North West Society news

The two youngest ever Presidents of the Institute met for coffee this week.  Sir Desmond Lorimer was just 42 when he became President in 1968 and has been the Institute’s youngest ever President for the last 56 years, until Barry Doyle was elected in 2024. Sir Desmond reaches the significant milestone of 100 years of age later this year, so Barry met him for coffee at the Culloden Hotel near Belfast to congratulate Sir Desmond on his long and distinguished career and his significant role in boosting the reputation of the profession and the Institute. Barry Doyle said “I am delighted to be following in Sir Desmond’s footsteps, he has had a remarkable career across business, practice and the public sector and he is as proud today to be a chartered accountant as he was when he qualified all those years ago (or last century as he put it!)  “He worked to modernize the profession and make it more attractive to a new generation, to advocate for the role of the accountant working in business and was at the forefront of technology and saw the huge opportunity in its adoption.  “What’s more, later this year he turns 100 and I can only hope that I’m as active and as sharp as he is when (if!) I get to his age! An absolute legend, a genuine highlight to spend some time with him.”  

As Ireland’s accounting landscape evolves, Mary Cloonan explores how managing partners are embracing strategy, talent and technology to drive sustainable growth Ireland's accounting and advisory landscape continues to change rapidly, driven by shifting client expectations, rising regulatory demands and the relentless advance of technology. In this dynamic environment, managing partners are setting their sights beyond technical excellence, focusing on the strategic priorities underpinning sustainable growth. 1. Strategic growth: moving beyond compliance services Compliance remains the foundation of many firms, but the real opportunities lie in advisory services. Firms that successfully integrate advisory services into their core offering articulate their value beyond audit and tax. Managing partners are doubling down on deepening client relationships, leveraging data-driven insights and building service lines that proactively solve business challenges. The firms leading here don’t just respond to client needs—they anticipate them. Whether operating as a private equity-backed firm or an ambitious, partner-led practice, this forward-thinking approach is essential in a market where maximising opportunities is key. 2. Talent and leadership: expanding the skills at the top table Attracting and retaining top talent remains a pressing challenge. The demand for skilled professionals continues to outstrip supply, making investing in people, once you have them, more critical than ever. Beyond competitive salaries, firms are re-evaluating their reward structures—moving beyond traditional partner compensation models to recognise and incentivise high-performing professionals at all levels. Retention strategies now include structured career development, leadership training and clearer pathways to partnership or senior roles. In response, firms are also reshaping their leadership structures, recognising that sustainable growth demands more than technical expertise. Many are introducing chief operating and growth officers to drive efficiency and business development, allowing partners to focus on client service and strategic direction. This shift doesn’t dilute the role of partners—it strengthens it. Successful firms focus on creating leadership teams with complementary skill sets—bringing together deep technical expertise with strong commercial and strategic oversight to drive long-term success. 3. Technology: a business enabler, not just an efficiency tool Artificial intelligence (AI), automation and cloud-based platforms are reshaping how firms operate. However, the most successful firms view technology as more than an efficiency driver—it is a catalyst for growth. Managing partners are focused on embedding digital tools to enhance client experience, improve decision-making and open new revenue streams. The challenge is not simply adopting technology but ensuring it aligns with long-term strategy and delivers real, tangible value. 4. Evolving client expectations: the shift to proactive advisory Today’s clients expect more than just number-crunching. They want proactive, strategic advice. The firms thriving in this environment prioritise client experience—offering insights beyond compliance, providing forward-looking business advice and positioning themselves as indispensable strategic partners. Accessibility to senior leadership is also becoming a key differentiator. Firms fostering a culture in which partners actively engage with clients—offering guidance, insight and responsiveness—will build stronger, longer-lasting relationships. (Subhead) 5. Sector expertise and the power of visible experts Many firms have deep expertise in key sectors, but too often, this knowledge stays within the firm rather than being shared with the market. Managing partners recognise the need to position their professionals as visible experts, ensuring their insights reach the right audiences. The firms that stand out are those actively showcasing their sector specialisms through thought leadership, media engagement and targeted industry participation. From publishing reports to speaking at events, firms that invest in visibility strengthen their reputation, attract new business and reinforce their position as trusted advisors in specialist fields. 6. Future-proofing: succession, sustainability and the long view Sustainable growth requires thinking beyond the next financial year. Managing partners are placing greater emphasis on leadership development, succession planning and business models that support long-term success. Whether through equity restructuring, alternative fee models or cultural shifts towards more collaborative leadership, firms are reimagining their future. Environmental, social and governance (ESG) also plays a growing role in client advisory services and shaping firms’ strategies. This is particularly relevant as private equity investment reshapes parts of the sector, presenting opportunities for ambitious firms—both partner-led and externally backed—to capitalise on emerging trends. Looking ahead The role of the managing partner is evolving. Success today requires balancing technical expertise with commercial acumen, embracing diverse leadership perspectives and ensuring firms remain agile in a changing landscape. Those who put client care at the heart of their strategy—while fostering accessible, forward-thinking leadership—will be best placed to seize the opportunities ahead. Mary Cloonan is the Founder of Marketing Clever 

