Ahead of next month’s general election, the main parties in the UK have now published their party manifestos. Links to each of these are set out below. We also take a closer look at the tax policies of the Conservative and Labour parties as the two parties likely to have the most seats in Westminster after the general election on 4 July.  Tax policies – the Conservative Party  The Conservatives have pledged the following:  There will be no increase in the 25 percent main rate of corporation tax;  The rate of employee National Insurance Contributions (“NICs”) will be reduced by a further 2 percent to 6 percent;  Class 4 NICs for the self-employed, currently 6 percent, will be abolished and there is a long-term plan to end NICs altogether;  Income Tax and VAT will not rise;   There will be no increase in the rate(s) of Capital Gains Tax (“CGT”);  The manifesto is silent on Inheritance Tax; and   Child benefit will be assessed at the household level with no high income child benefit charge for couples earning up to £120,000; this would be a doubling of the current £60,000 threshold.  Tax policies – the Labour Party  The Labour Party has pledged the following:  Corporation tax will be capped at the current main rate of 25 percent for the duration of parliament (five years);  There will be no increases in income tax, NICs and VAT. However, the same promise is not made for CGT and pensions tax relief;  There are a range of tax increases aimed at wealthier voters including the closure of what is referred to as “non-dom tax loopholes” and VAT will be applied to private school fees;  A business taxation roadmap will be published;   There are “plans to modernise HMRC and change the law to tackle tax avoidance. We will increase registration and reporting requirements, strengthen HMRC’s powers, invest in new technology and build capacity within HMRC. This, combined with a renewed focus on tax avoidance by large businesses and the wealthy, will begin to close the tax gap and ensure everyone pays their fair share”; and  There is a commitment to only one major fiscal event every year.  Party manifestos are available at the following links:  The Conservative and Unionist Party manifesto;  The Labour Party manifesto;  The Liberal Democrats manifesto; and,  The Green Party manifesto.  The Scottish National Party manifesto has not yet been published. 

Revenue has updated the Tax and Duty Manual which provides guidance on C&E TAN Reports available on ROS for C&E traders. The updated guidance now includes details for TAIN agent (Tax Agent) access in ROS to C&E reports for their clients. Further information in relation to postponed VAT reports where a declaration is invalidated has been included and clarification included where only one transaction and one payment is submitted in a month. 

Revenue has updated the Tax and Duty Manual which provides guidance on the taxation of crypto-asset transactions. The guidance now includes minor clarifications, including confirming that Central Bank Digital Currencies (CDCC) are to be treated as currency assets and not crypto assets for tax purposes. 

Revenue has updated the Tax and Duty Manual which provides registration and filing guidelines for DAC7. The guidance has been updated to reflect information required when registering as a Foreign Platform Operator (section 3).  

Revenue has updated the Tax and Duty Manual which provides guidance on the section 481 Film Corporation Tax Credit. The guidance has been updated to reflect the extension of the operation of the tax credit to 31 December 2028 and the increase in the expenditure cap to €125 million. It also reflects the closure of the Regional Film Development Uplift to new claims from 1 January 2024. 

Revenue has updated the Tax and Duty Manual which provides guidance on repayments and offsets of taxes and duties. The updated guidance now incorporates the contents of the previous Tax and Duty Manual which provided guidance on interest payable by Revenue. Section 2 of that guidance has also been updated to clarify who is entitled to a repayment of tax. 

Revenue has informed us that there are over 200,000 PAYE taxpayers with PAYE over/underpayments for the tax year 2020. In the coming weeks Revenue will write to them all to invite them to file a return for 2020. Taxpayers wishing to reclaim their overpayment of PAYE must file a tax return via the MyAccount facility. In the case of underpayments of PAYE, where no return is filed, Revenue intends to collect the underpayments via the PAYE system at a later date. 

Revenue has updated its website to include two instructional videos for agents. The first video outlines Revenue’s top tips for agents when they are using MyEnquiries. It has also provided an instructional video outlining how agents can change accounting periods for corporation tax on behalf of the taxpayer. 

