Patrick McCarthy's failed Y-combinator interview changed his perspective on problem-solving. He highlights five common stressors experienced by ACAs and suggests developing skills to address them In 2019, I had a 10-minute interview that could have made me a millionaire.  Y-combinator is a business accelerator program in San Francisco famous for being early investors in Stripe, Airbnb and Dropbox. Of 15,000 applications, they interview 600, of which 50 percent will be chosen for investment. We made that 600.  I won’t drag you through the suspense. We didn’t get in. They hated our idea (to create a Netflix for Continuous Professional Development), but the explanation of why they hated it changed the way I have looked at problems and solutions forever. Performing under pressure… or not Fifteen seconds into the interview, we pitched our idea.  I don’t remember most of the next nine minutes specifically, but I do remember being really annoyed that they kept asking us the same question: “How would you create content that was broad enough for a mass audience but make it specific enough to solve the problems on an individual scale?”  We answered it. They asked it in a different way. We answered again. They asked in a different way. Continuous loop.  We had prepared over 50 questions, and they still hadn’t moved past this one. I felt the time passing. It was infuriating, and I wasn’t handling it well.  A chime went off; it was the timer to signal the 10 minutes were up. They said thanks, and the Zoom call ended.  It's not you (or me) Y-combinator communicates the process to you ahead of time. If you’re successful in the interview, someone will call you immediately. Otherwise, you receive an email with feedback.  We waited for the email. The feedback was painful and centred on the looping question. It felt like a personal rejection. But it wasn’t. And that’s the key takeaway from the whole debacle. So many people attribute blame to themselves when the blame can often be inherent in a situation.  Take our position into consideration. Y-combinator has invested in various companies trying to do what we were doing. They all failed based on the content creation for a mass audience not being specific enough on an individual basis. Millions of dollars had been wasted. The interview panel had invested in those ideas. That’s why they were interviewing us. The obsession with that question was to see if we had some sort of unique insight into how to solve it. Without an insight, we had no chance of succeeding.  It didn’t matter what we’d done or who we were. We weren’t special. We were just two more people with a common idea who had no insight on how it could grow apart from “we’ll figure it out”.  I’m not going to pretend I enjoyed the experience. I didn’t. But the lessons were invaluable.  Their rejection wasn’t personal. The problems we inherited weren’t personal either. They were situational. Anyone building a business in this space inherited the problems we did. Why that matters to you There are five problems almost all ACAs experience stress around. They’re inherent in qualifying as an ACA. You may not experience any of them ever, but you’d be unique if that was the case.  I hear these problems from hundreds of people every year through my lecturing. They’re always the same. Here they are in no particular order: Their manager: The feeling of support from your manager is  one of the cornerstones of enjoying and staying in your job. The minute you don’t feel supported, you’d have one foot out the door. Personal fulfilment: Some people want to find a large element of personal fulfilment and satisfaction in their work, and if that disappears, they often question their jobs. Professional development: In some positions, competition for promotions and leadership roles can be fierce, and this can create pressure and anxiety for individuals who are seeking to advance their careers. Social pressure: There is often societal pressure to 'succeed' and advance in one's career, and this can create additional stress and worry for people who feel that some jobs may be more prestigious than others. Work-life balance: The trade-off between working hours and salary is a constant battle for most people. Most of these problems have a large portion of generality followed by a flavour of individualism.  For example, you fight with your manager because you format documents differently from how they do. The generality of that problem is a relationship issue with your manager (everyone has them). The specific piece is it’s based on formatting (individual part).  It would make sense generally to develop skills to deal with these five problems instead of taking on each one personally. What (I think) I would do I have purposely kept this light because I refuse to give specific advice to a general audience (Y-combinator echoing in my mind). What I will do is outline exactly what I think I would do.  First, I would evaluate my own job based on how things are going.  