Ten years into a dynamic career at PwC, Maria Kinsella reflects on redefining success, embracing change and finding inspiration in mentors and family Ten years ago, where did you think you would be now?  I was in the second year of my graduate training contract at PwC. At that stage, I didn’t have any specific career goals, but I knew I wanted to: become a Chartered Accountant; travel; continue playing inter-county football while simultaneously progressing my career; and mix my skills as a Chartered Accountant with my love of Gaelic games by getting involved in running my local GAA club.  What has been the biggest challenge of your career? Everyone’s definition of ‘success’ is completely different. One of my biggest challenges was figuring out what ‘success’ looks like for me.  What might sound easy in theory, I found very challenging in reality. It took me a while to be comfortable and accept that my definition of ‘success’ may look very different to that of my friends.  I’ve learned that at different stages of my career, what represents success to me has changed and will constantly change, and that’s OK too!  Also, adjusting to life under COVID-19 restrictions and transitioning to working from home was very difficult. While the slower way of life was a novelty for a short while, I missed my hobbies and being able to see family and friends.  Four years on, I think we all are grateful that one benefit from COVID-19 is that hybrid working is now considered the norm.  What do you wish you had known earlier in life?  I recently celebrated my ten years of service with PwC, and it struck me how quickly the years have flown by.  The role of a Chartered Accountant is evolving. Thus, there is a need to develop and expand your skill set into areas like artificial intelligence, data analytics and environment, social and governance (ESG). The role of a Chartered Accountant is no longer confined to financial and management accounting, audit and tax. Where do you see yourself this time next year?  I am constantly challenged in my role as Senior Manager in Assurance at PwC; no two days are ever the same.  I hope to continue working with several great clients and helping them and their businesses navigate our ever-changing world. Who inspires you, personally and professionally?  I’ve been incredibly fortunate to have several mentors in PwC and the sporting world who have been instrumental in my development.  On a personal level, my mum has been and continues to be an incredible role model and inspires me greatly.  I would not be where I am today without the love and support of family and great advice from mentors. How has being a Chartered Accountant changed your life?  Growing up, I didn’t envisage becoming a Chartered Accountant. But I’m very grateful for how things have worked out.  Since gaining my qualification, so many opportunities have come my way.  For example, I completed a short-term secondment in New York City with PwC and got to use my qualifications as a member of the Gaelic Players Association Board of Directors and Audit and Risk Committee. In recent years, I have appreciated the stability and security being a Chartered Accountant brings to my life. Whether the economy is performing well or poorly, Chartered Accountants will be needed. If you weren't a Chartered Accountant, what do you think you'd be doing?  PE and Maths teacher or working in the sports industry. What advice do you have for those who will soon qualify as Chartered Accountants?  Define what ‘success’ is to you. Whether that is to travel, stay in practice, move to industry or perhaps enter academia, spend time thinking about what brings you joy and what you really want to do with your qualification – the opportunities are endless!   Also, when you get there, enjoy no longer having to balance working full-time and studying for exams! 

