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Cork students claim 1st and 2nd place in Chartered Accountants Ireland Boot Camp Challenge 2024

Students from Coláiste an Chraoibhín, Fermoy and Edmund Rice College Carrigaline awarded at ceremony in Dublin  Over 8,000 students have enrolled in Boot Camp in 5 years across 26 counties, gaining real-world introduction to business and financial decision-making   Transition year student Katie Rice has been awarded first place at the Chartered Accountants Ireland Boot Camp Challenge 2024. Katie is a student at Coláiste an Chraoibhín, Fermoy and entered the competition as a solo student of the accounting programme for senior cycle students. Cork dominated the awards with second place going to a team entry from Edmund Rice College, Carrigaline.  The Boot Camp challenge is a business simulation exercise, and it is the culmination of the Boot Camp programme, an online accounting programme for senior cycle students. In the challenge, entrants take on the role of CEO of their own fictitious company which is faced with a major crisis scenario. They are tasked with applying problem solving and critical thinking skills to develop a solution to overcome the challenge.   Commenting, Boot Camp creator Brian Feighan said “The real learning in the challenge comes not from working out a specific answer but from the decision-making journey. It challenges you to research and evaluate information, to assess risks and benefits and to think critically about the evidence. You need to be creative in how you solve problems and to exercise sound judgement and commercial awareness. Katie produced an excellent submission in which she thoroughly researched the market, objectively assessed the evidence, and demonstrated a real appreciation of the risks involved. This was a very thorough and independent piece of work.” Commenting, Katie Rice said  “When I heard my entry was shortlisted, I was so excited and ultimately surprised! I didn't expect it at all, so it was a great honour to win. Thank you to Chartered Accountants Ireland for providing such a fun and engaging competition. I learned so much from the experience about business which I would never have learned previously like doing market research and assessing situations and making the correct decisions.” President of Chartered Accountants Ireland Sinead Donovan said  “I want to congratulate all entrants to this year’s challenge. A big focus of my year as President has been introducing 2nd and 3rd level students to the variety and opportunity of accountancy as a career. The Boot Camp Challenge perfectly captures that variety, and importantly the need to be able to look at life not just by the numbers, but through a much wider lens. The profession needs the talent and enthusiasm of our winners and participants here today, together with the educators who are so important in helping us promote the basis of the profession.” Boot Camp can be taken by full class groups or solo students, either independently or with teacher guidance. It can be taken as an introduction to accounting in TY or as revision in 5th and 6th year. Several large employers who take work experience students in their firms have also used Boot Camp as an introduction to their work.  Now in its fifth year, over 8,000 students have enrolled in Boot Camp in all 26 counties. Through the programme, students are introduced to the fundamentals of accounting and finance and to the world of business and financial decision-making processes. They cover strategy, risk, critical thinking, decision-making and hear real life insights from senior business leaders, accountants, and finance professionals through podcast interviews. On completion of Boot Camp, students have an excellent understanding of debits and credits and should be able to prepare a basic set of financial statements.  Boot Camp is currently open for enrolment. https://chartered-bootcamp.teachable.com or email Veronica Byrne. ENDS    

May 09, 2024
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Six questions in six minutes with Edel Faulkner in Bermuda

