterprise, Trade and Employment. Accountancy Europe has published its May 2025 update which discusses many matters of relevance to accountants across Europe including AML and sustainability. The Irish Pensions Authority recently published the text of an address in March 2025 by the Pensions Regulator to the Irish Association of Pension Funds’ Spring Conference. The address was about the Pensions Authority’s recent supervisory review activities, its plans for the rest of 2025 and its longer-term priorities. For further technical information and updates please visit the Technical Hub on the Institute website.    This information is provided as resources and information only and nothing in the information purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the information. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of the information we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained herein.  

Green Pearse Street group of nearly 20 businesses calling for thoughtful planning 10 days after traffic changes present new opportunities for major thoroughfare     Thursday 5 June 2025 – A local group, Green Pearse Street, comprising nearly 20 businesses, is calling on Dublin City Council and local stakeholders to make Pearse Street greener, more vibrant and more engaging for street users - and to take meaningful action on the climate and biodiversity crises. The call comes on World Environment Day, just ten days after new traffic management changes were introduced on the street, allowing only public transport, taxis and cyclists to turn left onto Pearse Street from Westland Row. In support of the initiative, Lord Mayor of Dublin, Emma Blain, and Green Party leader Roderic O’Gorman TD were in attendance, underlining the importance of collaboration between civic leaders and local communities to reimagine urban space. To demonstrate how a section of Pearse Street can be transformed into a more social and eco-friendly space, the group showcased potential areas for urban planting and seating, bringing greenery onto the pavement in front of Trinity’s Biomedical Sciences Institute. This simple intervention illustrates how public areas can become more welcoming while supporting biodiversity. Members of the group also highlighted spaces - including basements and railed-off areas in front of buildings - where Dublin City Council and private businesses could introduce planting to foster microhabitats and attract pollinators. Green Pearse Street is calling on the Council to take further action to prioritise urban seating and greening - measures that would benefit not only the local environment, but also the economy and community wellbeing.   Lord Mayor of Dublin, Emma Blain said: “Dublin City is more than a network of roads, it’s a living, breathing community. It is crucial that our streets be accessible to cyclists, pedestrians, and public transport as well as to cars and other road users. Clean air and space for nature are equally vital. Together, we can create a healthier, more vibrant city where nature and community flourish, inspiring everyone to live and move in harmony”. Susan Rossney, Sustainability Advocacy Manager with Chartered Accountants Ireland said: “Businesses are integral to the wellbeing of our society, economy and environment, but nature and biodiversity are equally vital for the survival of businesses. 55% of the world’s GDP – equivalent to an estimated US$58 trillion – is dependent on nature and biodiversity.” “At a time when climate and biodiversity action is threatened, the public and private sectors need to work harder than ever to protect it. Getting started can be daunting, but groups like Green Pearse Street can share practical tips on how to set up and maintain green teams, what plants are good for pollinating insects and even how to connect with Dublin Simon to donate bottles and cans under the Deposit Return scheme.” Commenting, Dr Miriam Fitzpatrick, lecturer and researcher in architecture and urban design, said: “If Dubliners dream of a safer, greener, more civic city life, the street is where that dream begins. Green Pearse Street is hoping to lead the way. Pearse Street reflects the broader condition of Dublin’s city centre, shaped more by traffic flow than care for health or hospitality. Progress has come from local efforts, with many local businesses introducing planting. However, individual gestures are not enough. Four lanes of traffic, inadequate lighting, barriers to access, actively hostile edges and a lack of places to sit continue to define the street.” “Streets and parks are low-intensity battlegrounds. Without leadership, residents and businesses must guide themselves. This is not a celebration; it is a call to action. Pearse Street could be a vital link from the thriving docklands to the city’s historic heart; it deserves to be more liveable and green.” ENDS About Green Pearse Street Green Pearse Street is a diverse group of local businesses and organisations on and near Pearse Street, one of Dublin’s longest streets, stretching from Ringsend to College Green. It's aims are to ‘green’ the street, improve the air quality, create a health and biodiversity corridor, reduce traffic to support walking and cycling, and create a more social space for people.   Members of Green Pearse Street include Allies and Morrison, Chartered Accountants Ireland, Cloud Picker Coffee, Dublin Chamber, Grant Thornton, Henry J Lyons, Hibernia, Honey Truffle, IPUT Real Estate, Jobcare, McCanns, O'Neills Victorian Pub and Townhouse, Pearse Street Management, PLM Group, St Andrews Resource Centre, The Lombard Pub & Townhouse Accommodation, The Podcast Studios, Travel Lodge, Trinity College Dublin, and William Fry.   Working in two parallel streams, the Green Pearse Street group includes action at individual organisation level, and on the collective level to create street-wide change for businesses, local communities, tourists, and other street users. In the longer-term, the group will campaign for the optimisation of this significant streetscape to make greater provision for Dubliners and visitors to the city to stop and enjoy the surroundings, helping urban areas like Pearse Street achieve a 30% biodiversity net gain by 2030.   Coordinated work by businesses along the street has already commenced. Measures include planters at ground and roof/balcony level to provide food for pollinating insects; the construction of living walls/green roofs; the installation of bird boxes/feeders to provide space for nesting and foraging; and a programme of local community engagement.  UCD Masters students in an urban design module have carried out two consecutive studies on the quality of street life and street edges. Their analysis points to challenges and changes that can make the street a more welcoming place to be.   Key facts In 2023, Green Pearse Street surveyed over 750 users of Pearse Street to generate insights into their perceptions of visiting, as well as living and working on Pearse Street. 96% of those approached on the street identified a need for change (of some variety, ranging from small to larger scale). Only 6% rated the current street layout as very good or excellent, with 24% rating it as poor. Popular recommendations on changes to the street include addition of more greenery (91%) more social spaces (benches and tables) (77%), and a safe cycle lane (64%).       

