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Chartered Accountants Ulster Society re-elects Chairperson

Maeve Hunt has been re-elected Chairperson of Chartered Accountants Ulster Society at its virtual AGM. She becomes the first Chairperson since 1958 to serve a second term of the body which represents over 5,000 Chartered Accountants across Northern Ireland. The Society took the decision to re-elect its Chairperson and Officer Group to provide stability and continuity as its members advise businesses, charities and organisations throughout Northern Ireland during the easing of COVID-19 restrictions and economic reopening. Speaking at the Society’s AGM Maeve Hunt said: “The last year has been like no other. The expertise of our membership base has never been needed more. As we move forward, bouncing back from this health crisis will be the challenge of a generation. We will be using our voice to urge leaders to move quickly to help Northern Ireland to recover strongly from the pandemic.”  

Jun 08, 2021
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Public Policy
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Chartered Accountants launch new FDI Guide for Northern Ireland

Today Chartered Accountants Ireland launched a new guide showcasing Northern Ireland as a world-class location in which to do business.     Speaking at the launch of Chartered Accountants Ireland’s publication – Building on Opportunity – A Guide to Foreign Direct Investment in Northern Ireland, President of the Institute, Paul Henry said: “This is a time of change, but also great opportunity for Northern Ireland. Post-Brexit trading arrangements which give Northern Ireland companies unfettered access to sell into both Great Britain and the EU make the region a unique investment location.   “Those already located here know our natural advantages as a place to do business – our location, our strong transport links with our neighbours; our ambitious, educated workforce; a stable and competitive tax system; and our ability to innovate and change with the times.”    Chairperson of Chartered Accountants Ulster Society, Maeve Hunt said: “Northern Ireland is home to more than 1,100 international companies, employing 100,000 people. Our appeal as a location for foreign direct investment remains strong, with 6,000 more companies registered in Northern Ireland today, than in 2016.  “We have established ourselves in some of the world’s fastest growing and innovative industries including data analytics, cyber security, life and health sciences, clean energy, and aerospace.”     Over the next ten years, Northern Ireland will see over £1 billion of investment from the NI Executive and UK Government into four City & Growth Deals. This will further enhance the region as a significant destination for innovation and facilitate investment opportunities that further build upon Northern Ireland’s reputation in manufacturing, life sciences and artificial intelligence industries.     Maeve Hunt continued: “For businesses wishing to explore opportunities in the UK, Northern Ireland’s dual status in both the UK and EU Single Market for goods makes the region very appealing in terms of foreign direct investment, particularly in the manufacturing and distribution sectors.”    The Building on Opportunity guide can be downloaded at the Chartered Accountants Ireland website  

Jun 07, 2021
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Recording and slides available: Operational Resilience Webinar

On 27 May, the Ulster Society Public Sector Group hosted a webinar discussing the value of operational resilience and why it is relevant now as well as outlining the operational resilience framework. The content of this seminar is applicable to all sectors. The presenter for this event was Darran Byrne, Senior Manager with Deloitte Ireland LLP. Darran leads Deloitte Ireland’s Operational Risk and Resilience team A recording of this webinar is available to view for free and on demand HERE A copy of Darran's slides are available to download HERE

May 28, 2021
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Notice of 2021 AGM

Ulster Society AGM 2021 All members are invited to virtually attend the 2021 Ulster Society Annual General Meeting, taking place online via Zoom on Monday, 7 June 2021, at 1.00pm. Details of how to join will be issued to all members who register to attend (see below) The meeting will commence at 1.00pm.  Members can register to attend here  Apologies can be emailed to Karen Hewitt [email] Relevant Documents: Ulster Society Annual Report and Accounts 2020 AGM 2020 Minutes AGM 2021 Agenda Revised Rules of Chartered Accountants Ulster Society Please note that the main Institute AGM will take place on Friday 28 May 2021, and details of this can be found here  

