Revenue has updated a number of VAT Tax and Duty Manuals (TDMs) by deleting content which is no longer relevant. The updated manuals are on the VAT Treatment of Education and Vocational Training, the Union Scheme – One Stop Shop and the Non-Union Scheme – One Stop Shop.

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The government has published the first UK Trade and Cooperation Agreement (“TCA”) implementation report which outlines the progress that has been made in implementing the agreement, and summarises the UK’s engagement with the EU through the TCA’s formal structures. Meetings have taken place recently in Brussels of both the EU-UK Parliamentary Partnership Assembly, and the EU-UK Joint Committee, and the Retained EU Law Bill has received Royal Assent. The latest Trader Support Service Bulletin is also available, and HMRC is advising participants in the current UK Trader Scheme to sign up to the new UK Internal Market Scheme (“IMS”) by the end of this month. Deadline for signing up to new UK IMS We understand that HMRC is currently writing to authorised traders in the UK Trader Scheme (“TS”) to advise them to sign up to the UK IMS by the end of this month so that their application can be approved in time for moving goods in the green lane under the Windsor Framework. HMRC is advising that applications to the new UK IMS which it receives after 31 July 2023 may not be processed in time. You can read more about the new UK IMS here, and here. Miscellaneous updated guidance etc. Guidance for preferential rates of duty and rules of origin; Transit newsletters – HMRC updates; Pay less Customs Duty on goods from a country with a UK trade agreement; Using an origin declaration for the Developing Countries Trading Scheme; Use the Developing Countries Trading Scheme to import goods; Notices made under The Customs (Origin of Chargeable Goods: Developing Countries; Trading Scheme) Regulations 2023; Check your goods meet the Developing Countries Trading Scheme rules of origin; List of customs training providers; Search the register of customs agents and fast parcel operators; Classifying electric lamps for import and export; Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020; Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020; and Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS).

Revenue has published a new Tax and Duty Manual on the dispute resolution procedures contained in the European Union (Tax Dispute Resolution Mechanisms) Regulations 2019. The European Union’s Directive on tax dispute resolution mechanisms ((EU) 2017/1852 of 10 October 2017) (the “Directive”) sets out a framework for the resolution of tax disputes between Ireland and other EU Member States. The Directive has been transposed into Irish law by The European Union (Tax Dispute Resolution Mechanisms) Regulations 2019 (S.I. No. 306 of 2019) and the European Union (Tax Dispute Resolution Mechanisms) (Amendment) Regulations (S.I. No. 673 of 2020).

The next OECD Tax Talks webinar will take place from 3.00pm to 4.00pm this Wednesday (19 July). The webinar is open to the public and there will time allocated for a Q&A session. You can also listen to all previous episodes by following the above link.

The OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) agreed an Outcome Statement which acknowledges the substantial progress made on the Two-Pillar Solution. The Outcome Statement, which is the fruit of twenty months of intense technical negotiations, covers the Multilateral Convention, a proposed framework for the application of the arm’s length principle, the Subject-to-Tax Rule and a comprehensive action plan.

The latest, 11th EU sanctions package was implemented on 23 June 2023. Click here and here for the press releases from the EU Council. The package introduces further trade, transport and energy restrictions. It also lists  over 100 additional individuals and entities subject to asset freezes and other restrictions  such as extension of the media ban to 5 additional channels. Click here for a summary of the key elements. Click here to go to the European Commission website where readers can find further information on the eleventh package including Q&A on the package. The European Union External Action webpage has a booklet on their website summarising the provisions of the eleventh package which you can access here. This information is provided as resources and information only and nothing in these pages 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 pages. 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 these pages, 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 in these pages.  

Earlier this year the Dept. of Enterprise Trade and Employment (DETE) sought the views of stakeholders and interested parties on the Member State options contained within the Corporate Sustainability Reporting Directive (EU) 2022/2464, ahead of its transposition into Irish law. 34 responses were received by DETE including one from Chartered Accountants Ireland .A copy of each of the responses is now available on DETE’s website . This week DETE also published its proposed policy response to the public consultation on the Corporate Sustainability Reporting Directive and readers can access a copy of it here.

