In Irish news, the Parliamentary Budget Office has published its analysis of Finance Bill 2024  and Revenue is advising tax agents to review their IT security processes. In UK news, read our more detailed coverage of the capital and business taxes measures in the 2024 Autumn Budget. In International news, the Commission and the UK conclude technical discussions on a competition cooperation agreement. Ireland The Parliamentary Budget Office has published its analysis of Finance Bill 2024. Revenue is advising tax agents to review their IT security processes. UK 3. Changes to capital gains tax and inheritance tax were the main feature of the Autumn Budget 2024 capital taxes measures. 4. On the business taxes front, the rate of employer’s National Insurance Contributions will increased from April 2025. International 5.        The European Commission and the UK concluded technical discussions on a competition cooperation agreement. 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.

The Failure to Prevent Fraud offence was introduced in section 199 of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The Act provides that the Secretary of State must issue guidance about procedures before the provisions come into force. This guidance to organisations on the offence of failure to prevent fraud has now been issued (as  of 6 ,November 2024). The guidance states that the offence will come into effect nine months after the publication of this guidance, to allow organisations to develop and implement their fraud prevention procedures. A reminder of what the Failure to Prevent Fraud offence is. The legislation will apply to large organisations where an associate of the organisation commits any of the offences listed in schedule 13 of the ECCTA (for example, cheating the public revenue or false accounting) with the intention of benefitting the organisation and the organisation did not have in place reasonable fraud prevention procedures. The large organisations to which the legislation will apply align with the thresholds in the Companies Act 2006. In short, a large organisation is one satisfying two or more of the following conditions: turnover of more than £36 million; balance sheet total of more than £18 million; or more than 250 employees. Readers should be mindful that there are proposals to uplift the monetary thresholds under company law. 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.  

In Sept 2024 the UK government announced the launch the Office of Trade Sanctions Implementation (OTSI), within the Department for Business and Trade. Click here also for further information. To equip the office with new civil enforcement powers, on 12 September 2024, the UK government passed the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024. Click for the explanatory memorandum. OTSI’s enforcement powers came into effect from 10 October 2024. They apply to all UK persons including businesses wherever they are in the world and any person including businesses in the UK or the UK territorial sea. The regulations introduce new civil enforcement powers, including the power to impose monetary penalties, for breaches of aircraft, shipping and certain trade sanctions. The regulations also give the Secretary of State the option to publish reports where a breach of sanctions regulations has occurred. Click for statutory guidance on the Trade, aircraft and shipping sanctions, civil enforcement. 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.    

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What change do you hope to see in Ireland in 2025? Colm O’Keeffe PwC  One change I would like to see in the next year is to the capital gains tax (CGT) regulation, which requires payment on unrealised gains for shares held for more than seven years, which is extremely onerous for Irish investors.  This rule forces early sales to avoid taxes, which deters long-term investment. Flexibility and sustained investment would result from matching CGT liability to actual realised gains. A change to this regulation would encourage market activity and promote economic expansion.  I hope legislators take these things into account and enact changes that strike a balance between the advantages of long-term investment and the need for tax money. Ireland's investment climate would be more vibrant and resilient if CGT regulations were more investor-friendly. Mark Healy EY  Ireland has the potential to be a beacon of inclusivity, especially in today’s challenging global landscape.  As we navigate issues like climate change, economic uncertainty and social inequality, we must foster a society that embraces diversity.  In 2025, I hope that we as a country place a large emphasis on promoting the voices of marginalised communities. We must encourage policies that support equal access to education, healthcare and employment ensuring that everyone has a fair chance to thrive. We need community initiatives that celebrate cultural differences and can foster understanding and solidarity among citizens. Moreover, we should engage in open dialogues about our shared values and collective future, recognising that our strength lies in our unity.  By embracing inclusivity over the coming years, Ireland can not only strive domestically but also serve as a model for other nations, demonstrating that a diverse society can lead to resilience in the face of adversity. Conor Flynn EY  In 2025, I hope to see Ireland harnessing the €14 billion received as part of the recent Apple tax ruling to significantly boost infrastructure investment.  This landmark ruling could provide a vital opportunity to enhance transportation, housing and water infrastructure across the country. With the strategic allocation of these funds, Ireland can improve roadways, public transit systems and aged water systems thereby fostering economic growth and regional development.  Additionally, investing in sustainable infrastructure would not only address current challenges but also prepare for future needs. By prioritising these enhancements, Ireland can create a more resilient and interconnected society, ensuring prosperity for all its citizens.

