On 28 January the Ulster Society held a thought-provoking webinar addressing the pressing challenges organisations face around skills and talent. This lunch-time session explored: The anticipated impact of the Programme for Government for Northern Ireland on skills policy. Current trends in Higher Education and Further Education and their role in shaping the workforce. The latest research on changing skills demands, including the influence of AI and sustainability commitments. Real-world examples of how leading local organisations in all sectors are tackling skills gaps, encouraging returners to work, fostering upskilling and training, and dealing with talent attraction and retention. Our panel of experts shared their insights and experiences, offering practical takeaways that apply across all sectors. A recording of this webinar is available to view, for free and on demand HERE

On 14 January the Ulster Society hosted a webinar featuring Prof. Robert Kirk aimed at members working in the Public Sector.  The webinar concentrated largely on the very important and controversial changes that have been implemented in the financial year 2023-24, arising from IFRS 16 Leases, on accounting for leases in the public sector. A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of Prof. Kirk's slides from this presentation is available HERE

On 10 December the Ulster Society hosted an online fraud awareness webinar to help members stay informed about the latest fraud risks impacting business customers. Chris Wynne, Fraud and Scam Prevention Manager at Danske Bank discussed current threats and provided guidance to protect your business from potential financial losses. A recording of this webinar is available to view, for free and on demand, HERE

Chartered Accountants Ulster Society has adopted Action Cancer as its charity partner for the Society's largest event of the year, the Christmas Charity Lunch.  The event will take place on 6th December at the Europa Hotel, Belfast with over 500 Chartered Accountants and guests attending and is expected to raise thousands of pounds for Action Cancer, as well as collecting hundreds of toys and vouchers for the Salvation Army and St. Vincent de Paul Christmas Appeal. Chairperson of Chartered Accountants Ulster Society, Gillian Sadlier said: “We are delighted to support Action Cancer which does so much great work throughout Northern Ireland, engaging with 20,000 people through its services each year. We hope that the money raised by our members at our Charity Lunch can make a real difference to families right across Northern Ireland.” Gareth Kirk, Chief Executive of Action Cancer said: “We are thrilled to have been selected by Chartered Accountants Ulster Society as the beneficiary charity for their 2024 Christmas Charity Lunch.  As a local cancer charity, Action Cancer is totally reliant on the financial generosity and support from local people and businesses, without such support we simply could not deliver our life saving breast and skin cancer detection services or provide a range of critical therapeutic interventions for people impacted by cancer.”  

On 4th November Chartered Accountants Ireland issued a response to the Northern Ireland Executive’s public consultation on its draft Programme for Government 2024-2027. The response was informed by members' views taken in a survey issued to members by email. A copy of the response is available to view HERE

On 24 October the Ulster Society hosted a legal series webinar in partnership with A&L Goodbody on the topic of AI in the Workplace. In this webinar, Aisling Byrne, Partner and A&L Goodbody, gave her professional insights into: Regulation of AI Overview of AI use in the workplace Key Risks Effective compliance A recording of this webinar is available to view, for free and on-demand, HERE A pdf copy of Aisling's slides is available to view HERE

The Ulster Society Public Sector Sub-Committee held the next latest event in its leadership series on Tuesday 8 October - 'Spotlight on leading in the Public Sector' Will Young, Director of HR in the Northern Ireland Civil Service, presented on what it means to be a leader in the public sector today. A pdf copy of Will's presentation is available HERE

On 10 September the Ulster Society partnered with Young Enterprise for a webinar titled 'Inspiring the Next Generation of Business Leaders'. In this webinar we discussed the importance of skills development for young people in schools and how your business can help facilitate this through various programmes in both primary and post primary schools. We also highlighted the ways in which members can engage with young people in schools, providing them with opportunities to learn and develop skills for business along with sharing your career journey. A recording of this webinar is available to view, for free and on demand, HERE More information about becoming a business volunteer with Young Enterprise is available HERE