Your firm’s brand visibility and reputation are critical when competing for skills in a tight labour market, says Mary Cloonan For accountancy firms, recruitment at all levels can be a challenge. With good candidates in short supply, firms need to be able to show that they are a great place to work. A robust and well-designed branding strategy is an excellent investment in your firm’s future success and sustainability. It builds credibility, enhances your reputation, supports growth, and strengthens your ability to attract and retain employees. In my experience, while progressive accounting firms often value marketing as a tool for practice development, many do not always fully leverage their brand in their recruitment strategy. This is a missed opportunity, as getting great candidates to view your firm as an environment where they can thrive is the first step to having teams in place to do the work that will drive your firm forward.  Your brand must show that you are a great choice for accountants and support staff who want to build a successful and satisfying career. Experienced hires It is worth thinking about what experienced candidates consider before submitting a CV. Just like prospective clients, many will start by researching your firm. They’ll probably Google your firm’s name and the names of your senior partners. They’ll look for online reviews and news stories that give a sense of your firm’s values. They’ll check your website and see how your thought leadership articles reflect your values and ambition. They’ll look for any articles you have contributed to the business and professional media and your social and community engagement coverage. They’ll review your social media accounts, especially your LinkedIn firm page and the profiles of your senior leadership and team members. If this research throws up anyone they know on your team, they’ll probably ask this person what it’s like to work for you. The stronger your digital presence, the better your chances of attracting good candidates. Your website and social media platforms should be designed with employer branding in mind. They should showcase your culture, values and benefits in a way that engages potential employees. Crucially, they should be up-to-date and user-friendly. If not, you could lose out on the most talented candidates. Entry-level candidates The first step towards effective graduate recruitment is understanding your target candidates. The typical upcoming graduate is in their early to mid-20s, making them part of Gen Z. Gen Z looks for specific employer qualities. They want to feel challenged and need to know that their entry-level role will enable them to grow as a professional. They tend to have big, out-of-the-box ideas and want to work somewhere that appreciates them.  They think highly of organisations offering workplace flexibility and will often consider this when comparing firms.  Stand out to get talent in Many firms are struggling to find good candidates in the current market, and both graduates and experienced hires can often choose from a pool of potential suitors. The stronger your brand and messaging, the more you will stand out from your competitors. Mary Cloonan is Founder of Marketing Clever

Adopting Lean principles and tools is a practical approach that transcends industries and workplaces. Gordon Naughton explores the benefits of Lean, its impact on organisational culture and provides practical tips for implementing Lean practices in an organisation A recent global PwC survey listed the top three reasons for employees leaving: financial, fulfilment and the ability to be themselves. At the core of Lean is the principle of respect for people. This principle emphasises the importance of treating employees with unconditional respect and providing them with meaningful work. By recognising the value of employees’ contributions to its genuine purpose, organisations can mitigate issues such as burnout and high turnover rates. Respecting employees as people and aligning actions with stated values and purpose is crucial to creating a positive workplace culture. Reducing headcount as a last resort Organisations must live up to their outward values by genuinely valuing their staff. Lean thinking discourages reducing headcount as an immediate cost-cutting measure. Lean was created and perfected by Toyota in Japan. In 1950, Toyota encountered financial difficulty. It had to reduce its headcount and introduce other painful reforms to save the company. In a country and company famed for “a job for life”, the President of Toyota, Kiichiro Toyoda, recognised the breach of the social contract and dire consequences for exiting and remaining staff. He duly resigned. Within crises, there is opportunity. Recognising the opportunity that reduced activity brings, companies should actively consider using spare capacity and capabilities to reposition themselves for new challenges. Seeking efficiency beyond staff reduction Encouraging employee engagement and participation is critical for successful implementation of Lean. Organisations need to ensure that efficiency initiatives genuinely align with the staff’s best interests. Otherwise, expecting the initiatives to be implemented effectively is somewhat naïve. Furthermore, the negative impact on culture and engagement of executing nefarious initiatives can be severely problematic to the morale and culture of the organisation. Starting small and celebrating success A key aspect of Lean implementation is starting small and celebrating success at every opportunity. This approach builds confidence, knowledge and momentum for tackling more extensive and complex challenges. Incremental improvements, when compounded, can yield substantial rewards. Focusing on impactful improvements To maximise the benefits of Lean, organisations should focus their efforts on the areas that will truly move the dial. By concentrating on the right priorities, organisations can drive substantial efficiency and cost-reduction improvements. Leveraging team knowledge and empowerment Efficiency gains require a collective effort and the utilisation of the team’s knowledge and wisdom. Relying solely on top-down decision making is a fallacy. Taking the time to engage with impacted teams, empower employees and gain insights from their experiences fosters a culture of advocacy and continuous improvement. Accountancy and Lean The time has come for accountants and their clients to embark on a Lean journey to drive cost reduction and enhance efficiency. By embracing Lean principles, respecting employees and focusing on impactful improvements, organisations can achieve tangible financial gains while cultivating a culture of continuous improvement. Gordon Naughton is Founder and CEO of Tactive and a Lean Black Belt

