Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is launching on 4 December at Chartered Accountants House, Dublin. Members are invited to attend the book launch, at which Kingsley will give a mini masterclass on the essentials of networking, a flavour of which he provides below. In a world that is constantly changing and facing unpredictable challenges – such as financial crises, pandemics, and geopolitical conflicts – resilience is essential for both individuals and organisations. One of the most important assets in navigating these turbulent times is a strong and diverse personal network. Networking is a critical human skill that can help us survive disruptions, adapt to new circumstances, and thrive in an ever-evolving environment. Dealing with disruption Modern times are marked by unexpected events, often referred to as ‘black swan’ events, which are rare, unpredictable, and have far-reaching consequences. Examples include the COVID-19 pandemic, the invasion of Ukraine, and conflict in the Middle East. In the face of such shocks, personal networks are more important than ever. As companies adjust their workforces and individuals reconsider their careers, networks become essential for finding new opportunities. Today, job positions are often temporary, but networks provide enduring value. Whether times are good or bad, strong networks are critical for personal and professional success. The myth of individualism Success is often portrayed as the result of individual qualities such as talent, education, perseverance, courage, luck, and effort. However, relationships and connections with others are equally important. The myth of the self-made individual overlooks the fact that opportunities are attached to people, and creativity flourishes when talented individuals collaborate. While individuals can make a difference, they rarely achieve lasting success alone; strong networks are vital for both survival and achievement. As careers progress, it becomes clear that opportunities arise through people, and collaboration fosters innovation. Everyone we meet connects us to new possibilities and perspectives. Your next job: the changing nature of careers The traditional model of lifelong employment has changed dramatically. Job security is now rare, and the old social contract of loyalty in exchange for security no longer exists. Companies today have shorter lifespans, and people often outlive the organisations they work for. The step-by-step career ladder has been replaced by a more dynamic and flexible ‘jungle gym’ approach, where frequent moves and varied experiences are valued. Most new jobs are found through personal contacts rather than advertisements, and the most desirable positions are often never advertised. Research has shown that ‘weak connections’ or casual acquaintances at the edges of our networks, are especially powerful in uncovering new opportunities. The many benefits of networking Networking offers numerous advantages, including business development, customer acquisition, investment opportunities, supplier relationships, staff retention, and loyalty building. Beyond professional benefits, strong and diverse networks also contribute to longer life, better mental and physical health, greater earnings, and overall happiness. Networking helps combat loneliness and social isolation, which are known to harm health. The Harvard Longitudinal Study has found that our relationships are more important to health and well-being than our genes or lifestyle choices. A sense of belonging and purpose is fundamental to human needs, as recognised by psychologist Abraham Maslow. Strong networks enhance resilience and help individuals recover from adversity, highlighting the importance of authentic social connections in both work and society. Hire and wire: networking in the workplace Companies seek employees with strong and diverse networks, recognising that human capital includes not just knowledge but also connections. When hiring, they consider not only qualifications and experience but also the breadth and quality of candidates' networks. Success increasingly depends on who knows you, rather than just what you know. Many firms, such as McKinsey, have developed robust alumni networks, fostering ongoing engagement and business referrals. These networks also encourage the return of ‘boomerang employees’. who bring valuable experience and connections when they rejoin an organisation. Diversity vs. homophily People tend to form connections with others who share similar backgrounds, values, and interests – a phenomenon known as ‘homophily’. While this is natural, it can limit the diversity of our networks and our exposure to new ideas. Organisations that reflect societal diversity tend to perform better, and individuals benefit from seeking out different perspectives and experiences. Embracing diversity in our networks helps prevent predictable, homogenous thinking and opens us up to new opportunities and insights. Leveraging the intelligence of your network Each person's network is a unique and valuable resource that can transform both individual careers and organisations. Networks provide access to informal information – such as advice, insights, and tips – that is not readily available through formal channels. By engaging with our networks, we can gather critical intelligence, make better decisions, and gain a competitive edge. Many leading, global companies recognise the value of network strength, encouraging employees to build connections and leverage network intelligence. Trust is essential for employees to use their networks for the benefit of the organisation, and a strong network culture fosters both individual and collective growth. Referrals and testimonials One of the most significant advantages of networking is the potential for referrals and recommendations from satisfied contacts. Keeping in touch with past clients and colleagues can lead to new business and opportunities. Although some people hesitate to ask for referrals, it is an essential part of effective networking. Referrals are cost-effective, quick, and often lead to strong, mutually beneficial relationships. Portability of your network Your network is a personal asset that remains with you throughout your career. When you leave a company, your network goes with you, providing ongoing value and support for your career development. Investing in your network is an investment in your own future. Overcoming ‘stranger danger’ Many people feel apprehensive about approaching strangers, a feeling often instilled from childhood. However, most of our important relationships began with someone who was once a stranger. Networking helps us overcome this fear and recognise the potential for transformative opportunities that can arise from a single introduction or conversation. As our careers progress, it becomes increasingly important to expand our circles and stay aware of the achievements and movements of others. The ‘Network Gap’ LinkedIn has identified a ‘network gap’, where some individuals have a significant advantage in accessing opportunities based on their connections. Factors such as upbringing, education, and work history can provide up to a 12-fold advantage in opportunity access. Research shows that 70% of professionals are hired by companies where they already have a connection. Addressing the network gap is essential to ensure equal access to opportunities for people with similar talent and skills, regardless of their background. Digital opportunities Digital technology has revolutionised networking, making it easier and more affordable to connect with anyone, anywhere. Geographic location is now less important than what you do, and digital platforms enable rapid, direct communication. These changes, including the integration of artificial intelligence, have fundamentally transformed how we build and maintain networks. The ripple effect Networking creates a ripple effect, where your reputation and influence extend far beyond your immediate contacts. Your actions and interactions can impact people you have never met, and acts of kindness and generosity can inspire positive cycles within your network and beyond. Practising random acts of kindness can strengthen connections and foster a culture of generosity. Conclusion As you advance in your career, the importance of networks and relationships increases. The skills that helped you secure your initial position become less central, while the relationships you build become the key to ongoing success and growth.