The OECD Economic Survey of Ireland 2025 was launched last week at an event hosted by the Institute of International and European Affairs. The report notes that the domestic economy in Ireland remains robust primarily due to strong labour market performance. However, it notes that caution needs to be exercised when addressing spending pressures arising from an ageing population, infrastructure deficits, climate change and housing shortages. The key messages from the survey are as follows: Fiscal restraint is called for in the near term. At the same time, enhancing the fiscal framework, increasing spending efficiency and improving the medium-term resilience of tax revenues will be key to ensuring long-run fiscal sustainability. Preserving Ireland’s cost competitiveness requires a reduction in labour and skills shortages, lower legal costs and easing of the administrative burdens on businesses. Speedier implementation of plans and pricing emissions more uniformly across sectors is central to achieving Ireland’s ambitious climate targets. Policies to increase housing density, improve land use and development, raise productivity and lower costs in the construction sector are needed in order to boost housing supply. Commenting on the survey findings, Minister for Finance, Pascal Donohoe  said: “Our economy is in good shape and this gives us the resources and the bandwidth to address many issues. But continued economic success is not a given. The world is changing; the global economy is changing; our own economy is changing. It is incumbent upon us all – but especially those in the public sector – to prepare for these changes.”

Last September at the Labour Party Conference the Chancellor of the Exchequer announced that a consultation would be launched on electronic invoicing (e-invoicing). This consultation has now been launched and will run for 12 weeks until 7 May 2025. The Institute will be responding to this and will be engaging with members on this important issue. In the meantime, members can also email tax@charteredaccountants.ie with their views. The launch of this consultation was accompanied by a Press Release. The consultation process is accepting written responses by email or alternatively an online form can be completed. Anyone wishing to join the round table events on this consultation should email einvoicingengagement@hmrc.gov.uk. Chartered Accountants Ireland has already highlighted the significance of this change to HMRC. Ireland has been consulting on the modernisation of its VAT regime including e-invoicing which the Institute responded to in January this year highlighting the challenges that SME businesses in particular will face. In a broader context, should this proposal proceed in the UK, the timetable for its introduction will need to be very carefully considered as many SMEs are facing significant change in other areas of the UK tax system in the future; the payrolling of benefits in kind from April 2026 and the mandation of Making Tax Digital for income tax from the same date to name but two.

Chartered Accountants Ireland to celebrate first annual dinner as largest professional body on the island of Ireland post- 2024 amalgamation  “Trump administration will be hitting the ground running, and as a small, open economy we must see the same impetus from our government” – Barry Doyle    Swift and effective implementation of the measures detailed in the Programme for Government will be critical as the new administration takes office this week.  Even with a five-year term, a greater sense of urgency must be evident if the new administration is to address the struggles of SMEs, the twin challenges of childcare cost and availability, and the positioning of Ireland for any global trade headwinds.  President of Chartered Accountants Ireland Barry Doyle made these points ahead of the Institute’s Annual Dinner on Friday evening, which will be attended by over 650 members, guests, and elected representatives. The Institute is now the largest professional body on the island of Ireland, representing over 39,000 members on the island of Ireland and in over 100 countries.  Commenting, Barry Doyle, President of Chartered Accountants Ireland said  “The Programme’s commitment to address the regulatory and cost burdens facing SMEs, in particular its pledge to establish a dedicated Small Business Unit in the Department of Enterprise is reassuring, but rapid delivery will be critical so that businesses can start to feel the effects of these measures in 2025.  “Similarly, it is our hope that the rigorous application of the “SME test” to all new legislation that increases business costs, prior to enactment is prioritised with immediate effect. My own professional life since qualifying has been largely within the SME sector, a sector that employs so many in Ireland, and such measures will allow these businesses to plan with confidence for the coming year.”  In a week where the Trump administration returned to office in the US, Barry Doyle also noted the potential for greater geopolitical uncertainty and intensifying global competition for inward investment. The recent launch of a new report by the Institute on FDI in Ireland noted that a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means that Ireland’s inward investment model is now at a crucial inflection point.  Doyle continued   “The new Trump administration in the United States will be hitting the ground running and we must see the same impetus from our government in positioning Ireland to continue to thrive as a destination for investment and growth. Ireland cannot afford to be complacent about our offering, or our success to date. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.  “Taking childcare as an example, as a parent of a two-and-a-half-year-old and a six-month-old, I am only too aware of the sheer pain of the current system. Cost, but in particular, capacity, especially for children under one, need urgent attention, and failing to prioritise this will hit individuals as well as Ireland Inc.”