For newly qualified accountants, the job market is brimming with both local and international opportunities, presenting plenty of options depending on individual goals. Simon Cogan, Consultant at Barden, and Siobhán Sexton, Business Lead with Barden, look at what to expect in 2025 Since the pandemic, career opportunities for newly qualified Irish accountants have evolved dramatically. Whether looking at international roles, local positions or adapting to new work models, 2025 promises a landscape full of potential. International opportunities In the last few years, international moves for newly qualified accountants have gained significant traction.  In 2023 and 2024, an estimated 60 percent of Irish accountants ventured abroad, gravitating towards traditional destinations like Australia, London and Canada, as well as emerging markets in the Middle East.  However, as markets saturate with similar profiles, some countries have grown increasingly competitive, requiring professionals to stand out through niche skills or additional experience, making relocation a bit less straightforward.  For those open to starting with short-term or contract roles, overseas experience remains highly valuable and, when done right, can be a great step for career growth. The local market: increasing demand for talent Ireland’s accountancy market is strong, with plenty of opportunities across various industries. Salaries have risen, particularly in Dublin, Cork and Galway, where companies are competing for talent. There are also long-term prospects locally in growing fields like renewable energy, technology and FMCG. Networking remains invaluable for jobseekers. Partnering with a specialised talent advisor can open doors to roles that aren’t publicly advertised. Taking a proactive approach – whether through LinkedIn or local networking events – can make a real difference in landing the right role. Future skills in demand With the growing focus on digitalisation and sustainability, skills in data analytics, ESG, sustainability reporting and regulatory compliance can set accountants apart and this shift is broadening career paths for early-career accountants.  As companies prioritise sustainable business models, these roles are gaining traction, creating opportunities for those interested in environmental finance. Familiarity with financial software like advanced Excel, SAP or Power BI is also a big plus. Interpersonal skills, such as communication and adaptability, are more valued than ever. The ability to navigate various interpersonal relationships, collaborate effectively, and adjust to changing priorities or business environments makes a lasting impression and provides a solid base for long-term success in the field. Remote and hybrid work: adapting to a new work culture While remote work became the norm in 2020 and 2021, companies are gradually adjusting their policies as they navigate post-pandemic dynamics.  Hybrid work models are here to stay, with most organisations offering two days of remote work per week. However, there is a noticeable shift towards in-office work as businesses emphasise collaboration and mentorship, especially for those early in their careers. For newly qualified accountants, working onsite offers distinct advantages, particularly in terms of direct mentorship and hands-on experience.  Many professionals who trained during 2020/2021/2022 missed out on face-to-face learning from senior colleagues, which remains a crucial element for skill development.  In 2025, expect a blend of flexible work arrangements, albeit with a stronger in-office presence required, especially in client-facing roles or those that profit from regular team interaction. This can only benefit early-career accountants for the long term.  The return of overseas talent  An interesting trend shaping 2025’s job market will be the return of Irish accountants who have gained international experience. Many who initially moved abroad are now returning home.  This influx of internationally experienced professionals could introduce a new level of competition in senior roles. It also enhances the talent pool, fostering a vibrant, knowledge-rich environment that ultimately benefits Irish companies. Moving from practice to industry: key considerations For newly qualified accountants deciding between staying in practice or transitioning to industry, 2025 looks set to offer a variety of paths.  Staying in a Big Four firm, for example, is ideal for those aiming to become a partner or gain exposure to different client types. Moving into industry, however, typically provides broader financial experience sooner, which may be of help long term, if industry is where someone wants to progress. The demand for specialised experience is also growing; companies seek accountants with technical knowledge in areas like IFRS and financial modelling, often preferring candidates with post-qualified industry experience for more complex roles. A time of opportunity For newly qualified accountants in 2025, the career landscape is rich with opportunity. Whether pursuing roles in Ireland or exploring global markets, accountants have plenty of choice, with new sectors emerging and traditional industries expanding.  By staying adaptable, honing both technical and soft skills, and strategically planning career moves, newly qualified accountants can position themselves for rewarding paths in the evolving financial world. With the right preparation, partnering with a specialised talent advisor and taking a proactive approach, 2025 could be an excellent time to build a fulfilling career, whether at home or abroad.

