Last week, the Institute launched its position paper calling for the activation of powers to implement a reduced rate of corporation tax for Northern Ireland. In a time of global economic turbulence and increasing competition for foreign direct investment (FDI), Northern Ireland holds a unique position with dual access to both the UK and EU markets. However, the Institute’s view is that this perceived advantage is being undermined by a corporation tax rate that is currently double that of the Republic of Ireland. You can read the full press release here.

As the deadlines for reporting employee share transactions and benefits in kind approach next month, HMRC is holding a range of useful webinars for employers over the coming weeks. Trivial benefits Register for this webinar about trivial benefits which looks at: what a trivial benefit is, what conditions have to be met to be exempt from reporting to HMRC, examples of trivial benefits scenarios, what responsibilities employers have, and record keeping requirements. Social functions and parties Register for this webinar about social functions and parties, during which the following will be covered: the conditions for the event to be exempt from tax and national insurance contributions (NICs), what to do if it’s not exempt, and PAYE Settlement Agreements and how to apply. More information on PAYE Settlement Agreements is available on HMRC’s YouTube channel. Phones, internet and homeworking For information on phones, internet and homeworking, register for HMRC’s webinar which will provide an overview of the tax and NICs treatment where an employer: provides a mobile phone, reimburses the use of a personal mobile phone, provides broadband in an employee’s home, or pays towards it, and provides homeworking expenses to its employees. You can also view previously recorded webinars on a range of related employer areas.

Revenue has confirmed that,from 30 June 2025, agents will receive details of clients who have been issued with a demand notice or a final demand notice. The Institute, under the auspices of CCAB-I, has previously engaged with Revenue under the TALC Collections forum on this change.   Notifications will be generated to the agents ROS inbox on Monday mornings if a client has been issued with a demand notice in the previous week or if they are to receive a final demand notice that day. An agent may receive two separate notifications where relevant. Notifications will have a priority message flag, which will be highlighted by the gold star that appears in the last column on the right of the agent’s ROS inbox. The agent notification list will show details of the client(s), overdue taxes and the date of issue of the demand/final demand notice. Revenue has also provided information and relevant screenshots from ROS, which are available in this document ROS Agent Notification for Demand and Final Demand. 

In this week’s miscellaneous updates, The Treasury Committee has written to HMRC’s CEO about its handling of the recent loss of £47 million after taxpayer phishing scams, The High Court has held that VAT on private school fees is not a breach of children’s human rights, The Adam Smith Institute says that ‘Tax Freedom Day' was on 12 June this year and is coming later and later every year due to fiscal drag, The Government has announced that fuel payments for winter 2025/26 will be made to all pensioners. If income exceeds £35,000, HMRC will recover the full amount of the payment through PAYE or self-assessment. The position in relation to Northern Ireland will follow the same rules and was confirmed in an announcement from the Department for Communities,  The Government has provided information on the tax implications of employees selling shares on PISCES which we cover in more detail below, and 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 Check HMRC’s online services availability page for details of planned downtime and the online services affected. Tax implications of employees selling shares on PISCES In a recent Written Ministerial Statement (WMS) to Parliament, the Exchequer Secretary to the Treasury confirmed that the Government will legislate in the next Finance Bill to allow employers with employee permission to amend existing contracts to include a PISCES trading event as an exercisable event, without losing tax advantages under the various tax advantaged venture capital schemes. The WMS also confirms that more information on this will be published before the end of summer 2025. PISCES, the Private Intermittent Securities and Capital Exchange System, is a new type of secondary trading platform that will allow for the intermittent trading of private company shares. At the 2025  Spring Statement, the Government published a technical note explaining how such trading events will interact with the existing tax advantaged venture capital schemes and the tax implications for employees selling their shares on PISCES.

At a TALC Audit subcommittee meeting last week, Revenue indicated that the Central Register of the Beneficial Ownership of Trusts (CRBOT) team are visiting practitioners and those believed to be acting on behalf trusts. The purpose of the visits is to raise awareness of the obligations of trustees and the relevant CRBOT registration requirements.  

The OECD has published guidance to assist governments in the development of domestic manuals to guide  law enforcement authorities through each stage of a criminal tax investigation.

The OECD has published a working paper on the Domestic Resource Mobilisation (DRM) Framework and its application to social protection financing. The DRM framework is used to identify country-specific tax policy measures and to estimate their tax revenue potential in mobilising additional domestic resources in low- and middle-income countries.