The Law Society of Ireland has announced that its new online portal for Reporting Accountants to upload an annual or closing reporting accountant’s report for a Solicitor client on to the Law Society’s system is at an advanced stage and is nearly ready to launch.  Readers can learn more on this new portal on the Law Society’s news page, Chartered Accountants Ireland understands that the Law Society will begin to directly contact all Reporting Accountants over the coming days with details on how they can register for this new Portal. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.  

On 11 November, the Ulster Society hosted the second in a series of financial wellbeing webinars in partnership with Legacy Wealth Management, aimed at helping members to boost both their advisory capabilities and their own personal financial wellbeing. This session offers a practical refresher on Inheritance Tax (IHT), covering current thresholds, exemptions, and reliefs. It explores how lifetime gifts and various trusts can help mitigate IHT liabilities, while highlighting common pitfalls and the importance of regularly reviewing wills and estate plans to stay aligned with changing tax rules and personal circumstances. A recording of this webinar is available to view, for free and on demand, HERE A pdf copy of the slides used in this presentation is available HERE

In Irish news, Revenue has issued updated guidance on the Key Employee Engagement Programme (KEEP) and the Fiscal Monitor for October 2025 has been released. In UK news today, HMRC launches its refreshed mobile app as part of last week’s Talk Money Week and we bring the usual miscellaneous updates, as well as our regular cross-border developments and trading corner. In International news this week, the EU heads of tax administration reaffirm their commitment to cooperation between Member States. Ireland 1. Revenue has recently published updated guidance on the Key Employee Engagement Programme (KEEP) clarifying the limits applicable to a qualifying share option.  2. The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for October 2025 which confirms an Exchequer deficit of €0.9 billion to the end of October. UK 3. HMRC has introduced an updated mobile app which taxpayers are being encouraged to use to access information on tax, National Insurance, and state pensions. 4. Read about recent cross-border developments and other miscellaneous updates. International 5. The annual summit of EU Tax Administrations was held last week and attended by representatives from EU member states. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount.

The Financial Reporting Council (FRC) has issued International Standard on Sustainability Assurance (UK) 5000, “General Requirements for Sustainability Assurance Engagements”, which provides UK companies, investors and assurance providers with a consistent, internationally aligned assurance standards for voluntary use in sustainability assurance engagements. ISSA (UK) 5000 is a UK version of the global benchmark standard for sustainability assurance, developed by the International Auditing and Assurance Standards Board (IAASB). Its introduction for use in the UK demonstrates the FRC’s continued support for globally aligned assurance standards that underpin quality assurance engagements. The Standard provides comprehensive requirements for conducting sustainability assurance engagements, applicable to both limited and reasonable assurance, and is designed to be profession-agnostic. The UK Standard is intended for voluntary use by UK assurance providers and aligns with the international standard.

Revenue has updated guidance on Relevant Contracts Tax for Principal Contractors to include links to related resources to assist in the determination of the employment status of subcontractors.

Revenue has updated guidance on PAYE settlement agreements  to include a new section  relating to the repayment of overpaid income tax, PRSI and USC in respect of prior years. Where the taxpayer (in this case, the employer) has overpaid an amount of tax under the settlement agreement a claim for repayment can be made subject to the four-year time limit. Revenue intends contacting taxpayers who entered into settlement agreements for the tax years, 2021, 2022, 2023 and 2024. Employers seeking a refund must review the correspondence received from Revenue, write to the appropriate Revenue division in line with the instructions included in the correspondence and include all requested documentation. Each refund claim will be assessed individually based on its specific facts and circumstances and if a refund is approved, Revenue confirms in the guidance that interest of 0.011 percent per day will be paid from the date the tax was originally paid until the refund is issued under Section 865A(1) TCA 1997. The example in the guidance has also been updated to reflect PRSI rates applicable from 1 October 2025.