The Financial Reporting Council (FRC) has issued a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, “General Requirements for Sustainability Assurance Engagements”. The consultation proposes ISSA (UK) 5000 for use on a voluntary basis by assurance providers. The FRC proposes alignment with the international standard in order to minimise burdens for firms carrying out assurance engagements across multiple jurisdictions. The profession-agnostic Standard supports application by both professional accountants and other assurance practitioners, provided they meet the relevant quality management and ethical requirements. During its recent study of the UK sustainability assurance market, stakeholders expressed support for an assurance framework that provides a clear and internationally consistent approach to sustainability assurance. Stakeholders are invited to comment until 31 July 2025 on the appropriate adoption of ISSA 5000 for the UK market by emailing AAT@frc.org.uk. Read the consultation Read the summary of findings from the FRC’s market study on the UK’s sustainability assurance market Read the IAASB’s ISSA 5000 Implementation Guide providing practical non-authoritative guidance intended to assist practitioners in implementing ISSA 5000

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. We update you on initial thoughts from the UK Government on the new partnership agreement between the UK and the EU. And finally, the Department for Environment, Food & Rural Affairs (DEFRA) has published new guidance aimed at businesses exporting animal products from Great Britain to the EU which you can read more about in an email from DEFRA. Update on new UK and EU partnership agreement At a meeting last week of the HMRC forum, the Northern Joint Customs Consultative Committee which the Institute is represented on, HMRC advised that there will be no immediate changes to customs procedures as a result of the announcement of the new partnership agreement between the UK and the EU. Any changes and updated guidance will be shared in due course. The overall sense from the UK Government is that the agreement will impact positively on Northern Ireland, particularly in the context of sanitary and phytosanitary checks.                                                                                              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 (National) of the Customs Declaration Service (CDS), Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Additional Procedure Codes, Find customs authorisations for importing and exporting goods, CDS Declaration and Customs Clearance Request Instructions (UK Trade Tariff: volume 3 for CDS), Internal Market Movements from Great Britain to Northern Ireland, Apply for authorisation for the UK Internal Market Scheme if you bring goods into Northern Ireland, Making an import declaration in your records, Apply to claim a repayment or remission of import duty on ‘at risk’ goods brought into Northern Ireland, Submitting the Internal Market Movement Information, Apply for the UK Carrier Scheme, Apply to make an entry declaration in your records under the UK Internal Market Scheme, Apply for a Notification of Presentation waiver for goods moving from Great Britain into Northern Ireland, Check if you can apply for the UK Carrier Scheme, Categorising goods for Internal Market Movements from Great Britain to Northern Ireland, and Using entry in declarant's records for goods moved from Great Britain to Northern Ireland.

In this week’s detailed miscellaneous updates which you can read more about below, HMRC has published a new Spotlight which examines the use of a capital gains tax (CGT) avoidance scheme, and, the VAT Regulations 1995 have been amended to formalise a longstanding administrative concession regarding the due date for final VAT returns. In other news this week: HMRC is reminding parents of teens to go online to extend their child benefit claim, As US tax reform continues, KPMG has published a useful article explaining how the Bill could impact on UK corporates with US operations, and Fancy yourself as a budding Chancellor of the Exchequer? Ahead of the 2025 Spending Review, the Institute for Fiscal Studies (IFS) has launched a new ‘Be the Chancellor' tool, which illustrates the key choices and fiscal challenges faced by the current Chancellor, Rachel Reeves. New CGT Spotlight In Spotlight 69, HMRC is warning that individuals who transfer a property business to a LLP which is subsequently put into MVL are involved in a CGT avoidance scheme. Such schemes aim to reduce/avoid a range of taxes as follows: CGT on the disposal of the properties to the LLP which enables a tax-free uplift to be achieved for the CGT base cost of the properties when subsequently disposed by the LLP, stamp duty land tax on the transfer of the properties to the LLP due to the rules for partnerships, and inheritance tax via potential access to business property relief. However, it is HMRC’s view that the scheme does not work as intended therefore HMRC is advising those involved to withdraw and settle their tax affairs by emailing the relevant HMRC team. Administrative concession for final VAT returns enshrined in law HMRC recently amended the VAT Regulations 1995 to formalise a longstanding administrative concession regarding the due date for final VAT returns. You can find the legislation and documents here: The Value Added Tax (Amendment) Regulations 2025 and Amendment to the Value Added Tax Regulations 2025. This amendment will take effect from 13 June 2025. The new legislation explicitly gives HMRC the power to provide businesses with additional time to submit their final return when deregistering from VAT. Currently, the regulations required most businesses to submit a final return within one month and seven days from their effective date of deregistration. However, it has been HMRC practice to provide businesses with one month and seven days from the date it makes the final return available for completion. This allows for any administrative delay during deregistration and gives consistency of treatment by ensuring all businesses have the same amount of time to submit their final return and pay their final VAT bill. HMRC will publish a ‘Direction’ under the amended regulations after it comes into force on 13 June. Although this will only apply in respect of businesses whose effective date of deregistration is on or after 14 June 2025, businesses with a deregistration date prior to this will effectively be treated the same under the current concession.

