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Hybrid working is on the cards for most offices, but how can organisations successfully implement it? Moira Dunne has three top tips to help plan for the new way of working. Pandemic restrictions are easing, and businesses are preparing to return to the office. Many employees have enjoyed the flexibility of working from home, and a ‘hybrid’ working model will likely be the new way of working. Hybrid working is a mix between remote and office working. Ideally, the model provides the best of both worlds. If successful, employees and employers can benefit from the flexibility of working from home while also collaborating in the office. To make this happen, it is important to plan for the new way of working. Here are three tips for successful hybrid working. Reset This is a good time to reflect and reset. Due to the sudden onset of the pandemic in 2020, people adjusted quickly to homeworking. Hybrid working will continue to involve homeworking, albeit part-time. So, it is important to review the following: Do I need a better routine when working from home? Can I optimise my workstation and equipment? What distractions cause me to lose time and focus? This review can help people optimise their home working environment, boosting productivity and comfort while not in the office. Plan To get the most benefit from hybrid working, consider how to split work between home and office. Consider the time and location dependency of the work. Is there a requirement to support others at set times? Is there a need to access office-based files or systems? Which tasks are independent of time and location? Tasks that require a high level of focus are more suited to a quiet home environment. Time in the office enables group work, such as problem-solving, innovation or coaching. Each employee can plan the: time-dependent tasks that must be done during core hours; location-dependent tasks that require access to files or systems in the office; collaborative tasks that require interaction in the office; and solo tasks that can be done individually, independent of location or time. If a team gets together to plan their schedules, they can create a rota to cover all responsibilities. They can also optimise collaboration time in the office. Deliver Successful hybrid working happens when each person takes responsibility for delivering in their role. This can build trust and help remove the residual stigma about remote working. It helps shift assessment of performance away from presenteeism. Both employees and managers have a part to play in delivery. Productivity is improved when: employers provide clarity about what needs to be delivered. This helps people work independently at home; employees seek clarity if they are not clear about expectations. They report on progress and discuss any issues that arise; and there is open communication. This is beneficial in any working environment, but it is particularly important in a hybrid working model. Hybrid working offers benefits for both the business and employees. There is a collective responsibility for making it work, but it may take time for the new model to settle. It is new territory, so it is best to take an iterative approach. Encourage people to adopt a continuous improvement mindset. By trying the model, reviewing, modifying, and improving it, you will have a successful hybrid working situation. Moira Dunne is the Founder of BeProductive.ie. You can find more tips about successful hybrid working in her webinar.

A responsive ransomware incident plan is critical for organisations. Carol Murphy and Ross Spelman outline what the plan should include and how to respond in the case of an attack. Every organisation should have a ransomware incident response plan in place, and this should be regularly tested, reviewed, and updated. This plan should include roles and responsibilities for all stakeholders, including IT, legal, compliance, human resources, operations, communications, and end-users. The response effort should focus on key functional areas, including IT, information security, legal, and communications. The teams looking after these areas should share information in a central location and establish clear communication channels with regularly scheduled incident update sessions. IT Ransomware is a technology problem and, once detected, the first step is to disconnect any infected or suspected systems from the network and shut down non-infected systems to protect them from infection. Once that is complete, available backups should be identified and evaluated. It is critically important that backups pre-date the attack. If a system cannot be cleaned and brought back to a secure, operational state, the system must be rebuilt or restored. The restoration process should follow a clear, prioritised sequence based on business criticality and risk exposure. For example, critical production servers or systems providing email/collaboration services may come first, followed by business-critical workstations supporting payroll and other critical areas of the business. Depending on the priority, general user workstations may come last. Information security The information security team should attempt to identify the type of ransomware that has infected the system and, if possible, pinpoint the criminals responsible for it and then determine if a decryption key or remediation software is publicly available. A forensic investigation should be undertaken to determine whether any data was stolen, how the network was accessed, the particular systems accessed, and what activities took place on them. Devices and equipment which appear to be non-infected should be examined for evidence of hacker activity as a matter of routine. Once the investigation is complete, the team should work with IT to fix the vulnerabilities used by the criminals to access the network. It is not good enough to fix the root cause(s) or vulnerabilities exploited by the attacker: the organisation should strengthen multiple layers of security controls and improve/adopt a defence-in-depth approach to security. Legal and communications Depending on the criticality of the incident, company officers and employees may need to be notified immediately. Business partners and key external parties should also be informed at the earliest possible juncture and kept informed as the investigation progresses. The legal and communication teams should prepare a statement to inform the broader public of the incident. They should also work with IT and Information Security to develop and implement temporary workarounds for impacted critical functions, including email, payroll, and customer portals. The team should also prepare for regulatory or compliance reporting requirements such as those covered by GDPR. No ransom We do not think you should pay ransom demands for a variety of reasons. Paying ransoms will only fund continued criminal activity. Payment could also expose companies to legal risk with no guarantee that the criminals will make good on their promise to supply a decryption key or other means of recovering data. Indeed, companies that pay ransoms may find themselves vulnerable to re-infection by the same criminals or their associates. No organisation can afford to be without a cyberattack or ransomware response plan. The plan should be subject to periodic review and set out the role of all appropriate sections of the organisation in the response and recovery process. Particular emphasis should be placed on the investigation phase as this will assist in the prevention of future attacks. When an organisation recovers from a ransomware incident, it should emerge much stronger. Carol Murphy is Consulting Partner and Head of Risk Transformation at EY. Ross Spelman is Cybersecurity Director and Lead at EY.