Revenue has updated its guidance on income tax relief for health insurance covering medical and /or dental benefits to outline an administrative practice that will take effect from 1 January 2026.  From this date, Revenue will accept that the standard rate of tax, currently 20 percent, will apply to all health insurance policies providing medical cover. This rate will be applied to the lesser of the premium paid or the applicable cap. Prior to 1 January 2026, where a health insurance policy covers both eligible and ineligible benefits for income tax relief purposes under section 469 TCA 1999, a blended rate of tax relief is applied. The pre-1 January 2026 position will continue to apply to health insurance policies providing dental cover. The guide provides examples of the pre and post 1 January 2026 position in section two. From an administrative perspective, the guidance has been renamed and details relating to the tax treatment of premium refunds made due to Covid-19 has been removed as it is no longer relevant. Revenue contact details in respect of claims by authorised insurers has also been updated in the guidance.

In this week’s cross-border trading corner, we bring you the latest guidance updates and publications. The most recent Trader Support Service bulletin is also available, as is the latest Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: CDS Declaration Completion Instructions for Imports Fulfilment House Due Diligence Scheme registered businesses list External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service Check if a business holds Authorised Economic Operator status Additional Information (AI) Statement Codes for Data Element 2/2 of the Customs Declaration Service (CDS) Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020 Check if you can claim a waiver for goods brought into Northern Ireland HMRC email updates, videos and webinars for VAT Designated land, sea and air ports for trading or moving CITES-listed endangered species

The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for October 2025 confirming an Exchequer deficit of €0.9 billion to the end of October. This compares to a surplus of €1.3 billion recorded for the same period last year and is impacted by receipts arising from the Court of Justice of the European Union (CJEU) ruling in the Apple State Aid case. When these receipts are excluded from total receipts in 2024 and 2025, an underlying deficit of €4.2 billion was recorded which represents a deterioration of €2.3 billion on the same period last year. Tax receipts collected to the end of October were €78.8 billion, which was €2.4 billion higher than the same period in 2024. Excluding the once off receipts from CJEU judgement in the Apple State Aid case, total receipts amounted to €77.0 billion, an increase of €3.8 billion on the corresponding period in 2024. Income tax receipts for the month of October were €2.9 billion which was a reduction of €0.2 billion on receipts collected in October 2024. On a year-to-date basis, receipts to the end of October of €28.7 billion were up by €1.1 billion, when compared to end of October 2024. Corporation tax receipts of €1.1 billion were collected in October, a decrease of €2.4 billion on the same month in 2024. On a cumulative basis, receipts of €21.1 billion were down by €0.3 billion on the same period last year. When the once-off CJEU receipts are excluded, cumulative corporation tax receipts to October 2025 amounted to €19.4 billion, up on the same period last year by €1.1 billion. October is not a VAT due month, with modest VAT receipts collected of €0.3 billion. Cumulative receipts of €19.1 billion were ahead by 4.3 percent on end of October last year. Commenting on the figures, Minister for Finance, Paschal Donohoe said: “Today’s figures are broadly consistent with the updated fiscal projections published as part of Budget 2026. Those projections, which I published on Budget Day, incorporated a substantial upward revision to revenues, mostly on corporation tax.”

In this week’s detailed miscellaneous updates which you can read more about below, we bring you updates on guidance for contractors and subcontractors within the Construction Industry Scheme, the updated VAT registrations manual, and HMRC’s agent escalation and resolutions service. HMRC email updates, videos and webinars for the Construction Industry Scheme HMRC has updated its guidance on paying tax and record keeping for the Construction Industry Scheme for contractors and subcontractors. You can subscribe to receive email updates, view webinars on various matters, and find information on fraud in the labour supply chain. HMRC updates its VAT registration manual HMRC has updated its guidance on VAT, including information on whether someone must register VAT, when they may register for VAT, and how to deal with changes to details held on the VAT register. HMRC agent escalation and resolution services HMRC has provided updated guidance on its agent services. You can read information on tracking the progress of a query and when you can expect a reply, how to use the HMRC service’s dashboard, the Agent Account Managers service, and other tools.

Finance Bill 2025 has completed its third stage through the Oireachtas with the Bill being reviewed section by section as part of the Committee Stage. The amendments arising from this review were published last week in the Finance Bill 2025 Committee Stage Amendments. The Institute, under the auspices of CCAB-I, have been actively engaging with the Department of Finance and Revenue on proposed changes and clarifications to the Finance Bill. The Committee Stage amendments provide the opportunity to address some of the concerns raised and provide additional details on proposed changes.