Originally from Drogheda, Co. Louth, Edel Faulkner has now been living in Bermuda for almost seven years and has learned a lot in that time. We caught up with Edel to hear more about her journey. Where did you grow up and where do you live now? I’m originally from Drogheda, Co Louth, and I spent a brief spell living in Dublin while I trained with Deloitte, before moving to Bermuda in October 2017 when I finished my training contract. I’ve been in Bermuda coming up on seven years now, longer than I spent living in Dublin which seems crazy!   What made you choose to become a Chartered Accountant? It probably goes right back to school where the business subjects, particularly accounting and economics were always my strongest, and the ones that I really enjoyed, so I would naturally spend more time studying those. From there I went on to study Accounting and Finance in DCU. I really enjoyed my time at university and the course is really set up to give you a strong foundation to embark onto professional exams in whatever area you choose.  Can you tell us a little about how you got to where you are today – both the geographical relocation and career path? I knew I wanted to get some experience living and working abroad once I qualified, and with the global presence of Deloitte it made sense to look at options within that network. I felt sticking with Deloitte would provide some familiarity as I got used to everything else in a new place. As luck would have it, a partner I was working with at the time had just come back from a couple of years in Bermuda and she encouraged me to apply. The rest, as they say, is history!  I’m currently an Audit Director here, where I focus mainly on SEC registered insurance and reinsurance companies. My main goal with moving was to gain exposure to both US GAAP and SEC registrants, so Bermuda has certainly provided me with that. It helped that I had worked on the financial services team in Dublin too, so I had a good foundation coming in.  I think the main attraction of an island lifestyle was the work/life balance that it provides – it’s a small place so there are no long commutes, and the weather means you can do outdoor activities year-round. My husband also loves that Bermuda has more golf courses per square mile than any other country in the world! Looking back, I couldn’t be happier I took a leap and made the move – I would encourage anyone that’s considering opportunities overseas to take the chance and give it a go.   What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? It’s an internationally recognised qualification, so a move abroad couldn’t have been easier. Bermuda comes under CPA Canada, so I was able to get CPA credentials through the mutual recognition agreement in place between the professional bodies.  As a member living away from Ireland, can you talk to us about how your membership has been of value to you living overseas? It provides an additional network that you can tap into whenever you need support from a professional perspective. It also provides a great sense of community. We have recently started up the Bermuda Chapter of overseas Chartered Accountants Ireland members with support from the Institute, and it has been great to see so many Irish accountants turn out for our events – whether it is people who are brand new to the island and looking to make some friends, right up to those who are now retired in Bermuda. We are a very social and welcoming bunch – the chat usually takes us right up to closing time!   What were the most significant/noticeable differences you encountered doing business and networking away from home and back in Ireland? There is a huge ex-pat presence in Bermuda, which makes for a melting pot of different cultures. I think professionally, this has taught me to recognise the differences in communication styles and tailor my interactions accordingly. Certain cultures are extremely direct in communications/feedback, while others are more laid back and appreciate the small talk, and in Bermuda you see it all!  And finally, an extra question! What do you think you might have been if you weren’t a Chartered Accountant?  I like to think that I could have been a member of Riverdance in another life – but in this one, I can barely manage a 1,2,3 unfortunately so I’ll be sticking to the day job! Edel Faulkner is a Director at Deloitte Caribbean and Bermuda

May 09, 2024
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Sustainability/ESG bulletin, Friday 10 May 2024