Over the last number of years, ESG has become increasingly important to investors. By dedicating time and resources to ESG now, companies can reap greater rewards in the future. Edel O’Reilly explains. In my organisation, I act as a conduit between many publicly listed companies and the global investor community, and I have witnessed first-hand how important the issue of environmental, social, and governance (ESG) criteria has become to that community in recent years. Increased regulation, societal demand, underlying customer demand and perhaps, most importantly, improved investment outcomes are the key issues that have fuelled this change, and global investors and lenders now see the adoption of ESG practices as a crucial driver of value creation. This has been reflected in an acceleration in engagement levels between companies and their investors on the key issues.  What are investors looking for? So, what do investors care about and what are they looking for? I regularly organise corporate governance and ESG roadshows, and investors are intensely focused on corporate governance as a key indicator of evaluation. Why? Because good governance underpins strong business performance without excessive risk-taking. Investors focus their attention on board members, the processes in place to support adequate oversight, and board accountability. Board chair and members For allocators of capital, it is critical that the board chairperson is independent, while a diversity of skills and additional board experience are important criteria for board members. And, as the world becomes ever more digital, investors like to see board members who have cybersecurity and IT skills. Processes and oversight When it comes to governance architecture, best practice dictates that there should be three board committees: A nominations committee to ensure board balance; An audit committee to oversee the financial reporting aspects; and A remuneration committee with responsibility for proper alignment with executive pay. Investors want to see balanced compensation packages for management teams that reward performance but that are also related to long-term goals. Investors assess potential long-term value by judging the quality of policies and processes in place and the board’s diligence and care in overseeing their implementation. Accountability Critically, good governance can’t stand still and, as a company grows, it should have governance in place for each stage of its maturity. There must be continual reviews of whether the board structure and policies in place are fit for purpose at every stage of development and growth phase of the company. A formal external evaluation process and response plans to any gaps identified are important steps and initiatives that investors like to see.  Companies that demonstrate a strong commitment to ESG best practices will benefit from greater access to debt and equity capital at competitive costs. Any company seeking a loan or equity investment will potentially be screened through an ESG lens, which will determine access to – and the cost of – such capital. So, the drive for good corporate governance has never been more important.  Investors are rewarding companies that can prove they are legitimately committing resources to sustainable goals – good governance is an essential part of this journey.  Edel O’Reilly is Head of Investor Relations at Goodbody and a member of the Chartered Accountants Ireland Sustainability Expert Working Group.

  The first Chartered Accountants Ireland Sustainability Conference took place this week (16 June). Partnering with sponsors Goodbody, the conference sought to answer the question ‘What does Sustainability Mean for Accountants?’ Attendees heard keynote addresses from Ireland’s Minister for the Environment, Climate and Communications and Minister for Transport Eamon Ryan; and Minister for Infrastructure in Northern Ireland, Nichola Mallon, who both outlined their respective government policies for the development of climate action plans. The conference had three sessions on Environment, Social and Governance or ‘ESG’. After a welcome by Susan Rossney, the Institute’s Sustainability Expert, Chief Executive Barry Dempsey described the many challenges for businesses coming out of the pandemic, with sustainability being firmly in the mix. More and more pressure is now coming to bear on businesses to measure and report on their environmental impact and accountants, from their vantage point, are well-placed to advise on how to address these challenges.  Barry stated that Chartered Accountants Ireland is committed to becoming the first carbon-neutral professional accountancy organisation in Ireland and is currently measuring its carbon footprint and aggressively reducing its carbon emissions to achieve that goal.     The first panel of the conference on Environment was moderated by Dr Cara Augustenborg, environmental scientist and presenter of the ‘Down To Earth' show and podcast on Newstalk FM.  John Barcroft, Director, The Environmental Edge, discussed how to measure greenhouse gas emissions and pointed to the increasing pressure from a whole range of stakeholders to do so to deliver a low-carbon economy. He also pointed to the importance of understanding which among the Scope 1, 2, and 3 categories are material to a company and advised people to focus on these. Only 3 or 4 of these categories could account for over 90 percent of your emissions. Rebecca Greene, Director and Energy and Sustainability Tax Leader with PwC Ireland, described how tax is now an instrument that can create socio-economic cohesion, environmental value creation and long-term prosperity. Rebecca described how at an investor- and company-level we are moving towards a situation where ESG issues are considered to have a substantial impact on long term shareholder value. The second session was on ‘Social’, the ‘S’ in ESG, and was a panel discussion on sustainability leadership, roles and skills for sustained success and future proofing your business or practice. The panel was moderated by Stephen Prendiville, EY Ireland’s Head of Sustainability. The speakers were Ken Bowles, CFO of Smurfit Kappa Group; Karin Lanigan, Head of Member Experience with Chartered Accountants Ireland; and Kevin MacAllister, Partner and Regional Market Leader, PWC Northern Ireland. The panel discussed how people are now making career decisions associated with how they feel organisations reflect their values, how there has been a shift in what is important to stakeholders from employees to investors, and how this has impacted on the role of the CFO. As Ken Bowles stated “it is now not credible for a CFO to sit in front of an investor and not be able to talk about ESG”. Michael Costello, Managing Partner with BDO Dublin moderated the final session of the conference, which was on Governance. Chartered Accountants Ireland’s Head of Ethics and Governance Níall Fitzgerald discussed governance from board to operation level, advising boards to identify where a business can make most impact, whether on the environment, on society, and then focus on that, aligning the business purpose with that impact, and embedding it into business’s strategy. Head of Investor Relations in Goodbody, Edel O'Reilly looked at the growing demands from investors and the wider stakeholder community and talked through what investors look for on boards today. Although these demands vary depending on the company’s stage of development as a company grows and evolves, Edel pointed out that it is key to ensure that corporate governance is appropriate for each stage. Edel described ESG as being all about the people; investors like to see the sustainability agenda driven from the top of an organisation and embedded throughout organisation, and that companies should be proactive in seeking out what banks, shareholders, etc, want from them as a company. Final speaker Laura Heuston, Cofounder of SustainabilityWorks, discussed sustainability reporting and urged members not to start at the reporting end when it comes to sustainability, but to start their journey with the strategy and work from there. She highlighted the shift from "non-financial reporting" as a term to "ESG reporting", symbolising its centrality in financial reporting today. In closing the conference, Susan Rossney pointed to the free resources available on the Institute’s online sustainability hub, including the guide to Sustainability for Accountants, as a good place to start for members beginning a sustainability journey. Institute Paul Henry closed the conference, pointing to Institute’s ongoing commitment to providing support and resources for members in helping them achieve their sustainability goals. You can see a recording of the event here. You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our Sustainability Centre.   Read all our updates on our Public Policy web centre