As the summer exams approach, students are gearing up for a critical phase in their academic journey. Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, sheds light on essential but overlooked resources that can significantly impact exam readiness It’s March, and we’re getting closer to summer exams.  In previous articles for The Bottom Line, we’ve talked about some key supports that are being made available online – sample papers, sample solutions and practice papers that are hosted on the online exam platform Cirrus. In the past, we’ve also talked about the importance of undertaking your mock examination (starting with CAP1 in April 2024) as an essential dry-run exercise for the main exams; this is as true as ever.  At this stage, students will know that all their education materials are hosted in the Learning Hub. However, at the start of each subject in the Learning Hub, there’s an introduction section with some often-overlooked articles and documents that can help students make the most of their study sessions.   Learning Journal Let’s start by looking at the Learning Journal.  In the introductory section, a consolidated Learning Journal lists the topics covered from start to finish across the subject.  The Learning Journey also contains a detailed breakdown of the key learning objectives for each session, links the lessons back to the Competency Statement and directs you to the relevant chapter in the textbook.  It also places each session in the wider context of the subject and often touches on the practical application of learning principles in the business world.  We recommend printing the Learning Journal and placing it at the front of your study notes folder.  Many students use the Learning Journal to track progress through the subject, log potential areas of weakness, and assess proficiency.   Don’t miss the ‘Lecturer’s Tip’ at the end of each journal, which often contains important information on how a question might be structured in the main exam.  Eight steps to online learning success Next up in our review of useful resources on the Learning Hub is an article called Eight Steps to Online Learning Success.   We think it’s so useful that we’ve included it at the start of every subject! Online learning has enormous benefits for professional-level students but demands particular focus and diligence, and can be quite different from what students are familiar with. With lots of practical advice, this brief article will set you up well for the weeks of revision that lie ahead.  Study plan While on the topic of revision, we’ve also given you a concise study plan tailored to each subject. Students should consider this essential reading.  The document will help you to create your own study programme, and points to subject-specific topics that regularly arise in exams and explains how to maximise exam performance.  The study plan is available in the introductory section of each subject on the Learning Hub.  Terminology lexicon CAP2 students will be aware that CAP2 exams take a step up in complexity as well as duration, and the exam questions often require longer, discursive answers.  The wording of questions may dictate a particular treatment. For example, asking you to ‘critically evaluate’ will require a different exam response from a question starting with ‘outline’.   To this end, CAP2 students can avail of a lexicon of exam terminology that explains what the examiner is looking for in each case.  This may be added to your notes and referred to during the CAP2 exams, which are open book. Discussion forum The last resource to mention – and perhaps most important of all – is the discussion forum.  If you have any questions about course materials, perhaps a solution that you don’t fully understand or want to ask a lecturer an academic question, please use the forums. Members of our academic team are ready and waiting for your question, and everyone gets a prompt response.  Not only will the question and lecturer response help your studies, but it will also help many students who didn’t even think about that question or haven’t reached that point yet. Everyone’s a winner! There are only a few rules to follow when using the discussion forums: Post your query in the relevant discussion forum session number and thread;  Don’t create your own discussion thread; and Always keep it professional. If your query relates to exams, you’re better off contacting the exams team at CAP1exam / CAP2exam / FAEexam @charteredaccountants.ie.  Now you know the benefits of the above learning resources as well as where to find them in the Learning Hub, it’s over to you to utilise them.  Not only could they make a difference in your exams, but the resources might also make your learning experience more efficient and even enjoyable. 

Attending in-person events with Chartered Accountants Ireland can  unlock a world of support, knowledge and connections, explains  Becky Maye, Tax Associate at PwC and CASSI committee member Everyone may need some help from time to time, whether it’s information, a listening ear, or access to networks.  While you’re a student with Chartered Accountants Ireland, this will be no exception.  During the time you spend as a student, you have access to an amazing network and the opportunity to attend a plethora of events regardless of experience, location or what stage you are at in your qualification.  These events are both educational and recreational and are an essential part of your engagement with Chartered Accountants Ireland.  CASSI The Chartered Accountants Student Society of Ireland (CASSI) is the society for Chartered Accountants Ireland students.  As representatives of the student body, we’re here to support you through good times and bad on your journey to becoming a Chartered Accountant.  One key aspect of this is the events held throughout the year! CASSI is extremely active in organising regional and national events that cover various topics and aim to include everyone.  In line with the Institute’s and CASSI’s focus, work-life balance is always important. We have an ongoing emphasis on mental health and all aspects of well-being: physical, emotional and mental.  These events provide students with access not only to a network of peers but also a network of individuals and professionals who can help guide and shape your career in a way that works for you.   They also provide the opportunity to learn transferable skills and become a more well-rounded professional.  In-person learning Where your studies are concerned, Chartered Accountants Ireland’s Education and Training Department also run brilliant in-person exam prep events.  The focus of these events is to help all students prepare for exams in the best way possible.  Through guest speakers, members of the Chartered lecturing team, and education leads, there is an opportunity to learn how best to approach your study leave, improve your exam technique, and much more.  These in-person sessions are also a great opportunity to connect with peers, lecturers, and your fellow students who all are aiming for the same thing – your success!  As a student with Chartered Accountants Ireland, by attending events, whether through CASSI or the Education and Training Department, you can make the most of your student experience.  