  In this week’s Sustainability/ESG bulletin, read about Chartered Accountants Ireland's membership of the UN Global Compact Network. Also covered are proposals regarding sustainability assurance, news about the Just Transition Commission, the need for ESG and sustainable finance skills in Ireland, the low uptake of green public procurement by Ireland’s government departments, funding available for sustainability, and the usual policy updates from Europe, articles and upcoming events.      IRELAND Institute represented at UN Global Compact Advisory Group Chartered Accountants Ireland is pleased to be a member of the new UN Global Compact (UNGC) Advisory Group. This group was established to support the launch of the UNGC Local Network in Ireland later this year. The advisory group met for the first time this week, with Sustainability Advocacy Manager, Susan Rossney, representing the Institute. The group discussed how the Irish network can support and empower Irish business and other key stakeholders to accelerate sustainability. You can follow the group here. Chartered Accountants Ireland responds to proposals regarding sustainability assurance Chartered Accountants Ireland has responded to the International Ethics Standards Board for Accountants (IESBA) proposals contains recommendations from our members, and highlighting concerns regarding certain prohibitions on relying on external experts for sustainability assurance and reporting purposes, and application of requirements to service providers outside the accounting profession. An Institute response to a separate IESBA consultation on sustainability assurance and reporting is due to be submitted by 10 May 2024. SEAI funding programme open The 2024 SEAI National Energy Research, Development & Demonstration (RD&D) Funding Programme is open for applications, with up to €20 million in funding available for projects which contribute to Ireland's transition to a clean and secure energy future. Research themes in the thematic strand of applications include heat, electricity, energy efficiency in traditional buildings, offshore wind, bioenergy, critical raw materials, behavioural change, energy storage and sustainable energy communities among others. The application deadline is 12 noon on 13 June 2024.  Approval given for establishment of new Just Transition Commission The Government has approved the establishment of a new Just Transition Commission to provide advice on how to ensure a just transition to climate neutrality in Ireland. The Just Transition Commission will, among other things, prepare research and advise on policy planning, implementation, and progress. The Commission will have an independent chair, and a recruitment campaign to appoint members to the new Commission will be launched shortly, with a view to its formal establishment and first meeting in Q3 of this year. The announcement was made shortly after Minister for the Environment, Climate and Communications, Eamon Ryan, announced the 15 projects in the Midlands that will receive grant awards amounting to €18 million from the EU Just Transition Fund (JTF) programme. DECC launches inaugural Research and Innovation (R&I) Strategy The Department of the Environment, Climate and Communications (DECC) has launched its inaugural Research and Innovation (R&I) Strategy, setting out 39 actions across five goals to be delivered in the period to 2030. The Department will also publish a Research Needs Statement in 2024, to ensure the national R&I system is informed of its research priorities. Separately, DECC has published a draft plan identifying proposed areas off the south coast suitable for offshore wind projects. Report identifies need for ESG/Sustainable Finance skills A report published by the Expert Group on Future Skills Needs (EGFSN) on the skills needed for Ireland’s International Financial Services sector has shown that ESG/sustainable finance is among the skills needed if the growth scenarios outlined in the report are to be realised.  The report -  Skills for International Financial Services – was carried out by Indecon Economic Consultants for the EGFSN addressing actions agreed under the Ireland for Finance Action Plans 2021-2023. Commenting on the report, Minister for Enterprise, Trade and Employment, Peter Burke TD, said “Growth prospects for the sector are strong. And to underpin this growth, there will be a need for a range of specific skills, to include sustainable finance practices and the promotion of environmental, social and governance (ESG) standards across all areas of financials services.” EPA report shows low uptake of Green Public Procurement in government department contracts The Environmental Protection Agency (EPA) has published its third report on Green Public Procurement (GPP) activity in government departments. GPP is a process where public authorities seek to source goods, services or works that have a reduced environmental impact throughout their life-cycle. The report details that out of the reported €922 million spend on contracts greater than €25,000 and signed in 2022, just 34 percent of the spend included green criteria. While the report did point to an improvement compared to the previous year (10 percent in 2021 and 34 percent in 2022), it found that overall, the use of green criteria is inconsistent across government departments and at a low level relative to total spend. To address this, the report set out five recommendations, including providing GPP training for relevant staff and implementing systems to monitor and report on GPP.   NORTHERN IRELAND & UK €1 million in funding for 35 cross-border projects under the Shared Island Initiative Funding for 35 new projects, amounting to €1 million, has been awarded through the Department of Foreign Affairs Shared Island Civic Society Fund.  