Alan T. Ennis FCA is a board director, advisor and former CEO and president of Revlon Inc. His experience has taught him the power of pride in his achievements and advocating for himself. What do you value most about your membership of the profession? In everything I’ve done here in the US, my qualification as a Chartered Accountant has been the most valuable jewel in my chest of knowledge. Even today, my finance background continues to be invaluable in terms of buying and selling businesses, understanding capital structures and capital markets.  It has been the same throughout my career. I put a lot of my progression at Revlon down to my training. I could understand financial statements, I understood the importance of profitability and cash and how investments work. I could talk to the Board of Directors in those terms and it was invaluable. What advice would you have for other Chartered Accountants thinking of moving to the US? My advice is to make sure you start to connect with other Chartered Accountants over here straight away – and there are lots of us in New York, Boston, San Francisco and other places. That’s a valuable network. The other piece of advice I would have is that it’s okay to put yourself out there – in fact, it’s a good idea. Americans tend to be confident in how they present themselves professionally. They are proud of what they have done and they're confident in their success and in their abilities.  They're not afraid to talk about it. Irish people, myself included at times, tend to downplay our achievements and abilities. In the US, people won’t necessarily understand that so it’s not a bad idea to learn to advocate for yourself, your skills and talents. What made you choose to become a Chartered Accountant? I studied commerce at University College Dublin, graduating in 1991. Going through the BComm in those days, you had two options: you could follow the management track or the accounting track. The management track covered topics like organisational design, leadership, strategy and marketing. I said to my dad, “I think I'm going to choose that,” and he replied, “oh no, you should do accounting.” At that time, I didn’t think I wanted to be an accountant, but my dad said to me said, “you do, you just don’t know it yet.”So, I followed the accounting track, joined Arthur Andersen in 1991 and raced through my Chartered Accountancy exams. Can you tell us a little about how you got to where you are today – both your relocation and career path? When I was training with Arthur Andersen, I understood how beneficial training in accounting could be in business. I was fairly certain that I wouldn’t stay in the auditing field and become a partner in an accounting firm.  That wasn’t what I wanted to do. I wanted to become a Chartered Accountant and then move out into industry, but I did stay with Arthur Andersen for a while, becoming a manager before leaving Ireland in my mid-twenties.  I moved to the UK to join Ingersoll Rand in Manchester and then negotiated a transfer to the company’s New Jersey office in 1999. I moved through various financial roles from internal audit to financial planning and investor relations. In 2004, I was offered a new position as CFO of Ingersoll Rand’s Bobcat division in North Dakota. At the same time, I was offered the position of Head of Internal Audit at Revlon.  I was in my early thirties and my choice was between Bobcat in Fargo, North Dakota, and this other role with a very different and much smaller company that would put me right in the heart of New York. I chose Revlon. Can you talk us through your experience at Revlon? Being a Chartered Accountant put me in a very good place to understand the financial operations of any corporation and that really stood me in good stead at Revlon. It had a lot of debt at the time. Joining the company was a high-risk move, but I thought, “you know what, I’m going to go for it.”  Within two-and-half years, I had gone from Head of Internal Audit to Corporate Controller to President of International and then Chief Financial Officer. Eventually, I was appointed Chief Executive, a position I held for five years reporting to the company’s Chair, Ron Perelman. What about your work now? I had a great run at Revlon and a superb team of people behind me. When I left that role in 2014, I got a great package and I wasn’t really under pressure anymore to prove myself. I had choices. I’ve since dabbled in private equity and joined a couple of boards, both profit and not-for-profit. The board that occupies most of my time right now is Nutrabolt, a sports nutrition company whose leading product is C4, a pre-workout energy drink. I am the company’s Vice-chair, Chair of the Audit Committee and a member of the Nominating Governance Committee. I’m also Nutrabolt’s lead Independent Director.  Alan T. Ennis is on numerous boards across a variety of industries, including at present the IDA and Nutrabolt. 