May 24, 2021
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Recording and Slides Available - Taxing Times webinar

On 18 May the Ulster Society held collaborative event with Chartered Accountants Ireland London Society and South African Institute of Chartered Accountants, UK  This webinar explored the latest developments in UK business tax with a line-up of experts in the field. A recording of this webinar is available to view on demand and for free HERE A copy of Leontia Doran and Norah Collender's slides is available to view HERE A copy of Willo Renehan's slides is available to view HERE Leontia Doran, UK Tax Specialist, Chartered Accountants Ireland set out the key changes impacting businesses in Budget 2021 including the deferred CT rate increase, loss relief-carry back enhancements, the super-deduction for capital investment and targeted supports for various sectors.  Willo Renehan, Private Tax Partner, Deloitte looked at COVID-19 supports. Willo shared insights on the Coronavirus Job Retention Scheme, the Self-Employed Income Support Scheme and HMRC’s fraud measures.  Tiarnán O’Neill, ACA, Group Finance Director, Galgorm Collection, focused on ‘Back to business’ and shared his experience of running a business in Lockdown and Brexit.   Norah Collender, Professional Tax Leader with Chartered Accountants Ireland moderated the presentation.  

May 19, 2021
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Recording and Slides Available: Financial Support with the Cost of Childcare Webinar

On 13 May, the Ulster Society hosted a webinar covering the range of Government financial support that is available for working parents with the cost of childcare, and changes to the Childcare Voucher scheme.  Presenters for this webinar were Catriona Franck, Policy Adviser - Tax-Free Childcare, HMRC; & Chris Briggs, Senior Family Benefits Advisor, Employers For Childcare. A recording of this webinar is available to view on demand and for free HERE A copy of the slides from the presentation is available to view HERE   

May 17, 2021
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Recording and Slides Available: The Value of Health and Well-being

On 11 May, the Ulster Society Chartered Accountants in Business sub-Committee hosted a webinar titled 'The Value of Health and Well-being'. In this Webinar we heard from Dr. Jonny Bloomfield, a local specialist from Support To Perform, who is working with organisations on their wellbeing strategies and Malcolm Stamper, Head of Corporate Brand with international building solutions company, Etex, who explained their approach to engaging staff across 42 countries. A recording of this webinar is available to view demand and for free HERE A copy of Dr Jonny Bloomfield's slides is available to view HERE A copy of Malcolm Stamper's slides is available to view HERE

May 12, 2021
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Recording and Slides Available: Brexit - the VAT on goods effect - HMRC Update

On 10 May, the Ulster Society hosted a webinar with HMRC titled 'Brexit: the VAT on goods effect - HMRC Update' The webinar covered the practical implications of the new VAT on goods rules as they apply to Northern Ireland following the end of the transition period including:  o  Moving goods between Northern Ireland and Great Britain o  VAT on goods sold from Great Britain, transported via Northern Ireland to the EU o  VAT on goods sold to Great Britain from the EU via Northern Ireland o  VAT implications for businesses moving their own goods o  Postponed VAT Accounting including accessing the PVA statements It also examined the practical implications of operating a dual VAT regime in Northern Ireland including registering for VAT, XI numbers and filing VAT returns.  A recording of the webinar is available to view for free and on demand HERE A copy of the slides presented by HMRC is available to view HERE

May 11, 2021
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Recording and Slides Available: R&D Tax Credits Webinar

On 29 April, the Ulster Society ran a webinar focusing on R&D Tax Credits. The session covered the Government’s desire to support innovation through HMRC; what types of project might qualify; and how to claim.  It includes worked examples and our expert speakers touched on: what qualifies as R&D expenditure; the different levels of relief; and the Advance Assurance and Patent Box Schemes. We also discussed the common challenges and mistakes that companies often make. Speakers for this event were David Stewart OBE, Head of NI Corporate Tax Office at HM Revenue & Customs and Liam McHenry, Associate Director, Tax Incentives, Grant Thornton. A recording of this webinar is available to view on demand and for free HERE  A copy of David Stewart 's presentation is available HERE A copy of Liam McHenry's presentation is available HERE