Selected from across the civic society sector, north and south, each of the projects has a strong cross border dimension and will facilitate the development of new links and strengthen existing relationships on issues of common concern for civic society groups on both sides of the border. These projects are in a broad range of sectors and themes, including in the areas of climate and the environment, community development, heritage, social enterprise, charitable and voluntary work, and sports. £20 million energy support fund for businesses in Northern Ireland An Energy Efficiency Capital Grant (EECG) has been launched in Northern Ireland with the aim of supporting local businesses purchase and install energy efficient equipment to reduce energy consumption and carbon emissions. The five-year programme, worth £20 million overall, will offer businesses grants of up to £150,000 for investments in areas such as lighting, heating and cooling equipment, motors and drives, compressed air systems, and onsite renewable energy generation. Full details are available here. Separately, Northern Ireland’s Economy Minister Conor Murphy has announced that he intends to bring forward a proposal to ban onshore oil and gas exploration and production in the region. Commenting, Minister Murphy stated: “As climate change is one of the defining challenges of our time, one of the key objectives of my Economic Vision is to reduce carbon emissions. To meet our net zero targets, a priority will be to move away from petroleum to renewables.  I intend to ban all forms of onshore petroleum exploration and production – including fracking. This will not only help us transition from fossil fuels to renewables but also towards a greener economy and more sustainable way of life.”. There are currently no active petroleum licences in Northern Ireland with the last active one relinquished in 2020. Scaling the Edge Net Zero programme An 8-week programme is available that will enable businesses within Northern Ireland to validate and accelerate their net zero products or services. The programme aims to give businesses a competitive position in global markets and increase productivity. The deadline for applications is Wednesday 22 May 2024 and further information is available at Scaling the Edge Net Zero programme. EUROPE The European Parliament has approved the Net-Zero Industry Act, which aims to bolster EU production in technologies needed for decarbonisation. The Act, already informally agreed upon with the Council, sets a target for Europe to produce 40 percent of its annual deployment needs in net-zero technologies by 2030, based on National Energy and Climate Plans (NECPs). It further aims to capture 15 percent of the global market value for these technologies by introducing faster permitting procedures and ‘net-zero industry valleys’, speeding up the permitting process by delegating parts of the evidence collection for environmental assessments to member states. Separately, MEPs have consented to the EU withdrawing from the Energy Charter Treaty, following a recommendation from the Industry, Research, Energy, and International Trade committees. Parliament’s consent is required so that the Council can now adopt the decision by qualified majority. The Energy Charter Treaty (ECT), established in 1994 to govern trade and investment in the energy sector, has become controversial. The European Parliament has also voiced the need for the EU to exit in a resolution adopted in 2022. The European Commission has adopted an Implementing Regulation updating the templates for Member States to report their climate action data.  The data collected through these reporting templates helps the Commission determine whether Member States and the EU are on track towards their climate targets, and feeds into the annual EU Climate Action Progress Report. The European Commission also announced it is awarding nearly €720 million to seven renewable hydrogen projects in Europe, selected through the first competitive bidding process under the European Hydrogen Bank. The funds for this auction come from the revenues of the EU Emissions Trading System. The winning bidders will produce renewable hydrogen in Europe and will receive a subsidy to bridge the price difference between their production costs and the market price for hydrogen, which is currently driven by non-renewable producers.  GLOBAL The International Federation of Accountants (IFAC) has unveiled proposed changes to the International Education Standards (IESs) that embed sustainability—from analysis to reporting to assurance—across aspiring professional accountants’ training. Key proposals include emphasizing working with experts and in multi-disciplinary teams; introducing key sustainability reporting concepts, such as systems thinking, value chains and scenario analysis; referencing relevant sustainability reporting and assurance standards; and creating a new assurance competence area and learning outcomes. To help its stakeholders and the accountancy profession understand the proposed changes related to sustainability, IFAC will hold global webinars on May 21. Visit the IFAC website for additional details and to register.   UN Global Compact Networks and companies met in Brussels with Members of the European Parliament and representatives of the European Commission to discuss how they can support companies under new sustainability regulations, such as the Corporate Sustainability Reporting Directive. With more than 9,000 participants in the EU, the UN Global Compact “can play a significant role advancing the EU corporate sustainability agenda,” said Ole Lund Hansen, Chief of Global Operations. Read more here.   Technical Roundup (From our colleagues in Professional Accounting) The Department of Enterprise, Trade and Employment (DETE) is consulting on one of the member state options of the CSRD to introduce Independent Assurance Services Providers (IASPs). The deadline for responding to the consultation is 19 July 2024. Ahead of the anti-greenwashing rule coming into force on 31 May, the Financial Conduct Authority (FCA) is supporting industry with guidance to help them meet the standard.  