Most people are quite happy in their roles. If you are one of the people who aren’t, take out a piece of paper and rate your issues on a scale of 1–10 with 1 meaning you don’t care about that problem much and 10 meaning that it matters a lot to you.  Now you have narrowed it down to what you care about.  Second, I would find someone a few years older than you to reach out to for advice. It may be an ACA or someone else you admire. I would ask them what they would do if they were experiencing one of your problems, or if have they any advice on how to manage the situation.  In every situation there is an element of responsibility that has to be taken on by you. However, if this isn’t the first or second time you’ve found yourself with this issue, you may need to look at your skillset in problem resolution.  Getting advice from an objective person can be invaluable in this context.  There are 30,000 qualified Chartered Accountants in Ireland. I have yet to meet one who wouldn’t spare 10 minutes to offer advice to someone asking in the right way. Navigating our growth Ultimately, my failed Y-combinator interview may not have made me a millionaire, but the lessons learned and the changed perspective on problems and solutions have proven invaluable. Rejections should not be taken personally but rather viewed as situational challenges to overcome, and by developing skills to address common stressors and seeking advice when needed, we can navigate these challenges and grow both personally and professionally. Patrick McCarthy is a Chartered Accountant and Founder of Performance Labs

Negotiating a pay rise can be difficult and maybe even awkward. Concepta Cadogan, Director at Lincoln Recruitment Specialists, outlines nine tips to make the process easier and get you closer to that bigger pay packet The art of salary negotiation is a crucial career skill that will stay with you throughout your working life.  To succeed during a salary negotiation, you will need a little preparation, rehearsal and correct positioning to ask for and receive the pay you deserve. Most companies will have a standard annual pay rise for all employees to cope with inflation, but what do you do if you think you are worth more?  We’ve put together some tips for when you want to ask your employer for an increase but can’t decide what is the best way to go about it.  Good preparation and research Benchmark yourself. Look at fellow employees and people in other organisations doing similar jobs. How do you compare?  Benchmark your role This should be based on similar roles in your firm and against market rates.  Suppose you work in a fairly structured area such as accounting. In that case, this is as simple as looking at job boards and comparing your salary against others advertised but remember to use companies of similar size and in the same location as yours.  Decide what you feel is fair Once you have seen what the market is paying, set a top rate and a bottom rate that you think are a fair reflection of your value to the organisation and that you’d be happy to accept. Don’t just focus on the money Is only money important to you, or would you prefer shorter hours, training opportunities, flexible working or a promotion?  If your firm cannot offer more money, it may be more amenable to non-cash benefits that would increase your total package but would cost it little or nothing to provide. Put together your business case Treat your salary negotiation like any other pitch you make in your job.  Put together a compelling argument as to why you are worth investing in. Think about how your job has developed, where you have contributed above and beyond your pay grade and how it makes sense for the company to reward you.  Practise arguing your case several times in front of a mirror and then on someone else. Ask them to judge whether it makes sense and if it is compelling. Get your timing right If you march into your line manager’s office and demand an increase when they have assembled a complex budget, you may get a less favourable reception than you’d want.  Alternatively, the upcoming company-wide pay round or your appraisal meeting are perfect opportunities to speak with them and put your case. Keep your cool Negotiating a pay increase is a stressful and emotional time. From your point of view, you aren’t being valued enough, but there is a possibility that from your employer’s standpoint, times are hard, and the last thing it needs is staff unrest.  Try to focus on the facts wherever you can, and don’t take the results personally. Be ready to negotiate Any manager worth their salt will come back with a counteroffer. If it’s not what you want, ask for time to consider it (it doesn’t hurt to let them stew a bit!) and decide if you want to stand your ground. Get it in writing Finally, once an agreement has been reached, ensure you get a letter stating what you have agreed.  If your manager is too busy, write it yourself and let them know that you are doing this to ensure that both sides understand what was actually agreed. By being professional and organised, you can prove to your employer that you are worth investing time and money in and by following our tips, you should get the desired result. 