Apr 30, 2021
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Sustainability: How Directors Can Make a Difference by Níall Fitzgerald

It is clear why sustainability matters. Added to its obvious importance are the climate action plans rolled out by governments, the global sustainability initiatives lead by agencies such as the UN and NGOs like the World Economic Forum. There is also the increased emphasis on sustainability among deciders of capital allocation, including investors, financiers, grant providers and donors, and the rising environmental awareness in society, which expects higher standards of ethics and governance from institutions. If, as a director, you occasionally feel overwhelmed by the volume of information regarding sustainability, then you are not alone. If you wonder how sustainability is relevant to your role and what difference you can make, take assurance from Socrates that “wonder is the beginning of wisdom”. How Sustainability is Relevant to Your Organisation Whatever an organisation does, regardless of its size, sustainability will impact: its legal and regulatory requirements, how it provides a service or produces a product, whether it retains or attracts talent, whether it is attractive to customers, or whether it is perceived as a viable prospect for banks or investors. The fiduciary duties of directors require them to act in the best interests of the organisation and have regard to other stakeholders. Addressing sustainability issues and looking after the organisation’s business are clearly relevant to these duties. Sustainability may be the ultimate disrupter for businesses. Even if an organisation does nothing to address sustainability issues it will still be impacted by them. For example; What is the risk of a change in regulations challenging current business models? What is the risk of more sustainable technological advancements displacing current products, service offerings or production processes? To what extent can carbon tax increases be passed on to the consumer? What impact will phasing out of oil and gas have on residual values of assets or cost of replacement in the future? Standing still is not an option if an organisation wants to manage the impact of sustainability. Directors, acting as the mind and will of an organisation, have a key role to ensure it is appropriately identifying and responding to relevant sustainability risks. How You Can Make a Difference If you are a director or a member of a board sub-committee wanting to raise the issue of sustainability (even if this is not currently seen as a priority), consider the following approach: Get informed: Find out more about the type of sustainability issues that impact your industry. Sustainability will affect regulatory requirements, consumer demand, availability of resources and all the necessary components of the ability to do business. You do not have to become an expert on sustainability, but a little knowledge or awareness can prompt the right questions. Find Allies: Engage with other board members. Discuss how sustainability impacts the business and how the board might address the issues. You may find that you have more support than you expect. Be Honest: It is important to be pragmatic and constructive as to the reasons why the organisation should address sustainability and how it does so. There may be some immediate measures the organisation can take (‘quick wins’), but more substantive measures may be required to be taken to achieve lasting long-term benefits. Collaborate: Lasting change cannot be achieved alone. If your organisation is not clear on what to do or what direction to take in relation to sustainability, consider collaborating with other organisations on similar journeys. Be curious: Ask questions about sustainability, explore alternatives and respectfully challenge traditional assumptions. Invite others to discuss the issues and embed sustainability objectives in the organisation’s strategy. Questions beginning with ‘What if?’, ‘How?’ or ‘Could we?’ will spark curiosity and give rise to more possibilities and sustainable solutions. Sustainability cannot be achieved alone.  Strategy and know-how shared among organisations and individuals will inform, create awareness and provide confidence for the journey ahead. Directors must be confident to ask advice and seek help from others. If we agree that we all have a stake in sustainability, then we all have a stake in finding solutions to the key risks of our time.   Chartered Accountants Ireland’s Governance Conference 2021 focuses on how boards can embed sustainability in organisations and takes place online on 22 April 2021 from 9:30am.

