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.”  

On Thursday 29 February the Ulster Society hosted a webinar in partnership with Arts & Business NI titled 'Connecting with Culture' In this webinar Mary Nagele, CEO and Maeve McKervey, Head of Business at Arts & Business NI discussed the ways in which they’ve helped local businesses to innovate through creative partnership with the Arts. They also shared more about their pioneering board-matching programme, which places up-and-coming leaders onto the boards of local arts organisations. A recording of this webinar is available to view, for free and on-demand, HERE A pdf copy of Mary and Maeve's slides is available HERE More details of the Financial Leaders on Arts Boards programme can be found HERE An A&BNI Business Member overview which outlines how A&BNI works with businesses is available HERE

GDP contribution of accountancy profession increased 22% in five years Profession supported almost one million jobs Accountancy generated £11 billion (€14 billion) in tax revenues The accountancy profession - comprising the accountancy sector, as well as accountants working across the wider economy - made a combined £98 billion (€114 billion) contribution to the UK and Irish economies in 2022, a new report published today (Tuesday 30 January) by Oxford Economics has revealed. Commissioned by the Consultative Committee of Accountancy Bodies (CCAB), the report further found that the profession supported over 900,000 jobs (911,800) in the UK and Ireland, and generated £11.4 billion (€13.7 billion) in tax revenues in 2022. The total GDP contribution of the profession in the UK and Ireland grew by approximately 22% between 2017 and 2022, when adjusted for inflation.  Expenditure on accounting services by businesses in the UK reached almost £30 billion (£29.3 billion) in 2022. The same year, the UK also exported £4 billion in accounting services, increasing its share of total UK service exports since 2016 by 0.3% percentage points, despite the changed trading landscape post-Brexit. CCAB said the findings highlight the key role the profession has played supporting businesses over the past five years, helping them to navigate the impacts of the Covid-19 pandemic, Brexit and geo-political crises like the war in Ukraine, as well as the transition to a green economy and new technology. Julia Penny, CCAB Chair, said: “The significant contributions highlighted in this report underline the value of the accountancy profession to the prosperity of the UK and Ireland.  Accountants are playing a key role in driving economic growth: helping millions of businesses to navigate global challenges and opportunities, as well as leading schemes to boost social mobility and access to the profession. “It’s not surprising to see that contributions have grown during the past five years given the impact of the pandemic and cost of doing business crisis. Demand for our knowledge and skills remains strong, in part thanks to our expanding roles in dealing with a range of non-financial information. I expect accountants to retain a central role as the profession evolves to further help businesses adapt to the climate emergency and technological advances, issues on which our future economic success and stability depend.” The report assesses both the economic and wider social impact of the profession to the UK and Ireland, with quantitative analysis supplemented by case studies which provide a snapshot of the positive contributions that accountants are making in the areas of diversity and inclusion; skills; and sustainability.  On sustainability, Tanya Steele CBE, Chief Executive of WWF UK, said in her foreword to the report that she is encouraged to see the accountancy profession taking a leading role in shaping the work ahead. Dr Alan Belfield, Co-Chair of the Professional & Business Services Council (PBSC), added: “The Professional and Business Service professions are a large and vital pillar which supports the prosperity of the UK and Ireland, and accountancy is no exception. The sector provides crucial advice that enables businesses, both large and small, and in every region, to become more productive, profitable and competitive. I am not surprised to see its contribution to the UK and Irish economies has increased in recent years.” CCAB is an umbrella organisation for the UK and Ireland’s leading accountancy bodies - ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland.  Membership of CCAB bodies has grown by 14% since 2017, and these bodies reported more than half a million students registered globally during 2022. Read the full report to discover the breadth of the accountancy profession’s impact and CCAB’s commitment to driving sustainable growth among the organisations, economies, and communities it serves.

Ulster’s Chartered Accountants gave out thousands of pounds worth of Christmas presents this week and provided a boost to local charities by presenting hundreds of toys to the Salvation Army and St. Vincent de Paul Family Appeal. Chartered Accountants Ulster Society also raised over £12,000 for local social enterprise the NOW Group at their Christmas event running in partnership with Ulster Bank. The toys and funds were collected at the Ulster Society’s Christmas Charity Lunch at the Europa Hotel in Belfast, attended by over 500 Chartered Accountants. Paul Millar, Chairman of Chartered Accountants Ulster Society said: “Christmas is about embracing the spirit of giving. Our Charity Lunch is an opportunity to show that as a community we can come together and create positive change. “Chartered Accountants have raised money and donated toys which will bring some Christmas joy to children this year. I’m particularly pleased that this year we are able to support the NOW Group which does amazing work supporting people with learning difficulties and autism into jobs with a bright future. “We’re pleased that with the support of our partner Ulster Bank, we’ve been able to deliver a fantastic event which brings a lot of support and awareness to some very deserving causes. Lisa Allen of event sponsors Ulster Bank said: “Ulster Bank is delighted to once again partner with the Ulster Society in our sponsorship of the annual charity lunch. The lunch is a great opportunity for the local accountancy network to come together to support charities who contribute so much to the communities in which we live and work. “The generous support shown by members of the Ulster Society will have such a positive impact on the charity partners ensuring children experience the magic of Christmas through the toy appeal and raising vital funds in support of the NOW Group who help people with learning difficulties and autism realise their full potential”.  