Edel Walsh explains how to transform negative self-talk into empowering, positive prompts to help you on your path to qualification Do you find your internal self-talk is overly negative?  Now, ask yourself a question: would you speak to a friend or a family member so negatively?  The answer is nearly always no. If you wouldn’t speak to others so negatively, then why is it OK to talk to yourself like this?  It’s time we turn negative self-talk into positive prompts. Mindset Mindset is a powerful belief you have about yourself.  There are two types of mindsets: the fixed mindset and the growth mindset.  In a fixed mindset you believe you are good at something or you are bad at something. There is no in-between. You believe there is no room to grow or to get better at things.  In a growth mindset, on the other hand, you believe your skills and intelligence can be improved with intentional practice and effort.  Fixed mindset When we are studying, we sometimes feel the pull of the fixed mindset. We fall into thinking traps, and negative self-talk takes over.  For example, if you feel out of control about passing your exams, you might hear yourself say, “I never get anything right. I am never going to be able to pass these exams.”  When you believe you don’t have the confidence to ask for help with your studies, you might hear yourself say, “I am worried about what other people will think if I ask for help."  If you think you don’t have the competence or the intelligence to pass your exams, you might hear yourself say, “My colleagues are better than me”, “I am not good enough”, or “I fail more than I succeed." The human brain is a sophisticated organ. However, if you keep telling your brain you can’t do something, it has no option but to believe you. Our brains cannot distinguish between perception and reality.  Unfortunately, when you tell yourself you can’t do something, this often becomes a self-fulfilling prophecy.  Growth mindset and positive prompts The opposite is also true. The growth mindset starts in the brain. The key is to catch the negative thinking traps and re-frame these thoughts into positive thinking prompts.  Positive thinking prompts are positive messages or self-talk that help you stay motivated and inspired.  Positive prompts help you to take progressive action by seeing things from a different perspective. They also serve as positive reminders to motivate yourself. By changing how you think and re-framing your self-talk, you can move from a fixed mindset to a growth mindset.  Here are some positive prompts: “This topic is difficult for me, but I know when I study effectively, I will improve.” “Sometimes, the way I study does not give me the results I want. I can change my study strategy to get better results.” “Failure is not the end of the world. I can learn a lesson to improve in the future.” These positive prompts are about appreciating that challenges occur and are stepping-stones towards something better.  Mistakes are OK When we make mistakes in our studies, the volume of negative self-talk can get louder.  For example: “If I was any good, I wouldn’t keep making mistakes.” What we need to remember is that learning is messy and filled with mistakes and setbacks. Without mistakes, there would be no learning.  The important thing is what you learn from making the mistake.  Tone down the negative self-talk and re-frame it into a positive prompt, such as “Mistakes are valuable learning opportunities.”  Not knowing vs not knowing YET The word 'yet' is magical. This little three-letter word packs a big punch.  The use of 'yet' is particularly useful when encouraging learning. Let’s consider these two statements: I don’t understand double-entry bookkeeping; vs  I don’t understand double-entry bookkeeping yet! The difference in meaning between the two statements is significant.  The first statement suggests you have no understanding of double-entry book-keeping. While the  second statement says the same thing, the word “yet” implies that you will get there. You may not understand double-entry book-keeping at this moment, but you     will understand it at some point  soon.  A simple way to start changing to a growth mindset is by using the word 'yet'. Here are some more examples: I can’t do this…yet. I don’t know…yet. It doesn’t make sense…. yet. I am not good at this…yet. I don’t get this…yet. Catching negative thoughts and turning them into positive prompts takes time and effort but the results will have an overall positive impact on your mental and emotional well-being.  Edel Walsh is a student and exam coach. Her website is www.edelwalsh.ie

Patrick McCarthy, Founder of Performance Labs, outlines what he wishes he had known earlier in life and his (lack of) advice for your future Five years ago, where did you think you would be now? Have you lived up to your own expectations? I’ve met my own expectations. Five years ago, I worked in a start-up trying to lend to SMEs in the Philippines. Now I operate a family business and have begun a four-year doctorate in performance psychology. What has been the biggest challenge of your career? I found my first year in KPMG quite challenging as well as the psychology involved in navigating the exams.  What do you wish you had known earlier in life? There are probably two things: You don’t need to figure it out on your own. Find someone a few years ahead of you and ask them what to do. It will save you so much time. There’s no secret formula. Anyone who seems like they have one probably got lucky. The median of successful people I’ve met or studied are consistent, deliberate and disciplined. Where do you see yourself this time next year? Year two of my doctorate, growing the family business, and hopefully working as a mental skills coach at the intercounty level – I’m currently working towards my sports psychology accreditation. Who inspires you? Professionally, three KPMG colleagues, Eamon Dillon, Naktita McCarthy and Breda Kinsella, all had a big influence on me equally. All three were so smart yet so hard-working. It was very easy to learn a lot from them. How has being a Chartered Accountant changed your life? There is no doubt that studying to be a Chartered Accountant changed my life for the better.  The people I met have challenged and inspired me to think differently. On top of that, I’ve learned skills through my exams and working in KPMG that have directly transferred to running a business and studying performance psychology.  If you weren’t a Chartered Accountant, what do you think you’d be doing? I’d be a sports psychologist! What advice do you have for those who will soon qualify as Chartered Accountants? Ignore all advice unless it’s from someone you admire and/or would swap places with. If you’re unsure about what to do after you qualify, ask yourself: “What industry/job would I work in if all salaries were equal?” and go from there.