On 12 September the Ulster Society hosted a webinar titled 'Inspiring Excellence with Oonagh O'Hagan'. In this webinar Oonagh discusses her journey, the entrepreneurial mindset and talent attraction and retention within the framework of her business being listed in top 30 of Ireland’s Great Places to Work. Oonagh is a driven Entrepreneur and was named as Businesswoman of the year 2023 By Irish Tatler, Entrepreneur of the Year 2023 at the Women Mean Business awards and one of the 24 finalists in the Ernest and Young Entrepreneur of the Year program in 2021. A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of Oonagh's slides are available to view HERE

On 19 June, continuing with the Legal Series with A&L Goodbody, the Ulster Society hosted a webinar on 'When contracts go wrong - remedies, termination and heads of loss'. James Flanagan, Partner in A&L Goodbody’s Litigation team presented on when contracts go wrong, including managing disputes, how to prepare for termination and what constitutes loss, such as indirect or consequential loss. When Contracts Go Wrong - June 2024 slidedeck

Gillian Sadlier has been elected Chair of the Chartered Accountants Ireland Ulster Society at its 117th AGM in Belfast today. Taking office, Ms Sadlier, a senior manager with Bank of Ireland UK committed to advancing measures to address the skills shortage that is impacting the profession in Northern Ireland.    A new analysis conducted for the Ulster Society found that 3 in 5 (61%) of member businesses /organisations are experiencing skill shortages in 2024 (62% in 2022 and 48% pre COVID). 75% of respondents report increasing difficulty in finding the right people for jobs in Northern Ireland. Furthermore, 75% of members surveyed feel that the shortage of skilled labour will negatively impact Northern Ireland’s economic performance in the coming year.   During her term, Ms Sadlier has committed to focusing on attracting and retaining talent into accountancy in Northern Ireland, so that the profession can continue to support economic growth and development. A key part of this will include engaging with second and third level students and working closely with trainees and young professionals to support them through the early stages of their careers.   Commenting at the AGM, Ms Sadlier said:  “I’m delighted to build on the progress that Paul Millar made during his year as Chair in encouraging greater support for entrepreneurship and innovation. Northern Ireland has so much economic potential, with unique access to Great Britain and EU markets; strong transport links with our neighbours; an educated workforce; and a stable business environment. Some of the world’s leading international companies across data analytics, cyber security, life and health sciences, clean energy, and aerospace are located here.   “However, the skills shortage that is affecting so many companies threatens our ability to realise this economic potential. Our member survey lays bare the fear that this shortage will negatively impact Northern Ireland’s economic performance in the coming year. The restoration of the Executive is a cause for optimism, and skills and education should be front of mind for our elected representatives alongside other key priorities.   “My focus in the coming months will be on promoting Chartered Accountancy as a profession and on the development of people and personal skills to compliment the technical training that is fundamental to our role.  I want to show potential new entrants to the profession just how varied and full of opportunity a career in accountancy can be and to demonstrate the reality that being a Chartered Accountant genuinely allows you to become a ‘difference maker’”.  The Ulster Society represents over 5,000 local Chartered Accountants and is a district society of Chartered Accountants Ireland, the largest and oldest professional accountancy body on the island of Ireland.  Ms Sadlier joined Bank of Ireland over a decade ago, having spent seven years working on Invest Northern Ireland’s corporate finance team. She previously spent over 14 years in practice working with ASM Chartered Accountants and Coopers & Lybrand. She has served on the Committee of the Ulster Society for over eight years.   ENDS  

On 30 May the Ulster Society Public Sector Committee hosted an online lunch and learn webinar with Maire Nawaz on Effective Communication in Leadership.   You can view a copy of her presentation and the recording of the session below: Watch the webinar on YouTube Effective Communication lunch and learn slidedeck