  The Irish government has approved the Circular Economy Bill 2021 that will implement many of the actions in the Government’s Waste Action Plan for a Circular Economy; the International Monetary Fund (IMF) published its review of the Irish economy and was approving of the Government’s policy response to the COVID-19 pandemic; and Northern Ireland’s Department for the Economy published its ‘Trade and Investment for a 10X Economy’ as part of its 10X economic strategy. These stories and more are in our Public Policy Bulletin this week. New legislation to implement a Circular Economy Cabinet this week approved the general scheme of the Circular Economy Bill 2021. This Bill will implement many of the actions in the Government’s Waste Action Plan for a Circular Economy and the forthcoming Circular Economy Strategy, and will put that strategy on a statutory footing, ensuring that this issue remains a priority for future governments. “Circular economy” means an economy in which resources are kept in use for as long as possible, the maximum value is extracted from those resources while they are in use, and products and materials are recovered and regenerated at the end of life. The circular economy is at the heart of the European Union’s ‘European Green Deal’ strategy, with the EU launching its Second Circular Economy Action Plan in March 2020.  Ireland is currently finalising its first Whole-of-Government Circular Economy Strategy in order to ensure policy coherence across the public sector and to outline the Government’s overall approach to the circular economy for stakeholders and the public. The aim of the Circular Economy Bill 2021 is to address waste-segregation incentives and services for both households and the commercial sector, and the use of recyclable packaging and other items. Other measures in the Bill include addressing the delays in End-of-Waste and By-Products decisions, providing  for GDPR-compliant use of range of technologies for waste enforcement purposes, and introducing prohibitions on exploration for and extraction of fossil fuels like coal. The Bill also intends to re-designate the existing ‘Environment Fund’ as a ‘Circular Economy Fund’. Speaking about the Bill, Minister for the Environment, Climate and Communications and Minister for Transport, Eamon Ryan TD, described the Bill as “replacing our current, unsustainable ‘take, make, dispose’ model with a circular economy that also helps us meet our Climate ambitions”.   Ireland entered pandemic with reduced vulnerabilities and high growth, according to IMF report The International Monetary Fund (IMF) has this week published its annual review of the Irish economy: the ‘Article IV Report’. This report is the output of an annual analysis of Ireland’s economic and financial policies carried out by IMF economists. This regular analysis is a requirement for all members of the Fund. This year’s report notes that the Irish economy had been on a favourable path of high growth and declining vulnerabilities in the run-up to the pandemic and that the swift and comprehensive fiscal policy response has made good use of the policy space that had been built before the pandemic. Commenting on the publication, Minister for Finance, Paschal Donohoe TD, welcomed the findings and pointed to the Government’s intention to address what he described as the pandemic’s ‘highly asymmetric’ impact on Ireland’s economy and society: “The recent publication of Ireland’s Economic Recovery Plan sets out how we are addressing these issues and outlines how we will support the full resumption of economic activity and get people back to work.” According to the report, Ireland’s domestic sectors are expected to partially recover in 2021, with GDP growth projected at 4.6 percent. However, uncertainties surrounding new COVID variants, post-Brexit trade arrangements, and likely changes in international taxation point to risks Ireland’s economy.   Details of Statutory Sick Pay Scheme published Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD has announced further details of a new law to give all workers the right to paid sick leave following the Government’s approval of the drafting of the General Scheme of the Sick Leave Bill 2021 To help employers, particularly small businesses, to plan ahead and manage the additional cost, the scheme will be phased in over a four-year period, starting with three days per year in 2022,  five days in 2023 and seven days in 2024. Employers will eventually cover the cost of 10 sick days per year in 2025. The Tánaiste also published a Regulatory Impact Assessment (RIA) on the Sick Leave Bill today, a copy of which is available here  Following engagement with members via a survey, this Institute responded to the public consultation for Statutory Sick Pay which had been issued by the Department of Enterprise, Trade and Employment in 2020. Our response to the consultation can be found here.   ‘Trade and Investment for a 10X Economy’ publishes The Department for the Economy of Northern Ireland has published ‘Trade and Investment for a 10X Economy’, the latest in a suite of papers publishing under the umbrella of Northern Ireland’s 10X Economic Strategy. ‘10X Economy’ is the Department for the Economy’s economic vision for the coming decade. Described as “a transformational mind-set centred on what can be achieved with the right levels of ambition”, the concept embraces innovation to deliver a ten times better economy with benefits for all citizens. The Trade and Investment for a 10X Economy paper focusses on the strategic priorities and high-level ambitions that will shape Northern Ireland’s approach to trade and investment. Its intention is to provide “a clear direction of travel for investors, businesses and the public” as the government develops its approach in driving an inclusive, green growth agenda over the coming decade through trade and investment to help meet the vision of Northern Ireland as a 10X economy. More on the 10X Economy strategy for Northern Ireland can be found here.   You can find information, guidance and supports to help members understand sustainability and meet the challenges it presents in our Sustainability Centre.   Read all our updates on our Public Policy web centre

In Irish tax developments, Revenue updated the Tax and Duty Manual – Surcharge on undistributed income of service companies – following a decision by the Tax Appeals Commission on the activity carried on by management consultants. The corporation tax surcharge suspension ends on 30 June. On the UK front, read more about the relaunch of the Agent Dedicated Line from Monday 14 June and what members should expect when making calls. On the international tax front, G7 leaders endorse a global minimum tax rate of 15 percent and will seek consensus with the G20 and OECD in July.        Ireland Revenue’s view on the activity carried on by a “Management Consultant “is updated in the context of a surcharge on undistributed income of service companies; When the corporation tax surcharge suspension introduced in response to COVID-19 ends on 30 June, surcharges will apply by reference to the original filing date of the Form CT1; UK From Monday 14 June, calls to the Agent Dedicated Line should be answered by HMRC within 10 minutes – read our more detailed update on what to expect when making calls; Read the latest updates on the HMRC administered COVID-19 supports; International The G7 leaders endorsed a global minimum corporation tax rate of 15 percent and will seek to reach consensus with the G20 and OECD in July. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter.