Chartered Accountants Ireland was pleased to see the publication of the Programme for Government by the incoming administration this week. The Programme contains a number of commitments on key priorities for our members, that we hope will come to fruition, including:   On SMEs: the programme’s commitment to address the regulatory and cost burdens facing SMEs is welcome, in particular its pledge to establish a dedicated Small Business Unit in the Department of Enterprise and commitment to rigorously apply the’ SME test’ to all new legislation that risks further increasing business costs, prior to enactment.   On childcare: commitments to progressively reduce the cost of childcare to €200 per month per child are positive. Moreover, pledges to provide capital investment to build state-owned childcare facilities to create additional capacity will be welcomed by parents who are struggling to find a place for their child in local childcare facilities. If successfully implemented, these measures could leave working parents better off and free up vital working capacity in the economy.  On climate: the continued commitment to accelerating Ireland’s progress towards achieving the 17 Sustainable Development Goals (SDGs) is welcome. It is encouraging to see, in particular, a focus on the  further development of the sustainable finance sector, renewable energy, upskilling and training, and the provision of supports for industry – including supports for small businesses – to decarbonise and embrace a circular economy.     The Institute looks forward to working with the new Government to ensure these important commitments are delivered over the course of the 34th Dáil term and to continue to amplify the voice of our members on the policy issues of importance to them.      

Chartered Accountants Ireland has agreed a 3-year strategic partnership with GRID Finance, Ireland’s leading independent lender for small and medium businesses. This partnership will deliver a biennial GRID Finance SME Business Sentiment Survey co-created with Chartered Accountants Ireland in support of its strategic focus on the SME/SMP sector. GRID will also become a sponsor of the Institute’s schools Bootcamp “Be The Boss” Challenge, a highly engaging, interactive business simulation for students signing up to the Bootcamp programme. This aligns with both GRID’s and the Institute’s ethos of educating future business leaders and promoting financial literacy from a young age, as well as giving back to the community. Finally, GRID will sponsor ‘Going into Practice’ days, an essential day of training for practitioners who are taking the first steps into running their own practice or being admitted as partners in small and medium sized practices in Ireland and Northern Ireland. Eoin Christian, CEO, GRID Finance, “We are thrilled to be part of this exciting new partnership between GRID Finance and Chartered Accountants Ireland. This collaboration marks a significant step forward in supporting and educating businesses of all shapes and sizes across Ireland by combining GRID Finance's innovative funding solutions with the trusted expertise of Chartered Accountants Ireland”. Barry Doyle, President Chartered Accountants Ireland, “This partnership is an excellent fit at an important time. As President, my commitment is to support and advocate for businesses, most particularly SMEs, the backbone of our economies. While the economy is performing strongly, businesses are facing turbulence, none more so than SMEs. “By virtue of their size, they often lack the ability to remain resilient against external shocks, of which there is potential in the global economy this year. Our partnership with GRID will allow us to map SME sentiment, understand and respond to it, while also investing in the education of our future business leaders and promoting financial literacy.” About GRID Finance GRID was founded in 2013 with a belief and a passion. Our belief is that small and medium sized businesses are the economy’s real powerhouses. And since they are so important, we’re passionate about keeping them open for business. GRID’s total focus is on providing quick and easy access to the capital, advice and tools small businesses need to grow and thrive.