IAASA has issued a revised version of ISA (Ireland) 505 – External Confirmations. The main changes to the standard relate to: Clarification on what constitutes an electronic external confirmation. Prohibition on the use of negative external confirmations. Strengthened link with ISA (Ireland) 330 The Auditor’s Responses to Assessed Risks. Enhanced requirements concerning the investigation of exceptions. The revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2024, with early adoption permitted. The revised ISA (Ireland) 505 is available here.

Last Tuesday 19 March 2024, HMRC announced a range of permanent changes to helpline services. However, the next day HMRC announced that the changes were being halted while HMRC “considers how best to help taxpayers harness online services”. Whilst the decision to further consider this issue is welcome, it is disappointing that feedback provided by the Institute and other Professional Bodies which raised various concerns about the proposed changes appears to not have been fully considered before the formal announcement was made last week and subsequently reversed. The Institute will engage with HMRC as it considers the way forward. Members are encouraged to provide feedback on HMRC services on a regular basis.

In Irish news, we bring you an update from the recent meeting of the main Tax Administration Liaison Committee (TALC) and Revenue has provided an important update regarding R&D claims for 2022 and 2023. In UK news, HMRC has halted the changes and restrictions to various helplines that were announced earlier this week, and today is your last opportunity to provide information to us on VAT margin scheme vehicles brought into Northern Ireland from Great Britain before 1 May 2023 which remain unsold. In International news, the European Commission has commenced a public consultation seeking feedback on the Directive on Tax Dispute Resolution.  Ireland Read our update from the recent meeting of the main Tax Administration Liaison Committee (TALC). Revenue has provided an important update regarding R&D claims for 2022 and 2023. UK The changes and restrictions announced by HMRC earlier this week in respect of various helplines will now not go ahead. Today is your last opportunity to provide information to us on VAT margin scheme vehicles brought into Northern Ireland from Great Britain before 1 May 2023 which remain unsold. International The European Commission has commenced a public consultation seeking feedback on the Directive on Tax Dispute Resolution. 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.

Chartered Accountants Ulster Society says reduced Corporation Tax rate plus renewed FDI interest could kick start local economy The Chairman of Chartered Accountants Ulster Society has said that Northern Ireland’s unique post-Brexit trading position could be Northern Ireland’s key economic advantage in the year ahead. Speaking to 400 guests at the Ulster Society’s Annual Dinner, sponsored by Danske Bank and MCS Group tonight (20 March), Paul Millar said that chartered accountants across Northern Ireland had identified the key opportunities for the economy, with dual market access to the UK and EU rating highly. Another key opportunity identified by Ulster Society members was the potential to attract investment and boost job creation through a reduced Corporation Tax rate. Paul Millar said: “Two-thirds of our members believe that Northern Ireland can benefit from devolved Corporation Tax powers and a lower rate to match that of the Republic of Ireland.  “If we can combine dual UK/EU market access, a competitive Corporation Tax rate, plus take advantage of the renewed interest in investment into Northern Ireland from the USA and elsewhere, it could be a game changer. The talent is here, the success stories are here, and the potential is right here. “With the right approach, an entrepreneurial mindset and everyone pulling in the right direction we have a tremendous opportunity to be a unique business hub. If we can take that opportunity, it means a better standard of living for everyone with better job, public services and better prospects. “We live in straitened times, but we need to find solutions. We need to focus on opportunities because they are there. Strategic initiatives could have a big part to play.” Mr Millar’s speech also highlighted the role of political leadership and the need to build on the confidence generated by the restoration of the Northern Ireland Assembly: “It’s really positive that we now have restored political leadership back at Stormont, ready to face the challenge. We also have a great opportunity to create a resurgence in economic optimism and determination, spurred on by renewed leadership and a clear vision for the future. “Encouraging entrepreneurship is not just about financial gains. It's about empowering individuals, revitalising communities, and shaping a brighter future for generations to come. “Northern Ireland is a great place to live and a great place to do business. There is so much potential and much to be positive about. We need to work together, with the right mindset, to take the opportunity that is in front of us.” Providing entertainment for guests at the Ulster Society Annual Dinner were adventurer, entrepreneur and author Debra Searle MVO MBE, and one of Northern Ireland’s most highly regarded performers Peter Corry MBE. The Chartered Accountants Ulster Society’s Annual Dinner took place at Titanic Belfast and was attended by 400 members and their business guests.  