As previously outlined in Chartered Accountants Tax News, HMRC is consulting on potential reforms to its behavioural penalty regime. The consultation is open until 18 June 2025 and seeks views on options to ‘simplify and strengthen’ the behavioural penalty regime for inaccuracies and failures to notify. The Institute will be responding to the consultation and is seeking your views on the proposals. Contact us by email before Monday 9 June to share your feedback. HMRC has been holding workshops on the proposed changes and has also provided a useful document summarising the proposals an overview of which is set out below. For failure to notify penalties, HMRC is proposing to remove the timing of disclosure as a factor in determining the relevant penalty ranges and to remove the narrower penalty ranges. There are also proposals to combine consideration of the type and quality of disclosure into one step, so that there is one set of headline rates. ‘Telling’ and ‘helping’ would be combined into one category to reduce overlap. For deliberate and repeated non-compliance, the potential changes are: increased penalty rates for all deliberate behaviour (e.g. same level as category 2 offshore penalties), a new higher tier of penalty rates for repeated deliberate non-compliance (e.g. at the same level as category 3 offshore penalties) and the potential for higher rates to be 'reset' for new occurrences in the future, the merger of ‘deliberate but not concealed’ and ‘deliberate and concealed’ into a single ‘deliberate’ category, and to codify ‘deliberate’ in penalty legislation, e.g. regarding intent, blind-eye knowledge, and, potentially, recklessness. There are also proposals for offshore penalties and penalty suspension. Alternative approaches are also considered as are a range of potential new non-financial penalties, many of which are very concerning.  

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. This is evidence of the economic impact the housing crisis is now having according to the Consultative Committee of Accountancy Bodies – Ireland (CCAB-I), the umbrella group for professional accountants, as it published its 2026 Pre-Budget submission today.   The OECD has noted that Ireland’s housing stock lacks the flexibility to meet the increasing demand for housing, and only last Tuesday, the Economic and Social Research Institute (ESRI) told the Oireachtas Committee on Housing that there will be no major uptick in housing supply in 2025 and 2026. CCAB-I notes this market failure, and calls for a targeted, time bound and regularly reviewed tax intervention to correct it.   Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said  “Viability of certain construction projects, namely apartments, student accommodation, and independent living facilities has been cast into sharp focus in recent months, with knock on impacts on the costs of rent, availability of student accommodation and the lack of options for downsizers. Recent data from the CSO shows that there was a drop of 24% in apartment completions from 2023 to 2024.   “October’s Budget should include tax measures to stimulate the development of such dwellings, but they need to be targeted, time-limited, and regularly reviewed to ensure that they are cost effective and do not repeat the mistakes of the past. We welcome the opportunity to discuss with government how tax might work as a lever in this regard.”    Regulatory burden  57% of SMEs surveyed by Chartered Accountants Ireland last month cited regulatory compliance as the area they most need help from the government in tackling (rising to 75% amongst small practices). In its Pre-Budget submission, CCAB-I identifies key areas where the intersection of tax law and administration are loading uncertainty and burden onto businesses, and calls for the following measures to be considered in Budget 2026:  Key proposed simplification measures   Simplify tax filing by introducing a single pay-and-file date for capital gains tax aligned with the annual income tax return.   Simplify the reporting of tax-free small benefits and expenses (the Enhanced Reporting Requirements rules) by replacing real-time reporting with monthly or quarterly returns. CCAB-I also recommends that penalties of €4,000 that are potentially chargeable where a reportable item is missed are made proportionate with the fact that the payments are non-taxable.   Introduce legislation enabling businesses to provide their staff with reasonable levels of hospitality while working without having to apply a benefit-in-kind tax charge. This would provide much needed certainty to business as to what they can provide in terms of lunches and teas and coffees and would critically support the local economy and hospitality sector. As we operate within a self-assessment tax system, employers should be empowered to determine what is a reasonable accommodation.  Cróna Clohisey, Director of Members and Advocacy at Chartered Accountants Ireland said  “A single pay-and-file date for capital gains tax aligned with the annual income tax return would alleviate the administrative burden of what is a low-yielding tax. 2024 Exchequer receipts from CGT accounted for approximately €1.7 billion, only 1.6% of the total tax receipts in that year.   “There is similar scope to ease administrative burdens for SMEs when it comes to the reporting of tax-free small benefits and travel expenses. The requirement to report these benefits “on or before” the time they are made or paid is excessive and should be replaced by monthly or even quarterly reporting. For example, in order to reduce the number of returns and the administrative headache of this requirement, many businesses now only reimburse travel expenses to workers on the same day as payroll. This means workers can be out of pocket for longer.  “Our research also shows that the regulatory compliance burden is particularly acute for SMEs with fewer than 50 staff; 35% have sought advice on how to reduce this burden, and they are the least likely to be able to shoulder it.”  Measures to support SMEs   The Programme for Government 2025 committed to rigorously implement the SME test to scrutinise every new piece of legislation and regulation for its impact on SMEs and examine the regularity of SME reporting and filing requirements.  CCAB-I calls for consideration to be given to enhancing the R&D tax credit regime for SMEs which has played an important role in promoting innovation and job creation in Ireland. The existing regime is limiting for the SME sector due to the restrictions on relief available for third party costs, and the use of third parties to carry out research and development on behalf of the SME is an indispensable option for Ireland’s SMEs. The automatic qualification for the R&D tax credit for SMEs in receipt of RD&I funding from Enterprise Ireland would also benefit the sector and remove complexity and uncertainty in this area.   Businesses are facing substantially higher employment costs, so CCAB-I is also asking that Government commits to no further increases in the rate of Employers’ PRSI for the next four years. Incremental increases across all classes of PRSI are planned up to 2028. Consideration should also be given to reducing the rate of Employers’ PRSI on minimum wage workers by 1.5% to help with the initial costs of pension auto enrolment which will likely come in next year.   Clohisey concluded:  “According to research we conducted last month among SMEs, 3 in 4 (77%) said that business costs have increased in the past six months, with staff costs the biggest challenge. There is anecdotal evidence that increases in minimum wage are causing employers to reduce hours to offset the increased costs, so committing to no further increases in the rate of Employers’ PRSI for a set period of time would go some way in trying to stem increasing labour costs.”  ENDS  Pre-Budget Submission 2026: Addressing the ongoing housing shortage