Welcome to this week’s Technical Roundup.   In developments this week, The International Auditing and Assurance Standards Board has released two guides to help stakeholders implement its suite of quality management standards; The IFRS Foundation is inviting users of its website to comment on the kind of digital content it creates and Accountancy Europe have published SME risk management: sustainability which explains how and why SMEs need to put sustainability at the forefront. Read more on these and other developments that may be of interest to members below. Audit IAASB release guides on quality management The International Auditing and Assurance Standards Board (IAASB) has released two guides to help stakeholders implement its suite of quality management standards.  The guides will help stakeholders understand the standards and properly implement the requirements in the manner intended. Financial Reporting The IFRS Foundation is inviting users of its website to comment on the kind of digital content it creates. The European Financial Reporting Advisory Group (EFRAG), the European Federation of Financial Analysts Societies (EFFAS), the Association Belge des Analystes Financiers (ABAF/BVFA), and the International Accounting Standards Board (IASB) will host a joint webinar on 12 July 2021 on the proposals in the IASB’s Exposure Draft (ED) ‘Reg­u­la­tory Assets and Reg­u­la­tory Li­a­bil­i­ties’. The International Accounting Standards Board (IASB) will be holding a live webinar on the Discussion Paper Business Combinations under Common Control on 30 June 2021. Board Member Bruce Mackenzie and technical staff will discuss feedback received in the initial outreach activities, and address some of the frequently asked questions from stakeholders. Sustainability The 14th European Development Days (EDD), a leading global forum on international partnerships and cooperation, this week began to reflect on the road to the UN Biodiversity Conference (CBD) COP15 in Kunming in October and COP26 in Glasgow in November 2021. The European Financial Reporting Advisory Group (EFRAG) Secretariat seeks comments from stakeholders on its Public Consultation Paper: EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting. Comments are welcome by 15 September 2021. The proposal for a CSRD requires that EFRAG’s Technical Advice is prepared with ‘proper due process, public oversight and transparency, and with the expertise of relevant stakeholders, and it is accompanied by cost-benefit analyses that include analyses of the impacts of the Technical Advice on sustainability matters’, contributing to the delegated acts through which the ESRS will be adopted in the EU. Read more here. Small businesses are at the heart of our economies. Accountancy Europe have published SME risk management: sustainability which explains how and why SMEs need to put sustainability at the forefront. It outlines how accountants can help SMEs become more sustainable organisations so they can deal with these new realities. Other areas of interest The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Annual Report, which reviews its achievements in 2020 against its priorities and objectives in meeting its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union. Read more here. For further technical information and updates please visit the Technical Hub and the Covid-19 Hub on the Institute website.       

This week’s bulletin covers a round-up of the latest Brexit developments as well as details of the new trade agreement reached in principle between the UK and Australia. We also look at the additional charges facing online shoppers in Ireland from 1 July, enhancements to Revenue’s import declaration system as well as responses from HMRC in relation to VAT queries raised by members on trading with the EU. Brexit weekly round-up The European Commission today (17 June) received a request from the UK to extend to 30 September 2021 a grace period involving the movement of chilled meats from Great Britain to Northern Ireland.  The grace period is due to expire on 30 June 2021. The Commission said in a statement that it will assess this request.    In the context of the UK aligning itself with EU rules and standards on food production as a solution to reduce sanitary and phytosanitary checks required on goods entering Northern Ireland from Great Britain, Minister of State David Frost told the Northern Ireland Affairs Committee that this would cause problems for the UK in terms of agreeing future trade agreements. UK Prime Minister Boris Johnson Australia’s Prime Minister Scott Morrison announced a political agreement this week on the broad terms of a trade deal. The UK government has issued the text of the agreement in principle which says “Australia and the UK will commit to providing the most liberal possible treatment for goods of interest to both countries, while taking into account product sensitivities.” Figures from the Central Statistics Office (CS0) show that imports of goods into Ireland from Great Britain fell 20 percent year on year in April while goods exported to Britain from Ireland rose 42 percent. Imports of food and live animals were down while there were large increases in the export of chemicals, machinery and transport equipment. A preliminary agreement was reached this week by the European Council and Parliament on the EU’s €5 billion Brexit Fund. Ireland looks set to be in line to receive just over €1 billion from the special one-off emergency fund, which is the highest allocation. Funds are only allocated to those sectors directly affected by Brexit. Read the EU’s press release. Ireland Additional charges for online shoppers in Ireland from 1 July With the VAT exemption for imported goods with a value of €22 or less set to end from Thursday, 1 July 2021, Revenue issued a reminder to online shoppers about the new VAT rules coming into effect for goods arriving in Ireland from non-European Union countries. The notice to consumers identifies how the changes may bring additional charges when buying goods online, where the non-EU established supplier does not account for the Irish VAT on behalf of the customer through the new Import One Stop Shop (IOSS).  Read more. End of temporary ENS easement Revenue confirmed the temporary easement for lodging Safety and Security (ENS) declaration for Roll-On, Roll-Off (RoRo) goods movements between Ireland and Great Britain will end with effect from 5pm on Wednesday, 23 June. The ENS declaration provided challenges for some businesses concerned and so Revenue put a dedicated team in place to assistant and collaborate with the businesses concerned to address their difficulties in lodging ENS declarations, while also ensuring completion of necessary customs formalities. Revenue confirmed in a press release that “While this ENS related easement is coming to an end, Revenue remains fully committed to working with businesses to address any specific challenges they face and in the context of facilitating the efficient flow of legitimate trade.” Revenue officers are available at the main points of importation in Dublin Port, Rosslare Port and Dublin Airport. You can also contact the customs helpline on 01 7383685. Enhancements and fixes to AIS Revenue has set out in eCustoms notification 38/2021 a list of enhancements and bug fixes that were recently introduced to into its Automated Import System (AIS), the system used to lodge import customs declarations. Read the notification. Transport costs included in customs value Revenue has set out in eCustoms notification 39/2021 the circumstances transport costs incurred after arrival into the EU’s custom territory will not be included in the customs value if the cost is clearly distinguishable from the total charge.  