Just 17% of Chartered Accountants in Northern Ireland believe that prospects for the NI economy in 2024 are good with over half (59%) seeing the economy as either stagnant or slowing, according to the Institute’s latest Financial Confidence Survey. Feedback from members working in business, practice and across the public sector have cited ongoing skills shortages, rising inflation and cutbacks in government spending as contributing to this dampened outlook. On a more positive note, an overwhelming majority of members (87%) view the dual-market access afforded to Northern Ireland post-Brexit as its biggest opportunity for growth over the next decade. Chartered Accountants Ulster Society is a district society of Chartered Accountants Ireland, Ireland’s oldest and largest professional body of accountants. Founded in 1906, the Ulster Society has over 5,000 members throughout Northern Ireland. Additional survey insights: Two-thirds of members support the Executive pursuing the introduction of a lower rate of corporation tax for Northern Ireland Over half of members cite the need to address public sector inefficiency as a top priority to make the public finances more sustainable Two-thirds of members believe that while Northern Ireland offers a clear investment proposition to attract foreign direct investment to the region, more government supports are needed to bolster this offering 8 in 10 members believe childcare in Northern Ireland is currently unaffordable with 3 in 5 respondents reporting they have had to reduce their working hours as a result. Commenting, Chair of Chartered Accountants Ireland Ulster Society Paul Millar said:  “Despite the economic headwinds facing the economy as a result of inflation, skills shortages and the rising cost of doing business, Northern Ireland ultimately has the opportunity to reverse these trends by fully taking advantage of our unique trading position post-Brexit. “In this survey, a significant majority of our members rightly point to the dual EU/UK market access afforded to Northern Ireland as our biggest opportunity for growth over the next decade. If we can combine this with the introduction of a competitive corporation tax rate and an improved package of business supports to attract FDI, the effect on the economy could be transformative”. Commenting, Barry Doyle, President of Chartered Accountants Ireland said: “Financial confidence, while still muted, is recovering on 2022 levels. There is a notable rise in those that believe the economy is growing, and a sharp drop in those who feel that financial distress is increasing. The accountancy profession is fundamental to economic prosperity right across the island of Ireland, with almost 28,000 members supporting businesses on these shores alone. We have played a critical role in helping businesses in every sector to navigate uncertainty over the last few years, and we are ready to engage with business and political partners with renewed vigour to ensure Northern Ireland can avail of this economic opportunity.”   ENDS

On 23 May the Ulster Society hosted three economists, Maureen O’Reilly, Alan Bridle and Gareth Hetherington to deliver this year’s Economic Outlook. You can watch the presentation and download their presentations below: Watch the webinar on YouTube Economic Outlook 2024 - A Bridle slide deck 2024 Economic Update - G Hetherington slide deck 2024 Economic Update - M O'Reilly slide deck

All members are invited to attend the 2024 Ulster Society Annual General Meeting, taking place on Thursday, 6 June 2024, at 4.30pm in The Merchant Hotel, Belfast. Members can register to attend here. Apologies can be emailed to karen.hewitt@charteredaccountants.ie Relevant documents: Annual Report 2023 AGM minutes 2023 AGM Agenda 2024 Election Report 2024 Rules of Chartered Accountants Ulster Society

On 21 March the Ulster Society in partnership with Grant Thornton hosted a Public Sector Blitz in Belfast designed for accountants, as well as other business professionals, working in, or advising, the public sector. Speakers included former Head of NICS David Sterling; Rodney Allen, NI Audit Office; Gina McIntyre, SEUPB; Claire Thomson, Grant Thornton; and Roisin Loughran, Grant Thornton. This event was oversubscribed and so we recorded this event for those who were unable to attend. A recording of this event is available to view, for free and on demand, HERE A pdf copy of the slides used n the presentation are available to view HERE