Background The Department of Children, Equality, Disability, Integration and Youth (the Department) has recently issued a document1 “Guidance Note for Core Funding Reporting Requirements Transitional Arrangements Year 1 and 2” (“the Department Guidance Note”) to entities providing childcare and early education services regarding the transitional arrangements for the application for funding under a new funding model called ‘Together for Better’.  These transitional arrangements will be in place for the next two reporting periods (years ended 31 August 2023 and 31 August 2024). Reporting regime This reporting regime includes a requirement that the childcare service providers (“client”) engage a professional accountant to submit a document called an ‘Income and Expenditure Template. CCAB-I have made the Department aware of the potential cost implications for an accountant providing this service to their client.  The following matters should be noted: The report is to cover expenses incurred on a cash basis for the year ended 31 August. The requirement is for expenditure incurred in the relevant period only, no accruals or prepayments. Income will be pre-populated in the online platform. Where your client has a different year end, time apportionment is not permitted. Important considerations for CCAB-I members CCAB-I has engaged with the Department over a number of months to discuss the nature and extent of work expected and the respective responsibilities of the client and the professional accountant and, in particular, the concerns regarding the request for the professional accountant to submit the report (as set out in the Department Guidance Note) on behalf of a client. There was positive engagement and much, but not all, of the feedback by CCAB-I on the process was reflected and incorporated into the final guidance. However, given the type of engagement, CCAB-I are making members aware of the potential issues and extant guidance which our members may consult. The Department Guidance Note sets out the responsibility for the data included in the report. See section 2 of the Guidance Note: “The Service Provider is responsible for fully complying with all financial transparency requirements in accordance with their Core Funding contractual obligations. The accountant relies on information provided by the Service Provider, who is responsible for disclosing all relevant information.” The Service Provider/client will make an online declaration on the platform provided by the Department that they have authorised a professional accountant2 to make the submission for them.  CCAB-I members are reminded of the relevant Code of Ethics issued by their professional body.  Independence The Department Guidance Note3 defines an accountant as someone who: "(a) has been admitted as, and is, a member of a prescriber accountancy body, (b) is currently practicing in the profession of accountant, (c) is not and never has been a principal officer or employee, or an owner or part owner, of the licensee in respect of whom he or she is preparing an accountant’s report, and (d) is maintaining such minimum level of professional indemnity insurance as is required by the prescribed accountancy body concerned." .Members should be cognisant of any conflicts with other engagements they may undertake for their clients.  When you are the Auditor  Where the accountant is the statutory auditor the Ethical Standard for Auditors (Ireland)4 applies and Section 5.129 prohibits the audit firm providing accounting services where the services would involve the firm undertaking part of the role of management or initiating transactions.  "S 1.24           In the case of a statutory audit, non-audit services shall not be provided that involve playing any part in management decision-taking of an entity relevant to an engagement. The firm shall not accept any engagement which includes the provision of services where it is probable that an objective, reasonable and informed third party would conclude that the firm or a covered person was playing a part in management decision-taking.  5.128          The provision of accounting services by the firm to an entity relevant to an engagement creates threats to the integrity, objectivity and independence of the firm and covered persons, principally self-review and management threats, the significance of which depends on the nature and extent of the accounting services in question and the level of public interest in the entity. 5.129            The firm shall not provide accounting services to an entity relevant to an engagement where: (a) the entity is a listed entity, relevant to an engagement by the firm, or a significant affiliate of such an entity; or (b) for any other entity: those accounting services would involve the firm undertaking part of the role of management, or initiating transactions; or the services are anything other than of a routine or mechanical nature, requiring little or no professional judgment.” When you are not the Auditor We recommend that members read the Department Guidance Note1 and that an appropriate letter of engagement and representation letter are in place where they undertake these engagements.  Members should refer to guidance documents issued by Chartered Accountants Ireland.  TA 06/2023 Grant Claims5 and the International Standard on Related Service ISRS 4400 (Revised) Agreed-Upon Procedures Engagements6 which give guidance on engagement acceptance and continuance and some general advice on agreeing the terms of engagement.  1 https://earlyyearshive.ncs.gov.ie/downloads/download-corefunding/   2 A professional accountant is defined as a member of a Prescribed Accountancy Body that comes within the supervisory remit of IAASA, •              Chartered Accountants Ireland. (CAI) •              Association of Chartered Certified Accountants (ACCA) •              CPA Ireland (CPA) •              Chartered Institute of Management Accountants (CIMA)  3 See Section of Guidance Note for Core Funding Reporting Requirements Transitional Arrangements Year 1 and 2. 4 https://iaasa.ie/wp-content/uploads/docs/media/IAASA/Documents/audit-standards/Ethical-Standard-Consultation/Ethical_Standard_Nov_2020_updated_June_3.pdf 5 https://www.charteredaccountants.ie/chariot/account/ta/TA06_2023.html 6 https://www.iaasb.org/publications/international-standard-related-services-isrs-4400-revised  

