Little in the way of immediate support for small and medium sized businesses to enable them to thrive Some individual taxpayers will see more in their pockets as a result of the planned reductions in national insurance contributions Plans to tackle the unfairness in the child benefit tax charge is a positive start; but removing the cap on Tax Free Childcare would have been welcomed by working families    Today’s (6 March) Spring Statement was a missed opportunity to provide businesses with tax incentives and supports which would allow them to grow and thrive, according to Chartered Accountants Ireland. The Institute, which represents almost 5,000 members in Northern Ireland, more than two thirds of whom work in business, made these remarks as Chancellor Jeremy Hunt delivered his Spring Statement in Westminster earlier today. Commenting, Janette Burns, Chair of the Northern Ireland Tax Committee of Chartered Accountants Ireland said: “Despite the difficult fiscal backdrop, the Chancellor had an opportunity today to signal more support for businesses in Northern Ireland. "While the announcement that HMRC will establish an expert panel to ease the difficulties when claiming R&D tax reliefs is welcome and full expensing will extend to leased assets, we would have liked to have seen more targeted supports perhaps in the way of a VAT cut for the hospitality sector for example. "For businesses in Northern Ireland, while we recognise the new Executive has a long list of pressing issues, we recommend, at a minimum, an open dialogue begins on the possibility of the region using its powers to reduce the rate of corporation tax.”  “Like the Autumn Statement, today’s Spring Budget was made with a general election looming. A reduction in national insurance from 10% to 8% means the average worker will be better off but by less than £10 per week. A more positive move might have been to unfreeze the income tax thresholds to stop more workers being dragged into higher tax brackets.” Raising the threshold at which the High-Income Child Benefit Charge is applied to £60,000 from April as well as a plan to move to a household-based system by April 2026 were cautiously welcomed by the Institute. However, it was disappointing not to see the removal of the cap on Tax Free Childcare. Commenting, Paul Millar, Chair of Chartered Accountant Ireland’s Ulster Society: “Recent studies by the Institute show that a staggering 75 percent of surveyed members cite cost as the primary barrier to accessing suitable childcare. While the extensions to the high-income child benefit charge are a positive signal of the government’s commitment to improving the childcare system, removing the cap on Tax Free Childcare would have had a more extensive impact. "Currently, tax relief is only granted at 20% on childcare costs of up to £10,000 per child per year.  Given that on average parents pay between £1,000 and £2,000 per month per child for care, abolishing the cap would instantly put more money back into the pockets of parents and increase the attractiveness of remaining in the workplace.”  

In this month’s public policy update, our policy team outlines its ongoing lobbying efforts on the issue of childcare, its representations to Government on how a change in process is impacting Critical Skills Employment Permit holders and the Institute’s recent submission to the Department of Social Protection on pensions auto enrolment. Advocating for improved childcare in the Republic of Ireland and Northern Ireland Following the publication of our recent policy paper Supporting Working Parents – The case for better childcare policy in the Republic of Ireland and Northern Ireland, efforts have been ongoing to engage with policymakers across the island of Ireland on this important issue. Last week, our public policy team met with officials from the Department of Children, Equality, Disability, Integration and Youth to discuss our members feedback on the issue and in particular to emphasise the need to improve capacity across the sector. Meetings have also been held with opposition parties on the issue including Sinn Fein so as to ensure our members voice is heard across the political spectrum. Following the restoration of the Northern Ireland Assembly, meetings have also been held with legislators from all political parties as work toward developing a new childcare strategy for the region advances. As part of these discussions, our policy team have emphasised the cost pressures our Northern Ireland members are facing with respect to obtaining adequate childcare and in particular the need to abolish the £10,000 cap on tax-free childcare. Our policy team will continue to advocate on the issue of childcare throughout the year