Our greatest teacher is the past, and former FAE students have much to say about the exams. Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, outlines their thoughts For FAE students, 15 and 17 August 2023 have been red letter days for some time, culminating in years of dedication and study.  After each main exam sitting, the student representative body CASSI issues a survey to candidates to garner their views on the exam and the education programme.  In 2022, the FAE CASSI Survey indicated that students found the following as the most beneficial resources in exam preparations – they could be equally as helpful for you in 2023. The FAE Exam Guide series Launched in 2021, the FAE Exam Guide series is an online resource carefully curated to help FAE students prepare for their examinations with ‘insider’-style views and tips from examiners.  The articles bring clarity to a range of FAE areas and contain valuable insights into the priorities and concerns of the examination teams.   At the time of writing, the 2023 Guide is expected to be published at the end of July. It is a must-read resource for all FAE exam candidates. You can find past issues online. Integrated case days By this time, FAE students will be aware of the series of integrated case days (ICDs) and have satisfied the requirement to engage with at least five of the seven available.  The considerable value of ICDs is that they help bring the four Core subjects together and integrate the knowledge and skills obtained from earlier studies and the work environment.  Attendance at five of seven live ICDs webinars is deemed mandatory and the bare minimum, but it’s a great idea to undertake all seven.    The feedback from past FAE students is that working through case days is perhaps the best way to prepare for the requirements of FAE Core.  All seven cases are available on the Learning Hub.  FAE Committee Report The FAE Committee Report (FAEC) from 2022 and earlier years can assist current FAE students in their exam preparation.  The reports explain how the papers are authored, marked and adjudicated while providing an overview of how 2022 students performed and examiner comments for each question.  The 2022 report provides key insights to current FAE candidates on what last year’s candidates did to pass the examination and, more importantly, highlights the areas where candidates continue to struggle, reiterating, where appropriate, advice from previous FAECs. FAECs are available in the exams section of the Chartered Accountants Ireland website; a student login is required.  FAE mocks Through the mock examinations, students can test their current knowledge, replicate their exam setting, gain vital first-hand experience and ensure their technology is working all before the FAE main exams start.  Students can avail themselves of a brand-new paper that’s closely aligned with the layout of the actual paper.  Past FAE students have underlined the importance of the mocks in preparing them for the real thing.  The FAE mock examinations for Core and Electives may be sat from 1 July to the evening of 9 July, with solutions, marking schemes and videos of lecturers recording their solutions available on 10 July.  Exam prep webinars The coming weeks will also see some key webinars that are not to be missed.  Following the FAE mocks, a series of post-mock exam webinars will bring clarity and answer questions students might have from the mock papers.   Then come the exam prep webinars in the last week of July, which promise to provide further guidance and some final tips on exam preparation, time management and technique.   All webinar times are detailed in the FAE timetables, available on the Institute’s website.