Chartered Accountants Ireland is delighted to have been shortlisted today for a Business & Finance ESG Award in the Company Award (SME) category. Now in their third year, these Awards shortlist across 18 categories to reflect the evolving ESG landscape. The Awards showcase the successes of ESG initiatives and examples of best practice, and the Institute was proud to share details in our submission of the measures we have taken so far to embed sustainability in the Institute, both in Dublin and Belfast. Well done to Susan Rossney, Stuart Maguire, Barry Dempsey and Brian Keegan for their leadership and work to date, and to our members and partners who have collaborated with us so far on this sustainability journey.

Revenue has updated the Tax and Duty Manual which provides guidance on the enhanced reporting requirements (ERR) for employers. The manual now provides guidance on an optional administrative practice regarding advance payments of travel and subsistence.  An advance payment of travel and subsistence to an employee or director is a perquisite and income tax, USC and PRSI must be deducted. These types of payments would therefore not typically fall within the scope of ERR as the payment does not relate to travel or subsistence incurred by the director or employee. However, when a claim for the related travel and subsistence is made to the employer, and the employer wishes to avail of the Section 114 administrative practice (i.e. not tax the travel and subsistence expense), a payroll adjustment must occur to give the effect of no tax applying to the expense amount incurred and at that point the payment becomes a reportable benefit for ERR. Revenue recognises that this may give rise to certain practical issues for employers in terms of its interaction and obligations with ERR requirements.  Therefore, Revenue will implement an optional administrative practice in respect of advance travel and subsistence payments.   Under this administrative practice, an advance travel and subsistence payment may be treated, in certain circumstances, as not being subject to tax via the payroll when paid, but instead treated as a payment where no tax is deducted in respect of travel and subsistence and therefore subject to ERR reporting at the time of payment. Then, when the expense is incurred and the claim submitted by the employee/director, the employer will be required to update their ERR submission to Revenue to reflect the actual travel and subsistence expense amount in respect of that employee/director. 

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.

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.

