Further reductions in National Insurance Contributions (“NICs”) for employees and the self-employed and a reduction in the higher rate of Capital Gains Tax (“CGT”) for residential properties disposals featured under the personal taxes banner. Amendments will also be made to the high income child benefit charge thresholds ahead of more sweeping changes in 2026. The remittance basis regime for non-UK domiciled individuals is to be abolished and replaced with a new residence based regime from 6 April 2025 and a new residence based regime will also be introduced for Inheritance Tax. And finally, the furnished holiday letting regime is to be completely abolished from 6 April 2025. NICs reductions From 6 April 2024, the main rate of employee NICs is being reduced from 10 percent to 8 percent from 6 April 2024. Combined with the 2 percent reduction from 12 percent to 10 percent which was announced at Autumn Statement 2023 and took effect from 6 January 2024, according to the Budget publication this will save the average worker on £35,400 over £900 a year. From the same date, a 2 percent reduction is also being made in the main rate of Class 4 self-employed NICs which will now reduce from 9 percent to 6 percent from 6 April 2024 (a 1 percent reduction from 9 percent to 8 percent from 6 April 2024 had previously been announced at Autumn Statement 2023). When taken together with the abolition of the requirement to pay Class 2 NICs from 6 April 2024, this should save the average self-employed individual on £28,000 around £650 a year. CGT on residential property disposals From 6 April 2024, the higher rate of CGT for residential property gains will be reduced from 28 percent to 24 percent. Resident property gains in the basic rate band will continue to be taxed at 18 percent. High income child benefit charge (“HICBC”) In order to end the unfairness for single earner families in the Child Benefit system, the Chancellor announced that from April 2026 the HICBC will move to be assessed on the overall household, rather than on an individual basis. The Government will consult on this in due course. In the meantime, from April 2024 the HICBC income threshold where the tax commences will be increased to adjusted net income of £60,000, and the rate at which the HICBC is charged will be halved so that Child Benefit is not withdrawn in full until individuals earn £80,000. This essentially means that from 6 April 2024, every £100 of income over £60,000 will result in a 0.5 percent tax charge on the child benefit received. Abolition of remittance basis for non-UK domiciled individuals The remittance basis for non-UK domiciled individuals is to be abolished from 6 April 2025 and replaced with a UK wide residence-based regime. Individuals who opt into the new regime will not pay UK tax on any foreign income and gains arising in their first four years of tax residence, provided they have been non-UK tax resident for the last 10 years. Transitional arrangements will be introduced for existing non-UK domiciled individuals claiming the remittance basis as follows:- There will be an option to rebase the value of CGT assets to 5 April 2019; A temporary 50 percent exemption for the taxation of foreign income will be available in 2025/26 only; and A two-year temporary repatriation facility will be available to bring previously accrued foreign income and gains into the UK at a 12 percent tax rate of tax. Inheritance tax (“IHT”) The Government also announced its intention to move to a residence-based regime for IHT and will consult in due course on the best way to achieve this, including consulting on a 10-year exemption period for new arrivals and a 10-year ‘tail-provision’ for those who leave the UK and become non-resident. However, no changes to IHT will take effect before 6 April 2025.  

The first increase in seven years to the VAT registration threshold, further enhancements to the various creative sector reliefs and the inclusion of leased assets in the full expensing regime (when fiscal conditions allow) were the key business taxes announcements. As previously announced, HMRC has also published updated guidance around the tax deductibility of training costs for sole traders and the self-employed. This guidance aims to ensure that updating existing skills, maintaining pace with technological advancements, or changes in industry practices, are allowable costs when calculating taxable profits. HMRC are also to establish an expert panel to assist in the administration of R&D tax reliefs. VAT thresholds From 1 April 2024, the current £85,000 VAT registration threshold will increase to £90,000, the first increase since April 2017. The Chancellor’s aim here is to ensure that the UK continues to have one of the highest thresholds in the OECD. According to the main budget publication, over 28,000 businesses will benefit in 2024/25 from no longer being VAT registered. The de-registration threshold will also increase from £83,000 to £88,000 from 1 April 2024. Full expensing to be extended to leased assets Full expensing for companies was made permanent in the Autumn Statement 2023. These capital allowances are currently only available to companies incurring expenditure on new plant and machinery (with some exclusions). The Chancellor announced today that full expensing will be extended to leasing when fiscal conditions allow. Draft legislation on this extension will be published shortly. Creative sector tax reliefs A UK independent film tax credit will be introduced at a rate of 53 percent on qualifying film production expenditure. This enhanced audio-visual expenditure credit will be available for films with budgets under £15 million that meet the requirements of a new British Film Institute test. Productions will be able to make claims from 1 April 2025, in respect of expenditure incurred from 1 April 2024 onwards provided that films started principal photography from 1 April 2024. Following a call for evidence at Autumn Statement 2023, the credit rate for visual effects costs in film and high-end TV will be increased to 39 percent from April 2025, and the 80 percent cap will be removed for qualifying expenditure for visual effects costs. The government will also consult on the types of expenditure that will be in scope for the additional tax relief which will be implemented via a future Finance Bill. And finally, from 1 April 2025, the rates of theatre tax relief, orchestra tax relief, and museums and galleries exhibitions tax relief (“MGETR) will be permanently set at 40 percent (for non-touring productions) and 45 percent for touring productions and all orchestra productions. The sunset clause for MGETR is also being removed meaning relief will not end on 31 March 2026 as announced at Spring Budget 2023.    