On 11 December the Ulster Society hosted a new webinar in the Inspiring Excellence Series with Danske Bank. In this webinar, Internationally Acclaimed Leadership Speaker and Wall Street Journal Bestselling Author Drew Dudley gives some practical tips on how to encourage a growth mindset, display courage in decision making and ensure that you look after yourself to ensure that you can continue to give your best. A recording of this webinar is available to view, for free and on demand, HERE

On 5 December the Ulster Society hosted the next event in our popular series - Inspiring Excellence in partnership with Danske Bank. In this webinar Nigel Botterill, Serial Entrepreneur and Sunday Times Best Selling Author, discussed the impact of AI for business and how to address the opportunity it presents. A recording of this webinar is available to view, for free and on demand, HERE A copy of Nigel's slides are available to view HERE

On 27 November the Ulster Society hosted a webinar delving into the transformative power of social entrepreneurship, exploring how businesses can create meaningful impact while achieving financial success.  Our expert speakers, Diane Hill of the NOW Group and Phelim Sharvin of Community Finance Ireland shared practical insights highlighting how social enterprise can drive positive change in the business world and create a more socially conscious business future. A recording of this webinar is available to view on demand HERE A copy of Diane's slides is available to view HERE A copy of Phelim's slides is available to view HERE

From next year, individual taxpayers will see more in their pockets as a result of the planned reductions in national insurance contributions However, today’s Autumn Statement featured little in the way of immediate tax cuts and supports for small and medium sized businesses As a region, Northern Ireland continues to be left behind on key issues and supports   22 November 2023 – Today’s Autumn Statement was a missed opportunity to provide struggling 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 Autumn Statement in Westminster earlier today. Commenting, Janette Burns, Chair of the Northern Ireland Tax Committee of Chartered Accountants Ireland said:  “Today’s Autumn Statement was clearly delivered with one eye on a general election next year. More cash in people’s pockets after the cuts in national insurance take effect from January and April next year are positive and will also help reduce the cost of employment. But today the Chancellor did not deliver the same level of tax supports that we know many small businesses urgently need and want as they continue to grapple with high inflation. Confirmation that companies will be able to fully expense the cost of capital investment in new plant and machinery against profits permanently, and beyond the original end date of 31 March 2026, is a bold move and will provide the certainty needed for major investment plans, which in turn will bolster the economy and productivity. But this is only of real benefit to larger companies".  What’s needed is targeted incentives and supports for small and medium businesses. For example, Northern Ireland’s hospitality sector could have benefited from a reduction in the 20% VAT rate. Just a few miles down the road in Ireland, the rate is 13.5% and many other European countries have much lower rates than the UK. When coupled with high food prices, this makes it very difficult for Northern Ireland hospitality businesses to compete.   Paul Millar, Chairman of Chartered Accountants Ulster Society added:  “The relief available to SME companies which incentivises R&D activity was reduced by almost 34% from April this year. We urge the Chancellor not to further reduce relief this for genuine innovation activity as part of the plans announced today to merge the two current schemes. This is just another example of where the Chancellor could have taken the opportunity to set out a detailed roadmap for this relief which would have provided certainty to those investing in R&D.  In recent years Northern Ireland businesses have shown how adaptive and resilient they are. This was highlighted at the recent investment conference which showcased the brightest and the best we have to offer. But more needs to be done. The Government needs to recognise and reward this by establishing a pipeline of tax supports and incentives to enable businesses to truly grasp the entrepreneurial mindset which we know would help Northern Ireland crystallise all the opportunities that are there for the taking. Let us not forget that Northern Ireland also has legislation potentially within its grasp to reduce its corporation tax rate to match that in the Republic. Innovation, creativity, and a more entrepreneurial approach will benefit all here by driving economic growth, and job creation.  The time is ripe to help Northern Ireland level up. But this cannot begin until we have our politicians back in Government. Once again, we urge them to look at the bigger picture. We echo the recent sentiment that political decisions should not affect operational decisions. But this equally applies to the business of doing what is needed to help grow our economy, and ultimately benefit all of our citizens.” Other information:- The main tax announcements by the Chancellor today were as follows:- National insurance contributions for the self-employed will reduce by 1% from 6 April 2024; Employee national insurance contributions will reduce by 2% to 10% from 6 January 2024; The 100% deduction available to companies for investments in new plant and machinery is being made permanent and will not end on 31 March 2026; and The UK’s SME and large company R&D tax relief regimes are being merged into one scheme which will commence from 1 April 2024.