From overcoming exam setbacks to discovering unexpected career paths, the journey of Nuala McAdams, Manager of Government & Infrastructure at EY, highlights resilience, growth and the rewards of saying yes to new opportunities in the world of finance Five years ago, where did you think you would be now? Have you lived up to your own expectations? Five years ago, I had just attended my conferring ceremony and was about to move to a new department in my organisation. I have since made another move internally (three different departments in nine years).  I don’t think I had a five-year plan at that point if I’m honest. I had just qualified and didn’t know what I wanted to do next.  I think I have lived up to my own expectations in that I have tried new things and avenues in accountancy that I hadn’t heard of. I am so glad I did, as it has taught me new skills and given me new opportunities to develop. What has been the biggest challenge of your career? The biggest professional challenge was definitely failing three out of four of my CAP 2 exams – it was a terrible day!  It was so frustrating and devastating, especially as I knew it was totally on me. I hadn’t attended class as much as I should have, and it showed. For me, it was 100% my approach to the exam. The videos on charteredaccountants.ie on exam prep became really important to me when I moved to FAE. Fortunately, that went a lot smoother. Thankfully, I was able to wallow for a few days then pick myself up, work out where I went wrong, put the work in and pass second time around.  What do you wish you had known earlier in life? I wish I had known that it doesn’t matter where you are or what you are doing, you can always change your path. I started accountancy with no background in it, couldn’t tell you what a debit/credit was but I’ve never looked back. Where do you see yourself this time next year? I see myself being a lot more organised and making time for things that I love, like my voluntary roles, and hopefully doing some teaching in accounting!  Who inspires you, personally and professionally? My mammy’s motto in life is: “Sure what odds?” (In other words, ‘no big deal’.)  I would love to be so relaxed about things and I do think it’s really important to have that kind of perspective. It’s important to remember that no mistake is that bad –  and we all make them!  How has being a Chartered Accountant changed your life? I honestly don’t think I would have had as many amazing opportunities if I hadn’t followed this career path.  I have met so many new people, built my confidence, travelled a lot, and gained a host of new skills which translate to a lot of different organisations and roles.  Also, during your grad induction, you are always told that you’ll make friends for life. I didn’t believe it but it is true. If you weren't a Chartered Accountant, what do you think you'd be doing? I’d love to host a radio show…or be President of Ireland – both are essentially just talking to people all day, right? What advice do you have for those who will soon qualify as Chartered Accountants? Say yes to things, especially events – you never know who you’ll meet – and make time for the things you love or are interested in!