Welcome to the latest edition of Technical Roundup. In developments this week, the Financial Reporting Council has announced its support for a four-week consultation launched this week aimed at tackling the backstop in local audit and reporting.  The consultation will gather views on legislative changes to the Accounts and Audit Regulations 2015. The UK Companies House is hosting a webinar on 22 February on getting ready for changes to UK company law. They will discuss the first set of changes including new rules for registered office addresses and new lawful purpose statements. Read more on these and other developments that may be of interest to members below. Auditing The International Auditing and Assurance Standards Board (IAASB) has published proposed revisions to ISA 240 The Auditors Responsibilities Relating To Fraud In An Audit Of Financial Statements. The proposals aim to strengthen the standard on auditors’ responsibilities related to fraud by defining the expectations in relation to fraud, delineating more robust procedures, and increasing transparency about the auditors’ responsibilities and fraud-related procedures in the auditor’s report. During the consultation period IAASB will release a videos series to help stakeholders understand the proposed revisions and respondents are encouraged to share their insights by June 5, 2024. IAASA undertakes statutory enquiries and investigations under the companies act 2014 and its own regulations. From time to time, IAASA may need to establish committees to carry out full enquiries/investigations. IAASA is seeking potential members and advisors to enquiry/investigation committees. Expressions of interest are sought by 4 March 2024. The Financial Reporting Council (FRC) has announced its support for a four-week consultation launched this week aimed at tackling the backstop in local audit and reporting.  The consultation will gather views on legislative changes to the Accounts and Audit Regulations 2015. Financial Reporting The International Accounting Standards Board (IASB) has released a webinar which introduces IFRS 18, which is expected to be issued in April 2024.  This new Accounting Standard, which will replace IAS 1, will respond to investors’ demand for better information about companies’ financial performance. This will introduce new subtotals, disclosures about performance measures as well as enhanced guidance on aggregation and disaggregation for IFRS reporters. The new standard is expected to be effective from 1 January 2027. The IASB has also released a short webinar addressing the proposals in their Exposure Draft Financial Instruments with Characteristics of Equity. The IFRS Foundation has published its January 2024 monthly news summary. ESMA, the European Securities and Markets Authority, has published the latest edition of its Spotlight on the Market Newsletter. The UK Endorsement Board (UKEB) has published a Draft Endorsement Criteria Assessment (DECA) on Lack of Exchangeability (Changes to IAS 21). In August 2023, the International Accounting Standards Board published Lack of Exchangeability, which amended IAS 21 The Effect of Changes in Foreign Exchange Rates. UKEB are inviting comments on the DECA by 6 May 2024. The UKEB has issued a draft comment letter on the IASB Exposure Draft Financial Instruments with Characteristics of Equity. This is open for public comments until 8th March 2024. UKEB has also published its final comment letter in response to the IFRS Interpretations Committee’s (IFRIC) Tentative Agenda Decision: Climate-related Commitments (IAS 37). While agreeing with the overall conclusion of IFRIC, the UKEB have suggested some amendments to enhance the clarity of the technical analysis to avoid unintended consequences. EFRAG, the European Financial Reporting Advisory Group, have released their January 2024 update which summarises public technical discussions held and decisions taken during the month. EFRAG has launched a survey to seek input from various stakeholders in preparation for the IASB’s upcoming request for information on the post implementation review of IFRS 16 Leases. The FRC has published a revised version of Actuarial Standard Technical Memorandum 1 (AS TM1) which is effective from 6 April 2024.  Anti–money laundering Issue 24 of SARs in Action is out now, a special issue on UKFIU support for SAR reporters. From virtual workshops to 1-2-1 feedback sessions, the UKFIU’s Reporter Engagement Team have a variety of support options available to SAR reporters, all of which are listed inside this magazine. Also, within issue 24, find updates on the SAR Portal, changes to Companies House and read about the National Investigation Service (NATIS) investigations into the misuse of COVID business support grants. Sustainability EFRAG, the European Financial Reporting Advisory Group has released the first set of technical explanations to assist stakeholders in the implementation of the ESRS. Last year, EFRAG launched its ESRS Q&A platform to collect and answer technical questions. The platform is a useful resource for CSRD reporters and will be updated with further responses in future. EFRAG is hosting an outreach event on 20th February which will provide an overview of the two exposure drafts on sustainability reporting standards for SMEs which were released recently. Other news In a recent blog Company Bureau Formations, a company formation and corporate service practice, provided information which readers may find useful on “Understanding CRO submission rejections 10 key factors”. It provides a list of 10 key pitfalls to avoid which could otherwise lead to a CRO submission being returned including incorrect PPSN and director’s name mismatch with PPSN details. Click here to read more details on the pitfalls. UK Companies House is hosting a webinar on Thursday 22 February at 10:30am to 11am on getting ready for changes to UK company law. They will discuss the first set of changes, including new rules for registered office addresses, a requirement for all companies to supply a registered email address and new lawful purpose statements. They will also share information about future changes and an expert panel will be available to answer questions. Click here to register for the webinar. Accountancy Europe, along with a group of European Businesses, have issued a joint statement calling for the deepening of the EU single market and renewing the dynamic of European integration. The joint statement also includes some recommendations to overcome some of the obstacles identified. The Dept. Of Finance has recently (February 2024) published its Economic Insights – Spring 2024. The report provides analysis and insights on topical economic issues and developments in a collection of short notes. The Minister for Justice has recently appointed 2 new Data Protection Commissioners to replace the outgoing commissioner. The appointments will take effect from 20 February 2024, for a five-year term. The press release states that the Data Protection Commission has grown significantly in size, scope and responsibility over the last decade and following a review by the Department of Justice into how best to support this growth, the Government decided to appoint two additional Commissioners who were selected following an open competition. Read the full press release here. For further technical information and updates please visit the Technical Hub on the Institute website.                    This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.  