Apr 08, 2021
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Recording Available: Invest NI Support Schemes

On 25 March, the Ulster Society ran a webinar explaining the role of Invest NI and providing an overview of the various supports available, including reference to the COVID-19 Emergency Schemes and Invest NI’s Recovery Plan and programmes. Speakers for this event were Jeremy Fitch of Invest NI, who will outline the role of Invest NI, and Gareth Quinn of Kairos Sports Tech who spoke about his experience of working with Invest NI to grow their business into new markets. A recording of this webinar is available to view on demand and for free HERE A copy of Jeremy Fitch's presentation is available HERE A copy of Gareth Quinn's presentation is available HERE

Mar 29, 2021
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President of Chartered Accountants Ireland Paul Henry appointed Chair of CCAB

Paul Henry, Director of Osborne King and President of Chartered Accountants Ireland has been named as Chair of CCAB for 2020/22. CCAB (The Consultative Committee of Accountancy Bodies) is an umbrella group of the accountancy profession in the UK and has a combined membership worldwide of 408,000. Its core purpose is to promote sustainable growth in the economy through the accountancy profession. Paul Henry takes over as Chair from Mike McKeon CA, President of ICAS (the Institute of Chartered Accountants of Scotland). During his two year tenure, Paul will lead the CCAB’s work in identifying and capitalising on the opportunities that the rapid pace of change in the business and accountancy world brings in 2020. Equally he will lead the CCAB’s response to the unprecedented challenges posed by COVID-19 for its members and the wider business community.  Commenting on his appointment, Paul said: “I look forward to engaging with as many members and stakeholders as possible in the coming months to help our profession to adapt to all the changes that affect us, from rapid technological advancements to increased regulatory requirements. This of course all takes place in the context of a business community worldwide that is facing the challenges of the COVID-19 pandemic, and its impact on the way we all live and conduct business.  “Another area of focus for me in the coming 2 years will be strengthening the reputation of our industry to ensure that we can attract the best and brightest individuals. The lifeblood of any profession is the young talent that chooses to join its ranks.” Paul Henry is a Director with Belfast based property consultancy Osborne King and has extensive experience of real estate, insolvency and corporate finance. A resident of Belfast, he qualified with Pricewaterhouse in 1989. Prior to his current role, he held positions with the Industrial Development Board, Enterprise Equity, PricewaterhouseCoopers and ASM Chartered Accountants.  He also served as Chairman of Chartered Accountants Ulster Society in 2014.  The CCAB was established in 1988 to coordinate the representation functions of the participant professional bodies in areas of common interest to the profession. It has a number of committees which respond to Government and regulatory initiatives in their respective areas.

Jul 07, 2020
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CBILS & Job Retention Scheme - Webinar & FAQs