It is also consulting on extending to portfolio managers the requirements on how sustainable investments are labelled and explained. The International Sustainability Standards Board (ISSB) has announced that it will commence projects to research disclosure about risks and opportunities associated with biodiversity and human capital. The ISSB has issued its April 2024 Update and Podcast. The inaugural IFRS Sustainability Disclosure Taxonomy was published on 30 April. The Taxonomy reflects IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, IFRS S2 Climate-related Disclosures and their accompanying guidance. The IFRS Foundation and EFRAG have jointly published guidance material which illustrates the level of alignment achieved between the ISSB’s Standards (IFRS S1 and S2) and the European Sustainability Reporting Standards. Articles Accountancy Europe welcomes CSDDD approval despite weakened provisions  (Accountancy Europe) Emissions from electricity usage down 21 percent last year (The Journal) The UK’s gender pay gap will take decades to close at the current rate The Financial Times The volcano where CO2 emissions are being turned to stone (European Commission) Upcoming Events  Chartered Accountants Ireland North West Society 2024 - Time Out for Development CPD Day Hear about Doing Good Business – Sustainability with Shelia Killian and other topics at this face-to-face CPD day away from the screen and the constant demands of the office! Following the success of this conference last year, tth North West Society Committee has listened to the suggestions of members and has prepared this jam packed CPD event to include topics that have been suggested locally. In person, 16 May, Sligo Park Hotel, Pearse Road, Cornageeha, Sligo, 9.00 – 17.00   European Commission Supporting companies in applying the European Sustainability Reporting Standards (ESRS)” In-person and virtual: 16 May , 09:00 - 13:00 CET Half-day event to showcase ongoing initiatives and discuss ideas for further mechanisms to support companies that apply the new European Sustainability Reporting Standards. ICAEW, Preparing your business for the green workforce, (time to be confirmed) This webinar will provide an overview of the latest trends on green skills in the UK economy and the key steps businesses are to take to develop an inclusive green talent pipeline. The speakers will feature case studies of UK businesses that have implemented green skills development initiatives and key recommendations. 21 May, Virtual   Department of Enterprise, Trade & Employment, Responsible Business initiatives: Rising expectations The need for businesses to operate responsibly is increasingly reflected in mandatory measures creating obligations for enterprises. This event will describe the Responsible Business landscape, and the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct, proposed EU regulation on prohibiting products made with forced labour from the Union market, and the proposed EU Directive on Corporate Sustainability Due Diligence Virtual, 22 May, 2.30pm National Sustainability Summit 2024 In person (RDS, Dublin), May 28-29 Chartered Accountants Ireland, Everyday Acts of Inclusion A collaboration between the Institute’s Balance LGBTQ+ Network Group, the Ethnicity Network Group and the Age/Disability working group, this event will highlight the benefits of diversity and inclusion and will explore the importance of focussing on intersectionality. Staff, students and members are all welcome to attend this free event. In person, 30 May, 6pm, CA House Pearse Street, Dublin 2   1Business World, 2024 Global Natural Capital Conference Virtual, June 3-4, 2024 Accountancy Europe, CSRD readiness: building trust through sustainability assurance In-person event, by invitation only, Brussels, 14 June 2024 (10:00 - 14:30) Chartered Accountants Ireland, Western Society AGM with 1 hour CPD, 'Before & after ESG and SDGs' This presentation by Sheila Killian will cover the foundational pillars of sustainability, clarifying some of the alphabet soup of the latest trends, and tracking what the core underlying elements are that will be relevant in the future. This presentation will be immediately followed by the Western Society AGM. In person: Wednesday, 12 June | 6.00pm | Connacht Hotel.   Chartered Accountants Ireland, The Small/Medium Practice Sustainability Workshop A workshop for small to medium accounting practices (SMPs) on how to get ahead of the sustainability curve. This interactive half-day session will focus on positive actions you can take to understand the ‘trickle-down’ effect of the Corporate Sustainability Reporting Directive ('CSRD’), green public procurement, access to sustainable finance, and how to make your practice more sustainable to save costs and respond to staff and client demands. In person, Chartered Accountant House, 25 June, 9.30- 12.30; €90 member/€112.50 non-member; 3 hours CPD points. Email sustainability@charteredaccountants.ie to register your interest. EPA Circular Economy Conference 2024 Online and inperson (Aviva Stadium, Dublin), 25 September,   Network for Chartered Accountants working on ESG projects Are you a Chartered Accountant working in ESG or working on ESG-related projects? Would you like an opportunity to engage with other Chartered Accountants working in this space to share insights, challenges and opportunities? Chartered Accountants Ireland now has a network to allow members working in sustainability/ESG to meet and discuss all matters of interest re ESG and accounting. Next meeting: Wednesday, 29 May, 14:00-15.30 Teams If you would like to attend, please email sustainability@charteredaccountants.ie   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