and welcome members feedback on the issue which can be sent to publicpolicy@charteredaccountants.ie. Changes with Critical Skills Employment Permit / Stamp 4 process causing issues for member firms Following recent changes announced by the Department of Enterprise, Trade and Employment (DETE) on November 15 2023, holders of Critical Skills Employment Permits (CSEP) must now apply directly to the Department of Justice or their local immigration office (if living outside Dublin) for a Stamp 4 permission to continue to reside and work in Ireland following the expiration of their CSEP. To obtain a Stamp 4 on or after the 30 November 2023, CSEP holders must complete a minimum of 21-months' work following the issuance of a Stamp 1. In effect, this means that the eligibility to meet the 21-month test does not start from the day the worker started to work physically in Ireland (which was the case under the previous system); instead, the clock starts from the date the Stamp 1 is issued (which could be several weeks later). These changes have had an enormous impact on CSEP holders and their employers, who in many cases bear the financial cost of the visa application process on behalf of their employees. Specifically, given that the 21-month period required to apply for a Stamp 4 is now only deemed to have commenced after the CSEP holder obtains a Stamp 1, many CSEP holders are finding that their 2-year CSEP expires before they have met the 21-month period needed to obtain a Stamp 4. This is the result of extensive processing times, with some employees reporting up to 18 weeks wait for Stamp 1 applications, particularly in regional areas. Such employees cannot possibly meet the 21-month period before their CSEP expires, as they are not able to obtain their Stamp 1 within the parameters of their CSEP. As a result,  many member firms have reported the need to apply for a ‘bridging’ CSEP to cover these employees until they can meet the necessary 21-month residency period, which in turn has created additional financial and administration costs.   Our policy team have written to officials in both the Department of Justice and DETE to highlight this issue and to request a meeting to discuss how the new system may be adjusted to reduce the financial and administrative burden it has placed on our members. Representations to Government on Pensions Auto Enrolment The Institute’s policy team have also recently written to the Department of Social Protection on the need to allow businesses adequate time to plan for the introduction of pensions auto-enrolment. While the Institute has long been clear in our support for the introduction of auto-enrolment as a mechanism for increasing private pension coverage in the State, payroll services providers tell us that a lead-in time of at least 18 months would be required to properly adapt to this significant change. In order for auto enrolment to be a success, we are calling on the Government to adopt the recommendation of the Joint Committee on Social Protection (in its pre-legislative scrutiny report) that there be a two-year lead-in period, following the relevant legislation being signed into law, that allows businesses time to adequately prepare for the implementation of auto enrolment. In addition to the above, the policy team re-emphasised the Institute’s position that any new scheme of auto-enrolment should facilitate the existing and well established model of tax relief at both standard and marginal rates for pension contributions, rather than introduce a new scheme of tax relief, as proposed.

In Irish news, Revenue commences local property tax and vacant home tax compliance projects and we bring you an update from the recent meeting of the Tax Administration Liaison Committee (TALC) Direct & Capital Taxes Sub-Committee. In UK news, read about the key issues and themes discussed at last week’s HMRC Stakeholder Conference and the latest Finance Bill has received Royal Assent.  In International news, the latest OECD Secretary-General Tax Report is published ahead of the first meeting of the G20 under the Brazilian Presidency.  Ireland  1.   Revenue outlined local property tax and vacant home tax compliance projects it has commenced at the recent meeting of the TALC Collections Sub-Committee.  2.   Read our update from the recent meeting of the TALC Direct & Capital Taxes Sub-Committee.  UK  3.   Read about the key issues and themes discussed at last week’s HMRC Stakeholder Conference. 4.   The Autumn Finance Bill has received Royal Assent.  International 5.   OECD publishes tax report ahead of first meeting of Brazilian G20 presidency.  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. You can also read this week’s EU exit corner here. 