The Ulster Society recently ran a webinar covering the UK Government supports for businesses affected by Coronavirus, specifically the Coronavirus Business Interruption Loan Scheme (CBILS) and the Job Retention Scheme.  Talking about the supports were Mark Sterritt, British Business Bank; Robert McCullough, Danske Bank and Shirley Blair, A&L Goodbody. A recording of this webinar is available HERE. Many members submitted questions during the webinar, not all of which could be answered on the day. A list of FAQs on CBILS and the Job Retention Scheme are given below (info correct as of 15 April). Thanks to our speakers for taking the time after the webinar to answer these. FAQs        CBILS  - Answers from Robert McCullough, Danske Bank EFLG Scheme had such a low take up in NI. Do you see this being the same? Absolutely not. We are seeing a significant inflow of applications and drawdowns already. The EFGS scheme was seen as overly complicated and carried a risk premium priced to the client. The banks pick up the risk premium as part of this scheme. If a business has substantial cash reserves, even if currently business has been severely affected by Covid 19, do they still qualify under the scheme? The Business needs to confirm that it’s been affected by Covid 19 to avail of the scheme but in our experience a business will not borrow until it has to. ie use its own reserves first. There may be an argument that cash reserves were being held for another purpose and have had to be repointed towards Covid support and in that instance there is a case for taking forward Where the business already has a funding facility with repayment terms, how do the repayment terms of a CBILS fit around those? Your lender will take account of those commitments when considering the business future repayment capacity. CBIL terms in Y1 are generous with grant funded interest and the opportunity to avail of capital holidays to try and ease the pressure on business and if that doesn’t work then some form of restructure may be more appropriate. Where existing facilities secure all business assets what form of security is being taken / looked for by the CBILS providers? The scheme sets out that all available security should be taken and then supported by a CBIL guarantee which covers the bank to a value of 80% of any outstanding debt once all security proceeds have been recovered. So if all available security has been utilised then the business should still proceed in seeking a CBIL loan using the government guarantee If a business has cash reserves that will take it through the initial 6 to 8 week period, should it delay applying for a CBILS at this stage? It would be prudent to at least have given some thought to what the requirements might be and certainly communicate your position to your lender in order that any subsequent application has no surprises and will probably flow through the system quicker. When all business restarts it is likely that working capital will be stressed until revenue flows and at that stage there will be further funding requirements - should businesses be building that requirement into a CBILS at this stage? Ideally yes, but just try to use best judgment and the bank will by sympathetic to the lack of clarity around future revenue streams. In event of default on CBIL loan, does bank utilise existing security held before calling on 80% guarantee?  Yes – those are the rules of the scheme. It is effectively a shortfall guarantee Job Retention Scheme – Answers from Shirley Blair Should the 80% gross be worked out on total gross or post salary sacrifice salary? Post salary sacrifice salary though it is open to the employee to waive the benefit and restore their salary to the higher level I have become aware that some staff that have been furloughed have been working from home, even though they have been advised to the contrary. How does that affect my company claiming under the job retention grant? The Scheme makes it clear that no work can be done. It's likely that if a company is aware that employees are doing work whilst they are intended to be on furlough, they should not claim under the Scheme for that employee. Depending upon the circumstances, that may then become a disciplinary issue for the employee. I have clients with essential businesses (e.g. food shop/ petrol stations) getting staff requests to be furloughed, eg. place me on furlough, my child has bad asthma.So family members who haven't received the letter advising them to shield.The employer does have work for these employees.Can employers take comfort in furloughing these employees? Furlough is not limited to redundancy situations. The Guidance states that employees with caring responsibilities can be furloughed. Are the average monthly earnings for the period prior to the date employee was furloughed? Yes Re JRS, the guidance suggests that compulsory commissions are included. What is the difference between a compulsory commission and a regular commission? No current guidance so this area remains unclear What does the guidance say about making up the pay beyond the 80% of some employees rather than others, particularly that of directors.   Nothing other than the making up of pay is at the employer's discretion. Normal employment law principles apply so employers must make sure not to offend any discrimination legislation and comply with the usual duties around reasonableness. The guidance says that directors can be furloughed and can carry out work to fulfil their stautory obligations. They should not do work of a kind they would carry out in normal circumstances to generate revenue or provide services to or on behalf of their company. Where does issuing fees, collecting cash, completing VAT returns and operating PAYE fit here? Can a director be involved in these activities and still be furloughed? A director who is furloughed can only undertake work to fulfil a duty or other obligation arising from an Act of Parliament relating to the filing of company's accounts or provision of other information relating to the administration of the director's company (para 6.6).  This is a very narrow interpretation of directors' duties. For people on Furlough do you have to pay them 100% of their pay for statutory holidays Governmental guidance is awaited Do staff earn annual leave entitlements if they are furloughed?  Governmental guidance is awaited Can you bring a member back to carry out administrative work for a week and furlough them again?   At present this may be possible, provided that the employee is furloughed in blocks of 3 weeks Can public sector / local government use furlough scheme?  Yes Can the furlough scheme be used for an individual employee who has dependents who need to 'shield'? Yes, if the employer and employee agree For employees on national living wage is it 80% of the NLW at 28/02/20 or of the current NLW from 1/04/20? The NMW/ NLW is not relevant to the calculation Can sole directors furlough if they cease working albeit doing minimal director duties A director who is furloughed can only undertake work to fulfil a duty or other obligation arising from an Act of Parliament relating to the filing of company's accounts or provision of other information relating to the administration of the director's company (para 6.6).  This is a very narrow interpretation of directors' duties. When I come to processing wages do I put through normal pay amounts for each employee and file my RTI or do I put through zero for each employee? Guidance awaited Can an employer pay the other 20% so that employee doesn’t lose out at all financially? Yes Can a furloughed employee engage in paid work for another company and be paid a commercial rate from new employer, as well as the furloughed pay? Yes, provided there is nothing that restricts that in the original employer's terms and conditions with that employee  Our company continues to trade as normal. However, some employees have had to self-isolate due to government advice. Can they be furloughed or are they due SSP? Self-isolating employees are only entitled to SSP for the duration of the self-isolation. Once that ends, they may be entitled to furlough  Under furlough, can staff be used as security duties which is NOT part of their normal work. In the case of an hotel, it needs people on-site to protect the premises for obvious reasons. An employee can do no work for their employer whilst on furlough If a furloughed worker can do voluntary work, does this mean general voluntary / charity work or can they do voluntary work for their employer? They cannot do anything that would generate revenue for their employer Can an employee take annual leave 1 day a week to make up full pay? Currently no guidance  How do you define someone whose pay varies? Is it regular overtime? Even though it isn't mentioned on their contract? There must be a contractual obligation to pay (whether implied or express is currently unclear) Re: employee consent if they were put on furlough as a necessity before it was clear that written consent was needed, can we now get them to retrospectively agree even they have started on furlough? No current guidance If an employee is on sick leave and contacts to say now available for work again and wants to be put on furlough – does the employer need a fit note or a return to work interview or other support to agree?  No current guidance requiring this, but it may be prudent to  

