Western Society news

The Chancellor of the Exchequer Rachel Reeves delivered the Spring Statement last week on Wednesday 26 March. As expected, this was mainly an economic update coupled with further spending and welfare cuts. No tax rises were announced this time around with many commentators saying the Chancellor has ‘kicked the proverbial can down the road’ and that this will not be the case in the Autumn Budget later this year. The measures were focused on driving economic growth, building an NHS fit for the future, and keeping the country safe. However, what is clear is that UK businesses are entering a time of economic slowdown with tax increases looming next month (the key tax changes taking effect from April 2025 will feature in next week’s update). The Chancellor also claimed in her speech that households in the UK will be “over £500 a year better off” even after inflation. For millions still feeling the pinch, it was a surreal moment as fiscal drag is expected to create over 1 million more higher rate taxpayers in 2025/26 due to frozen personal tax thresholds. HMRC has sent several emails summarising the key announcements which you can read here and here, and the Institute for Fiscal Studies has published its reaction to the Spring Statement here.  The Chancellor has left little room for manoeuvre because of her own fiscal rules but has committed an additional £2 billion for social and affordable housing for 2026/27. More broadly, the Office for Budget Responsibility has improved its forecasts for economic growth in 2026 and beyond but halved its growth forecast to 1 percent in 2025. With geopolitical uncertainty continuing, the impact of global trade policies on the UK economy remains to be seen and the wider impact on the UK economy will need to be carefully monitored.   On the tax front, a further package of measures to close the tax gap featured which aim to raise over £1 billion in additional gross tax revenue per year by 2029/30. As part of this, it was announced that Making Tax Digital for income tax is being extended to the £20,000 to £30,000 cohort from April 2028. Late payment penalties for certain taxes will increase from April 2025 and four consultations were launched in this space. A range of additional measured also featured in the Spring Statement publications. 

Further to Chief Executive Barry Dempsey’s indication in late 2024 that he will leave the Institute this summer, a recruitment process to find his successor has now successfully concluded. The Institute is pleased to announce the appointment of Rosemary Keogh as the Chief Executive Officer (CEO) of Chartered Accountants Ireland. Rosemary will join Chartered Accountants Ireland on 9 June 2025 from the Houses of the Oireachtas where she held the role of Assistant Secretary General – Corporate and Members' Services. Prior to that, she was CEO of the Irish Wheelchair Association. Rosemary has significant experience working in business in a range of industries at Irish and European level. She also served for five years as a Board Member and Chair of Finance, Audit, Risk & Governance Subcommittee of the Charities Regulator, and a further five years as Chairperson of the National Disability Services Association.  Thanks to the leadership of Barry over the past eight years, our Institute has continued to grow and to succeed and we want to acknowledge our gratitude to Barry for all he has done for Chartered Accountants Ireland, its members and students. We wish Barry all the best in the next chapter of his career. Rosemary joins the Institute as it prepares to implement a new organisational strategy for the coming years, progresses a new brand proposition, and continues to identify the myriad opportunities for Chartered Accountants Ireland to make its mark as the largest professional organisation on the island of Ireland. 

The recent launch of our New York chapter, held on Monday 10 March at the Consulate General of Ireland in New York, was met with much enthusiasm from members. This event marks an exciting milestone, and the Institute is confident that it will open up new opportunities for the growing network of Irish Chartered Accountants in the New York area. Conall McGonagle FCA will lead this newly established chapter, working closely with Gillian Duffy, District and Global Member Manager. Following this, President Barry Doyle, Deputy President Pamela McCreedy, and District and Global Member Manager Gillian Duffy continued their US outreach engaging with members across the region. There are over 800 Chartered members living and working in the US, many of whom are based in New York and Washington, DC. The team had the opportunity to engage with members and stakeholders at events including the IBEC St. Patricks Day Dinner; the NI Bureau Breakfast; the St. Patrick’s Luncheon at the British Embassy; the American Chamber of Commerce Ireland's Business Breakfast, and the Ireland Funds Gala, attended by senior leaders from both Ireland and Northern Ireland. This outreach is vital to supporting our members overseas and in strengthening our enduring business ties with the USA, ensuring the continued stability and growth of our international relationships. Members who would like to know more about the New York Chapter – or any other overseas member chapter – can contact Gillian Duffy directly.