Chartered Accountants Ulster Society says reduced Corporation Tax rate plus renewed FDI interest could kick start local economy The Chairman of Chartered Accountants Ulster Society has said that Northern Ireland’s unique post-Brexit trading position could be Northern Ireland’s key economic advantage in the year ahead. Speaking to 400 guests at the Ulster Society’s Annual Dinner, sponsored by Danske Bank and MCS Group tonight (20 March), Paul Millar said that chartered accountants across Northern Ireland had identified the key opportunities for the economy, with dual market access to the UK and EU rating highly. Another key opportunity identified by Ulster Society members was the potential to attract investment and boost job creation through a reduced Corporation Tax rate. Paul Millar said: “Two-thirds of our members believe that Northern Ireland can benefit from devolved Corporation Tax powers and a lower rate to match that of the Republic of Ireland.  “If we can combine dual UK/EU market access, a competitive Corporation Tax rate, plus take advantage of the renewed interest in investment into Northern Ireland from the USA and elsewhere, it could be a game changer. The talent is here, the success stories are here, and the potential is right here. “With the right approach, an entrepreneurial mindset and everyone pulling in the right direction we have a tremendous opportunity to be a unique business hub. If we can take that opportunity, it means a better standard of living for everyone with better job, public services and better prospects. “We live in straitened times, but we need to find solutions. We need to focus on opportunities because they are there. Strategic initiatives could have a big part to play.” Mr Millar’s speech also highlighted the role of political leadership and the need to build on the confidence generated by the restoration of the Northern Ireland Assembly: “It’s really positive that we now have restored political leadership back at Stormont, ready to face the challenge. We also have a great opportunity to create a resurgence in economic optimism and determination, spurred on by renewed leadership and a clear vision for the future. “Encouraging entrepreneurship is not just about financial gains. It's about empowering individuals, revitalising communities, and shaping a brighter future for generations to come. “Northern Ireland is a great place to live and a great place to do business. There is so much potential and much to be positive about. We need to work together, with the right mindset, to take the opportunity that is in front of us.” Providing entertainment for guests at the Ulster Society Annual Dinner were adventurer, entrepreneur and author Debra Searle MVO MBE, and one of Northern Ireland’s most highly regarded performers Peter Corry MBE. The Chartered Accountants Ulster Society’s Annual Dinner took place at Titanic Belfast and was attended by 400 members and their business guests.  

Little in the way of immediate support for small and medium sized businesses to enable them to thrive Some individual taxpayers will see more in their pockets as a result of the planned reductions in national insurance contributions Plans to tackle the unfairness in the child benefit tax charge is a positive start; but removing the cap on Tax Free Childcare would have been welcomed by working families    Today’s (6 March) Spring Statement was a missed opportunity to provide businesses with tax incentives and supports which would allow them to grow and thrive, according to Chartered Accountants Ireland. The Institute, which represents almost 5,000 members in Northern Ireland, more than two thirds of whom work in business, made these remarks as Chancellor Jeremy Hunt delivered his Spring Statement in Westminster earlier today. Commenting, Janette Burns, Chair of the Northern Ireland Tax Committee of Chartered Accountants Ireland said: “Despite the difficult fiscal backdrop, the Chancellor had an opportunity today to signal more support for businesses in Northern Ireland. "While the announcement that HMRC will establish an expert panel to ease the difficulties when claiming R&D tax reliefs is welcome and full expensing will extend to leased assets, we would have liked to have seen more targeted supports perhaps in the way of a VAT cut for the hospitality sector for example. "For businesses in Northern Ireland, while we recognise the new Executive has a long list of pressing issues, we recommend, at a minimum, an open dialogue begins on the possibility of the region using its powers to reduce the rate of corporation tax.”  “Like the Autumn Statement, today’s Spring Budget was made with a general election looming. A reduction in national insurance from 10% to 8% means the average worker will be better off but by less than £10 per week. A more positive move might have been to unfreeze the income tax thresholds to stop more workers being dragged into higher tax brackets.” Raising the threshold at which the High-Income Child Benefit Charge is applied to £60,000 from April as well as a plan to move to a household-based system by April 2026 were cautiously welcomed by the Institute. However, it was disappointing not to see the removal of the cap on Tax Free Childcare. Commenting, Paul Millar, Chair of Chartered Accountant Ireland’s Ulster Society: “Recent studies by the Institute show that a staggering 75 percent of surveyed members cite cost as the primary barrier to accessing suitable childcare. While the extensions to the high-income child benefit charge are a positive signal of the government’s commitment to improving the childcare system, removing the cap on Tax Free Childcare would have had a more extensive impact. "Currently, tax relief is only granted at 20% on childcare costs of up to £10,000 per child per year.  Given that on average parents pay between £1,000 and £2,000 per month per child for care, abolishing the cap would instantly put more money back into the pockets of parents and increase the attractiveness of remaining in the workplace.”