Contrary to the misconceptions of awkward social encounters, networking is a fundamental and invaluable skill that everyone should cultivate, says Jean Evans Businesses, organisations and most people deem networking to be a soft skill, but it’s not. It’s a power skill. People think that networking is an awkward social moment or an icky sales conversation. They mistakenly think that networking is about schmoozing and being sleazy. That it’s about going to the odd event, handing out business cards and expecting something to happen. However, networking is one of the most fundamental, valuable and necessary skills you’ll ever develop. It makes you powerful. The foundation of success Networking is like the foundations you put down for a house. You cannot build a house without solid foundations. Similarly, you cannot build a successful business or stellar career without networking because no one is successful by themselves or achieves success without the support and help of others. Networking to win Networking enables you to become more self-aware and develop emotional intelligence, which will assist you in using your voice while helping you understand your personal brand and what you bring to the table in your organisation. You’ll grow a community and tribe of people who’ll support you and your career and who will be your sponsors and advocates while allowing you to become a problem solver and trouble shooter within your professional career. A personal journey How we connect with others is deeply intimate, so learning to network is highly personal and nuanced. There isn’t a right way or a wrong way for you to do it, but you have to learn how you want to do it. We all have different backgrounds that influence how we connect with others, whether it’s the environment in which we grew up, our education, our friends and family or our work. Confidence You might have noticed that I haven’t mentioned anything about more business or promotions. They are also wins when it comes to networking, but none of the tactical and technical stuff comes before you develop your confidence and self-awareness. Confidence is the name of the game. Understanding yourself and what you stand for allows you to make intelligent and conscious decisions about what aligns with your values, your priorities, and this allows you to make good choices and set appropriate boundaries. Jean Evans is a Networking Architect and founder at NetworkMe

What's going on in the North West region this summer? Find out about the Societies trip to Sligo Races and the new Chair Marion Prendergast and her committee along with other news here!

Members of Chartered Accountants Ireland travelled from all over the North West region to meet in Sligo on Thursday 23 April. This the Societies first full day conference in a post pandemic world was sponsored by Bright Software and hosted by local members who remarked on how delighted they were to be facilitating face to face meetings, in what is a welcome return to the confidence of a pre-pandemic era. The strong attendance of the event was no surprise with a total of 9 high quality speakers taking to the stage on the day. Local and national presenters spoke on a diverse range of topics all of which were presented with a unique North West focus. The innovative pairing of Fulbright Scholar Dr. Caroline McGroary and Mr. Donal McNamee, Managing Director, Archway Products, Co. Leitrim covered extensively the topic of Cyber Security in an eye -opening manner. Award winning business owner, Chartered Accountants Ireland member and local Sligo entrepreneur Larissa Feeney of Accountantonline.ie motivated and enthused delegates with her insights on running a business remotely. Caroline Murphy, Director of Collins McNicholas covered remote working and emerging trends for recruitment and retention. Retirement and Succession planning was another important topic on the day with Mayo member Maura Ginty, Gintax covering succession and retirement planning. Jim Conolly, Head of Retirement, AIB offered an educational take on the opportunities PRSA’s provide for Accountants and their clients. Technical Accounting topics were covered too. Tara Murray of Vialto Partners updated the group on the changing tax regime, while Insolvency Partners Diarmuid Lynam and Michael Kennedy covered SCARP and the new Corporate Enforcement Act. Some photos of the event can be viewed here.