  Speaking with many Qualified members in the last month I have noted a common theme that is one of sudden confusion. Many recent qualifiers find themselves in the position where they have just burned the books, finishing their contract and are immediately available to start a new job. You are trying to decide between going to Australia for a year, staying with your training practice for another six months or trying to find a job out in the wider world of FS and the industry. It's a lot to take in. It's a lot to try and figure out very quickly! Sometimes you can feel overwhelmed and feel like you have to make all these big decisions very quickly.  That's certainly not the case in the current market which is very buoyant you are in the driving seat as a newly qualified or a recent qual' and you also hold the top business qualification in the country so don't feel rushed. Don’t feel paralyzed by the expanse of choice and multiple decisions to consider.  As a tip, sometimes a ‘short term contract’ can be a clever option to allow you to tread water while you figure yourself out. Many newly qualified ACA’s don't know what they're supposed to do next! You always knew you had to go to college and then going into accountancy was probably the obvious next step but now as your contract ends you find yourself in unchartered territory with far broader options and a whole new landscape. All I can say is that you are at the start of a whole new exciting career-build with Irelands top professional brand in your back pocket. For me, the journey starts with ‘self analysis’. You need to sit down, brainstorm, mind map and SWOT analyze yourself. Get a few mentors to help you understand what you're good at and what you enjoy with regards to work and career and then you can assess your next steps based on those elements. I would advise setting up a spreadsheet as a hub to record all of your research, all of your market mapping and all of your target employer details and treat it as an exciting project. When it comes to building a career, nobody has a crystal ball. Your job is a big slice of the ‘pie chart of life’ and you do have to take a leap of faith with any new job decision. However just be brave. It’s a long journey to retirement at 65! This is only your first baby step into a professional career and you are allowed a misstep. You should be mindful that you're building a path, however, and that each decision to start a new contract or permanent job is a paragraph on your CV leading to the ultimate vision for your career. So, do have some sort of a five year plan in mind, a 10 year plan even! You may have to pivot and alter course along the way as life dictates but that's part of the fun. If I've learned anything as an ACA recruiter in the last 15 years it's that employers hire ‘the person’, ‘the energy’, ‘the individual’, ‘the communicator’, ‘the leader’, not just the accountant, so make sure you are developing your life skills, your communication skills, your leadership skills, and growing as a person as much as anything else.  Enjoy the journey and as always get in touch with your Careers Team and / or your Thrive team as needed in 2024. Dave Riordan (ACA) - Recruitment Specialist & Career Coach | Careers Team – Chartered Accountants Ireland dave.riordan@charteredaccountants.ie 

The Regulatory fee invoices for 2024 are available online at the Myaccount portal of the website.  Remittance should be made by 31 March 2024. If you require a copy invoice to be emailed, please email Sandra Smiley, quoting your individual/firm ID.  Need assistance? Please email Sandra Smiley with your name and member/firm ID along with the query or changes required. We will issue a revised invoice if this is appropriate.

Balancing the recent news that the UK tipped into recession at the end of 2023 with calls from politicians in his own party to reduce the tax burden in what is most likely an election year, Jeremy Hunt delivered the UK’s Spring Budget 2024 today. According to the Chancellor, the main announcements centred around “more investment, more jobs, and lower taxes”.   The VAT registration threshold will increase to £90,000 from April 2024, the first increase since 2017.  Full expensing which provides 100 percent tax relief for investments in new plant and machinery by companies will be extended to leased assets, when affordable. And the higher 28 percent rate of Capital Gains Tax on residential property disposals will be reduced to 24 percent from 6 April 2024. According to the Chancellor’s speech, the Northern Ireland Executive will receive an additional £100 million under the Barnett Consequential (which compensates devolved administrations with funding where Budget measures do not apply UK-wide) and from April 2025 both the regime for non-UK domiciled individuals and furnished holiday lets will be abolished with a new residence-based regime to be introduced for non-UK domiciles. However, the big ticket announcement was the 2 percent reductions in the rates of National Insurance Contributions for employees and the self-employed, both of which will take effect from 6 April 2024. Members will also be interested to hear that HMRC’s long planned consultation on “Raising standards in the tax advice market” has been launched and essentially examines options to strengthen the tax agent regulatory framework in the tax advice market, and on requiring tax advisers to register with HMRC if they wish to interact with HMRC on a client’s behalf. The Institute will be responding to this consultation and engaging with members on this important issue. The analysis in this and subsequent stories is based on the Spring Budget 2024 publications of HMRC and HM Treasury and specifically the main red book publication. Monday’s edition of Chartered Accountants Tax News will feature the tax announcements in more detail. The Spring Finance Bill 2024 is expected to be published next week, in the meantime supporting documents are available, as is the Spring Budget 2024 overview of the tax legislation and rates. You can also read the Institute’s reaction to today’s Budget.