Revenue has informed us that its Business Division is commencing a Level 1 bulk compliance project on two cohorts of taxpayer based on 2022 income tax returns. Letters will issue in the coming weeks asking taxpayers to review and amend their returns where appropriate. Revenue’s focus is on:  Taxpayers who may have claimed relief for AVC pension contributions twice (both via payroll and via their Form 11), and  Taxpayers where the turnover per the Form 11 exceeds the VAT registration threshold, but the taxpayer is not VAT registered.  

At a recent meeting of the Tax Administration Liaison Committee (TALC) Enhanced Reporting Requirements (ERR) sub-group, Revenue confirmed that the period of ‘service to support compliance’ is extended to the year end. While no penalties or audits will be imposed during 2024, from 1 July 2024 Revenue expects all employers providing reportable benefits to submit details on or before the provision of the benefit.   As of 31 May 2024 over 36,000 employers have made over 515,000 submissions totalling €566 million in respect of 522,000 employees. During this time, travel and subsistence payments were made to over 33,000 employees totalling more than €500 million.  Revenue is making contact with those employers from whom it would have expected to receive an ERR report but have not done so. Revenue’s Business Division will issue over 79,000 letters this week to remind employers of their ERR filing obligations.  Employers experiencing difficulties complying with ERR are encouraged to contact Revenue through MyEnquiries if they have any queries. Further support is available through the National Employer Helpline, which can be contacted on (01) 738 3638 between 09.30 and 13.30 Monday to Friday.  Feedback on issues or problems you experience with the new ERR reporting regime can be emailed to the Institute and we will continue to engage with Revenue through TALC. 

As businesses navigate technological disruptions, economic fluctuations and global crises, leaders must prioritise investing in resilience, writes Neil Hughes Resilience is defined as the ability to adapt to change positively, recover from difficulties and persist in facing challenges. The pace of change in business today is relentless, and for business leaders, resilience is a more crucial attribute than ever. Organisations need leaders capable of staying focused, being consistent and remaining inclusive under pressure. Building a resilient workforce can help organisations to navigate change more effectively, sustaining competitive advantage, growth and long-term success. Best practice suggests several key areas of focus for leaders and organisations to consider. Prioritising wellbeing and mental health According to a 2023 survey by the Chartered Institute of Personnel and Development, 76 percent of UK employees reported that mental health support at work directly contributes to their overall job satisfaction. Mental health is foundational to resilience. Business leaders should strive to create a supportive environment that prioritises mental health through comprehensive wellness programmes. This includes providing access to mental health professionals and resilience tools to support employees in managing stress and adapting to change. Encouraging open conversations about mental health can foster a culture where employees feel safe and supported. Fostering a resilient and inclusive team culture Resilience should be embedded within the organisational culture. Leaders must foster a workplace culture that encourages collaboration, open communication and psychological safety, where small wins are recognised, feedback is encouraged and acted on and failures are seen as learning opportunities rather than setbacks. Creating an inclusive culture where diverse perspectives are valued can enhance problem-solving and innovation. Regular team-building activities, training focused on resilience, and creating a safe space for employees to voice their concerns can significantly boost team morale and cohesion. Investing in continuous learning and development Continuous learning is critical to building a resilient workforce. By investing in ongoing training and development programmes, leaders can equip employees with the skills needed to adapt to new challenges. Offering opportunities for professional growth helps employees stay current and confident in their roles. Encouraging a growth mindset, where challenges are seen as opportunities for learning, can foster resilience and innovation. Role modelling resilience and self-care To lead effectively, business leaders need to invest in their own wellbeing and resilience. Resilient leaders are those who continuously learn, adapt, and maintain their physical and mental health. This involves regular training, seeking coaching or mentorship, and embracing a growth mindset. Leaders who prioritise self-care practices such as regular exercise, adequate sleep, and mindfulness activities can manage stress more effectively, maintaining mental agility. . Leaders play a critical role in modelling resilience and those leaders who prioritise resilience not only enhance their capacity to grow and move forward in the face of adversity but also inspire their teams to do the same. Whilst building resilience involves effort, commitment and time, it can be the protective layer required to equip leaders, their teams and organisations to face the challenges of the ever-changing landscape of work. Neil Hughes is a Director in People and Change Consulting at Grant Thornton Northern Ireland