Companies House has recently hosted a webinar titled ‘Get ready for changes to UK Company Law’. This webinar is a summary of upcoming changes introduced by the Economic Crime and Corporate Transparency Act 2023 (legislation.gov.uk) Click Companies House webinars - GOV.UK (www.gov.uk)  and scroll down to register to access the recording. Summary of key changes Changes will be introduced in a phased approach over the next few years. The first set of changes are effective 4 March 2024 and include: New rules for registered office addresses PO Box may not be used as an appropriate address. New requirement to provide a registered email address: New companies will be asked to provide this upon incorporation. Existing companies will need to provide their registered email address when they file their next confirmation statement. Lawful purpose statement Shareholders of new companies will be required to make this statement upon incorporation. Existing companies will make their lawful purpose statement in next confirmation statement. Companies House Registrars will have greater powers to query and challenge information. Future Changes Companies House Fees will increase from 1st May 2024. Streamlining accounts filing options for small and micro entity companies Software only filing. Making limited partnership information more accessible and transparent Enhance protection for personal information to protect individuals. Guidance The UK Government has developed a website providing helpful information on the various changes to UK company law being introduced over the next few years. Changes to UK company law - Changes to UK company law

The OECD Secretary-General Tax Report sets out the latest developments in international tax reform since October 2023. This latest report includes updates on the Two-Pillar International Tax Package, implementation of BEPS Actions (including actions on harmful tax practices and tax treaty abuse), and an update on the inequality and progressivity of tax systems.

The Central Statistics Office has published the Quarterly National Accounts for Quarter 4 2023 and an updated estimate for 2023 as a whole. The rate of inflation in February was 2.2 per cent, down 6 percentage points since the same month last year.  Modified domestic demand (MDD), a proxy for the domestic economy, is the sum of personal and government consumption and investment, excluding investment in imported intellectual property and aircraft for leasing. It also excludes changes in the value of stocks. MDD grew by 0.5 percent in 2023 and was down 0.4 percent in the fourth quarter relative to the previous quarter.  Consumer spending grew by 3.1 percent last year but was unchanged in the fourth quarter. GDP was down 3.2 percent last year and fell 3.4 per cent in the fourth quarter.  Commenting on the figures, Minister for Finance, Michael McGrath T.D., said:  “Modified Domestic Demand – my preferred metric of Ireland’s economic performance – grew by a modest 0.5 per cent last year, and contracted by 0.4 per cent in the final quarter of last year, with the contraction driven entirely by a fall in private sector investment spending.  Importantly, investment in housing remained robust, up at an annual rate of 12 per cent in the fourth quarter. I expect housing supply to continue expanding in the year ahead, with over 34,000 new units commenced in the twelve months to January 2024. We should see these units coming on-stream as the year progresses.  Consumer spending grew at a solid pace of 3.1 per cent last year. This was underpinned by strong employment growth – figures published last week show a record 2.71 million people in employment in the fourth quarter of last year. The strength of the labour market – with 90,000 jobs added in the last twelve months – is a good measure of the underlying health of the domestic economy.  That said, today’s data show that consumer spending was flat at tail-end of last year – with the tightening of monetary policy weighing on spending. In this context, I would highlight the easing of inflation – to 2.2 per cent in February, its lowest rate since July 2021 – which will help support the purchasing power of households and underpin spending over this year. Ireland’s estimated inflation rate is now 0.4% the euro area rate.  Income tax reductions introduced in Budget 2024 will also underpin real income growth. I expect that the vast majority of people will experience an improvement in living standards this year, as income growth combined with personal tax reductions and other social supports, will comfortably exceed the rate of inflation. I also anticipate that we will see further reductions in energy prices for households and businesses, driven by improvements in the wholesale energy markets.  Today’s figures also show that GDP fell by 3.4 per cent in the fourth quarter, continuing a trend we have seen in recent quarters. As is widely acknowledged, GDP is not a useful measure in assessing the living standards of domestic residents, given the outsized role the multinational sector plays in our economy. The decline reflects a re-normalisation of activity in some sectors – mainly pharmaceutical – following a Covid-related boost in demand in 2021 and 2022. Indeed the trend in GDP contrasts sharply with employment which was up by 3.5 per cent in 2023.  As is the norm, my Department is now in the process of updating its economic and fiscal forecasts, and these will be published in the Stability Programme Update early next month.” 

Revenue has published an updated Tax and Duty Manual regarding the Sea Going Naval Personnel Tax Credit. The updated manual reflects the extension of the tax credit to 2024 and contains updated examples. 

Revenue has updated the Pensions Manual which deals with the discontinuance of schemes. Chapter 14 has been revised to add a new paragraph which contains contact details for Pensions Branch in Large Cases - High Wealth Individuals' Division. 