Chartered Accountants Ireland has today outlined a series of concrete steps aimed at making the provision of childcare across the island of Ireland work for both providers and parents, which could leave working parents up to €4,500 a year better off and free up vital working capacity in the economy. Last month, the Institute published data underscoring the challenge that the costs and availability of childcare is presenting to businesses and working parents.  Today, its paper ‘Supporting Working Parents – The case for better childcare policy’ sets out the core economic arguments for improved childcare provision as well as shining a light on the experiences of working parents seeking childcare.  Currently places for children with unregistered childminders do not attract the same National Childcare Scheme (NCS) funding for parents as creche places, which are highly limited and often difficult to secure. This means a mother-of-two on an average annual wage of €45,000, and paying €24,000 per year for childcare, is left with just €235 per week after paying taxes and childcare fees – an amount which makes returning to the workforce a difficult economic proposition. Expediting the Government’s plans to enable parents who use childminders that are not registered with Tusla to access the NCS would give parents of up to 80,000 children easier access to subsidised childcare. Commenting, Tax & Public Policy Lead, Chartered Accountants Ireland, Cróna Clohisey said  “We know what the challenges are for providers and parents and we welcome the upcoming increases to NCS subsidies. But as a mother of two young children, I’ve seen first-hand the difficulties in securing creche places, the scramble to find a childminder, and the quest to make full-time employment viable for parents. The policy tools to address these are already largely in place, so it is time to move to solutions mode. “Implementation and awareness are the two major hurdles that need to be overcome, and bolder interventions are now required if effective change is to be achieved in the childcare space. That is where we are now focusing our attention in our proposals to the Government.”  Chartered Accountants Ireland is calling on the Government to: Expedite plans to enable parents who use childminders that are not registered with Tusla, to access the National Childcare Scheme, giving parents of up to 80,000 children easier access to subsidised childcare. Streamline Core Funding. The introduction of Core Funding represented a new and different way of providing funding to the sector, but it could be greatly streamlined by: Increase funding, capital investment and grant support to the sector to more adequately reflect the true cost of providing childcare services. Importantly, these funding levels should not be static but regularly reviewed and updated in line with economic and inflationary changes. Increase awareness: engagement across the Institute’s membership has pointed to a lack of awareness of supports already in place. The Institute is calling on the government to launch an improved campaign of awareness to working parents that is integrated into and promoted by the public health system. Commenting, President of Chartered Accountants Ireland, Sinead Donovan said  “Allowing childcare challenges to persist constricts labour market capacity, narrows the tax base through lower labour market participation, and maintains the gender pay gap by making it more difficult for parents, proven to be predominantly women, to return to the workforce full time. This is a generational issue, it’s hitting men and women in different but equally real ways. “Currently, Chartered Accountants Ireland members are being asked to vote on a proposal to amalgamate with CPA Ireland which, if passed, would create the largest single accountancy body on the island of Ireland. Issues such as childcare can only truly be solved through a whole-of-government strategy, which is why a single, strong voice for the profession will be crucial in the years to come.” ENDS  Notes to editors Chartered Accountants Ireland’s paper, Supporting Working Parents – The case for better childcare policy, will be published on the Chartered Accountants website on Tuesday 13 February. Chartered Accountants Ireland members are currently being asked to vote on a proposal to amalgamate with CPA Ireland which, if passed, would create the largest single accountancy body on the island of Ireland. An online vote closes at 1pm on Wednesday 14 February with a final, in-person opportunity to vote at the Chartered Accountants Ireland SGM on Wednesday 21 February. More information on the proposal and how to vote is available on the Chartered Accountants Ireland website.