Further reductions in National Insurance Contributions (“NICs”) for employees and the self-employed and a reduction in the higher rate of Capital Gains Tax (“CGT”) for residential properties disposals featured under the personal taxes banner. Amendments will also be made to the high income child benefit charge thresholds ahead of more sweeping changes in 2026. The remittance basis regime for non-UK domiciled individuals is to be abolished and replaced with a new residence based regime from 6 April 2025 and a new residence based regime will also be introduced for Inheritance Tax. And finally, the furnished holiday letting regime is to be completely abolished from 6 April 2025. NICs reductions From 6 April 2024, the main rate of employee NICs is being reduced from 10 percent to 8 percent from 6 April 2024. Combined with the 2 percent reduction from 12 percent to 10 percent which was announced at Autumn Statement 2023 and took effect from 6 January 2024, according to the Budget publication this will save the average worker on £35,400 over £900 a year. From the same date, a 2 percent reduction is also being made in the main rate of Class 4 self-employed NICs which will now reduce from 9 percent to 6 percent from 6 April 2024 (a 1 percent reduction from 9 percent to 8 percent from 6 April 2024 had previously been announced at Autumn Statement 2023). When taken together with the abolition of the requirement to pay Class 2 NICs from 6 April 2024, this should save the average self-employed individual on £28,000 around £650 a year. CGT on residential property disposals From 6 April 2024, the higher rate of CGT for residential property gains will be reduced from 28 percent to 24 percent. Resident property gains in the basic rate band will continue to be taxed at 18 percent. High income child benefit charge (“HICBC”) In order to end the unfairness for single earner families in the Child Benefit system, the Chancellor announced that from April 2026 the HICBC will move to be assessed on the overall household, rather than on an individual basis. The Government will consult on this in due course. In the meantime, from April 2024 the HICBC income threshold where the tax commences will be increased to adjusted net income of £60,000, and the rate at which the HICBC is charged will be halved so that Child Benefit is not withdrawn in full until individuals earn £80,000. This essentially means that from 6 April 2024, every £100 of income over £60,000 will result in a 0.5 percent tax charge on the child benefit received. Abolition of remittance basis for non-UK domiciled individuals The remittance basis for non-UK domiciled individuals is to be abolished from 6 April 2025 and replaced with a UK wide residence-based regime. Individuals who opt into the new regime will not pay UK tax on any foreign income and gains arising in their first four years of tax residence, provided they have been non-UK tax resident for the last 10 years. Transitional arrangements will be introduced for existing non-UK domiciled individuals claiming the remittance basis as follows:- There will be an option to rebase the value of CGT assets to 5 April 2019; A temporary 50 percent exemption for the taxation of foreign income will be available in 2025/26 only; and A two-year temporary repatriation facility will be available to bring previously accrued foreign income and gains into the UK at a 12 percent tax rate of tax. Inheritance tax (“IHT”) The Government also announced its intention to move to a residence-based regime for IHT and will consult in due course on the best way to achieve this, including consulting on a 10-year exemption period for new arrivals and a 10-year ‘tail-provision’ for those who leave the UK and become non-resident. However, no changes to IHT will take effect before 6 April 2025.  

The first increase in seven years to the VAT registration threshold, further enhancements to the various creative sector reliefs and the inclusion of leased assets in the full expensing regime (when fiscal conditions allow) were the key business taxes announcements. As previously announced, HMRC has also published updated guidance around the tax deductibility of training costs for sole traders and the self-employed. This guidance aims to ensure that updating existing skills, maintaining pace with technological advancements, or changes in industry practices, are allowable costs when calculating taxable profits. HMRC are also to establish an expert panel to assist in the administration of R&D tax reliefs. VAT thresholds From 1 April 2024, the current £85,000 VAT registration threshold will increase to £90,000, the first increase since April 2017. The Chancellor’s aim here is to ensure that the UK continues to have one of the highest thresholds in the OECD. According to the main budget publication, over 28,000 businesses will benefit in 2024/25 from no longer being VAT registered. The de-registration threshold will also increase from £83,000 to £88,000 from 1 April 2024. Full expensing to be extended to leased assets Full expensing for companies was made permanent in the Autumn Statement 2023. These capital allowances are currently only available to companies incurring expenditure on new plant and machinery (with some exclusions). The Chancellor announced today that full expensing will be extended to leasing when fiscal conditions allow. Draft legislation on this extension will be published shortly. Creative sector tax reliefs A UK independent film tax credit will be introduced at a rate of 53 percent on qualifying film production expenditure. This enhanced audio-visual expenditure credit will be available for films with budgets under £15 million that meet the requirements of a new British Film Institute test. Productions will be able to make claims from 1 April 2025, in respect of expenditure incurred from 1 April 2024 onwards provided that films started principal photography from 1 April 2024. Following a call for evidence at Autumn Statement 2023, the credit rate for visual effects costs in film and high-end TV will be increased to 39 percent from April 2025, and the 80 percent cap will be removed for qualifying expenditure for visual effects costs. The government will also consult on the types of expenditure that will be in scope for the additional tax relief which will be implemented via a future Finance Bill. And finally, from 1 April 2025, the rates of theatre tax relief, orchestra tax relief, and museums and galleries exhibitions tax relief (“MGETR) will be permanently set at 40 percent (for non-touring productions) and 45 percent for touring productions and all orchestra productions. The sunset clause for MGETR is also being removed meaning relief will not end on 31 March 2026 as announced at Spring Budget 2023.    

