To mark World Menopause Day (Wednesday 18 October) this week, the Thrive Wellbeing Hub explores the often overlooked and turbulent time in a woman’s life and the effects menopause can have on our emotional wellbeing.   Menopause and the preceding years are a significant life transition for any woman, whether it is part of the natural aging process or on-set by illness or medical treatment. Changes in our hormones bring about many physical changes and while menopause isn’t a mental health condition it can indeed affect your mental health or can often make existing mental health conditions worse. As a result of menopause, you may experience feelings of anxiety, stress, or depression, and many menopausal symptoms are intrinsically linked to how we feel or affect how we feel about ourselves, these include; Anger and irritability Forgetfulness Poor concentration Low mood and feelings of sadness Anxiety Loss of confidence and self-esteem or loss of self Difficulty sleeping Weight fluctuations These symptoms are a result of changes in the body and can have a big impact on your life. While some aren’t considered menopause symptoms many women experience these effects. However, if you know what to expect, and why you are experiencing these feelings, it can help you make an informed decision on what to do to manage your mental health during this time.   In 2021, the Athlone Institute of Technology carried out a study on the experiences and health behaviours of menopausal women in Ireland. Interestingly, a key finding from the report was that the majority (77%) of women felt they were unprepared for menopause. When asked where they received information from, family (3%) and friends (6%) were not common information sources, demonstrating how menopause and the experiences associated are not discussed among peers.   Historically menopause has often been overlooked, underestimated, and simply not talked about enough but it is a natural part of the aging process and something all women will go through which is half the Irish population. Therefore, menopause can also be an extremely isolating and frustrating time. Friends and family may not understand or relate to what you are going through or be able to support you in the way you need.  It is also a time in a woman’s life when other life stressors and major events are taking place such as working full time, in busy and stressful seniority positions, caring for children, dealing with ageing parents and navigating other life transitions. Alleviating the emotional toll of menopause The impact of the hormonal changes that take place in the lead-up to menopause can be stressful, unfamiliar, and confusing. While some women will require medical intervention, for many healthy and positive lifestyle habits can ease many of the symptoms, help protect your mental wellbeing and alleviate the emotional toll experienced at this turbulent time.   Be aware of the symptoms and associated emotions that may accompany menopause as it helps you explain mood changes you may be experiencing.   Monitor your mood and note any patterns. Are you feeling irritable because you had difficulty sleeping? Do feelings of anxiety correlate with stress levels, poor concentration or brain fog? If these symptoms become severe and interfere with your daily life and relationships, seek help. Incorporate good lifestyle habits such as increasing exercise, eating well, getting plenty of rest and adequate sleep, and engaging in relaxing activities to help control stress and reduce potential symptoms. Reach out to others. It is important to not struggle alone. As we have detailed, many don’t share their menopause experience with peers and family but creating an open dialogue around menopause is important for peer-to-peer information sharing and confirming you are not alone and that many others have gone or are going through the same. Seek out workplace supports. Many women report that their work performance and availability are affected by menopause issues which can contribute to already heightened stress and anxiety levels. Thankfully, it is now much more commonplace for companies to implement menopause policies due to the challenges women face as they cope with symptoms. Just last year, Chartered Accountants Ireland developed its own menopause policy aimed at supporting employees coping with challenges arising from the menopause.  As part of the policy, training was provided to tackle the discourse, flexible working arrangements were implemented as well as other accommodations such as welfare rooms, appropriate workplace equipment and occupational health provisions. And remember, it's temporary. The menopausal transition is just that a transition and it isn’t permanent. It is important to remember that the dip in mental wellness and unpleasant symptoms in this period of life won't last forever and will ease with time. If menopause is affecting you or a loved one’s emotional wellbeing, please remember the Thrive Wellbeing Hub is here to support you, whether that’s help devising a self-care plan, dispensing advice, or being the confidant and support system you need.  

New research from Edelman Group finds trust in Chartered Accountants rising faster than any other profession amid ongoing economic uncertainty  18 October 2023: The cost-of-living crisis has served to highlight the vital role Chartered Accountants play in helping businesses adapt to new challenges, according to a new study by Edelman Research Group.   78% of respondents said Chartered Accountants have been essential to navigating recent challenges, while 66% of respondents claim they have relied on accountants more than ever before since the cost-of-living crisis began.  Chartered Accountants saw a 7% increase in trust since 2021, rising faster than all other professions included as part of the study, including doctors, nurses, engineers, teachers and lawyers. Nurses, accountants and auditors were the only other professions to see a rise in trust since 2021, with trust in nurses and accountants increasing by 3%. Trust in other financial professions, including bankers and insurance brokers, has declined.  The research findings showed the continuation of a trend over several years of Chartered Accountants playing a central role in supporting the strategic direction of businesses, particularly in times of crisis, with cost-of-living pressures only the latest example of this.  Commenting, Barry Dempsey, Chief Executive of Chartered Accountants Ireland, said:  “This research shows that in times of economic uncertainty, Chartered Accountants continue to step up and help businesses navigate crises. Guidance from Chartered Accountants around the Brexit transition and the COVID-19 pandemic were viewed as essential by respondents, at a rate of 75% and 72% respectively.   “It is promising to see the dedication and integrity of Chartered Accountants reflected in this data, which confirms support across the business sector for the valuable work that our members do. Through economic uncertainties, Chartered Accountants have played a more pivotal role than ever.”  In 2022, Chartered Accountants Ireland successfully advocated for an extension of the Debt Warehousing Scheme for taxpayers for an additional 12 months, allowing greater flexibility for businesses navigating the uncertain circumstances following the pandemic.   Regarding the developing state of Artificial Intelligence, the study says that 8 in 10 respondents feel that the value provided by Chartered Accountants cannot be replicated by AI. As other professions face uncertainty in the face of rapidly developing technology, the role of the Chartered Accountant remains necessary amidst constantly shifting economic conditions.  8 in 10 also say they intend for Chartered Accountants to lead digital transformation within their organisation. This is something Chartered Accountants are already engaged in at major firms.   Barry Dempsey said: “It is also encouraging to see the continued security of accountancy as a profession in the ever-changing landscape of Artificial Intelligence. It is clear from this research that the thoughtful, strategic work of the Chartered Accountant cannot be replicated by a technology. Consensus among the business community on this is warmly welcomed.   “The field of chartered accounting continues to develop into an exciting, creative field open to the next generation, for which technological development is an opportunity, not a threat.”  Notes for Editors:  Edelman Data & Intelligence is a global, multidisciplinary research, analytics and data consultancy company comprised of over 350 research specialists, business scientists, data engineers, behavioural and machine-learning experts, and data strategy consultants based in 15 markets around the world.   