The Institute’s UK Audit Regulations have been revised with effect from 1 June 2025.  The revision introduces a requirement for a sole practitioner firm with UK audit registration to put in place alternate arrangements.   Such arrangements enable a person/firm appointed as alternate to step in promptly where a sole practitioner is incapacitated by illness or other major event that would disrupt and disadvantage the service to their clients. The appointed alternate can be a member of any UK Recognised Supervisory Body (RSB) including the Institute and does not have to be a registered auditor.    In April 2022 the Institute’s Audit Regulations for Ireland introduced the requirement for sole practitioner audit firms in Ireland to put in place alternate arrangements.   Therefore, sole practitioner audit firms with audit registration in both Ireland and the UK should already be compliant with this mandatory alternate requirement now in the UK Audit Regulations. A transitional period of six month is allowed before the obligation becomes compulsory in the UK context. FAQs for Sole Practitioner Auditors (alternate arrangements) are available on the Institute’s website.

In this week’s miscellaneous updates: The controversy and disquiet over the Government’s plans to restrict the availability of 100 percent agricultural property relief (APR)/business property relief (BPR) for inheritance tax (IHT) continues to rumble on, The National Audit Office (NAO) has published a report on collecting the right tax from wealthy individuals, HMRC has been busy issuing further communications regarding the UK’s Pillar Two rules, HMRC is seeking feedback on the Senior Accounting Officer (SAO) notification and certificate submission process, A new online interactive tool has been launched to help businesses and individuals understand HMRC compliance checks, Read an article from KPMG summarising the tax implications of the UK’s recent trade deals with India and the US, and HMRC has confirmed that Measuring Tax Gaps 2025, which will provide an estimated tax gap for 2023/24, will be published next month on 19 June. The latest schedule of HMRC Talking Points live and recorded webinars for tax agents is also 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. Government Committee of MPs says delay IHT reforms  A report by the cross-party Environment, Food and Rural Affairs Committee is calling for the Government to delay announcing its final APR and BPR reforms until October 2026, to come into effect in April 2027, saying a pause in the implementation of the reforms “would allow for better formulation of tax policy and provide the Government with an opportunity to convey a positive long-term vision for farming.” It would also protect vulnerable farmers who would have “more time to seek appropriate professional advice”.  In April, the Institute’s NI Tax Committee wrote to the Government on the same issue and also told the Government that the reforms need to be postponed in order to consult wider and reframe this policy change in a way that it is more effectively targeted. If reform is not an option, a range of potential mitigations were suggested in the letter which would curtail the impact.   The Institute also responded in April to the related consultation ‘Reforms to Inheritance Tax agricultural property relief and business property relief: application in relation to trusts.’  National Audit Office report on collecting the right tax from wealthy individuals  The NAO has published its report on collecting the right tax from wealthy individuals which examines the extent to which HMRC is well placed to support wealthy individuals to pay the right tax and intervene in good time if people get things wrong.   The report concludes that although wealthy people contribute significant amounts of tax revenue to the Exchequer, the complexity of their affairs makes it more difficult to get their taxes right and presents more opportunities to deliberately not pay enough.   In response to this concern, HMRC now publishes annual estimates of the tax gap for wealthy individuals, which it estimates to have been stable and low. According to the NAO, “HMRC deserves credit for increasing the amount of compliance yield. Its move towards more upstream casework has been an important innovation and has resulted in improved returns.” However, the scale of the increase in compliance yield from the wealthy raises questions about whether underlying levels of wealthy non-compliance are higher than HMRC previously thought.  “There is too much uncertainty around the tax gap estimate for this group, notably for offshore wealth, to be confident that non-compliance is not far higher than HMRC has detected. HMRC is working to improve its estimate of the wealthy tax gap.”  Pillar Two letters  HMRC recently wrote on Pillar Two to businesses who do not have a Customer Compliance Manager (CCM). The letter contains information on Pillar Two registration and reporting requirements, OECD standardisation, and updated HMRC guidance.  SAO notification and certification – feedback wanted  HMRC is seeking feedback on its SAO notification and certificate submission process as it working on a project to build a new digital service for this via a short survey. According to HMRC, responses to the survey are confidential and will only be used for internal HMRC research purposes. 