One of the most effective study strategies you can adopt is frequent self-testing. Edel Walsh discusses the importance of self-testing or retrieval practice When studying, most students will read their course materials and highlight the important points or areas they don’t understand. They may also write out their own notes or design mind maps.  While all these methods are a good starting point, they should not be relied upon for exam preparation. Testing yourself is one of the most effective methods of studying and learning. Incorporating testing into your study routine will not only help you assess your learning progress but also help you to retain critical information for the long term.  Why is testing yourself so important? When you’re studying for professional exams like those in accountancy, understanding concepts is only half the battle. Testing yourself provides immediate feedback on your knowledge.  It reveals what you have understood, and what areas need more work. This allows you to focus your study efforts effectively.  Feedback is essential in identifying knowledge gaps that might otherwise go unnoticed until the exam day. Many students leave testing until close to the exam and some students avoid testing altogether. Testing yourself shines a light on what you know and don’t know. This can feel uncomfortable; however, you are better knowing what you don’t know before your exam rather than on the day of the exam.  How often should you test yourself? There is no magic formula for how often you should test yourself. However, frequent testing of the same material leads to better retention. Here are some guidelines to consider: Test yourself every time you study. This can be done by incorporating short quizzes on the material you’ve covered during your study session. This could be as simple as recalling key definitions, concepts or formulas from memory.  At the end of each module or lesson, set aside time for more in-depth self-testing. This might involve answering past exam questions or solving case studies based on what you’ve studied. This gives you a comprehensive view of your progress and highlights areas that need further revision. Consistency is the key. Testing yourself regularly, rather than cramming right before the exam, reinforces learning over time and improves retention, leaving you better prepared on exam day. Methods of testing or retrieval practice Retrieval practice is another name for self-testing. Retrieval practice is a form of self-testing that requires you to pull information from memory without looking at your notes or textbooks. Retrieval practice engages your brain in recalling what you’ve learned.  Here’s how you can incorporate retrieval practice into your study routine: Flashcards: As you are studying tricky topics, rather than writing out pages of notes on a topic, get some flashcards. Write a short question on the front of the flashcard and the answer on the back. After each lesson or module, you will be left with a bundle of flashcards. Shuffle the cards and test yourself on the questions regularly. This approach works well for keeping information fresh in your mind. Apps like Anki or Quizlet can help you organise digital flashcards. Brain dump: After studying a topic, put away your notes and write a summary from memory. This helps solidify the concepts in your mind and forces you to process the information in your own words.  Practice problems: Doing practice problems or past exam questions without referring to your materials is an excellent way to engage in retrieval practice. This mirrors the exam environment and trains your brain to access information under pressure. Explain the material you have learned to somebody else: Summarise and explain the material to a housemate or family member. If you can explain it clearly to them, and they understand what you are talking about, this signals that you truly understand the material. Benefits of self-testing and retrieval practice  Self-testing can increase your confidence and help reduce anxiety by making the material more familiar and by showing you which areas you need to focus on.  The more you test yourself, the more confident you will feel about the material going into the exam. Testing yourself under exam conditions helps you practise managing your time and thinking under pressure. Effective study strategy Testing yourself is a crucial part of an effective study strategy for professional accountancy students. By incorporating regular testing into your study routine, you ensure consistent progress and retention of key material.  Retrieval practice plays a powerful role in deepening your understanding of your exam material.  Take the time to test yourself regularly, learn from the feedback you receive, and keep refining your approach.

Beyond technical expertise, impactful communication ensures messages are understood and valued. Carmel Moore offers practical tips for refining non-verbal, written and virtual communication skills The art of communication is a vital skill for accountancy students, where clarity and precision are as important as the numbers.   Technical expertise is worthless if the receiver doesn’t understand the message, and sloppy communication can waste time and create risk.  Here are some simple principles to help improve your communication skills. “You cannot not communicate”   The principle “You cannot not communicate” tells us that silence, body language and tone in written communication all send out messages.  For accountancy students, this is a reminder to remain mindful of non-verbal cues, tone and timing in meetings, emails and virtual settings. You are never invisible. Meetings  In face-to-face meetings, you're still communicating even when you’re not speaking. Your posture, eye contact and facial expressions can be interpreted by others and people will make assumptions about whether you’re engaged, bored, confident or open to feedback.  Be aware of listening cues. When a client or colleague is speaking, show you’re actively listening by nodding or occasionally saying, “I see” or “That makes sense.” This communicates respect and interest, reassuring the other person that you value their input, even when you’re not actively speaking. Emails The tone in an email is important to get right as messages can easily be misinterpreted. Every choice in word, structure and even punctuation conveys tone.  