On Monday evening 10 March, Institute President and Deputy President Barry Doyle and Pamela McCreedy started a series of US engagements on behalf of Chartered Accountants Ireland.  Approximately 150 Chartered members based in New York and the surrounding region assembled in the Consulate General of Ireland, New York, to attend the Institute’s panel discussion and member networking event on the current economic climate for FDI from the US into Ireland. The Institute’s newest overseas members chapter, for members in New York, was also launched by the President, accompanied by Minister Jennifer Carroll MacNeill. The weeks leading up to the event were characterised by geopolitical uncertainty, and given this context, the Institute was privileged to have such a well-placed panel of speakers at the event. Feargal O’Rourke FCA – Chair of IDA Ireland; Liz Munnelly FCA – CFO of Kerry North America; and John Feeney, Head of Corporate and Commercial Banking joined MC Caitríona Perry, chief presenter for BBC News in Washington, for an engaging and informative conversation at a time of increased focus on the long-established bilateral trade relationship between Ireland and the Unted States.   The event was opened by Gareth Hargadon, Deputy Consul General of Ireland in New York, and we want to thank Gareth and the team for their warm welcome again this year. Minister Carroll MacNeill spoke of the Institute’s status as an all-island body allowing Chartered Accountants Ireland members to access key business and economic positions as “trusted, ethical leaders” who occupy an important position in the island’s US-EU and US-UK relationships – allowing potential to influence and shape policy which cannot be underestimated. She noted the breadth of Irish businesses paving the way in the US across a variety of sectors, from Therapie Beauty Clinic to Kerry Group. President Barry Doyle spoke to members about the importance of Irish Chartered Accountants’ role in American organisations, steering businesses and strengthening relationships across the Atlantic. Barry’s key message was the vast potential offered by the global nature of the accounting qualification. New York resident and Chartered Accountants Ireland Council member Conall McGonagle – CFO and CAO of The Ireland Funds referenced the fact that New York is home to a complete cross section of members, and he and Barry Doyle launched the New York member chapter, providing members in the region key touchstones with the Institute and each other. The chapter – like the other 14 overseas member chapters around the world – will offer a central point of contact for members arriving in the city as well as those who already call it home. The panelists set the scene of the reality on the ground for businesses operating between the Irish and American markets, at a time of increased turbulence and uncertainty. The message was however positive, with Feargal O’Rourke noting Ireland’s all-time-high employment rate, something that is very appealing to US FDI investors. Echoing his sentiments at last November’s launch of a Chartered Accountants Ireland Guide to FDI in Ireland paper, he noted that Ireland maintains its position as a good place to invest for a wide variety of economic and social reasons. Continuing in this positive vein, Elizabeth Munnelly encouraged all businesses – regardless of their size – to explore the Irish market, citing Kerry as an example of a company that started out small and now employs 6,000 staff. John Feeney focused on domestic investment, reassuring potential investors to Ireland that there is funding available for infrastructure projects, emphasizing that Ireland must continue to create the right environment to attract investment. Members in the room were highly engaged and there were plenty of questions from the floor on everything from FDI to defense spending to tariffs.  During the week, the President and Deputy President also met with Mark Koziel – President and CEO of AICPA (Association of International Certified Professional Accountants) to congratulate him on his new role. The President also met with AICPA’s Susan Coffey as well as Lee White, CEO of IFAC, to ensure we strengthen the Mutual Recognition Agreement. During the meeting, they discussed IFAC’s key priorities, and ways in which IFAC plans to collaborate with other accountancy bodies to support the growth of the profession. Barry and Pamela, along with Global Member Manager Gillian Duffy, continue their outreach in Washington DC forging and strengthening relationships with stakeholders and members there. With over 750 members in the USA, the United States continues to be a draw to Irish Chartered Accountants at all stages of their career. The role members play in supporting both US and Irish businesses is critical to their success with senior business leaders such as Donald Gaynor, Elizabeth Munnelly and Alan Ennis making an impact on the US and Irish economies. Initiatives like the Morrison Visa – now in its 30th year – are just one avenue to help Irish people to access America and continue this tradition of success. Likewise, the ACA qualification is dubbed a “global passport” for good reason. Ireland remains uniquely placed to support growth, and with Irish Chartered Accountants held in such high esteem within business communities, they can provide trusted leadership in changing times. Members who wish to become involved with the New York member chapter – or any other member chapter – should contact Gillian Duffy. Photos from the event can be viewed here.

Today (26 February), the European Commission published its anticipated omnibus simplification package, which aims to reduce reporting burdens for companies, particularly SMEs. The package includes simplifications in sustainability reporting (CSRD), sustainability due diligence (CSDDD), and sustainable activity taxonomy (EU Taxonomy). The omnibus represents a dramatic change to several key pillars of the EU Green Deal, the key policy initiative in the path towards net zero by 2050. While we very much support simplification efforts to enhance the competitiveness of the EU’s single market, preserving regulatory certainty, clarity and stability for business is of utmost importance and is also key to remaining competitive.   As the largest professional body on the island of Ireland, representing over 39,000 members and educating over 6,600 students, the Institute has worked closely with members and member firms to equip them with the expertise and skills to prepare for and implement the CSRD both from a reporting and assurance perspective. Many of these have invested significant resources to upskill and meet existing requirements, and the changes proposed today may require several to pivot and understand new ones. Chartered Accountants Ireland is reviewing today’s omnibus simplification package with stakeholders to assess how we best continue to support businesses whatever size and whatever stage of the process they are at, to meet the standards, and how we train the accountants of the future to meet ESG-related legal requirements.  European Commission news release Commission simplifies rules on sustainability and EU investments

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.

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

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.”