The Climate Action Framework was approved by the Irish Government in August 2022. Sara McAllister, Partner and Head of Business Risk Services at Grant Thornton, sheds light on its origins and the obligations that organisations must fulfil In August 2022, the Irish Government approved the Climate Action Framework (the Framework) for the commercial semi-state sector. Developed by the New Economy and Recovery Authority (NewERA) in collaboration with the Department of Public Expenditure and Reform and the Department of Environment, Climate and Communications, the Framework applies to all commercial semi-state (CSS) companies.  CSS companies that sign up to or adopt the Framework are bound to a series of commitments for delivering on climate action. The Framework also outlines targeted approaches, informed by existing best practices, for implementing solutions that address the sector’s climate action objectives. What’s behind the Framework? CSS companies have an important role in achieving the Government’s 2030 climate action targets as set out in the Climate Action and Low Carbon Development (Amendment) Act 2021 and Climate Action Plan (CAP) 2021. A robust climate action strategy includes objectives for both mitigating and adapting to climate change. The public sector is uniquely positioned to lead by example, implementing changes that help Ireland achieve its climate action objectives and transition to a low-carbon and climate-neutral economy and society.  By taking charge, upholding commitments and successfully delivering on climate action strategies, public sector bodies can show other industries that meeting the Government’s climate action targets is achievable. CSS companies must fund the cost of meeting the commitments from their own resources. The Sustainable Energy Authority of Ireland’s (SEAI) public-sector monitoring and reporting system will measure the impact of their climate actions. Five commitments for CSS companies The five commitments within the Framework map onto the three pillars outlined in the Public Sector Leading by Example sections of the CAP 2019 and 2021 – measurement of carbon footprint, green public procurement and carbon pricing in capital evaluation.  The two additional commitments relate specifically to climate actions for corporate environments, focusing on the governance of climate action objectives and financial disclosures. Commitment 1: Governance of Climate Action Objectives What is it: Oversight at board level and integration of climate action objectives in the company’s strategic business planning. Why it matters: Having board-level oversight offers a clue about the importance of climate-related issues to an organisation as a whole. Buy-in and involvement at this level sends a signal to the entire company that meaningful climate action is integral to the company’s strategic direction. The board’s approval and monitoring of the resulting sustainability strategies ensures they are progressing appropriately, putting the organisation on track to meet its shorter-term climate-related benchmarks and ultimately achieve its long-term climate action objectives. Commitment 2: Emissions Measurement and Reduction Target What is it: Formal adoption of government emission reduction targets for the public sector and the SEAI measurement methodology. Why it matters:  Having a reporting structure to capture, compare and monitor carbon emissions over time is critical for driving accountability in reducing emissions.  At a minimum, organisations should be measuring their Scope 1 and Scope 2 emissions; however, the reporting requirements for Scope 3 emissions are set to increase, so companies can get ahead of the curve by beginning to report on these emissions now.   CAP 2021 requires that public sector bodies reduce their emissions by 51 percent. That’s an ambitious and challenging target, and the challenge will likely increase as the types of emissions included 'in scope' continue to expand. Commitment 3: Measuring and Valuing Emissions in Investment Appraisals What is it: Having investment decision-makers incorporate the value of carbon emissions in their decision-making parameters. Why it matters: Project appraisals for public capital investments need to consider fossil-fuel consumption to avoid any expenditures on long-term projects that have a commitment to or dependency on fossil fuels.  Greenhouse gas emission targets are legally binding and challenging to meet, so investment decision-makers need to take a project’s potential carbon emissions into account before they make a financial investment. Using carbon pricing during appraisals allows decision-makers to fully understand the cost that society will bear for a project’s emissions.  As a result, they can appreciate the climate consequences of their investment decisions and make better, more informed choices when presented with different options. The 2019 Public Spending Code sets out current carbon pricing; however, the Code is likely to be updated again to estimate the cost of achieving CAP 2021’s enhanced target of a 51 percent emission reduction. CSS companies must be in full compliance with this code year on year. Commitment 4: Circular Economy and Green Procurement What is it: The promotion of circular economy measures and implementation of green procurement processes. Why it matters: A circular economy reduces waste by maintaining the value of products and materials for as long as possible. Forty-five percent of carbon emissions come from the production of goods, so implementing a circular economy is a necessity for meeting emission reduction targets. The Whole-of-Government Circular Economy Strategy sets out Ireland’s transition plan to a circular economy. The public sector will play a leading role in this transition by implementing green procurement and circular economy practices. The Office of Government Procurement (OGP) has updated its procurement frameworks to align with these