In our work, we often seek information from busy people. For example, “Respond by Friday” and “Could you please have the response ready by Friday?” both communicate a deadline, but the latter comes across as more collaborative. Overly formal language can seem cold or detached. Aim for a warm yet professional tone to make recipients feel more comfortable and willing to engage.  Even response time is a form of communication—quick responses can convey efficiency, while delays may unintentionally signal a lack of priority.  Virtual meetings Virtual interactions bring unique communication challenges. Silence feels more pronounced on video calls, where pauses may be misinterpreted.  If a participant turns off their camera, it might signal disengagement, or it could simply mean a technical issue or a need for privacy. A note in the chat can easily explain a missing face on the screen without the unintentional insult. When you’re speaking, remember to smile, use hand gestures and keep your tone upbeat to convey openness. If you need a moment to gather your thoughts, simply say, “Give me a second to pull up that data.” Small acknowledgements can prevent misunderstandings that silence may bring in a virtual space. “The meaning of communication is the response you get”   Remember: good communication is not just about your intent, but also about the outcome. This is particularly important in finance, where technical topics can easily become complex or misunderstood.  If the message doesn’t come across as expected, it’s up to you to adjust how you’re communicating. I’ve often reviewed work where my colleague has said, “But that’s what I meant!” But it wasn’t what they said.  Meetings  This principle reminds us to focus on clarity and engagement. When presenting, watch for audience reactions—are they nodding, looking puzzled or asking for clarifications? These responses tell you how well your message is landing.  If someone looks confused, ask if they’d like you to explain it differently, perhaps by breaking down the information further or offering a different example. To check understanding, say “Is everyone okay before I move on?” Emails   In email communication, look for responses that confirm comprehension.  When explaining something technical, provide context that guides your reader toward a clear understanding. Use concise subject lines and straightforward language.  Conclude with an open-ended question, such as, “Does this explanation make sense?” or “Is there any area you’d like more detail on?” This invites clarification, helping to ensure your message is fully understood. If the response to your email suggests confusion, reply with patience. Simplify your language and provide a summarised recap if necessary.  If appropriate, ask the recipient to walk you through what didn’t land for them. Take notes for future adjustments. Before you click send on an email, it’s important to do a self-review of what you have written. Answer the question: Summarise the question being posed to others at the start to ensure focus. Highlight actions: Make actions clear. Don’t make readers search for them. Ensure clarity: Use simple, readable language. Virtual meetings Virtual meetings add complexity to communication. Non-verbal cues are harder to pick up, so the meaning of your communication becomes even more dependent on intentional check-ins.  Look for engagement indicators, like people turning on their cameras, nodding, or adding comments in the chat. Mix it up by using screen-sharing tools. You may have the technological advantage here! Regularly pause to invite questions or reactions, asking, “How is this coming across for everyone?” or “Any questions so far?” This lets you gauge understanding and adjust as needed. Putting it all together Applying these principles means taking responsibility for how your message is received.  Effective communication isn’t just about what you say, it’s about observing how your message is received.  By watching responses and understanding that silence or body language can carry powerful messages, you can become a more effective communicator, building trust and clarity with other students, colleagues and clients alike. Carmel Moore is Director at the One Moment Company  

Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, introduces a new academic year filled with innovative tools – like a Learning Hub, adaptive learning for CAP1 Law and Finance, and comprehensive resources to support student success On behalf of everyone at Chartered Accountants Ireland, a warm welcome to you as we begin a new academic year together. The months ahead will no doubt be challenging but we hope you find them rewarding, as each step brings you closer to your goal of qualifying as a Chartered Accountant.  We also hope that you’ve already noticed some of the online learning enhancements we’ve just launched and are finding them useful.  Our progressing students will be aware that all Chartered education is provided online, giving you the flexibility to study where and when it suits.  One big change this year is the introduction of a new learning platform. Students across all three programmes now have access to online learning content on a Learning Hub.  As well as offering a better learning experience, the hub includes several new features.  Textbooks online One of the new features is a ‘Bookshelf’ with all your textbooks presented as e-books.  The online textbooks make it easy to reference and navigate your reading, with the facility to highlight and to include your own notes. You can even set a virtual coach to read aloud parts of a textbook.  For this academic year, we will continue to print and distribute textbooks. If you have enrolled and your textbooks have not been delivered, please email textbookqueries@charteredaccountants.ie Study calendar Another convenient feature of the new hub is a calendar pre-populated with dates and registration links for your live webinars. However, please remember to register for each webinar to receive access. We advise you to also use the calendar to plan your study periods during the week.  Whether it’s CAP1, CAP2 or FAE, by now you should be putting in a couple of hours of study on two or more weekday evenings and setting some study time aside at the weekend. Once you commit to this, using the online calendar to plan your study time will keep you on the right track.  Discussion forums We’d also like to draw your attention to online discussion forums.  If you don’t understand something specific in a teaching video or a question solution, the discussion forums are a great way to directly contact your lecturers.  