The latest UK tax tidbits features recent HMRC bulletins and newsletters in several areas. Employment related securities bulletin 60 (April 2025), Send an Employer Payment Summary using Basic PAYE Tools, Responsibilities for employment businesses working with umbrella companies, Working through an umbrella company, Preparing for the Multinational Top-up Tax and the Domestic Top-up Tax, Multinational Top-up Tax and Domestic Top-up Tax, Our governance, HMRC email updates, videos and webinars for Self Assessment, Compliance checks: Automatic Exchange of Information obligations — CC/FS46, Check if a business is registered for money laundering supervision, Insolvency practitioner bulletin 5 (2025): excise and insolvency, HMRC email updates, videos and webinars for tax agents and advisers, HMRC email updates, videos and webinars for the Construction Industry Scheme, Factsheet: Carbon border adjustment mechanism (CBAM), Apply for healthcare cover in the EU, Iceland, Liechtenstein, Norway or Switzerland (CA8454), Customs civil penalties, Check the status of tax policy consultations, Inheritance Tax: domicile outside the United Kingdom (IHT401), Pensions schemes newsletter 169 — April 2025, Help to avoid errors in claims for plant and machinery allowances — GfC5, List of community amateur sports clubs (CASC) registered with HMRC, HMRC email updates, videos and webinars if you’re self-employed, Register with HMRC for an agent services account, Residence, domicile and the remittance basis: RDR1, Changes in your annual allowance following the public service pensions remedy, Recognised stock exchanges, Changes to lifetime allowance charges following the public service pensions remedy, Check how your lifetime allowance is affected by the public service pensions remedy, How voluntary contributions are affected by the public service pensions remedy, Find payroll software that is recognised by HMRC, Complaint Handling Guidance, and Detailed tax guidance for charities.  

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. The latest Brexit and Beyond newsletter received last week from the Northern Ireland Assembly EU Affairs team contains a useful summary of the key takeaways from the new partnership agreement announced during the UK and EU summit in London. The newsletter will be published here in due course. As part of this, the UK and EU have “agreed to work towards a deal that could significantly reduce checks on goods moving from Britain to Northern Ireland”. The Northern Ireland Office has also issued a press release reacting to the new partnership agreement and recent trade deals.  Miscellaneous guidance updates and publications  Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Procedure Code to Additional Procedure Code correlation matrix, Authorisation type codes for Data Element 3/39 of the Customs Declaration Service, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: terms and conditions, Simplified Process for Internal Market Movements (SPIMM): Category of goods guidance, Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS), Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Navigate the Customs Declaration Service Declaration Instructions, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Declaration Category Data Sets, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Declaration Category Data Sets, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Customs Simplified Procedures Guidance, Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: Procedure Codes, and Simplified Process for Internal Market Movements (SPIMM) and UK Carrier (UKC) Scheme: CDS Declaration and Customs Clearance Request Instructions. 

Whether employees are working from home or away, find out how to deal with reimbursed expense payments and benefits paid by attending a HMRC webinar in the coming weeks. Phones, internet and homeworking  For information about homeworking expenses, register for HMRC’s webinar, which provides an overview of the tax and national insurance treatment when an employer: provides a mobile phone or reimburses for business use of a personal mobile phone, provides broadband in an employee’s home, or pays towards it, and provides homeworking expenses to its employees. Travel Register for HMRC’s webinar to find out about the tax treatment of:  travel and subsistence payments to employees, mileage payments for employees using their own vehicle, benchmark and bespoke scale rates, and keeping records and sending reports to HMRC. For information about 'PAYE Settlement Agreements (PSAs)' choose from HMRC’s playlist of short videos available on HMRC’s YouTube channel. 

As we reminded readers last week, the deadline for employers to provide employees with their P60 for 2024/25, either on paper or electronically, is Saturday 31 May 2025. The P60 summarises the employee’s total pay and deductions for the year. By that date, employers must give a P60 to all employees on payroll who were working for them on the last day of the tax year (5 April 2025). If an employer is exempt from filing payroll online, copies of P60s can be ordered from HMRC.    