May 09, 2024
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Five things you need to know about tax, Friday 10 May 2024

In Irish news, April Exchequer figures show solid tax revenues and Revenue provides an update on the Debt Warehousing Scheme. In UK news, HMRC has published updated guidance on tax relief for travel expenses and the new UK carrier scheme for the movement of consumer goods from Great Britain to Northern Ireland from 30 September has been launched. In International news, the joint OECD-UN initiative, Tax Inspectors Without Borders, has published its annual report.  Ireland  1.   Revenue has provided an update regarding payment arrangements agreed to address warehoused debt. 2.   April Exchequer results show solid tax revenues.  UK 3.   In this week’s miscellaneous updates, read about the updated guidance published by HMRC on tax relief for travel expenses. 4.   This week’s EU exit corner features the launch of the new UK carrier scheme which will provide authorisation to move post and parcels to consumers in Northern Ireland from Great Britain from 30 September 2024.  International 5.   The joint OECD-UN initiative, Tax Inspectors Without Borders, has published its annual report.  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 EU exit corner here. 

May 07, 2024
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This week’s miscellaneous updates – 7 May 2024

in this week’s miscellaneous updates, HMRC has clarified the rules for tax relief on travel expenses in the context of hybrid and flexible working and the Government is holding events over the next few weeks to discuss changes to the tax rules for those who are UK tax resident but not UK domiciled. HMRC’s latest schedule of live and recorded webinars for tax agents is available for booking. and the Labour party has published details of its plans to close the tax gap. HMRC has advised that there is likely to be delays in the provision of information to calculate overlap relief for the transitional tax year for basis period reform 2023/24 and finally, the latest News and Information Bulletin from HMRC is available.  Tax relief on travel expenses  HMRC recently updated its guidance on ordinary commuting and private travel in order to provide clarity on the rules for hybrid and flexible working. The guidance has had a new section added at 3.39.   Essentially the updated guidance confirms that there is no change in treatment – where an employee works from home on a flexible or hybrid basis, this will not be treated as a base office. The employee will still have a base office meaning that journeys from home to that location are still ordinary commuting and do not qualify for tax relief.  Events to discuss changes to non-domiciled taxation  In the Spring Budget on Wednesday 6 March, the Chancellor announced that from 6 April 2025, the remittance basis for UK tax resident but non-UK domiciled individuals will be replaced by a new tax regime. The concept of domicile as a connecting factor in the tax system will be replaced by a system based on tax residence.  Over the course of the next few weeks, the UK Government is holding a series of in person and online events for stakeholders to provide comments on the proposed changes. Anyone wishing to attend an event should register their interest - details of the events are available on GOV.UK.  Labour Party’s tax plans to close the tax gap  The Labour Party recently published its plan to close the tax gap in the event that it becomes the next government. The plans set out how the party would:-  boost HMRC’s compliance activities to tackle non-compliance;   invest in technology transformation to improve the taxpayer’s experience and reduce the tax gap; and   make legal changes to restore a genuine deterrent to tax evasion.   Disappointingly, the plans do not refer to increasing HMRC’s customer service resources.  Labour has also appointed an expert panel to advise it on how to improve compliance and modernise HMRC. The panel includes Sir Edward Troup, former HMRC Permanent Secretary and former Treasury special adviser on tax and Bill Dodwell, former tax director of the Office for Tax Simplification.  Delays in obtaining overlap details from HMRC  The tax year 2023/24 is a transition year as part of basis period reform. As a result, unused overlap relief brought forward must be used in 2023/24. From 2024/25, all unincorporated businesses will be assessable on the tax year basis.  Chartered Accountants Ireland previously recommended that HMRC develop a service to enable taxpayers to calculate their unused overlap relief where that information was not available to them. This service commenced from September 2023 with requests being able to be made for information from HMRC via an online service. Not surprisingly, HMRC has recently seen a spike in demand for this service and has now issued a warning in the most recent agent update that requests are likely to take longer to fulfil. 

