Maintaining a sense of happiness and wellbeing can sometimes feel elusive especially when dealing with the general humdrum and stressors of daily life. One powerful way to enhance our happiness is by understanding the biochemical processes that play a critical role in how we feel. Serotonin, dopamine, oxytocin, and endorphins are often dubbed the happy hormones because they boost and regulate our mood. 1. Serotonin: The Mood Stabilizer Serotonin is often referred to as the “feel-good” neurotransmitter because of its impact on mood regulation. It is crucial in stabilising our mood, promoting feelings of calm, and preventing feelings of anxiety or depression. Often associated with a sense of wellbeing, serotonin is primarily produced in the brain, though a significant portion is found in the intestines. The presence of serotonin contributes to better sleep, appetite regulation, and overall emotional stability. When serotonin levels are balanced, individuals tend to experience less stress and anxiety, along with an overall sense of contentment and happiness. How to Boost Serotonin: Sunlight Exposure: Just 10–15 minutes of sunlight exposure can help stimulate serotonin production. Exercise: Regular physical activity, especially aerobic exercises like running or swimming, is shown to boost serotonin levels. Diet: Eating foods that contain tryptophan, an amino acid that the body converts into serotonin, can promote its production. Foods like turkey, eggs, nuts, and seeds are excellent sources. Mindfulness and Meditation: Mindfulness practices like meditation and yoga can stimulate serotonin production, enhancing emotional well-being. 2. Dopamine: The Reward and Motivation Hormone Dopamine is the brain’s reward chemical. It is released when we accomplish something rewarding, whether it’s something as small as enjoying a favourite treat or completing a long-term goal. Dopamine is essential for motivation, focus, and the pleasure we feel in achieving goals. Without dopamine, we would struggle to feel a sense of accomplishment or motivation to push forward. However, it is important to note that dopamine is also linked to addictive behaviours. While small, healthy doses of dopamine release contribute to happiness, an overabundance can lead to unhealthy habits. How to Boost Dopamine: Setting and Achieving Small Goals: Breaking larger goals into manageable tasks and celebrating each small success helps keep dopamine levels up. Exercise: Physical activity, especially high-intensity workouts, triggers dopamine release. Listening to Music: Engaging with music that you enjoy can trigger dopamine production, leading to a natural "high." Healthy Nutrition: Consuming foods rich in tyrosine (such as bananas, chicken, and avocado) can help boost dopamine levels. 3. Oxytocin: The Love and Connection Hormone Often referred to as the "love hormone," oxytocin is essential for bonding and forming social connections. It is released during moments of physical affection, such as hugging, touching, or even just being in the presence of loved ones. Oxytocin promotes feelings of trust, empathy, and connection, which are crucial for mental and emotional health. This hormone plays a vital role in childbirth and breastfeeding, helping to facilitate maternal bonding. It also aids in reducing stress and increasing feelings of contentment, warmth, and love. Oxytocin not only contributes to romantic relationships but also strengthens friendships and family bonds, making it a cornerstone of social wellbeing. How to Boost Oxytocin: Physical Touch: Simple actions like hugging, holding hands, or even a gentle pat on the back can trigger the release of oxytocin. Acts of Kindness: Helping others or receiving kindness can increase oxytocin levels, promoting a sense of connection and happiness. Social Interaction: Positive interactions with family and friends, engaging in meaningful conversations, or spending time with pets can stimulate oxytocin release. Sexual Intimacy: Physical intimacy with a partner is another powerful way to increase oxytocin levels. 4. Endorphins: The Pain Relief Hormones Endorphins are often called the body’s natural painkillers. These hormones are a response to pain or stress, but they also promote feelings of euphoria and happiness. Endorphins help reduce physical discomfort, alleviate stress, and combat feelings of anxiety or depression. They are primarily known for their ability to enhance mood by acting as natural pain relievers, offering a sense of wellbeing and relaxation. The release of endorphins not only combats pain but also produces a sense of pleasure and satisfaction. How to Boost Endorphins: Exercise: Physical activity, especially vigorous exercises like running, cycling, or dancing, triggers the release of endorphins. Laughter: Engaging in activities that make you laugh boosts endorphin production. Spicy Food: Consuming spicy foods that contain capsaicin, the compound responsible for heat, has been shown to trigger endorphin release. Music and Dance: Engaging with music that inspires joy and movement can activate endorphin production, leading to an uplifting emotional response. By incorporating lifestyle practices that promote the natural release of these hormones, we can create a positive feedback loop that supports mental, emotional, and physical health. Whether it’s through regular exercise, connecting with loved ones, practising mindfulness, or simply enjoying life’s little pleasures, nurturing these hormones can foster a sense of joy, satisfaction, and fulfilment. Understanding the power of these biochemical processes allows us to take proactive steps in cultivating happiness, helping us lead more balanced, fulfilling lives. Thrive is the Institute’s dedicated wellbeing hub which provides emotional and practical support to our members, students and their family members for life. Should you find yourself in a difficult situation, the team at Thrive can help steer you through life’s ups and downs. Talk to us today on mobile: (353) 86 024 3294 or email us.