Central priorities will be promoting range of pathways into the profession and realising the all-island economic opportunity  Pamela McCreedy has been elected President of Chartered Accountants Ireland, marking a pivotal moment for the Institute and the profession. Her appointment, confirmed at the 137th Annual General Meeting in Belfast, also makes her the first public sector professional in 17 years to take on the role, and the first since the Institute’s historic amalgamation with CPA Ireland. With almost 40,000 members and 6,600 students across Ireland and internationally, Chartered Accountants Ireland is now the largest professional body on the island. The AGM in Belfast was the first held since the successful amalgamation took effect on 1 September 2024, and Ms McCreedy’s presidency begins at a time of transformation both for the organisation and for the profession it represents. Currently serving as Chief Operating Officer of the Police Service of Northern Ireland (PSNI), Ms McCreedy brings extensive leadership experience across complex, public-facing organisations. She previously held senior roles in the Northern Ireland Audit Office, the Northern Health and Social Care Trust and KPMG.  Commenting, Pamela McCreedy said: “I am immensely proud that the Chain of Office is being handed over in Belfast. It’s a privilege to lead the Institute at such a transformative time when the pace of change in our profession is matched only by the scale of opportunity ahead. We must meet that change with integrity, insight, and purpose. I look forward to working with members across the island and abroad to strengthen our impact and build on our proud legacy.” She paid tribute to outgoing President Barry Doyle, commending his tireless efforts in leading the Institute through amalgamation, engaging with members, and abroad, and championing SMEs, emerging talent, and responsible innovation, including AI. A strategic year ahead A central priority for Ms McCreedy’s term is the implementation of Strategy27, the Institute’s three-year strategic framework designed to strengthen the profession’s resilience, relevance, and influence. The strategy is built around five key pillars: Attracting and educating the next generation Upholding trust in the profession Providing relevant and future-focused member support Being a strong and effective voice Helping members to navigate change. “Strategy27 is a bold and timely blueprint,” Ms McCreedy said. “In a complex world of rising costs, geopolitical pressures, and technological acceleration, the trusted role of the Chartered Accountant is more important than ever. Our members are not just finance professionals they are ethical leaders, critical thinkers, and stewards of long-term value.” The Institute will also unveil a refreshed brand identity next month as part of its first student recruitment campaign under the amalgamated structure aimed at showcasing the diverse and flexible pathways into the profession. Highlighting Northern Ireland’s Strategic Advantage Speaking in Belfast, Ms McCreedy highlighted the strategic importance of Northern Ireland’s dual market access: “Northern Ireland offers unrivalled access to both UK and EU markets, a position no other European region holds. Combined with our skilled workforce and pro-business environment, this is a compelling proposition for investment, and Chartered Accountants have a central role to play in realising that potential. She affirmed the Institute’s commitment to supporting members across all sectors, public, private, and practice, and to harnessing the influence of the all-island economy. A Moment of Transition and Tribute Ms McCreedy also acknowledged the upcoming departure of Chartered Accountants Ireland Chief Executive Barry Dempsey, who has led the Institute for the past eight years: “Barry has been a driving force in shaping a stronger, more visible, and more connected Institute. His leadership has left a lasting legacy and we thank him sincerely for his vision, commitment, and service to members and students.” At today’s AGM, Joan Curry, Finance Officer at the Department of Transport, Tourism and Sport, was elected Deputy President, and Niall Walsh, Partner at Deloitte Ireland, was elected Vice President.

The CCAB-I Insolvency Committee has today published a new Creditors Voluntary Liquidation Statutory Meeting Handbook. The purpose of the Creditors Voluntary Liquidation (CVL) Statutory Meeting Handbook is to aid directors in the pre-appointment period and insolvency professionals in the post appointment period. This document provides a compendium of statutory meeting templates and guidance around the various meetings during the course of a CVL. It also assists Liquidators in complying with legislative and SIP requirements when conducting statutory meetings, reporting to creditors and approval of remuneration. Additionally, on 10 June, Derek Wilson, a licensed insolvency practitioner and experienced insolvency monitor, and Sarah-Jane O’Keeffe, director at Azets, along with Chartered Accountants Ireland are hosting a free webinar which will provide an overview of best practice and introduce the new Creditor Voluntary Liquidation workbook. To register for this free webinar, click here.  