practices, providing guidance to public and semi-state bodies on how to meet their need for goods, services, works and utilities with solutions while simultaneously considering the total economic and environmental cost – from cradle to grave – of a solution. CSS companies should engage with the OGP and central purchasing bodies to facilitate their transition to green procurement practices. Commitment 5: Climate-related Disclosures in Financial Reporting What is it: Compliance with a relevant and appropriate climate-related disclosures framework within a defined time frame. Why it matters: Companies, including CSS companies, must become more transparent and aggressive about reporting climate-related information. Transparency is key for building and maintaining stakeholder trust and preventing reputational damage. Investors, regulators, purchasers and other stakeholders increasingly want access to this climate-related information because these insights often have implications for their own climate-related decision-making. Regulatory authorities and governments continue to update and strengthen their environmental reporting requirements. For instance, the new EU Corporate Sustainability Reporting Directive requires that companies operating in the EU report sustainability disclosures across several topics related to environmental and societal issues. CSS companies can keep pace with such regulations by adhering to a robust and appropriate climate-related disclosures framework.

You’ve finished up your exams and now have some time to relax. However, you want to make sure you don’t lose focus. Suvi Inkinen shares her tips on staying motivated while having a restful summer With the CAP1 and CAP2 exams completed for the summer, some students might feel a slump in their productivity or worry they will get out of their established study-work-life routine. Here are a few ways to stay active while getting a much-needed break. Upskilling The summer is the perfect time to upskill in ways that may be unrelated to work.  For most students, it is a slightly quieter period and thus is great for branching out into different work-related tools. For example, teaching yourself how to use various digital assets. This is a good way to keep the brain active during summer. Prioritise your health Students should learn to prioritise their health to maintain an excellent work-life balance.  Working or studying late some evenings is a must, but students should always ensure that they’re getting enough exercise and rest.  A simple way to ensure a good work-life balance is to take your lunch break and have it blocked off on your calendar every day. If I’m working from home, I love to head out on a walk during lunchtime.  Another fantastic way to ensure there is balance in your busy life as a Chartered Accountancy student is to get actively involved in related societies, such as CASSI (or regional societies for Dublin, Cork, Ulster, Galway, Mid-West, Midlands and Limerick) for students or Young Professionals (YPs) once you qualify.  CASSI & YPs provide academic content through webinars, CPD events, exam top-tips and career evenings throughout the year, along with social activities such as BBQs, quizzes, cruises and weekends away with fellow Chartered Accountants. Prep for the next term? I recommend taking a break from studying over the summer period and starting fresh once the term begins.  The Institute’s exams are much more challenging than any college exam (in my opinion), and your brain deserves a break before starting again in September.  I always find myself motivated to begin studying again after taking time off and relaxing. You’ll have plenty of time to study before the next set of exams! CASSI CASSI is there for students, and you can contact us through any of our socials, which include: Email Address: cassinetwork@gmail.com Instagram: @cai_student_society LinkedIn: Chartered Accountants Students Society Ireland Our CASSI Education Officer prepares an exam survey sent to students via the Institute’s student affairs team after each exam. I recommend that students complete this survey as the results are brought to the Institute for review when assessing the marking scheme. This contributes to how exams are run in the future, ensuring your needs are being met. Suvi Inkinen is a Risk Assurance Associate at PwC Ireland 

Do you complete expenses and benefits returns? Or do you complete online filing for employment related securities? If so, you have an important role to play in ensuring returns are submitted by the 2022/23 filing deadline of Thursday 6 July 2023, and payments are made on time. By way of reminder, from 6 April 2023, forms P11D and P11D(b) can only be submitted online by employers (except for the digitally excluded). Amendments can also only be made online from 6 April 2023. Also, since 6 April 2023, a new online service is available for employers and their agents to apply for a PAYE Settlement Agreement.  Note that ICAEW has shared how filing P11Ds online can work when a different agent is authorised for PAYE and a tip on registering for PAYE to file P11Ds online. Here’s a reminder of the key deadlines this month:- 6 July 2023 – deadline for submitting all 2022/23 P11D(b) and P11D forms, and the employee must receive their copy of the P11D; 6 July 2023 – deadline for online reporting of the 2022/23 annual return in respect of employment related securities; 19 July 2023 – deadline for non-electronic payment of Class 1A National Insurance Contributions (NICs) for 2022/23; and 22 July 2023 – deadline for electronic payment of Class 1A NICs for 2022/23. To save on administration, don’t forget to consider PAYE Settlement Agreements, where relevant. For 2022/23 these must be agreed by Wednesday 5 July 2023, with payments due by 22 October 2023 (19 October 2023 if paying by post). HMRC is also reminding employers of the expenses and benefits position of COVID-19 position of tests and equipment.