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: would you move abroad? Sean Landers  Associate KPMG I think it puts me in the minority, but moving abroad is not something I am yearning for now.  I appreciate the stability and routine I have at the moment in my training contract with KPMG and Chartered Accountants Ireland, as well as outside of work.  As a first-year associate, moving abroad wouldn’t make the most sense for me professionally, unless the opportunity was too good to turn down. It is quite probable that I will go abroad after my training contract is complete.  I’ve always had it in the back of my mind that I would love to work in the US for a period.  However, I think the best times for me to do this would be once I am fully qualified.  As for how long I would stay abroad, I really don’t know! While the experience would be great, I will always be drawn back home. Colm O’Keefe Associate PwC I would move abroad as I would love to see more of the world!  Travelling is one of the best experiences in life, and I would take any opportunity to try something new while I am young.  I would love to go to Australia to spend time with family there and to experience a different lifestyle.  I would also like to experience living in a different European country for a period and improve my language skills while enjoying a different culture. Shane Connolly  Associate Deloitte While travel is a very attractive idea to many, personally, I would choose to remain in Ireland. I fully believe in prioritising family time and having family involved in your life as much as possible.  I find the advice, guidance, and counsel that only family can give is very important, along with all the crucial memories to be made!  From a career perspective, I believe the opportunities available in the Irish market for accountants have never been greater, which should result in attractive positions becoming available as my career progresses.  Even locally in Cork, the opportunities available from practice to industry to academia are encouraging. As a University College Cork alumnus, one of my ambitions is to work in academia. Having started building my network from my internship days, I fully intend on leveraging this throughout my future career here in Ireland!

Navigating post-contract options can be overwhelming. Bernie Duffy helps Chartered Accountants explore diverse paths within the finance sector, offering insights on market segments, role titles and staying in or moving from practice For many people, coming out of contract can be daunting, with most unsure of their potential options.  The specialisation for your career should depend on your interests and, ultimately, your long-term goals. Step 1: The market Before we start thinking about the types of roles you might want to take, you first need to step back and look at the wider context of the market.  At Barden, we use what we call “The Three Pillar Model” to simplify the market.  The market can be broken down into practice (accounting firms) and non-practice. If you enjoy practice, there are a lot of options to build a great career.  Non-practice can be broken down into two separate pillars: financial services (any company with a financial product or service) and industry (companies with a non-financial product, so everything from retail to manufacturing and tech). It's easier to move within a pillar than between them, and as you gain more post-qualified experience (with a salary reflective of that specialism), that difficulty increases. Step 2: Understanding role titles The second you start to read job specs and consider different roles, you will notice that companies call similar roles by different names.  Broadly speaking, qualified accountants moving to non-practice will see three different types of roles: financial accountant, financial analyst, and internal audit.  About 75 percent of people from practice will start in some form of financial accounting. Financial accounting is the historical side of accounting; accounting for things that have already happened – looking at month-end and year-end reporting.  These roles will vary depending on the company's organisational structure, usually with roles in larger companies being more set and defined and smaller companies having broader and more undefined roles.  Financial accounting can be a great first move to learn the foundations of the finance function, and can mean pivoting easily into any of the other roles later.  Approximately 10 percent of people will make a first move into a financial analyst position.  Financial analysis is the forward-looking side of accounting, which will include activities such as budgeting, forecasting and variance analysis, usually with the goal of becoming a finance business partner.  The final 15 percent is split between internal audit (around 7.5 percent) and other areas such as tax accounting, corporate finance, and system and project accounting.  Internal audit can be a great way to pivot audit experience into industry but is very different to external audit.  Internal audit roles vary from company to company. They can be operational or finance-focused and, in many cases, used as a stepping stone to a more commercial role in the company. Step 3: Staying in or moving from practice The practice pillar is also still an option and worth considering.  