Costs have increased for almost 80% of small Irish businesses in the past six months, with staff costs the biggest financial challenge faced by SMEs, according to the inaugural SME Business Sentiment Survey from Chartered Accountants Ireland and GRID Finance. The survey, which will be repeated every six months, will measure and track the experiences, confidence and sentiment of a range of SMEs, including small accounting practices, doing business in Ireland today.   Staff costs the biggest financial challenge  3 in 4 (77%) respondents say that business costs have increased in the past six months, with staff costs the biggest financial challenge facing 2 in 5 (37%). Small practices were particularly challenged by staff costs (cost of salaries and other benefits and compensations), with half citing it as their single biggest financial issue.  Operational costs (24%) and regulatory compliance costs (14%) were the other biggest financial challenges facing SMEs, ahead of working capital management and access to funding. 57% identified regulatory compliance as the area in which they most need government support (rising to 75% amongst small practice respondents).  Eoin Christian, CEO, GRID Finance said    "These findings align with our own research conducted earlier this year – rising costs, particularly staff-related expenses are creating significant pressure on Irish SMEs. While these challenges are real, they also represent an opportunity for SMEs to take stock, streamline operations and invest in smart, sustainable growth strategies. At GRID Finance, we continue to advise our clients to be proactive by forecasting future cash flow needs, exploring flexible funding options and staying ahead of regulatory requirements like auto-enrolment.      “We feel that it's vital that both Government and financial providers evolve in tandem with the changing landscape. With the right supports and partners, Irish SMEs can not only weather this period of cost pressure, but emerge from it stronger, more resilient and better prepared for the future” Auto-enrolment, due to come into effect in January 2026 met with a muted response. Only 2 in 5 (40%) of respondents feel that they have been adequately informed of the steps needed to implement it in time for its planned launch.  Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said  “The Government’s announcement that it will defer the launch of auto enrolment to January 2026 is welcome, particularly in view of the feeling of unpreparedness many businesses expressed in this survey.  Many remain very unclear as to what is expected of them in advance of the new system launching. Over the next six months, it is imperative that Government embarks on a concerted communications and awareness campaign to bridge this information deficit and equip businesses with the support and guidance they need to make auto enrolment the success it needs to be.”  Attitudes to & use of Government supports The survey revealed a significant gap between demand for, and uptake of government supports called for by SMEs: Tax relief or incentives – 40% called for these, but only 16% of total survey respondents report availing of them  Access to grants or loans - 31% called for these, but only 30% of total survey respondents report availing of them  Meeting energy costs – 28% called for these, but only 14% of total survey respondents report availing of them.  Attitudes to the effectiveness of the supports are mixed, which may go some way to accounting for the gap between demand and uptake:  5% feel supports for reducing regulatory and compliance burdens are effective.  22% rate access to grants or loans as effective. 23% believe supports for training and upskilling are effective.  Commenting Cróna Clohisey said “There is an evident mismatch between the need for supports and the uptake of those on offer. In the case of tax reliefs and access to grants or loans for example, this may be attributable to a perceived lack of accessibility, particularly for time and resource-constrained SMEs who simply find the application process too cumbersome. While the breath of current Government supports in these areas is positive, further steps need to be taken to ensure that business reliefs such as these are not overly difficult to claim if their effectiveness is to be meaningfully felt by small businesses.”    Mixed profitability and projections for coming year  Almost 3 in 10 (28%) report their business profitability has increased in the past six months, while a similar number (26%) report it has decreased. Small practice respondents reported greater stability, with 56% saying profitability remained the same, and only 15% saying it has decreased. For small business respondents, 30% reported decreased profitability in the past six months.     Despite the various economic headwinds facing the economy, there was a degree of optimism amongst respondents about their prospects for the coming year. 27% of respondents forecasted their business to be either somewhat or significantly better off by this time next year.  Overall, sentiment was more negative than positive however, with 36% saying they will be worse off.  Less optimism in the face of global headwinds   This negative sentiment was also evident when it comes to the broader economic environment, with a majority (74%) feeling less optimistic about the wider economy’s prospects compared to six months ago. Compounding this are ongoing tensions and uncertainty in global trade which have already impacted Irish business sentiment. 62% of respondents report that their business operations have been impacted by global trade tensions and tariffs and only 14% say they are prepared for a further escalation of such tensions.  The SME Business Sentiment Survey from Chartered Accountants Ireland and GRID Finance can be read in full here.   ENDS About the SME Business Sentiment Survey  The SME Business Sentiment Survey is conducted by Chartered Accountants Ireland and GRID Finance, the Institute’s Official Independent Lender Partner. The inaugural survey was conducted by Coyne Research between 4 and 21 April 2025 and will be repeated every six months. Approximately 300 members were surveyed from organisations employing fewer than 250 people.  

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. The UK-EU Trade and Cooperation Agreement Domestic Advisory Group (DAG), which the Institute is a member of, has published a statement ahead of the UK/EU summit which takes place in London today. Miscellaneous guidance updates and publications Apply to import duty-paid EU excise goods into Northern Ireland, as a tax representative, 4-digit procedure to additional procedure code correlation matrix for Final Supplementary Declarations, 4-digit to 3-digit procedure to additional procedure code correlation matrix for imports, 4-digit to 3-digit procedure to additional procedure code correlation matrix for inventory exports, 4-digit to 3-digit procedure to additional procedure code correlation matrix for inventory imports, Simplified Process for Internal Market Movements (SPIMM) or UK Carrier (UKC) Scheme: Customs Declaration Service Data Element Completion Guide, and 4-digit to 3-digit procedure to additional procedure code correlation matrix for exports.