Revenue has updated the Tax and Duty Manual which provides guidance regarding the interpretation of the Corporation Tax Acts. The updated manual confirms Finance (No.2) Act 2023 amendments that:  extended the tax exemption under section 208 TCA 1997 to include professional services income of a charity;  inserted a definition of sport which includes both competitive and recreational sport into section 235 TCA 1997, which provides for a tax exemption for certain income of a relevant body established for the promotion of athletic or amateur games or sports. 

Revenue has updated the Tax and Duty Manual titled Securitisation Regulation: Notification of Investment (NOI) following the revision of the EU list of non-cooperative jurisdictions for tax purposes on 26 February 2024. The updated guidance reflects the change from the October 2023 list, and the current listing of relevant Annex II jurisdictions.  Recital 7 of Regulation (EU) 2021/557 explains that an investor in a Securitisation Special Purpose Entity (“SSPE”)1, established after 9 April 2021, in a jurisdiction listed in Annex II of the Council of the European Union’s list of non-cooperative jurisdictions, for the reason of operating a harmful tax regime, should notify the tax authority of the Member State in which it is resident for tax purposes. This information may be used to assess whether the investor derives a tax benefit from such an investment. 

At the most recent meeting of the TALC Direct and Capital Taxes Sub-Committee which took place last week, Revenue provided an update on various matters. The full minutes of this meeting will be available in due course on Revenue’s website, where minutes of all previous meetings are also available. Below we include a brief summary of some of the key issues discussed.  Guidelines to assist businesses to determine correct employment status classification  The group was informed that a significant update to the Tax and Duty manual on the employment status of workers will be published in the coming weeks. The guidance is being drafted following the recent Supreme Court decision in Karshan.   Requirement to file a stamp duty return under section 31C SDCA 1999 Section 31C is an anti-avoidance measure introduced in Finance Act 2017 on foot of the increase in the stamp duty rate from 2 percent to 6 percent (now 7.5 percent) applying to sales and transfers of non-residential property. Where section 31C SDCA 1999 applies, a rate of 7.5 percent of stamp duty arises on the transfer of shares. The general de minimis provision exempts shares of less than €1,000 from stamp duty. Revenue noted the relief in Schedule 1 is not an administrative relief. However where there is a sale of shares under section 31C, a return is required even where there is no tax to pay, even if the stamp duty arising is below €1,000.  Guidance for social media influencers and content creators  Revenue advised that it is in the process of preparing guidance addressing the taxation of social media influencers and content creators. At the meeting, Revenue advised that the taxation of people in these industries follows fundamental principles of taxation. Therefore, the extent to which an influencer is carrying on a trade and how that trade is taxed will always depend on the particular facts and circumstances of each case. Nevertheless, guidance will be welcome given this is a new area of industry.  Updated guidance on section 80 SDCA 1999  There was a detailed discussion on Revenue’s latest guidance on section 80 SDCA 1999 on reconstructions or amalgamations of companies. Section 1.1 in the TDM defines the meaning of “undertaking”. The prior version of the guidance suggested that the transfer of a 100 percent shareholding met the definition of “undertaking”. However, the latest amendment introduces an ‘active ownership’ test. Revenue noted the updated TDM was designed to be more detailed and useful. The ‘active ownership’ element was included to clarify Revenue’s position. Practitioners noted that a 100 percent shareholding is more likely to be managed at subsidiary level rather than at purchaser level. There was uncertainty as to what ‘active ownership’ means and so practitioners are to revert with examples for consideration.   Leasing guidance  Revenue confirmed that further guidance on the following sections is planned for release in the coming weeks:  Guidance on section 299 will be sent to TALC for review by the end of March Guidance on section 403 & 404 TCA 1997 will be sent to TALC for review by the end of April Guidance on section 76E TCA 1997 will be published sometime in April