The new platform has introduced some changes to the layout of discussion forums, but judging from high volumes of activity already happening, students are not finding this a hindrance.  We encourage all students to utilise the discussion forums for questions. There is a separate discussion forum for each subject.  CAP1 auto-scored exams CAP1 students will be aware that your May exams will follow an auto-scored format.  In order to assist you with exam preparation, we have auto-scored-style question packs in each session in the Learning Hub, with questions specific to the learning principles covered in that session.  In the new year, we’ll be releasing four full sample papers for each subject in auto-scored format. The Institute does not release past papers. Adaptive learning CAP1 students will also be familiar with a new online learning model deployed at CAP1 Law RoI/Law NI and CAP1 Finance – adaptive learning. This innovative approach is rapidly becoming recognised as the future of education delivery across the professions.  Adaptive learning is a data-driven, personalised and participative learning journey with you in the driving seat. Engaging, high-impact content ensures you follow the right material at your preferred pace. You choose your level of proficiency at the start, then view learning content followed by rounds of probe questions that assess your recall and confidence in understanding at each stage. This combination of content and questions makes our new format a genuinely interactive experience. While it’s still early days at CAP1, there have been high levels of engagement from students enrolled in Law. They are progressing faster through the learning content than in previous years and with high levels of proficiency.  In addition, the anecdotal feedback from CAP1 students on adaptive learning content is positive. The education team is now working on migrating more subjects to the adaptive learning model for the 2025/26 academic year.  Interim assessments By November, academic programme assessments are high on every student’s agenda.  At CAP1, students will be aware that the window to attempt the Double Entry Bookkeeping (DEBK) on-demand assessment has opened on 1 November and closes on 31 January 2025.  Our CAP1 exams team recently emailed all students enrolled on Financial Accounting with important information on how to book your timeslot. Please take the time to carefully read this email.  At CAP2, the interim assessment in Financial Reporting takes place on 4 January 2025.  Finally, FAE students will attempt the interim assessment in Advanced Financial Reporting on 7 December.  In order to assist with all assessments, two practice papers will be available soon for CAP2 and FAE students on the exam platform Cirrus. Watch out for emails from the exams teams for more information.  Whether you’re attempting assessments at CAP1, CAP2 or FAE, we would like to wish you every success in your studies.  If you have any questions, please contact your exams team, CAP1exam/CAP2exam/FAEexam@charteredaccountants.ie.

Adapting to working and studying? What makes the day easier? What is best for a good work-life balance? How do you maintain boundaries between your work life and study life? Becky Maye, CASSI PRO, explains how she balances work, life and study Starting your career in accounting is an exciting journey but that does not mean it is without challenges.  Finding the right balance between work and study is something that can be difficult for many students. They must adapt their lifestyle to balance work and study. This requires effective time management, and often feels unattainable, but there are some tricks to help. Reach out No matter where you work, there will be many managers, mentors and colleagues who have gone through what you’re going through right now and can empathise with the experience. Build up your relationship with these colleagues as the connections will provide support and guidance while you navigate work and study.  Similarly, many of your peers are sitting exams at the same time so lean on and hold each other accountable. When you work and study together, it makes the day and experience a bit easier.  Set your priorities What makes for a good work-life balance? Everyone is different but there are some key themes among those who strike the balance successfully.  Start by being aware of everything you have happening and what you need to accomplish in any given week. Once you do this, it makes it a lot easier for you to plan accordingly.  Be careful not to overburden yourself and be ruthless with your time – it’s precious.  Once you have your plans set for a week, stick to the plan. If things need to change or move around, that’s okay, but make sure they don’t affect your priorities.  These priorities may also be different week-on-week. In the run-up to exams, your focus should be on studying, but post-exams, it could be time with friends and family or hobbies and extracurriculars.  It is worth noting that even in the run-up to exams, you shouldn’t feel guilty for socialising or having some time for enjoyment or rest. Studying can be a priority while still allowing yourself some time off to recharge and have some fun.  Maintaining a healthy work-life balance also involves finding a balance between work and study. It is crucial to ensure your studies and your work don’t merge into a single aspect of your life.  For many students, this time is often seen as an attempt to juggle both life and work, but it’s important to recognise study and work are fundamentally different and should be treated as such.  Establishing and maintaining clear boundaries between work, life and studies can make this balancing act much easier to manage.  Communicate study needs While everyone wants to excel at work, it’s essential to remember that your time is valuable. If work hours begin to encroach on your study time, the only person who suffers is you.This is especially true when exams approach. It is important to have discussions with your mentor or managers about your study commitments to ensure everyone is on the same page and to avoid becoming overwhelmed with work.  Prioritise your health Finally, it may seem obvious but you must prioritise your mental and physical health throughout these busy times. Make sure to eat well, exercise, and get enough sleep.  Remember you always have people to lean on for guidance if you need help. Don’t hesitate to reach out to your CASSI representatives, the education department at the Institute or the team at Thrive. They will be more than happy to help.   