2nd level schools across the North West are being invited by Chartered Accountants Ireland North West Society to visit the ATU Sligo Campus on the 13 February 2025 for a Chartered Accountants Ireland mini "Be The Boss Bootcamp Challenge". This is a free  interactive event aimed at transition year, 5th and 6th year students as a fun way to explore Accounting as career choice. The challenge and ATU visit is bookable by class teachers and we invite members to spread the word to schools in their locality.

Chartered Accountants Ireland North West Society raised an impressive €4,750 for Mary’s Meals at their annual Christmas lunch, held on Friday, 13th December, at the Glasshouse Hotel, Sligo. This generous donation will provide food for 251 children for a full year, demonstrating the extraordinary goodwill of the regional members and guests. The lunch brought together over 100 members and guests from the Society, which represents more than 850 chartered accountants across Sligo, Leitrim, Donegal, Roscommon, and Mayo. The event was generously supported by Finbarr Filan, Centra, Sligo and Vice Chair of the Irish Small and Medium Enterprise Association. Dolores Kiernan, Managing Director of Kiernan Steel—an award-winning multinational SME—was the special guest. She shared her inspiring journey of building her company out of economic necessity to support her family and growing it into a thriving global business. In his address, Finbarr Filan, Vice Chair of ISME, emphasised the critical role of the Accounting profession in helping business owners navigate an ever-changing operating environment. He highlighted the importance of Accountants ensuring clients are fully informed of developments, including policy and tax changes, to safeguard business success. Joan Curry, Vice President of Chartered Accountants Ireland, extended a warm welcome to members, both longstanding and new. She praised the North West Society for its vibrant community, exceptional engagement, and diverse events. She noted the presence of notable members, such as former National President Joe Gannon and Chartered Accountants Ireland Student Society Chair Caelainn McGonigle, as evidence of the Society’s strength and vitality. Chartered Accountants Ireland North West Society continues to foster a strong, supportive network for professionals across the region, organising events that inspire, educate, and bring the community together.

Chartered Accountants Ireland has today circulated the Institute's Key Policy Priorities, based on member engagement, as discussions commence on the formation of the next Government. Focused on supporting small business and improving childcare provision for working parents, we will continue to amplify our members' voices as the negotiating process continues.

Chartered Accountants Ireland is warning that family-owned businesses in Northern Ireland, including those in the agricultural sector, will be the biggest losers from the recent tax changes announced in the Autumn Budget. Impacted family businesses are now facing a triple whammy of mounting employment costs, higher Capital Gains Tax on sale or succession, and an unexpected Inheritance Tax bill when passing businesses on to the next generation. Commenting, Janette Burns, Chair of the Institute’s Northern Ireland Tax Committee said: “Northern Ireland family-owned businesses are the heartbeat of our economy with around 80% of businesses here either family owned or managed. Many of these businesses, particularly those who employ minimum wage workers, will face a stark increase in their wage bill from April 2025 as a result of the changes to Employer’s National Insurance Contributions and the National Minimum Wage. For example, a business with 50 part-time staff aged 18-20 working around 15 hours per week will have to find an additional £65,000 from April 2025 just to pay wages. This will particularly impact businesses reliant on part time staff such as in the retail and care sectors but especially for already struggling hospitality businesses.” Reflecting further on what’s still to come for Northern Ireland family-owned businesses, Janette commented: “From 30 October 2024 the rates of Capital Gains Tax have already increased from 10% to 18% and 18% to 24% ahead of a stepped reduction in the benefit of a key Capital Gains Tax relief, Business Asset Disposal Relief, commencing from April 2025. Then, from April 2026 the benefit of two key Inheritance Tax reliefs is being reduced by 50% for businesses (including farms) worth more than £1 million. This means that further down the tracks the same family business owners are facing a significantly higher tax bill when the time comes for the next generation to take over. Those who are approaching retirement will now pay more Capital Gains Tax either when they sell the business or pass it on to their successors whilst still alive. On a death transfer, the Budget’s Inheritance Tax changes from April 2026 mean that whomever inherits the business will be hit with an extra 20% Inheritance Tax bill on any value over £1 million. Figures suggest that an estimated 33% of farmers in Northern Ireland will be affected. Many family-owned businesses and farms here started out small 20 or 30 years ago and through sheer hard work, sacrifice, and determination have grown in size. It would not be unusual for those businesses to now be worth several million pounds. For a business or farm worth £2million, these changes will add as much as £200,000 onto the family Inheritance Tax bill. The reality is that many will be forced to sell the business or farm to pay this new bill.”