Apr 20, 2020
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Chairman says 'Executive must win back Confidence with Reform'

The Chairman of Chartered Accountants Ulster Society has called on the Northern Ireland Executive to implement “much needed reform” in the health and education sectors and to re-energise the local economy. Speaking to over 360 guests at the Ulster Society’s Annual Dinner, sponsored by Danske Bank and MCS Group tonight (5th March), Richard Gillan called on the Executive to provide investment in infrastructure and skills; and to adopt a business-friendly strategy. Richard Gillan said: “This is a testing time for the local economy. Factors such as Brexit and cut-backs in Government spending will be challenging, but our members see the restoration of the Northern Ireland Executive as a very positive move. “Whilst the restoration is most welcome, the last 3 years have left us with a lot of catching-up to do, and the Executive needs to prove itself and show that it can deliver for the wider economy. “There is a steep learning curve when it comes to managing the public finances. Right now, because of initiatives such as RHI, our members need to be convinced that our politicians can step up to the challenge. “The New Decade, New Approach document, promising significant investment, is a fantastic start. But it is just a start. Now we need to see the real benefits of having local politicians making local decisions and tackling local priorities. “Northern Ireland’s health and education systems are in considerable need of reform. We also need investment in skills, investment in infrastructure and an Executive which is willing to back business and help local companies compete on a global stage. “We need a concerted effort to devise a game-changing, business-friendly strategy to re-energise our economy, boost our competitiveness and put entrepreneurship at the fore. “The Executive will need to work as a cohesive unit in negotiations with HM Treasury, and be bold enough to introduce the measures and efficiencies that are so desperately needed in the Public Sector. “What Northern Ireland needs now is strong leadership." Also addressing guests at the Ulster Society Annual Dinner were Double Olympic Champion sailor Iain Percy OBE and former Ulster Rugby and Ireland captain, Rory Best OBE. The Chartered Accountants Ulster Society’s Annual Dinner took place at Titanic Belfast and was attended by 360 members and their business guests.

Mar 05, 2020
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