Staying in practice or within audit are good options if you are enjoying it or want to develop your skill set further.  A lot of people who have been trained in audit don’t consider other options within practice. Some of these may be worth considering, particularly if you are trying to pivot your career and skillset in a different way.  Other departments include corporate finance, advisory or consulting, management consulting or financial accounting advisory services, data analytics, or environment, social or governance, to name a few.  You should think of the career path you want to follow from the department you are considering and ensure it aligns with your long-term goals and will be of benefit to you spending time there. At the end of the day, it is all trial and error, and some moves will require stepping stones, so don’t worry if your next role isn’t your forever role.  Focus on taking steps in the right direction and getting as much learning and development as possible. Bernie Duffy ACA is a Senior Associate with Barden’s Accounting, Finance and Tax Talent Advisory & Recruitment Practice, and she supports Recently Qualified Accountants. Contact Bernie at bernie.duffy@barden.ie or via LinkedIn  

Success often hinges on more than just textbook knowledge in the high-stakes realm of exams. Unexpected challenges can throw even the most prepared individuals off balance. Edel Walsh delves into effective strategies for handling the unexpected and maintaining composure under pressure Exam success has a lot to do with how you deal with an unexpected curve ball a paper can throw at you. For example, there could be a question you don’t know how to answer or something you didn’t review during your study sessions. Your own internal thoughts or curve balls might also show up on the day of the exam. People often worry about forgetting everything they’ve learned, their stress levels affecting their focus, or if they studied enough. Here are some tips for dealing with the unexpected during an exam.  Expect the unexpected No matter how well-prepared you feel, there can always be something that will catch you off guard during an exam. This is to be expected given the type of exams you are sitting.   Once you have accepted that something unexpected will come up, it won’t feel so overwhelming when it happens.  Breathwork No matter what happens in the exam, you are always in control of your own breath. Use it to regulate and re-focus.  Stress can have a physiological effect on your body. One such side effect is your breathing getting shallower.  When your breathing becomes shallow and quick, there is not enough oxygen getting into your bloodstream, and so not enough oxygen reaching your brain.  This can impact cognitive ability, which can have a knock-on effect on overall exam performance.  If this happens, give yourself a few moments to recognise what is going on. Then, place your hand on your belly and take some deep abdominal breaths.  A breathing technique when in a sticky situation is the 7/11 breath. Breathe in for seven seconds and out for 11 seconds. Repeat this a few times.  Another effective breathing technique is the square breath: breathe in for four seconds, hold your breath for four seconds, breathe out for four seconds and hold your breath for a final four seconds.  Even when feeling confident, I always recommend students take a breath before tackling any question or requirement. This will help you get clarity of thought before continuing.  A word of warning, though: try not to wait until the exam day to start practicing your breathing.  While it will help you even without any practice, it is much more effective with practice.  Incorporate breathwork into your study routine.  Answering unexpected questions When faced with an unexpected question in the exam, it can be easy to misread it, overlook an important piece of information, or misinterpret it entirely.  Use the following five-step approach to keep yourself on track. Breathe: Use a breathing technique to help clear your mind and self-regulate. Read: Take your time reading the question or case. The faster you read, the fewer words your eye will focus on. If you feel like you don’t understand what you are reading, slow down and try again.  Key words: Highlight key words, like “analyse”, “assess”, and “describe”, and answer the question accordingly. Also look out for "and" as that indicates there is a second part to the question that needs to be answered. Ask: Ask yourself: “am I answering what the examiner is looking for, or am I answering a question the way I’d like to answer it?”  Plan: Before you start writing, take a few moments to plan out your answer to make sure you haven’t missed any important elements and that you understand what the examiner is asking. Focus on your circle of control When you are feeling pressure in an exam, it is useful to focus on what is within your control.  Start with the questions that give you the most confidence. If possible, keep the difficult questions until the end, ensuring you have left enough time to answer them. Remember: slow down, take a breath, regulate yourself and then you can tackle whatever comes your way.  Edel Walsh is a student and exam coach. For more information, check out www.edelwalsh.ie