The Institute has revised its Air Travel Organisers Licence (ATOL) Reporting Regulations with effect from 15 June 2025.  The revisions at this time are conforming amendments to align with the Institute’s suite of Regulations generally.  In particular, the ATOL Reporting Regulations are revised to reflect a simplification of the Institute’s affiliate regime across all Institute Regulations.  The simplification of the affiliate regime includes the following: A single category of ‘affiliate’ is now being used across all Institute Regulations.  Therefore, the revised ATOL Reporting Regulations refer to ‘affiliates’ where appropriate rather than ‘ATOL Registered Firm affiliate’. Across all Institute Regulations, it is a requirement that each principal at a firm regulated by the Institute should be either a member of the Institute or an affiliate - there is no longer an exemption from affiliate status for members of other professional accountancy bodies for example.  Therefore, the ATOL Reporting Regulations require each principal at an ATOL Registered Firm to be either a member of the Institute or an affiliate of the Institute. The obligations of all affiliates are be set out in a single place in Institute Regulations – that is chapter 7 of the Public Practice Regulations .  Therefore chapter 4 of the Institute’s ATOL Reporting Regulations is simplified as regards affiliate requirements and reference is made instead to the Public Practice Regulations. Institute firms can direct any queries in relation to the Institute’s Air Travel Organisers Licence (ATOL) Reporting Regulations to professionalstandards@charteredaccountants.ie.

Chartered Accountants Ireland Calls for Bold Action on Corporation Tax to Secure Northern Ireland’s Economic Future... Chartered Accountants Ireland has today launched a landmark policy paper, Enhancing Our Competitiveness, advocating for the urgent introduction of a reduced rate of corporation tax in Northern Ireland to drive inward investment, economic growth, and job creation. The report, published by the largest professional body on the island of Ireland, is being unveiled at a special event in Belfast attended by senior business leaders, policymakers, and members of the accountancy profession.  Amid global economic turbulence and increasing competition for foreign direct investment (FDI), Northern Ireland holds a unique position with dual access to both the UK and EU markets. However, Chartered Accountants Ireland warns that this perceived advantage is being undermined by a corporation tax rate that is currently double that of the Republic of Ireland. Pamela McCreedy, President of Chartered Accountants Ireland said: “In a turbulent trading environment, Northern Ireland is in the enviable position of benefiting from unfettered access to both the UK and EU markets. No other economy can boast this. If the enormous potential that dual market access offers is to be fully realised, then it must be supported by complementary industrial policies that further boost the region’s attractiveness, including a more competitive rate of corporation tax. “Our message is clear: Northern Ireland cannot afford to stand still. A competitive corporation tax rate is essential to bolster our investment proposition and unlock the full potential of Northern Ireland’s dual-market access. “This report calls on our policymakers to take bold action. By embracing fiscal reforms that align Northern Ireland’s tax policy with its economic ambitions, we can foster an environment that attracts investment, nurtures entrepreneurship, and secures a prosperous future for generations to come.” The policy paper outlines a clear case for reform: • 60% of Chartered Accountants in Northern Ireland support devolving corporation tax powers to the Northern Ireland Executive. • A reduced rate would make the region more attractive to investors, help create high-value jobs, and level the playing field with neighbouring jurisdictions. • Lessons from the Republic of Ireland’s long-standing 12.5% rate demonstrate the potential for sustained revenue growth over time. • Research published by the Economic and Social Research Institute in Ireland found that if a 15% minimum corporation tax rate were introduced in NI, this “would increase the number of high-value FDI going to Northern Ireland by 7.5% per annum.” • In terms of implementing the rate without impacting Northern Ireland’s block grant, the paper suggests it could be feasible to replace any reduction in the block grant brought about by the lower rate with a special low-interest loan from the UK Government. The ultimate ambition behind the launch of a reduced rate of corporation tax is that it will become self-funding in the medium to long term. The paper proposes implementing a Northern Ireland-specific rate—potentially 12.5%—with protections for larger companies subject to the OECD’s 15% minimum. Crucially, it recommends securing a long-term guarantee on the rate for at least twenty years to provide certainty to investors. To safeguard public finances, the paper calls for negotiations with HM Treasury to mitigate any short-term impact on the block grant through measures such as a special low-interest loan. This approach has been backed by the Independent Fiscal Commission and leading tax experts across the region. Zara Duffy, Head of Northern Ireland at Chartered Accountants Ireland said: “Reducing the corporation tax rate is the single most transformative fiscal lever available to us. Tax policy is more than just a fiscal lever—it is a statement of intent. A reduced corporation tax rate would send a strong signal to investors, entrepreneurs, and businesses that Northern Ireland is serious about growth, innovation, and job creation.” Chartered Accountants Ireland is calling on the Northern Ireland Executive to move swiftly - initiating a public consultation, revisiting the 2016 HMRC Memorandum of Understanding, and working in partnership with Westminster to implement the policy. The Corporation Tax (Northern Ireland) Bill received Royal Assent on 26 March 2015. It enabled the transfer of corporation tax rate setting powers to the Northern Ireland Assembly, subject to implementation of key measures to deliver sustainable finances. As yet, it is a measure to boost the Northern Ireland economy which remains untried. Chartered Accountants Ireland has spearheaded the campaign for a devolved Corporation Tax rate for Northern Ireland for many years, having first campaigned for the change as far back as 2004. The Institute has made countless submissions to various government inquiries, review groups and to HMRC and presented evidence to the House of Commons’ Northern Ireland Affairs Committee in Westminster.  As Northern Ireland faces mounting pressure to rejuvenate its economic model and compete more effectively on the international stage, Chartered Accountants Ireland along with many in the business community, feels strongly that the time is right to take a fresh look at reducing the Corporation Tax rate in Northern Ireland. Enhancing Our Competitiveness can be viewed HERE  