A revised IGP approved by JIC and each of the Recognised Professional Bodies (RPBs) relating to the control of cases has been issued by each of the RPBs. Introduction of the revised Insolvency Guidance Paper – Control of Cases

Last week’s Autumn Budget and the first for new Chancellor of the Exchequer Rachel Reeves featured £40 billion in tax rises and was announced with the objective of repairing public finances because of £22 billion of “in-year pressures” whilst at the same time establishing a robust foundation for economic growth. However, the April 2025 changes in employer National Insurance Contributions (NICs) will increase the cost of employment for many businesses when combined with the increase in the national minimum and living wage. Smaller employers will be somewhat protected as a result of changes from the same date to the employer NICs employment allowance. The rates of capital gains tax were also increased from Budget Day with the Office for Budget Responsibility (OBR) estimating that this will raise an additional £2.5 billion. And buried in the Budget publications was the news that Making Tax Digital (MTD) for income tax will be extended to unincorporated businesses and landlords with turnover over £20,000 by the end of the current Parliament the precise timing for which will be set out at a future fiscal event. Chartered Accountants Ireland will be challenging the Government on this reduction in the MTD exemption limit. A range of changes to inheritance tax (IHT) were also announced with the aim of ensuring that the wealthiest estates will bear the greatest burden with the scope of agricultural and business property relief to be limited and the news that unused pension funds and death benefits payable from a pension into a person’s estate will be within the scope of IHT in future. The rate of stamp duty land tax on acquisitions of certain residential property in England and Northern Ireland was also increased from 31 October 2024. On the business side, the publication of the previously announced Corporate Tax Roadmap should provide businesses with more certainty and once again confirms that no changes will be made to the current rates of corporation tax, amongst other business taxes areas. The UK’s CT rate is currently the lowest in the G7. A response was also published to the consultation on potential regulation of tax advisers which the Institute responded to earlier this year. The consultation response sets out that from April 2026 the Government will mandate registration of tax advisers who interact with HMRC on behalf of clients. A further consultation will also be published on tackling rogue tax advisers. However, the consultation response is silent on any new measures to regulate the UK tax agent market. HMRC has sent a more detailed email setting out information on the consultation response and is planning a round table meeting later this month to discuss the way forward in more detail. Chartered Accountants Ireland will be in attendance. And finally, the Northern Ireland Executive will receive an additional £1.5 billion in funding in 2025/26 through the operation of the Barnett formula. Read the Institute’s Press Release reacting to the Autumn Budget 2024. The analysis herein is based on the publications of HMRC and HM Treasury. A more detailed analysis of the tax announcements features in the remainder of today’s UK section and will continue in next Monday’s edition of Chartered Accountants Tax News. The Institute’s UK Autumn Budget 2024 page also contains a range of resources. HMRC has also sent an email on the Budget announcements and one specifically for agents. An overview of all the tax legislation and rates announced has also been published.