May 07, 2024
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This week’s EU exit corner, 7 May 2024

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service and Cabinet Officer Borders bulletins are also available. Ahead of the next phase of the Windsor Framework which commences from 30 September 2024 for the movement of consumer parcels from Great Britain (“GB”) to Northern Ireland (“NI”), HMRC has published guidance on the new UK carrier scheme which will be used to provide authorisation to move such parcels. The UK’s Domestic Advisory Group has published various updates, including a request for new members. And finally, HMRC has sent a reminder email about the benefits of joining the UK Internal Market Scheme which provides authorisation to allow trusted traders to declare eligible goods 'not at risk' when moving them from GB to NI.  The UK carrier scheme   HMRC has published guidance on how to apply for the UK carrier scheme which will be used to provide authorisation to move consumer parcels from Great Britain to Northern Ireland when the next phase of the Windsor Framework takes effect from 30 September 2024. Carriers will first need to check if they can apply for the scheme which will also require an EORI number starting GB or XI.  Proof of a permanently established Northern Ireland business address will also be needed. If a business is not established in Northern Ireland, the address of the indirect customs representative in Northern Ireland will instead be required. Proof of business address in Great Britain will also be needed.  Applications for authorisation are now open. More information is available in the guidance as follows:-  Apply for the UK Carrier Scheme;  Sending parcels to and from Northern Ireland; and  Check if you can apply for the UK Carrier Scheme.  UK Domestic Advisory Group (“DAG”) update  The UK DAG’s Priorities report has been published and is accompanied by the following statement from its Executive Council which sets out the report’s key messages:-  “Key messages   The UK Trade and Cooperation Agreement (“TCA”) DAG representing businesses, trade unions and civil societies, has published its first report.   The report highlights short-term TCA implementation issues, priorities for the forthcoming review of the TCA and opportunities to develop the agreement further.   The UK DAG is calling on the EU Commission and UK Government to heighten their engagement and regulatory cooperation on a range of issues including the energy and climate change obligations set out in the TCA, Level Playing Field commitments, trade and customs facilitation, and business and labour mobility matters, including on using e-gates and pragmatic implementation of the EU’s Entry Exit Scheme.”  The UK Government is inviting expressions of interest by 19 June 2024 to join the UK DAG. Chartered Accountants Ireland is currently a DAG member. New applicants and existing members will be considered against the same eligibility criteria. Applicants in this campaign will be notified after the current expression of interest exercise has closed.   Miscellaneous updated guidance etc.   Recently updated guidance, and publications relevant to EU exit are set out below:-  Customs, VAT and excise UK transition legislation from 1 January 2021;  Reference Document for The Customs Tariff (Establishment) (EU Exit) Regulations 2020;  Reference Document for The Customs (Origin of Chargeable Goods) (EU Exit) Regulations 2020;  Reference documents for The Customs (Reliefs from a Liability to Import Duty and Miscellaneous Amendments) (EU Exit) Regulations 2020;  Reference document for authorised use: eligible goods and authorised uses;  Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020;  Border Force customs offices list;  Declare your goods to authorised use and completing authorised use; and  Moving processed or repaired goods into free circulation or re-exporting them. 

May 07, 2024
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Tax UK
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Don’t be caught out by downtime to HMRC online services, 7 May 2024

Do you use HMRC online services? Don’t be caught out by the planned downtime to some services. HMRC are warning about the non-availability of specific services on the HMRC website, a range of services are impacted. Check the relevant page for information on planned downtime.  