Read the notification.   UK EU exit – HMRC responses to queries Last month, during a HMRC webinar hosted by the Ulster Society on VAT post EU exit, a query was raised the answer to which is provided below together with a further answer to a query recently raised by the Institute on behalf of members. Q: For goods moving EU – NI – GB – are Irish export and UK import documents required? A: The following below sets out when declarations are needed for goods moved EU-NI-GB. https://www.gov.uk/guidance/moving-qualifying-goods-from-northern-ireland-to-the-rest-of-the-uk Q: Where an ROI business (with no other connection to NI/UK) supplies services to a NI registered business based in NI, do they need to register for UK VAT as a Non-established-taxable-person which would be quite administratively burdensome? A: It’s the below in Section 8 VATA 1994 that decides this. The services are regarded as made by the recipient. That is why the recipient can be forced to register for these purchases. The overseas supplier will never be registerable, as a result of a) below. If the services were B2C, then the services would be supplied abroad, so no-one accounts for any VAT. Due the final line below, highlighted, the breadth of services whereby the supplies by overseas businesses is accountable by a UK established recipient, is very broad. In the case of those services, the recipient must be VAT registered as well as established in the UK. Legislation 8(1)  Where services are supplied by a person who belongs in a country other than the United Kingdom in circumstances in which this subsection applies, this Act has effect as if (instead of there being a supply of the services by that person)– there were a supply of the services by the recipient in the United Kingdom in the course or furtherance of a business carried on by the recipient, and that supply were a taxable supply. 8(2)  Subsection (1) above applies if– the recipient is a relevant business person who belongs in the United Kingdom, and the place of supply of the services is inside the United Kingdom, and, where the supply of the services is one to which any paragraph of Part 1 or 2 of Schedule 4A applies, the recipient is registered under this Act. In this scenario, the services received by the NI business must be added to its taxable turnover, which will be required to register for VAT if this results in the registration threshold being exceeded. Need help with customs or VAT? UK grant system closes for applications on 30 June 2021 HMRC has issued a reminder that smaller businesses can apply for grants of up to £2,000 to help them adapt to new VAT and customs rules when trading with the EU. The £20 million SME Brexit Support Fund is designed to enable traders to access practical support, including training for new customs, rules of origin and VAT processes. Small and medium sized businesses that trade solely with the EU – and are therefore new to importing and exporting processes – are encouraged to apply for the grants. To be eligible, businesses must import or export goods between GB and the EU or move goods between GB and Northern Ireland. The scheme will close on 30 June 2021 or earlier if all funding has been allocated. Later Trader Support Service Bulletin The 31st edition of the weekly Trader Support Service (TSS) bulletin contains information about the following: New mandatory ‘Importer EORI’ field within the TSS Portal when submitting declarations Details on how to prepare for full frontier declarations which can be declared using TSS Details on the Movement Assistance Scheme which provides advice to businesses in obtaining export health certificates Details on the Digital Assistance Scheme which streamlines the certification and verification processes required for moving goods from Great Britain to Northern Ireland A reminder that supplementary declarations are due by 28 June for goods moved between 1 March and 30 April 2021. Enhancements to the TSS including the ability to copy item information between consignments for repeat declarations as well as importing item data from another supplementary declaration HMRC webinars HMRC has sent an update with regards the support available to help traders moving goods between the UK and EU.  We have reproduced HMRC’s note below. “Dear customer, If you move goods between the UK and countries in the EU, you need to follow new customs and tax rules. Your business will be affected by the new rules if you: buy goods from an EU seller and bring them into the UK send goods you’ve sold to a buyer in an EU country haven’t exchanged money but need to move equipment that you use for your business, between the UK and the EU. We understand this means a lot of changes are needed and recognise that the trading environment is particularly challenging for many businesses at the moment. That is why HMRC is offering to help you in a number of different ways.  You can now apply for the SME Brexit Support Fund. Smaller businesses can get up to £2,000 to pay for practical support, including training or professional advice to adjust to new customs, rules of origin and VAT rules when trading with the EU. Applications must be received before 3‌‌0‌‌ Ju‌‌ne. You can attend our webinars to help adjust to the new rules and keep your business moving. We’re unable to answer questions specific to the items you import or export. Instead, you can use the helpline at the end of this email for these questions. Our webinars explain existing GOV‌‌‌‌‌‌.UK guidance and give you the opportunity to ask general questions. You’ll also be able to see responses to other peoples’ questions and the guidance we signpost to for extra help and support. Importing – steps you need to take before making your supplementary declaration: To support those who’ve delayed their customs import declarations, we explain the steps you need to take before you can make a supplementary declaration and how intermediaries can help you do this.  