From the Professional Accountancy team …..CCAB-I  has prepared Technical Alert TA01-2025  containing some pointers for firms to consider in their use of artificial intelligence (AI). All firms should be considering putting a policy in place whether it’s just to cover basic points such as if your trainees (or other employees) are permitted to use AI in the office or whether you need more extensive provisions. The pointers in our technical alert and links included in it may be of use to members.   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.    

Revenue has updated the Tax and Duty Manual Company Charge to Income Tax on Loans to Participators. The updated manual includes a new introductory paragraph, further details on the operation of the provisions, and some additional examples.

Revenue has updated the Tax and Duty Manual VAT and Employer Income Tax/PRSI/USC/LPT – Direct Debit guidelines to reflect the ongoing direct debit modernisation project. Under phase one of this project, from January 2025, employers can no longer avail of a fixed direct debit option to pay their taxes. Liabilities can be settled instead by variable direct debit.

Revenue has published a new Tax and Duty Manual Split Year Residence which provides guidance on split year residence. The guidance reflects amendments to the claim rules introduced in Finance Act 2024. The new guide outlines split year treatment, its benefits and the relevant qualifying conditions. The changes introduced by Finance Act 2024 allow individuals to self-assess their eligibility for split year residence and claim the relief in their income tax Return for the relevant year.  These changes are referred to as the ‘Finance Act 2024 scheme (out of year claims)’. The manual provides guidance on claiming relief under this scheme and under ‘The Finance Act 1994 scheme (in-year claims)’. Illustrative examples of both schemes are included in the manual.

The first Practice News webinar of 2025, brought to you by Practice Consulting, took place on Friday 7 February 2025. In attendance were senior representatives from HMRC’s Making Tax Digital (MTD) team, including the MTD Programme Director Craig Ogilvie and Gemma Hope, from the Agent External Readiness team. Attendees heard how agents and taxpayers can prepare for MTD for income tax, including the benefits of joining its testing programme and key readiness tips. A recording of the webinar is available for viewing here. HMRC’s slides are also available on our website. The webinar also contained the usual regular features including updates on both Irish and UK tax, in addition to the latest compliance and technical news from the February 2025 edition of Practice Matters.

Revenue has updated the Tax and Duty Manual which provides guidance on the provisions relating to the residence of individuals. New paragraphs are included which provide additional guidance on: The meaning of ordinary residence and its implications in relation to the charge to tax (paragraph 2), Details on the charge to tax of income from a public office or employment (paragraph 5) and, Double tax agreements (paragraph 7). Certain paragraphs have been removed as the relevant matters are dealt with in separate Tax and Duty Manuals; these include split year residence and PAYE exclusion orders. The appendices in the manual have also been updated to reflect refreshed examples and now include a summary table on the tax implications of an individual’s residence, ordinary residence, and domicile status. A new appendix has also been included to provide historical guidance relating to a concession applying to Covid-19 cases in 2020.

In a story on 13 January 2025, we highlighted planned industrial action by HMRC staff which at that point was expected to end later this week on Friday 14 February 2025. HMRC has recently contacted us to advise that this action, which affects the Employer Helpline and Construction Industry Scheme helplines, has been extended to 14 March 2025. The full email from HMRC reads as follows: “In December we notified you about industrial action affecting the Employer Helpline and Construction Industry Scheme (CIS) helplines. This has been extended to 14 March. We have robust plans in place to ensure we continue delivering critical services.  HMRC Employer Services phonelines and webchat will be open 8am-6pm as usual but customers may experience longer wait times. We recognise that this is inconvenient for customers and agents who need direct support.   The lines affected are:  Employer Helpline (EHL)   Construction Industry Scheme (CIS) Helpline   There are no expected impacts on other services. We will keep the opening hours and service levels under review, and we will update you in advance of any changes.   We are updating GOV.UK and the recorded message that customers hear when calling the helpline. This tells them about the industrial action, the increased wait times and encourages customers to use our digital services. We strongly encourage customers to use our digital services rather than waiting to speak to us on the phone. Some of the main topics customers call these helplines about, which they can do online are: Get a quick answer to queries using the digital assistant  Check the status of your CIS refund in the ‘Where’s My Reply’ tool – only call us if the date has passed   Check your balance in the Business Tax Account   For technical support with online services use the For technical support with online services use the Online Services Helpdesk.”