In this week’s EU exit corner, we bring you the latest guidance updates, and publications relevant to EU exit. We also update you on the recent opening of the reimbursement scheme, and bring you news of current consultations in the area of customs. The latest Trader Support Service and Borders Weekly Stakeholder Bulletin are also available. And finally, if you account for import VAT on your VAT Return under postponed accounting for VAT, you must access the Customs Declaration Service to get a postponed import VAT statement online Reimbursement scheme now open Last week on 30 June, the long awaited duty reimbursement scheme launched which means traders can now reclaim duty on goods moving into Northern Ireland which do not subsequently move into the EU. Claims are possible back to 1 January 2021. HMRC recently responded to the Institute to say that interest will not be paid on refunds received by traders, however we have asked HMRC to provide more detail on this, and will keep you updated. The Institute lobbied on the need to open the scheme for several years. The reimbursement scheme allows for reimbursement of tariffs paid on goods classed as being at risk which later become/became not at risk under the original Protocol and on goods which move in the new red lane which should originally have been green lane movements under the Windsor Framework. This includes the following scenarios:- Final sale of goods takes place in NI; Goods are consumed in NI; Goods are destroyed in NI; Goods are moved back to GB from NI; and Goods exported to RoW (Rest of World). In order to claim, the trader must gather evidence to support the claim and submit this to HMRC where a caseworker will consider the application. The following publications are also available which are relevant to the scheme:- Declaring goods you bring into Northern Ireland 'not at risk’ of moving to the EU; Trading and moving goods in and out of Northern Ireland; Notices made under the Customs (Northern Ireland: Repayment and Remission) (EU Exit) (Amendment) Regulations 2023; and Apply to claim a repayment or remission of import duty on ‘at risk’ goods brought into Northern Ireland. Consultations Four consultations are currently open which are relevant to customs. HMRC has also published a new customs and UK border consultations tracker. Customs treatment of post and parcel exports – closes 20 July 2023 This consultation seeks to understand who makes use of the Export Memorandum of Understanding and Extra Territorial Offices of Exchange, and why, before looking at each procedure individually to establish ways in which the UK’s post and parcels export regime could be improved. The objective is for HMRC to establish how the customs treatment of low-value post and parcel exports can be developed to enable the smooth flow of these goods out of the UK, while ensuring appropriate due diligence is applied to help protect the countries and territories exported to, while complying with international obligations. Introducing a voluntary standard for customs intermediaries – closes 30 August 2023 This consultation seeks views on the proposal to introduce a voluntary standard for customs intermediaries, with the aim of improving the quality of service across the sector. It follows on from the 2022 Call for Evidence: An Independent Customs Regime and the measures complement wider transformational changes at the border that the government has committed to delivering as set out in the 2025 Border Strategy. Views are sought on: the objectives of a voluntary standard, and what format it could take; how a voluntary standard could be designed and implemented; the potential content of a voluntary standard; and training and educational offerings for the intermediary sector, which would support the introduction of a voluntary standard . The future of customs declarations – closes 8 September 2023 This consultation seeks views on potential simplifications to customs declarations, and the use of technology to facilitate declarations and other customs processes. HMRC are holding webinars on 5 July 2023 and 13 July 2023 where policy officials will explain the consultation questions and how to respond. If you would like to attend one of these webinars, please contact HMRC by emailing externalstakeholders.customs@hmrc.gov.uk by 3 July and 11 July respectively. Bringing goods into the UK temporarily – closes 22 September 2023 This call for evidence seeks views from individuals, businesses and intermediaries on how the Temporary Admission (“TA”) procedure is working and, in particular, their experience of using TA in the UK. The government would like to gather and consider a wide range of views on how the TA procedure could be simplified for users. The government