Please register to take part if you’ve imported goods since 1 January 2021 and not yet completed a customs declaration for them. If you’re planning to import and want to understand the full declarations process please register for Customs Import Declarations: an overview. Exporting: what you need to do to keep your goods moving: An overview of the actions you need to take now before you export goods from Great Britain to the EU and move goods between Great Britain and Northern Ireland. Key processes include – zero-rated VAT, customs declarations, using an intermediary as well as licences, certificates, and authorisations. Please register to take part if you’re planning to export. Trader responsibilities when using an intermediary: This webinar explains your responsibilities as a trader, if you choose to use an intermediary to complete import or export declarations for your business. These are complex and an intermediary can save you a lot of time. Please register to take part if you’re planning to import or export. Rules of Origin: Watch our recorded webinar if you buy goods from the EU, or send or sell goods to the EU for your business, this webinar will help you understand rules of origin and what’s required to meet the rules. The recorded webinar can be paused or rewound to allow you to work through the information at your own pace.  You can also: watch our videos on HMRC's YouTube channel to familiarise yourself with the new customs processes and what you need to do before you trade goods with the EU use the trader checklist to make sure you’re familiar with the new rules that affect you use our updated guides to understand the new customs and VAT requirements when moving goods between the UK and EU countries sign up to the Trader Support Service if your client’s business is moving goods between GB and Northern Ireland and use their suite of educational products – including online training modules and webinars for support with the Northern Ireland Protocol ask and get answers to specific questions about HMRC processes for importing or exporting, by visiting our customer forums watch webinars and videos from other government departments to support you.” ENDS

Sustainability - a journey for all of us Karin Lanigan Head of Member Experience, Chartered Accountants Ireland At today’s inaugural sustainability conference, speakers discussed topics as wide-ranging as tax and environmental, social and governance (ESG); greenhouse gas emissions; sustainability leadership and skills; boards and sustainability; sustainability reporting; and the investor perspective. Sustainability is a fast-evolving area, and the volume of material and information can seem daunting. It is now vital for accountants to be up to speed with developments. That was the purpose of today’s event. This conference – the first Chartered Accountants Ireland conference dedicated exclusively to sustainability – examined what this issue means for accountants.  The changing roles of Chartered Accountants According to Institute Sustainability Expert Susan Rossney, accountants are well-placed to take on the sustainability challenge within their organisations and for their clients: “Accountants have always been at the forefront of helping businesses deal with new challenges. The challenge to transform businesses to operate sustainably is no different. Chartered Accountants have the skills and expertise to make them ‘tailor-made’ to become sustainability experts and trusted advisors to their clients and partners. These skills include financial reporting, data analytics, project and change management, risk management and mitigation, strategy consulting, assurance, investing, and leadership.”   Existing established roles are evolving to incorporate sustainability. Organisations will always need Chief Financial Officers (CFO); in fact, the CFO’s role has been changing for some time, with broader scope and influence beyond the financial to that of strategic advisor. The sustainability challenge will reinforce this shift. However, we also see entirely new roles emerging that would not have existed 10 years ago, and that represent a strong fit for the skills and expertise of Chartered Accountants – for example, ‘Chief Sustainability Officer’, ‘ESG Finance Lead’ and ‘Chief Impact Officer’.  Knowledge of ESG is already becoming an element some roles, such as internal audit and financial services require. We may soon see a dedicated sustainability accountant role. And it is not just within the C-suite: there will be a demand and an expectation for these skills among accountants at every level. It is an excellent time for those who have reached a ‘natural gap’ in their careers to make sustainability part of their job. The importance of adaptability Chartered Star 2020/21 Aisling McCaffrey’s journey is an example of how sustainability can become embedded in a role. For Aisling, an Associate Director with Grant Thornton, sustainability was always of interest to her, but she wasn’t sure if she could combine it with her career. With the COVID-19 pandemic bringing an increased focus on ESG, McCaffrey has seen this as a growth area for career options for accountants: “Businesses are being forced to adapt and review their overall practice management [to include social and governance elements] and increased regulation is leading to conversations about ESG for people new to the concept. There is a definite buzz around it.” The ESG space also offers the chance to work with people: “Sustainability offers an opportunity for those who want to work, collaboratively and be flexible. This cross-service line approach is the way forward –a ‘full-package solution’ offering clients the highest value service possible”. Not only that, but the roles combining accounting and sustainability are not fully determined, so it is an exciting time, with opportunities to shape and define it within practice. “We are on the cusp, and it’s a great time to be looking at it. It’s definitely a growth area, for both strategy work and assurance”. And Chartered Accountants are ideally placed for that – they have the skillset, transferability of skills to move into that area and manage it like a project.  In the past six months, I have also seen a marked increase in demand from employers for Chartered Accountants with an interest or expertise in sustainability. They want people who are passionate and interested in business values, and who are committed to a career in the sector. We need to match this demand with supply.  How we can help you on your career journey Here, I want to delve into the practical steps members can take to respond to this challenge.  Learning There is an ever-increasing range of accountant-focused resources dedicated to sustainability available both in Ireland and internationally. For example:   The Institute has a “Sustainability Hub” with resources from articles, podcasts and webinars to a glossary explaining the acronyms and terms.  The Institute published a guide on Sustainability for Accountants. This guide for accountants describes what to do – and where to start – to operate sustainably, successfully and cost-effectively.  Accountancy Ireland, and its associated series of podcasts, as well as its Briefly enewsletter, regularly carry features where you can familiarise yourself with the language of the area.  Look up conferences related to sustainability and accounting. For example, Chartered Accountants Worldwide Network USA is running a virtual conference ‘The Sustainable Accountant’ (June 17), which aims to inform finance professionals about ESG challenges and opportunities for accountants.   