May 07, 2024
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Tax UK
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Latest Agent Forum items, 7 May 2024

Check out the latest items on the Agent Forum. Remember, in order to view each item, you must be signed up and logged in.   All agents, who are a member of a professional body, are invited to join HMRC’s Agent Forum. This dedicated Agent Forum is hosted in a private area within the HMRC’s Online Taxpayer Forum. You can interact with other agents and HMRC experts to discuss topical issues and processes. 

May 07, 2024
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Tax International
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Joint initiative between the OECD and UN promoting tax compliance

A joint initiative between the OECD and the United Nations Development Programme continues to make great progress, according to the Tax Inspectors Without Borders (TIWB) Annual Report. The TIWB initiative has been running for over nine years now, resulting in over US$6.05 billion in additional tax assessments in developing countries worldwide. The TIWB initiative assists tax authorities in developing countries build capacity by providing practical, hands-on assistance auditing multinational enterprises.

May 07, 2024
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Tax RoI
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Minister for Finance highlights improved film and television tax incentive

In a recent visit to Ardmore Studios, the Minister for Finance highlighted recent improvements to the film and television tax incentive section 481 TCA 1997. Readers are reminded that in March 2024 the Minister signed two commencement orders to increase the cap on eligible expenditure from €70 million to €125 million and to extend the scheme to 31 December 2028. Commenting on the visit, the Minister stated: “It is fantastic to be able to see first-hand some of the amazing work being undertaken within our film sector. The industry in Ireland has seen great success in recent years and Irish production companies and talent have been consistently at the forefront of the conversation internationally when it comes to some of the biggest awards the industry has to offer. This has been a great source of pride for Ireland and I believe the recent changes to section 481 will help us capitalise on this recent success and further promote Irish culture internationally and enhance our reputation as a centre of excellence for screen production.”

May 07, 2024
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Tax RoI
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MyEnquiries and MyAccount guidance updated

Revenue has updated the Tax and Duty Manuals which provide guidance on submitting and managing enquiries using the MyAccount and MyEnquiries portals. Revenue guidance on notifications about enquiries and replies has also been updated. Guidance on submitting and managing enquiries in MyAccount includes advice about the correct naming of attachments to avoid an enquiry failing (paragraph 1.9), with updated screens are included in paragraphs 1.10 and 1.11. Guidance on submitting and managing enquiries in ROS includes information regarding the correct naming of attachments (paragraphs 1.10 and 2.11), notifications issued via MyEnquiries (paragraph 1.13), details of the limited options for raising an enquiry without having to specify the Client PPSN/Tax number (paragraph 2.5). Information is also provided about changing an email address and ensuring that the email address is registered in MyEnquiries (paragraph 2.10). Guidance on notifications about enquiries and replies includes updated information regarding Revenue’s replies to submissions about clearance in death cases (paragraph 2.1), CGT clearance for non-residents (paragraph 2.2) and CAT clearance for the distribution of an estate to a non-resident beneficiary (paragraph 2.3).

May 07, 2024
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Tax RoI
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Tax Appeals Commission 2023 Annual Report

The Minister for Finance, Mr. Michael McGrath T.D., has welcomed the publication of the 2023 Annual Report of the Tax Appeals Commission (TAC). Headline figures from the report include: 1,521 appeals closed during 2023 valued at €1.386 billion 175 determinations were issued valued €409 million A decrease of 24 percent in the number of appeals on hand (1,139 in 2023 versus 1,504 in 2022) with a 60 percent reduction in the quantum of those appeals from €1.3 billion in 2022 to €519 million in 2023. Noting the significant progress made by the TAC during 2023, which includes a new portal to enable online submission, the Minister said: “The Tax Appeals Commission continues to provide an efficient, fair and cost effective appeals process for the taxpayers of the country which provides citizens with an accessible alternative to the Courts for tax appeals.” Further commentary is available in the Department of Finance’s press release.

May 07, 2024
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