Issue 131 of HMRC’s latest Agent Update is available. HMRC has also shared with us the below additional information in support of this. This is intended to provide useful additional background information/context. Address rejections Investigations are continuing on Self-Assessment (SA) registrations that are being rejected on the basis of the address. This is related to routine enhancements HMRC is continually introducing to ensure taxpayer information is kept secure. HMRC’s hints and tips article in Agent Update 128 details some of the ways in which agents themselves can help reduce the number of rejections, particularly by ensuring that the address from the Royal Mail Postcode Finder is used in the client’s Personal Tax Account and that this matches any subsequent SA repayment claims.   HMRC does not currently envisage being able to adopt a solution to this issue in the short term therefore we have been asked to remind agents to continue to report instances of rejection. Missing PAYE Codes HMRC continues to examine where PAYE codes do not appear on the PAYE Desktop Viewer. It has been established that where there has been no change to a PAYE code, then the previous year’s code is carried forward or uplifted following the start of the new tax year. In these circumstances the code is not visible on PAYE Desktop Viewer.  The PAYE Desktop Viewer will, however, display codes sent to employers.   Auto coding queries It has been confirmed that a taxpayer may still have PAYE expenses coded in their tax code despite ceasing SA because those expenses are still possibly relievable. Ceasing SA will not remove expenses already coded. It is therefore the taxpayer’s responsibility to check their current tax code and notify HMRC if those expenses are no longer relevant. When a taxpayer ceases SA, the link between PAYE and SA is broken and therefore any data relating to employment expenses from the return is sent to be updated. Please note that if a taxpayer or agent has updated HMRC in the current tax year to advise of a change to a tax code, the expenses on the latest return submitted will not alter that code. This is because the tax return is current year minus 1 hence the in-year update from the taxpayer/agent will be the most up to date information. If a taxpayer believes that the tax code is incorrect they should follow HMRC guidance on this. SA returns filed after 30 December: tax code adjustments HMRC processes a vast amount of data each year. To do this, it carries out planning activities and decides the timeline of those processes which depend on resource availability, requirements, and priorities. On some occasions HMRC may need to turn off processing of specific information if it believes it will impact on the delivery of other functions. HMRC processes PAYE codes before the end of the filing deadline for SA as processing in January allows taxpayers to review and advise of any changes needed before the new tax year starts. You can read more about this process on GOV.UK. SA returns which require clerical overview because of an error may miss the deadline for the PAYE code review hence these tax codes will therefore include the latest available information.

In this week’s miscellaneous updates, we bring you the following: HMRC has clarified its position on the claim notification process for certain claims for R&D tax relief and a new tool has been launched which aims to help businesses and individuals understand HMRC compliance checks. A new Brief on the use of VAT grouping within the care industry was recently published and the Scottish Government has published the tax advisory group minutes for November 2024. HMRC has published guidance on how the changes to company size thresholds from 6 April 2025 affect the application of the off-payroll working rules and the latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place. And finally, check HMRC’s online services availability page for details of planned downtime and the online services affected. R&D tax relief claim notification process HMRC has recently advised us that their published guidance on claim notifications available from 8 September to 17 October 2024 was not correct and could have misled taxpayers (and their advisers) into believing that a claim notification was not needed where a claim for a previous period which began before 1 April 2023 was made via an amended corporation tax return submitted after that date. Recognising this, HMRC recently confirmed that they will accept R&D tax relief claims for periods for which a claim notification was due but has not been received if both of the following two conditions are met: The company made a valid claim in an amendment to a corporation tax return for an accounting period beginning before 1 April 2023, which was submitted to HMRC between 1 April 2023 and 30 November 2024 inclusive, and The accounting period for which a claim notification form was not delivered, but ought to have been, had a claim notification period ending between 8 September 2024 and 30 November 2024. Revenue and Customs Brief 2 (2025) Revenue and Customs Brief 2 (2025): the use of VAT grouping within the care industry has been published. This Brief provides information about the treatment of state-regulated care providers that form a VAT group with non-state-regulated providers of welfare services. It explains: how HMRC treat state-regulated care providers who form a VAT group with a non-state-regulated care provider, actions HMRC will take with new VAT group applications, and actions HMRC will take with existing VAT groups. These VAT group structures involve both: a provider which is not state-regulated, meaning they are not registered with the Care Quality Commission in England or the equivalent bodies in Northern Ireland, Scotland and Wales, and a provider that is state-regulated. HMRC has identified a growing use of VAT grouping structures by state-regulated care providers to recover VAT on costs that relate to supplies of welfare services that would otherwise be exempt from VAT. These structures incorporate an unregulated entity into the supply chain between the state-regulated provider and the local authority or NHS ICB to which the supply is made. Identical supplies made to private individuals remain exempt from VAT. HMRC consider these VAT grouping structures to be a form of tax avoidance. The Briefing therefore sets out the action that HMRC has begun taking as a result.   HMRC processes PAYE codes before the end of the filing deadline for SA as processing in January allows taxpayers to review and advise of any changes needed before the new tax year starts. You can read more about this process on GOV.UK. SA returns which require clerical overview because of an error may miss the deadline for the PAYE code review hence these tax codes will therefore include the latest available information.

HMRC is seeking industry experts in tech development, Artificial Intelligence, life sciences and advanced manufacturing sectors to join its Research and Development (R&D) Expert Advisory Panel.  Apply to join the panel here. The panel’s work will involve: providing insights into innovative R&D methods and projects,  assisting HMRC in improving guidance to ensure it is clear, targeted and offers the support required for specific high growth technical sectors,  providing sectoral feedback by acting as a forum for discussing sector-specific issues related to the administration of R&D tax reliefs, and   supporting HMRC’s communications and messaging on R&D tax relief.  Applications close on 8 June 2025. Email HMRC if you require any further assistance.