In Irish news, Revenue launch a public consultation on real-time reporting of VAT and Minister Simon Coveney TD announces a Budget 2024 package in recognition of the ongoing challenges businesses face.  In UK news, the 2022/23 paper self-assessment filing deadline is approaching and you can read the Northern Ireland Tax Committee’s response to the consultation on tax incentives for occupational health. In International news this week, the OECD releases new text on the implementation of Amount A of Pillar One. Ireland Revenue has launched a public consultation on the introduction of real-time digital reporting for VAT. The Minister for Enterprise, Trade and Employment, Simon Coveney TD, announced a package as part of Budget 2024 to assist businesses with ongoing challenges. UK 31 October 2023 is the self-assessment paper filing deadline for 2022/23 to avoid penalties. Read the Northern Ireland Tax Committee’s response to the consultation on tax incentives for occupational health. International The OECD releases new text on implementing Amount A of Pillar One. 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.  

Revenue has published a new Tax and Duty Manual to provide guidance on the VAT treatment of medical equipment and appliances. In addition, VAT guidance on rollators has been moved to the new manual and has been marked as no longer relevant. 

PAYE taxpayers may be entitled to a repayment of income tax and USC if they are out of work. Revenue has updated the Tax and Duty Manual which provides information on claiming an unemployment repayment online with screenshots of amended myAccount and ROS screens. 

Section 83DA SDCA 1999 came into effect on 1 June 2023. It provides for a full repayment of stamp duty where a residential property is sold for the purposes of an affordable dwelling purchase arrangement under the Affordable Housing Act 2021, within 12 months of its acquisition. Revenue has updated the Stamp Duty Manual to include detailed step-by-step guidance on how to make a repayment claim using Revenue's eRepayments system, which can be accessed through ROS or myAccount. 

Revenue is hosting free online events to give taxpayers an overview of the Enhanced Reporting Requirements (ERR). ERR applies to certain expenses/benefits paid to employees and/or directors. The events will include a Q&A and will address the following topics:  requesting Employer Reporting Notifications (ERN)  submitting expense/benefit details through ROS by file upload or by online form  viewing expenses/benefits by submission type and  an employee’s view in myAccount of submissions made by their employer.  For anyone wishing to attend a webinar they should go to www.revenue.ie/err, select the link to Revenue’s ‘Eventbrite webpage’ and choose the relevant event for your business and follow the on-screen instructions to book your ticket. For further details see eBrief No.212/23. 

The Department of Finance has published the White Paper which sets out estimates of receipts and expenditure for 2024. The latest economic analysis by the Government predicts a surplus of €9.6 billion for 2023 and surplus of €12.5 billion for 2024. Tax revenues are strong with revenue of €88.3 billion predicted for 2023 increasing to €93.3 billion for 2024. The post-Budget forecast was published as part of Budget 2024. 

Revenue has published the Budget Excise Duty Rates Tax and Duty Manual (TDM) to reflect changes in certain excise duty rates announced in Budget 2024. The TDM includes new rates of Mineral Oil Tax and Tobacco Products Tax effective from 11 October 2023. Relevant changes have also been made to the Excise Duty Rates on Energy Products and Electricity Taxes TDM. 

Revenue has published its Budget 2024 summary, detailing key measures in this year’s budget. 

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) require firms to take the appropriate steps to identify and assess the risk that they could be used for money laundering, including terrorist financing. The Accountancy AML Supervisors Group (AASG) in the UK has identified those circumstances where there might be a high risk of money laundering or terrorist financing in the accountancy sector. This Guidance also reflects the key risks and threats highlighted within the UK’s National Risk Assessment 2020.

Following Budget announcements delivered by Ministers Michael McGrath T.D. and Paschal Donohoe T.D., our tax team was pleased to share Budget 2024 updates via our Tax News special edition which issued to readers on Tuesday evening. We remind readers that they can read insights and updates on the Institute’s Budget 2024 landing page.