In UK news this week, HMRC has provided an update to the Institute following the public announcement that £47 million has been paid out in fraudulent tax repayments and HMRC has published a provisional update on its phone performance. In Irish news, the Fiscal Monitor for May 2025 has been released and Revenue has published guidance on the cross-border VAT SME scheme. In International news, the European Commission publishes the 2025 country report for Ireland. UK 1. Read about the update from HMRC to the Institute on the recent phishing scam. 2. HMRC has released provisional details on its phone performance for March 2025. Ireland 3. The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for May 2025 which confirms an Exchequer surplus of €4.0 billion to the end of May. 4. Revenue has published a new Tax and Duty manual on the operation of the Cross-Border VAT SME scheme. International 5. Read about the 2025 country report for Ireland which was recently published by the European Commission. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s post EU exit corner here.  

A fantastic couple of days in the sunshine were enjoyed by members at the 2025 trip to County Sligo Golf Club at Rosses Point. Congratulations to all the winners and participants. The Cecil Donovan Inter Firms trophy was taken home by the Forvis Mazars team. The ladies winner Sinead Devine and men's winner Dan Henry. The Ulster team celebrated the Lorimer Trophy win! A huge thank you to Captain Eugene McMahon for this years successful event and we wish incoming Captain Joan Curry and the committee, Tom McAvoy and Don Hoctor well for the 2025 / 2026 term.

Maintaining and achieving good health is imperative for our physical and mental wellbeing. However, there are barriers that can get in the way of keeping our body and mind healthy, especially for men. Therefore, it is important to recognise what prevents or deters men from seeking help and support when it comes to their health. Here, the Thrive Wellbeing Hub explores these barriers and shares simple but effective steps to keeping healthy both physically and mentally. Knowledge & Awareness Although men are not a homogenous group, there are similarities when it comes to awareness and knowledge of health issues compared to females. Men are prone to engage in more unhealthy habits compared to females. Females on average have a higher life expectancy, males tend to have higher rates of obesity, a greater proportion of males smoke, and there is higher participation in binge drinking and drug use. Poor lifestyles are responsible for a large proportion of chronic diseases. The four main causes of death among males in Ireland are cancer, circulatory system diseases, respiratory system diseases, and external causes of injury and poisoning. It is suggested that men tend to be less informed about the risk factors, causation and symptoms of poor health and certain diseases. This lack of knowledge and awareness may prevent men from seeking help as they are simply unaware of the symptoms surrounding certain illnesses. Therefore, it is important for us to educate ourselves on the signs and symptoms of poor health. Perception As outlined above, men tend to adopt unhealthier behaviours and are at greater risk for all leading causes of death. However, men are less likely to consult or visit a health professional compared to women and perception is a significant barrier to males engaging in health-seeking behaviours. This is where the severity of a health concern is underestimated or brushed off as nothing serious. Late presentation to health services is a cause for concern and can lead to health issues worsening or becoming untreatable. It's important to take action as soon as you notice something isn't quite right. Stigma Gender roles and the construct of masculinity have been cited as barriers to men looking after their health, especially when it comes to mental health. Perceptions associated with masculinity can result in men being more reluctant to speak out on mental health issues or engage in help-seeking behaviour for fear of being seen as weak or not embodying the traditional and frankly outdated attributes of what is considered masculine. This stigma allows for men’s mental health needs to often fly under the radar. This is evident in the high suicide rates of males in Ireland. In 2023, there were 232 male deaths by suicide, accounting for three out of every four suicide deaths in Ireland (CSO).  Thankfully, this ideology is shifting, and men’s attitudes and awareness of mental health are changing. Being honest and open with yourself about how you are feeling and communicating this to loved ones or a mental health professional is so important. Proactive Steps Men and those who support them have an active role to play in encouraging and supporting men to take small steps to be proactive in both their physical and mental health. Let’s challenge ourselves to take action and incorporate small changes to help improve our overall health: Eat well Exercise and spend time outdoors Reduce alcohol intake Know the signs of poor mental health, suicidal ideations, and other health conditions Schedule a medical, arrange a blood test and engage in screening services and programmes Talk and Listen – Confide in a loved one or someone impartial, ask if everything is okay, listen and help empower the men in our lives to take action If you are struggling with your mental or emotional wellbeing, Thrive can help you on your journey to better health. For wellbeing advice, contact the team by email at: thrive@charteredaccountants.ie or by phone: (+353) 86 0243294.