Earlier today HMRC advised us that some of its telephone helplines are currently experiencing a reduced level of service due to a technical issue. HMRC first made us aware of this late last week. HMRC is working urgently to resolve this. Taxpayers and agents can continue to use online services, where relevant, which we have been advised are working as normal.

Chartered Accountants Ireland was proud to host the launch of Dublin City University Access to the Workplace 2025 in Chartered Accountants House on Pearse Street this week. Now in its sixth year, this award-winning programme provides professional summer internships for DCU Access students from socio-economically disadvantaged backgrounds, and for neurodivergent students. The launch event, Beyond Bias: Unlocking Future Talent, explored how organisations can develop a workforce that is diverse, inclusive and ready to embrace the possibilities of an unscripted future. Commenting Barry Doyle said  “We are proud partners of this programme and fully support the work DCU do in the area of recognising and supporting those whose potential might otherwise have been overlooked. By opening doors to these talents, DCU and their corporate partners are helping to level the playing field, broaden perspectives, and build a workforce that truly reflects the diversity of Ireland’s future. This event not only shines a spotlight on this hugely impactful initiative but also reaffirms our collective commitment to diversity, inclusion, and innovation in the workplace.”

The VAT in the Digital Age proposal promises a major overhaul of the VAT regime in operation across the EU. Janette Maxwell and Fadi BouKaram delve into the details On 5 November 2024, EU Finance Ministers at the Economic and Financial Affairs Council (ECOFIN) unanimously agreed on the VAT in the Digital Age (ViDA) proposal. Although some formal procedures will need to be completed before the proposal is fully implemented, this agreement is expected to pave the way for significant changes to the VAT system across the European Union. The ViDA initiative comprises a series of significant reforms to the common VAT rules in the EU. Its goal is to enhance VAT compliance, combat tax fraud and modernise VAT regulations to better align with the demands of the digital age. The latest ViDA package has three pillars: E-invoicing and digital reporting Platform economy Single VAT registration E-invoicing and digital reporting For the supplier, electronic invoicing will be established as the standard method for issuing invoices and possessing a valid e-invoice will ultimately be a key requirement for VAT recovery. Invoices should generally comply with the European Standard (EN16931) and its specified syntaxes, but Member States may allow other formats under certain conditions. Electronic invoices for cross-border transactions must be issued no later than 10 days following the chargeable event. The e-invoice must be digitally reported to the relevant tax authorities by the supplier directly after the e-invoice has been issued (or within five days if the customer issues the e-invoice under a “self-billing” arrangement). The customer, however, is required to digitally report information from the e-invoice within five days of receiving it from the supplier. Member States may waive this digital reporting requirement for customers. The requirements above will apply from 1 July 2030. Platform economy From 1 July 2028, a taxable person who uses an electronic platform to facilitate short-term accommodation rentals (max 30 nights) – and/or passenger transport by road – will be regarded as the supplier of those services for VAT purposes and will therefore be liable to account for VAT, unless:  The underlying supplier provides its VAT identification number to the platform operator; or The underlying supplier informs the operator that they will charge the VAT due on that supply. Member States may decide not to designate the platform as a deemed supplier if the underlying supplier qualifies for and chooses the small and medium-sized enterprise (SME) VAT regime. Member States must implement the rules by 1 January 2030 at the latest. Single VAT registration The Single VAT Registration (SVR) pillar aims to minimise the requirement for non-established traders to register for VAT in an EU Member State where they are not established. The One-Stop-Shop (OSS) has been expanded to include additional types of supplies, such as domestic business-to-consumer transactions including the supply of electricity and natural gas, supply and installation contracts, as well as domestic supplies of goods and services. A new OSS module will allow businesses to report the movement of their own goods between EU Member States. Currently, moving goods usually requires VAT reporting and registration in both the country of dispatch and the country of arrival, with some exceptions. From 1 July 2028, businesses can choose to report these movements through the OSS, which means they will not be required to report acquisition VAT in the destination country. Time to prepare The time to prepare for these changes is now. Businesses need to review their IT systems and start thinking ahead as to how these changes will impact their day-to-day operations and related invoicing processes. Janette Maxwell is International Indirect Tax Director at Grant Thornton Ireland Fadi BouKaram is Director of Tax at Grant Thornton

Get your skates on and join the North West Society for a brand new family friendly event before Christmas. On Sunday, 8 December at 3pm the North West Society members and their families are going ice skating in Queen Maeve Square. It is an event suitable for adults and children of all ages, but spaces or limited, so get your skates on and book early to avoid disappointment! Tickets for members and their families are subsidised by the Society and are only €10 per person (adult or child). Book now here.