In the pursuit of sustainability, businesses must navigate the intersection of profit and societal well-being. Susan Rossney, Sustainability Officer at Chartered Accountants Ireland, unravels the profound impact Chartered Accountants wield in shaping a resilient future The word ‘sustainability’ means many things to many people, but there is a definition that the world agrees on. Set out in 1987 by the United Nations Brundtland Commission, sustainability is defined as “meeting the needs of the present without compromising the ability of future generations to meet their own needs.”  For businesses, this means generating a profit while not having a negative impact on society and the environment.  For me, it means the capacity to endure. There are many ways that Chartered Accountants contribute to the world at large, and achieving the UN Sustainable Development Goals is one of the more important tasks for the future. Sustainability vs ESG There is some confusion between 'sustainability' and 'environment, social and governance (ESG)' that needs to be understood before any work can be done.  Sustainability is a principle;  ESG is a framework.  While sustainability is broad, ESG is more like a lens which allows investors to examine a business in terms of how the environment, society and governance will impact that business.  It also allows other stakeholders – like customers, for example – to examine a business’s impact on the environment and society and its governance.  UN Sustainable Development Goals  The Sustainable Development Goals started as eight goals by the United Nations for the world to achieve at the turn of the 21st century, called the Millennium Development Goals (MDGs). All UN member states committed to help achieve them by 2015.  The MDGs focused on poverty, hunger, education, gender equality, child mortality, maternal health, diseases, environmental sustainability, and global partnership for development. In 2015, these goals were succeeded by the Sustainable Development Goals (SDGs), which are the goals that drive international sustainability policy today.  The SDGs are 17 Goals that form the framework and are the blueprint to achieve a better and more sustainable future for all by 2030.  The 17 Goals are all interconnected, meaning that one goal can’t be achieved at the expense of another.  For example, economic growth can’t be achieved at the expense of clean water and sanitation. Who are the UN SDGs for? The UN SGDs are for governments, businesses and even individuals.  Ireland's progress against each SGD is measured using a set of United Nation and European Union agreed targets and indicators.  Businesses track their progress against the SGDs and report on them in their annual reports and/or in their sustainability reports.  Many professional associations, including Chartered Accountants Ireland, have embedded sustainability in their strategies.  UN SDGs and Chartered Accountants  The role of Chartered Accountants is changing, and accountants are now ideally placed to help companies achieve their own sustainable goals.  Chartered Accountants act in the public interest and are committed to protecting long-term value for organisations and society. This contributes to the sustainable advancement of today’s global society.  As Sustainability Consultant and CEO, Karen Sugrue Hennessy has commented, finance stands as a pivotal enabler in the acceleration of climate action and CFOs are stepping into a critical leadership role to achieve both corporate and national climate commitments.  And they are well-placed to do so: accountants work in practices and businesses of all sizes, and in a wide variety of roles throughout the public, private and not-for-profit sectors. Many take an active role in sustainability reporting, but even more are business owners, financial service providers and entrepreneurs. All are trusted advisors, who recognise risks and opportunities and act on them. Chartered Accountants have a crucial role to play in helping businesses become more sustainable, not only by helping them develop processes that tackle sustainability issues, but also by driving a change in mindset and culture through an organisation.  Good data collection, for example, is fundamental to achieving the UN SDGs, and accountants are central to the design of data collection protocols, and their use throughout organisations.  Chartered Accountants’ training equips them with the skills, professional scepticism and a rigor in critical decision making. As trusted advisors, they have the potential to influence and encourage businesses to make sustainability-led choices. They can advise on procurement policies and procedures that focus on sustainability as much as cost control.   Chartered sustainability Sustainability is the guiding principle of Strategy24, the vision for Chartered Accountants Ireland as a growing, evolving, modern organisation.  Our vision is to create a sustainable business model, supporting our members and profession in creating a sustainable society in this time of global uncertainty.  Our core values are underpinned by the principle ‘For Tomorrow, For Good’.  You can find out more in our Sustainability Centre.