HMRC has recently updated the Making Tax Digital (MTD) for income tax taxpayer and agent sign up guidance pages to reflect changes to the eligibility criteria for participating in the MTD for income tax trial in 2025/26. Following these changes, taxpayers reporting the high income child benefit charge and/or income from a jointly owned property will be able to sign up voluntarily to join the MTD for Income Tax 2025/26 trial phase ahead of mandation for the first phase of taxpayers with turnover exceeding £50,000 from April 2026. Further updates on the 2025/26 testing phase are expected ahead of its launch which is currently targeted for April 2025.

In this week’s miscellaneous updates, HMRC has confirmed that its interest rates will be reduced after the recent Bank of England base rate reduction and a consultation is taking place on HMRC statistics. From April 2025, the legislation which gives effect to the UK-Russia and UK-Belarus Double Taxation Treaties in UK law will be revoked and HMRC’s Guidelines for Compliance (GfC) have published the latest GfC on labour supply chain assurance. The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place. And finally, check HMRC’s online services availability page for details of planned downtime and the online services affected. HMRC late payment interest rates to be reduced HMRC has confirmed that its interest rates for late payments will be revised and reduced by 0.25 percent following the Bank of England interest rate cut to 4.5 percent. These changes will come into effect on: 17 February 2025 for quarterly instalment payments, and 25 February 2025 for non-quarterly instalments payments. HMRC’s information on the interest rates for payments will be updated shortly. Consultation on changes to HMRC statistics publications On 16 January 2025, HMRC published a consultation seeking views on how the statistics they publish are used. HMRC recognises that it is important to engage with statistical publication users regularly and to consider whether publications remain of high value to them. The aim of the proposals is to ensure that HMRC: continues to produce useful and relevant statistics for use by its stakeholders, adding to its existing statistics where appropriate, and adapts statistics publications to reduce what is produced for those which are no longer widely used, are duplicated elsewhere, or could be produced less frequently. The consultation closes on 10 April 2025. Revocation of UK-Russia/Belarus tax treaties Following Russia’s unlawful action to suspend material provisions of the 1994 UK-Russia Double Taxation Convention and the 2017 UK-Belarus Double Taxation Convention, the UK continued to honour its treaty obligations. The UK requested that Russia come back into compliance with its international legal obligations. However, as it did not do so, the UK has now notified Russia of its intention to suspend the Convention. The UK will therefore revoke the legislation which gives effect to these conventions in UK law. These will both cease to have effect from: 6 April 2025 for Income Tax and Capital Gains Tax, and 1 April 2025 for Corporation Tax. The UK will continue to honour its obligations under the treaties until these dates. However, thereafter, there will be an increased risk of double taxation, with a need to rely on the relief (if any) available under domestic law noting the potential for this to be restricted by ongoing sanctions. The following publications have therefore been updated: Belarus: tax treaties, and Russia: tax treaties. New GfC on labour supply chain assurance HMRC’s GfC team has published Help with labour supply chain assurance — GfC12. The guidelines are designed for larger organisations in the top tiers of a labour supply chain; however, the principles can be applied to most businesses. HMRC continues to tackle tax defaulters in labour supply chains directly. Many risks arise where there are opportunities to exploit larger, higher value, and more complex chains. HMRC is concerned about how these risks can affect a business’s own tax affairs. These guidelines explain how taxpayers can self-assess their own assurance practices and aim to help taxpayers identify and limit the impact of risks. The guidelines: explain what labour supply chains are and the associated risks, promote the importance of effective labour supply chain assurance, and provide practical advice to consider when carrying out labour supply chain assurance. These have been produced using a different format than previous guidelines hence HMRC is keen to hear feedback on the new format. If you have any queries or feedback, please contact the GfC Mailbox. Alternatively, there is an anonymous survey in the Next steps, further questions and feedback section.

Revenue has updated the Tax and Duty Manual Guidance on the Residential Zoned Land Tax (RZLT) to reflect Finance Act 2024. The main changes to the manual reflect amendments to the sections dealing with land subject to the RZLT, administration, exemptions, deferrals and abatements and other issues.

The Commission’s priorities on tax matters were outlined in a recent address to the European Parliament’s tax matters subcommittee. Commissioner Hoekstra said that simplifying and fraud-proofing the EU’s tax laws, further reforming VAT rules, favouring renewable energy through tax policy, and better addressing the tax gap would be some of his main priorities. The Commissioner also confirmed that he will look for opportunities to engage constructively on Pillars One and Two with the US Administration in light of the recent US executive order on the OECD global tax deal.