Sandra Healy explains the importance of a strong organisational culture and how it can lead to satisfied and long-term employees Organisational culture is the personality of the organisation, shaping how employees interact with each other, management and customers. A strong organisational culture can have a significant impact on employee retention because it creates a sense of belonging and purpose. When employees feel that they are part of a community that shares their values and goals, they are more likely to stay with the company for the long term.  A positive organisational culture can also lead to greater employee engagement. When employees feel that their work is meaningful and that they are making a difference, they are more likely to be motivated and productive. This can lead to better business outcomes, such as increased revenue and customer satisfaction.  On the other hand, a negative organisational culture can have the opposite effect. If employees feel that they are not valued or that their contributions are not recognised, they may become disengaged and demotivated leading to high turnover rates.  Organisational culture can impact employee retention in other ways, as well. A strong culture of work-life balance can help employees feel that they are able to maintain a healthy balance between their personal and professional lives. Similarly, a culture of learning and development can help employees feel that they are growing and developing professionally.  Key components to a good organisational culture  A strong organisational culture is built on a foundation of shared values and beliefs that guide the behaviour of employees. These values and beliefs are communicated through various channels, such as company mission statements, vision statements, and core values. When employees understand and embrace these values, they are more likely to feel a sense of belonging and purpose within the organisation.  Another key component of a strong organisational culture is effective communication. Leaders who communicate regularly and transparently with their employees can help to build trust and foster a sense of community within the organisation. Employee recognition and appreciation are also important components of a strong organisational culture. When employees feel that their contributions are valued and recognised, they are more likely to feel motivated and engaged in their work. Finally, a strong organisational culture is one that promotes work-life balance and employee well-being. When employees feel that their personal needs and well-being are valued by the organisation, they are more likely to feel satisfied and committed to their work. Measuring organisational culture Measuring the current organisational culture can be done through various methods: Surveys can be distributed to employees to gather their opinions on the company's values, communication, leadership, and overall culture. Interviews with key personnel such as managers and executives can provide insight into the company's goals and how they align with the culture. Focus groups can also be conducted to gather opinions from a diverse group of employees. These methods can help identify areas where the company's culture is strong and where it needs improvement.  Another way to measure the organisational culture is to look at employee turnover rates. High turnover rates can indicate a negative or toxic culture, while low turnover rates can indicate a positive and supportive culture. Exit interviews can also provide valuable feedback on why employees are leaving and what can be improved to retain them.  Once the current organisational culture has been measured, the company can identify areas for improvement by analysing the data collected from surveys, interviews, focus groups, employee turnover and exit interviews, then create an action plan to address the areas that need improvement. Improving the organisational culture is an ongoing process. The company should regularly measure the culture and make adjustments as needed. This will help ensure that the culture remains strong and supportive, leading to greater employee engagement and retention.  Best practice One of the best practices for building a positive and inclusive organisational culture is to establish a clear set of values and principles that guide the organisation's actions and decisions and then communicated to all employees and integrated into all aspects of the company's operations. Organisations must also encourage open communication and collaboration among employees by engaging everyone in regular team-building activities, open-door policies, and opportunities for feedback and input. When employees feel that their voices are heard and their contributions are valued, they are more likely to feel invested in the success of the organisation and less likely to seek opportunities elsewhere.  Creating a supportive and inclusive work environment is also crucial for building a positive organisational culture. This means promoting diversity and inclusivity in all aspects of the workplace, from hiring practices to daily interactions among employees. Finally, it is important to create formal recognition programs, such as employee of the month awards or performance bonuses, as well as through informal gestures such as thank-you notes or public praise. When employees feel that their hard work and dedication are appreciated, they are more likely to feel motivated and committed to the organisation over the long term.  Sandra Healy is Founder of Inclusio