also welcomes views on potential improvements to the UK’s TA procedure to make it more accessible. TA is used by a broad range of sectors, including the creative, cultural and sports sectors, the leisure industry, museums galleries and auction houses and a broad range of businesses of all sizes. This call for evidence is likely to be of particular interest to traders, customs agents, freight forwarders and hauliers, as well as business representative organisations, trade bodies and customs consultancies that help traders with their customs affairs. Miscellaneous updated guidance etc. Specialised Committee on the Implementation of the Windsor Framework: joint statement, 23 June 2023; Customs, VAT and excise UK transition legislation from 1 January 2021; List of customs training providers; Customs declaration completion requirements for Great Britain; CDS Declaration Completion Instructions for Imports; Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS); Search the register of customs agents and fast parcel operators; Draft notices made under the Customs (Northern Ireland: Repayment and Remission) (EU Exit) (Amendment) Regulations 2023; The Customs (Northern Ireland: Repayment and Remission) (EU Exit) (Amendment) Regulations 2023; and Check simplified procedure value rates for fresh fruit and vegetables.

The Institute is seeking feedback from members on two formal consultations, and we are also considering writing to the Government in relation to the Spring Budget announcement that from 2024 agricultural property relief for Inheritance Tax will be restricted, and will only be available on UK farmland and farm buildings. We are particularly concerned of the impact this will have in Northern Ireland given our geographic proximity to the Republic of Ireland. Get in touch by Monday 10 July with your comments and observations on this, and the two formal consultations below. The Tax Administration Framework Review: information and data – closes 20 July 2023 This seeks views on how HMRC's information and data-gathering powers could be updated to enable digitalisation of services, improve compliance and reduce administrative burdens. Section 6 of the consultation sets out the specific consultation questions. The Tax Administration Framework Review: Creating innovative change through new legislative pilots – closes 20 July 2023 This seeks views on a proposed legislative approach to piloting. HMRC is exploring how it can develop and improve testing prior to wider roll out of change. Section 6 of the consultation sets out the suggested discussion areas. Currently, testing of changes or collaboration with external stakeholders can be limited by legislative inflexibility. This explores the opportunities and challenges of a possible sandbox testing approach, and what safeguards might be necessary and proportionate.

The Institute, under the auspices of the CCAB-I, made representations on behalf of members at last week’s meetings of Main TALC. Among the issues discussed, Revenue provided an update of its position regarding the enhanced reporting requirements for employers. Revenue committed to the formation of a sub-group to facilitate practitioner representation. CCAB-I expressed concerns over the additional time and cost employers will have to absorb to comply with the new reporting system. We will keep members updated on developments.

The Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, has initiated a public consultation to enable a review of the private residential rental sector.  It is intended that the review will draw conclusions on how the housing system can be enhanced to provide an efficient, affordable, viable, safe and secure framework for both landlords and tenants and that government will act on the review’s recommendations. The review will take into account the significant regulatory changes over the past several years in the residential market. The consultation is intended to allow targeted engagement with various stakeholders and the public in general. The Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, said: “As a Government we are completely focussed on increasing the supply of all kinds of safe and secure housing, including rental, and the need to protect renters while retaining landlords in the system, so this review will be another step forward in delivering this aim. A central element of the review is the public consultation. We are encouraging the public to offer their views, experiences and perspectives on the private rental sector in Ireland”. The consultation period will run from Monday, 26 June to Wednesday, 26 July 2023. The Institute, under the auspices of the CCAB-I will respond to the consultation and members wishing to provide input can email us.