Look around at companies that might be further ahead in their sustainability journey, and read about what are they doing. For example, check out the case study of Hotel Doolin in the Chartered Accountants Ireland Sustainability Hub, which has practical advice on small steps to take.  Hear others’ experience. You can find interviews with sustainability leaders in our Sustainability Hub, or in our YouTube Channel (for example, with Aisling McCaffrey).   Finally, check what competitor organisations in your sector are doing – what can you learn from them?  Experience Sustainability should not be confined to classroom learning alone. As it’s new, evolving and developing all of the time, Chartered Accountants should volunteer for opportunities to gain experience in this area outside of traditional learning environments. Examine your skills: what would transition well into these areas and enable you to take on a lead role that will facilitate the development of your skills, knowledge, and experience? For example, project management, risk management, data analysis, financial reporting and strategy consulting are all skills that complement ESG well. A lot of this is very new to most organisations and for many people they are learning on the job as they go. Seize opportunities to get involved in projects where you have the potential to learn and demonstrate your experience and interest in sustainability. Don’t be afraid to put your hand up and get involved.  Network Connect with other Chartered Accountants or professionals who are working in sustainability roles. For example, you could get involved with active groups on LinkedIn. You could also make use of opportunities to be mentored by a colleague or member of your network with expertise in this area.  A great group to check out is the Finance and Business 2030 (FinBiz 2030) network. FinBiz is a joint initiative between Chartered Accountants Worldwide and One Young World. The aim is to establish a wider active and engaged finance and business community globally that is dedicated to achieving the UN Sustainable Development Goals (SDGs) by 2030. The Irish Task Force is run by members Sinead Fox-Hamilton and Michael Walls and new recruits are actively welcomed to join.  Resources available to members The Sustainability hub contains a curated bank of resources, including: A glossary of terms, Institute responses to consultations, Archive of CPD webinars and events covering sustainability topics and themes, Best practice case studies, Thought leadership from key accounting firms, Global resources available, Financing guide (ROI):  incentives and funding available to organisation in the private, public and not-for-profit sectors for sustainability-related projects, Informative content such as articles, podcasts and webinars Sustainability for Accountants guide Accountancy Ireland Specialist qualifications: The Diploma in Excellence in Financial Reporting's first module addresses ESG reporting in the context of integrated reporting.

The Northern Ireland Protocol represents a major strategic advantage for businesses which locate in Northern Ireland, Chartered Accountants Ireland has said today. The accountancy body which represents almost 25,000 members across the island of Ireland, has highlighted the significant positive feedback it has received from businesses regarding the unique market access into both Great Britain and the EU that they enjoy.   The Institute has sounded a note of caution however, highlighting the focus to date in discourse around the Protocol on the consumption economy, at the risk of missing out on the significant production opportunities that it can afford Northern Ireland’s economy.   The comments come as Chartered Accountants Ireland launches a guide “Building on Opportunity – A Guide to Foreign Direct Investment in Northern Ireland” showcasing Northern Ireland as a world-class location in which to do business.  Commenting, Cróna Clohisey, Public Policy Lead with Chartered Accountants Ireland said “While the Protocol itself remains a topic of heated debate at political level, it is clear to us from our engagement with the business community, that many businesses are already reaping the benefits that Northern Ireland’s unique position affords them.  “Post-Brexit, trade in goods has continued largely as it did before the UK’s departure from the EU with no customs duties or customs paperwork on the sale of goods to both Great Britain and the EU (including Ireland) from Northern Ireland. This unique market access, in addition to a skilled workforce and business friendly environment makes Northern Ireland an attractive base for companies, particularly in the manufacturing and distribution sectors, that want to trade in both the UK and EU markets.” Foreign direct investment has remained strong, with 6,000 more companies now operating in Northern Ireland than in 2016. Northern Ireland is now home to more than 1,100 international companies, employing 100,000 people. Clohisey continued, “The discourse has to date been overshadowed by a focus on the consumption economy, on bringing goods into the country. I think there is a real danger that this persisting, negative focus on the Protocol could lead to the greatest risk of all – missing out on the significant production opportunities that it can afford Northern Ireland.   “Those already located in Northern Ireland know its advantages as a place to do business – location; educated workforce; a stable and competitive tax system. But it is critical to highlight its ability to innovate and change with the times. Far from the ship building days of the past, the country has established itself 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.   The Building on Opportunity guide can be downloaded here

Can you tell us a little about where you're from? My name is Kevin Nyhan. I'm originally from Bandon in West Cork but have lived and worked in Cork City for many years. I really enjoy living in Cork which has the spirit of a town and a really good atmosphere and strong business and community spirit. It has the benefits of city living yet I'm still only a short drive from West Cork and the scenery, beaches and food scene that Cork has to offer. Tell us why you choose to become a Chartered Accountant and how you got here? I've always had an aptitude for numbers and during secondary school I was always interested in business. I was attracted to a career in business and as I considered what to do after school, accountancy seemed to be a really good career that would give lots of opportunities.  I'm probably unusual for accountants of my age in that I chose not to go to college and instead went down the direct entry route. After my Leaving Certificate I started a training contract with Parfrey Murphy Chartered Accountants in Cork. I did a five year training contract and qualified at the end of 2006. I received really good training there and a grounding in all aspects of accounting, auditing and tax which still stands to me today. I stayed with Parfrey Murphy until 2010 when I left to do some travelling.  