Thank you to all the members of the North West Society who participated in Run in the Dark last night. Event photos are available to view here

Chartered Accountants Ireland has today launched its new guide to Foreign Direct Investment (FDI) in Ireland at an event in conjunction with IDA Ireland in Dublin.  Over 100 attendees gathered in Chartered Accountants House to hear from a panel of: Cróna Clohisey, Director of Public Affairs Chartered Accountants Ireland Feargal O'Rourke, Chair, IDA Ireland Barry Doyle, President Chartered Accountants Ireland Ireland faces greater competition as a location for global FDI than ever before as we move into 2025, with other countries enhancing their offering at pace. While Ireland’s FDI policy has stood the country in good stead for decades, a slowdown in growth of the global economy coupled with accelerated industrial policy interventions by competitor countries means Ireland’s inward investment model is now at a crucial inflection point. Commenting at the event, Cróna Clohisey, Director Public Affairs, Chartered Accountants Ireland said “Ireland’s record of attracting FDI has been the envy of other countries for decades and IDA Ireland has played a pivotal role. However, against a backdrop of heightened geopolitical uncertainty and intensifying global competition for inward investment, we cannot afford to be complacent about our offering. The significant deficits in the State’s crucial infrastructure, including housing, energy, water, childcare and nationwide public transport, need to be addressed with urgency if we are to remain fully competitive in the race for future FDI.” Barry Doyle, President, Chartered Accountants Ireland said “We are all familiar with the advantages that Ireland holds in attracting FDI - EU membership, strategic location, young talented workforce and a stable business environment. Our members also represent a key competitive advantage, with Chartered Accountants playing a central role in supporting FDI the length and breadth of the country. “Competition has never been greater for the flow of FDI around the world, and with a new US administration taking office in a matter of weeks, there is an increased chance of disruption to the traditional flow of FDI globally. However, investors with a long term, sustainable outlook will look beyond short-term protectionism. Ireland as a safe and stable environment will continue to benefit greatly from FDI and we as Chartered Accountants will be there to lead and support such investments.”

Reacting to today’s Budget, Chartered Accountants Ireland says that small businesses have borne the heaviest burden in the attempt to repair the UK’s finances and the innovative tax policies needed to drive long-term growth and sustainability are not in evidence today. Commenting, Janette Burns, Chair of the Institute’s Northern Ireland Tax Committee noted: “In a rush to repair the funding gap in public finances and keep pre-election promises not to raise tax on working people, the hike in employers’ national insurance contributions (NIC) as well as a rise in the minimum wage means small businesses, many of whom are already struggling, will face increased labour costs. Although some businesses will be partially protected by increased allowances, the 1.2% rise in employer NIC is unlikely to be sustainable for many. “Increasing the rates of CGT was anticipated but the concern remains; a higher rate brings with it the risk of deterring investment and is likely to lead to reduced economic activity across many sectors which could ultimately slow the tax take. “On the business tax side, maintaining the corporation tax rate of 25 percent gives much needed certainty to business leaders. Chartered Accountants Ireland continues to support a reduced rate of corporation tax for businesses operating in and from Northern Ireland and believe that this would raise productivity, increase incomes, and unlock the economic potential in the region.” Gillian Sadlier, Chair of Chartered Accountants Ireland Ulster Society, said: “The extent to which the various measures announced in today’s Budget will lead to real growth across the UK economy remains to be seen. Ultimately, businesses are the drivers of growth and what this Budget has done is increase their overheads. “There were some smaller innovative measures that the government could have announced which would have cost relatively little. For example, we would have liked to have seen an increase in the £90,000 VAT registration threshold to reduce the administrative burden on small businesses and to enable growth. In terms of innovation, a commitment to review the rules around the research and development credit to make it best in class internationally would also have been welcomed.    “The commitment to significantly increase HMRC’s headcount is positive but there must be a definitive drive to improve customer service levels, which have deteriorated in recent years.” ENDS