The Institute, under the auspices of the CCAB-I, made representations on behalf of members at last week’s meeting of the TALC Collections Sub-Committee. Among the issues discussed, Revenue provided an update on the Debt Warehousing Scheme and outlined local property tax and vacant home tax compliance projects it has commenced. Revenue also reminded the group that the 2023 Form 11 has been updated for taxpayers wishing to claim the Mortgage Interest Tax Credit and/or the Rent Tax Credit. Minutes will be available in due course.  Debt Warehousing Scheme – 1 May 2024 deadline  Readers are reminded that taxpayers that have neither paid warehoused debt in full nor commenced the application process for a phased payment arrangement (PPA) by 1 May 2024 will be required to repay the debt is full and will be subject to interest at 10 percent, backdated to when the debt arose.  Revenue is urging taxpayers seeking a PPA to submit their payment proposal (via ROS) by 1 May 2024. Revenue will then work with the taxpayer to formulate a repayment plan. Once a PPA is approved, Revenue has stated that there is flexibility within the system to allow for the first payment to start after 1 May 2024.  Revenue noted that letters will issue to taxpayers in the DWS in March. Due to GDPR issues, these letters will not be copied to agents.   At end of January 2024 there was €1.7 billion debt warehoused by 57,000 taxpayers of which 30,000 owed less than €1,000 (most of whom owed less than €500). €1.4 billion is owed by 5,200 taxpayers, each owing in excess of €50,000. These taxpayers operate in the wholesale/retail, accommodation and food, construction and professional scientific sectors.  Refunds interest totalling €500,000 are due to be made to 475 taxpayers that paid interest of 3 percent.  Taxpayers with PPAs in progress that include the 3 percent interest rate will receive a priority ROS Inbox Notification. They will be required follow certain steps in ROS to trigger the 0 percent interest rate and must ensure they complete the ‘sign and submit’ section to accept the updated payment schedule.  Local Property Tax   Taxpayers were required to have their 2024 local property tax (LPT) liability payment arrangement in place by 10 January 2024. Single annual direct debits will be collected on 21 March 2024. Properties that became suitable for use as a dwelling after 1 November 2022 and on or before 1 November 2023 become liable to LPT for the first time in 2024, based on the market value of the property at 1 November 2021.  Revenue noted that some taxpayers who pay their LPT by deduction at source from pay or pension have failed to file an LPT return. Revenue advises that they file an LPT return as soon as possible in order to avoid issues at a later date.  Revenue informed the group that compliance work is underway in 2024, focusing on property valuations project where there has been a decrease in valuation band in period 2 (2022-2025) from the original valuation band in period 1 (2013-2021).   In addition, Revenue also intends to review properties where taxpayers have claimed uninhabitable status, which may also have a vacant homes tax (VHT) impact if subsequently deemed habitable.  Vacant Homes Tax   Revenue intends writing to persons that own 20 or more properties this week, asking them to declare whether the property is occupied or is vacant. Where vacant, and not already returned, a return and payment will be required to regularise their affairs. Revenue intends to undertake a similar communications campaign when it moves on to contact the middle cohort of property owners with 2 to 19 properties at a later date.  Letters of No Objection for voluntary strike-off  Revenue is aware of delays experienced by taxpayers in obtaining a Letter of No Objection for a voluntary strike-off. While 82 percent of cases were responded to within 30 days in quarter 4 2023, Revenue is endeavouring to reduce the timeframe for issuing such letters. Revenue advises practitioners to use the Exceptional Contact channel in urgent cases where delays arise. Revenue recommends that applicants engage with Revenue as soon as possible and supply all the mandatory information at the beginning of the process. More details are available on revenue.ie  Form IT38  The capital acquisitions tax (CAT) return Form IT38 for the period 1 September 2023 to 31 August 2024 was made available in Revenue’s Return Preparation Facility (RPF) on 26 February 2024. Form IT38 for earlier periods will become available from 26 March 2024 but, in the meantime, they can be prepared using the ROS Offline application.  Employee Share Options  As readers will be aware, from 1 January 2024 the taxation of a gain realised on the exercise, assignment or release of share options no longer falls under individual self-assessment. Instead, employers are responsible for collecting income tax, USC and PRSI from employees on share option gains and remitting those taxes to Revenue as part of the payroll process. Revenue has updated its website for these changes and additional text has been added to screens to alert anyone trying to submit relevant tax on share options (RTSO) for 2024.   The self-assessment regime continues to apply to gains arising on or before 31 December 2023, as does the obligation to register for Relevant Tax on Share Options (RTSO). The 2023 Form 11 is available to any taxpayer wishing to submit their 2023 income tax return. Revenue’s advice to taxpayers that will no longer be chargeable persons for income tax purposes for 2024, is to de-register for income tax via ROS once their 2023 income tax return has been submitted.  2023 Form 11 matters  Revenue has been informed of issues with the pre-population of Department of Social Protection information in the 2023 Form 11 and is continuing to investigate the matter. We will keep readers informed via Tax News.  The 2023 Form 11 has been updated for taxpayers wishing to claim the Mortgage Interest Tax Credit and/or the Rent Tax Credit.