After returning home I knew that I wanted to gain experience working outside of practice. AIB were hiring accountants to work as part of the lending teams dealing with SME customers and I joined on a one year contract with the intention of gaining some experience and then moving on to try another sector. However 10 years later I'm still here! I have moved around and worked in a number of different roles and areas and have gained really good experience. I currently work in Credit Risk where my job is to assess and decision loan and funding applications for the Corporate & Institutional Banking division which includes large indigenous and multinational corporates as well as large property and real estate finance transactions. It's really interesting work and my accounting qualification has been key to helping me do my job. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The recognition and value placed on the Chartered Accountant qualification by businesses and non-accountants has been the key benefit to me personally. People may not be fully aware of what accountants always do but I feel there is a general recognition that accountants are well trained in their profession and bring key disciplines and experience that can be applied to any sector and beyond the core finance area. Chartered Accountants have always played a leading role in the economy and contribute back to society. Many members use their professional skills to support charities and clubs as officers, particularly in treasurer roles, and members do tremendous work which is often unnoticed and under the radar. I was previously a volunteer with CAVA (Chartered Accountants Voluntary Advice) an initiative of Chartered Accountants Ireland. CAVA works together with the Citizens Information Service (CIS) and Money Advice and Budgeting Service (MABS), to provide advice to local people who cannot afford the services of an accountant. It's a great service and a strong example of how we as a profession can use our skills to support society. You have just completed your year as chair of the Cork Society. I know it was totally unforeseen how this year would be, but can you tell us some of the highlights of the year for the society and the benefits for you personally. I've been a member of the Cork Society Committee for seven years and I've thoroughly enjoyed the experience. It has given me opportunities to build networks within the local business community and to develop personal skills, particularly public speaking and communication skills. It certainly has been an unusual year as chair and COVID has dominated everything during my term. However the society has evolved how we do things and serve our members by swiftly moving all our activities online. It hasn't always been easy and we haven't been able to put on our full complement of events but we were able to deliver a strong calendar of events. Highlights for me included hosting a really interesting discussion with Michael McGrath TD, Minister for Public Expenditure and Reform who is also a Chartered Accountant. Also, we have been able to work more closely with the other district societies than ever before. Organising joint events with them has been really good and something I hope can continue beyond COVID. Is there anything you would have done differently during your term as Chair? Given the circumstances that COVID has presented it was always going to be a challenging year, trying to adjust and still deliver a calendar of events. However I think as a committee and a district society, we managed to continue to serve our members. I'm really proud that we were able to do so despite the unprecedented challenges. Unfortunately we were unable to host some of our flagship in-person events including the annual Daffodil Day breakfast for the Irish Cancer Society and our Christmas Lunch. I remain hopeful that we will be able to run those events over the next year in some shape or form. And finally, Kevin, if you weren’t an accountant, what do you think you would you be/have been? Like every child I probably harboured dreams of a career as a professional athlete but my severe lack of skill and ability put an end to that! I've always been interested in politics and public affairs so I think if I hadn't become an accountant I may have worked in that area. On a completely different front, I have a real interest in food and particularly coffee so perhaps whenever I hang up the calculator I might finally fulfil the dream of opening a small coffee shop.

We caught up with Martin Devine, a member based in Perth, Western Australia, for a quick chat. Can you tell us a little about where you're from originally? I'm from just outside Ballymagorry in Tyrone, around 20 minutes from Derry and just across the border from Donegal. Why did you choose to become a Chartered Accountant and how did you got here? I became a CA to follow on from my degree in Accountancy. I always enjoyed working with numbers and it seemed like the next logical step. At that point I didn’t have a clear idea of where I'd like to end up career wise, but I thought the CA would help as a next step. I travelled to Australia with my girlfriend for a year in 2010 and we haven’t given up yet. I started off in a range of roles over eight years working with a private engineering company and in 2018 I moved on to Mader Group, an ASX listed heavy equipment maintenance company in the Group Financial Controller role. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? I think the thing I appreciate most is how difficult it was to attain membership. The hours of travel, classes, study, exams really galvanised students on the way through. The result is that now when I see Irish CA on a CV, it immediately stands out from the rest. I was told by my practice partner when leaving Ireland that the Irish qualification was very well thought of, but it wasn’t until I started hiring that I realised the consistent high standard of people who make it through the programme. You have just spent the last 15 months living with Covid in Perth, Australia. Tell us a bit what that was like for you professionally and personally Professionally it's been a challenge. Border restrictions internationally and interstate have restricted our people movement which has made it difficult to continue to grow. Quarantine costs from travel and staff retention during this period have seen a hit on margin but that’s recovering now and we’re seeing growth back on a steady path locally and internationally. Personally, it's been tricky at times. We’ve had a few short sharp lockdowns but comparatively we’ve been incredibly lucky to still move freely for most of that period. We’ve welcomed our second baby in the last three months so busy times at home! Where is the first place you will go when travel in and out of Australia re-opens? We’d love to go home and show off our new boy. He hasn’t met his grandparents yet so would be great to get home for a period. A beach holiday would be great, but I think restrictions of some sort will be here across Asia for a while. And finally, Martin, if you weren’t an accountant, what do you think you would you be/have been? I always fancied myself running a restaurant, not sure if it would be front of house or in the kitchen but that would be the idea I think. Set aside the lack of cooking skills and knowledge of food retail!