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: would you move abroad? Sean Landers  Associate KPMG I think it puts me in the minority, but moving abroad is not something I am yearning for now.  I appreciate the stability and routine I have at the moment in my training contract with KPMG and Chartered Accountants Ireland, as well as outside of work.  As a first-year associate, moving abroad wouldn’t make the most sense for me professionally, unless the opportunity was too good to turn down. It is quite probable that I will go abroad after my training contract is complete.  I’ve always had it in the back of my mind that I would love to work in the US for a period.  However, I think the best times for me to do this would be once I am fully qualified.  As for how long I would stay abroad, I really don’t know! While the experience would be great, I will always be drawn back home. Colm O’Keefe Associate PwC I would move abroad as I would love to see more of the world!  Travelling is one of the best experiences in life, and I would take any opportunity to try something new while I am young.  I would love to go to Australia to spend time with family there and to experience a different lifestyle.  I would also like to experience living in a different European country for a period and improve my language skills while enjoying a different culture. Shane Connolly  Associate Deloitte While travel is a very attractive idea to many, personally, I would choose to remain in Ireland. I fully believe in prioritising family time and having family involved in your life as much as possible.  I find the advice, guidance, and counsel that only family can give is very important, along with all the crucial memories to be made!  From a career perspective, I believe the opportunities available in the Irish market for accountants have never been greater, which should result in attractive positions becoming available as my career progresses.  Even locally in Cork, the opportunities available from practice to industry to academia are encouraging. As a University College Cork alumnus, one of my ambitions is to work in academia. Having started building my network from my internship days, I fully intend on leveraging this throughout my future career here in Ireland!

Navigating post-contract options can be overwhelming. Bernie Duffy helps Chartered Accountants explore diverse paths within the finance sector, offering insights on market segments, role titles and staying in or moving from practice For many people, coming out of contract can be daunting, with most unsure of their potential options.  The specialisation for your career should depend on your interests and, ultimately, your long-term goals. Step 1: The market Before we start thinking about the types of roles you might want to take, you first need to step back and look at the wider context of the market.  At Barden, we use what we call “The Three Pillar Model” to simplify the market.  The market can be broken down into practice (accounting firms) and non-practice. If you enjoy practice, there are a lot of options to build a great career.  Non-practice can be broken down into two separate pillars: financial services (any company with a financial product or service) and industry (companies with a non-financial product, so everything from retail to manufacturing and tech). It's easier to move within a pillar than between them, and as you gain more post-qualified experience (with a salary reflective of that specialism), that difficulty increases. Step 2: Understanding role titles The second you start to read job specs and consider different roles, you will notice that companies call similar roles by different names.  Broadly speaking, qualified accountants moving to non-practice will see three different types of roles: financial accountant, financial analyst, and internal audit.  About 75 percent of people from practice will start in some form of financial accounting. Financial accounting is the historical side of accounting; accounting for things that have already happened – looking at month-end and year-end reporting.  These roles will vary depending on the company's organisational structure, usually with roles in larger companies being more set and defined and smaller companies having broader and more undefined roles.  Financial accounting can be a great first move to learn the foundations of the finance function, and can mean pivoting easily into any of the other roles later.  Approximately 10 percent of people will make a first move into a financial analyst position.  Financial analysis is the forward-looking side of accounting, which will include activities such as budgeting, forecasting and variance analysis, usually with the goal of becoming a finance business partner.  The final 15 percent is split between internal audit (around 7.5 percent) and other areas such as tax accounting, corporate finance, and system and project accounting.  Internal audit can be a great way to pivot audit experience into industry but is very different to external audit.  Internal audit roles vary from company to company. They can be operational or finance-focused and, in many cases, used as a stepping stone to a more commercial role in the company. Step 3: Staying in or moving from practice The practice pillar is also still an option and worth considering.  Staying in practice or within audit are good options if you are enjoying it or want to develop your skill set further.  A lot of people who have been trained in audit don’t consider other options within practice. Some of these may be worth considering, particularly if you are trying to pivot your career and skillset in a different way.  Other departments include corporate finance, advisory or consulting, management consulting or financial accounting advisory services, data analytics, or environment, social or governance, to name a few.  You should think of the career path you want to follow from the department you are considering and ensure it aligns with your long-term goals and will be of benefit to you spending time there. At the end of the day, it is all trial and error, and some moves will require stepping stones, so don’t worry if your next role isn’t your forever role.  Focus on taking steps in the right direction and getting as much learning and development as possible. Bernie Duffy ACA is a Senior Associate with Barden’s Accounting, Finance and Tax Talent Advisory & Recruitment Practice, and she supports Recently Qualified Accountants. Contact Bernie at bernie.duffy@barden.ie or via LinkedIn  

Success often hinges on more than just textbook knowledge in the high-stakes realm of exams. Unexpected challenges can throw even the most prepared individuals off balance. Edel Walsh delves into effective strategies for handling the unexpected and maintaining composure under pressure Exam success has a lot to do with how you deal with an unexpected curve ball a paper can throw at you. For example, there could be a question you don’t know how to answer or something you didn’t review during your study sessions. Your own internal thoughts or curve balls might also show up on the day of the exam. People often worry about forgetting everything they’ve learned, their stress levels affecting their focus, or if they studied enough. Here are some tips for dealing with the unexpected during an exam.  Expect the unexpected No matter how well-prepared you feel, there can always be something that will catch you off guard during an exam. This is to be expected given the type of exams you are sitting.   Once you have accepted that something unexpected will come up, it won’t feel so overwhelming when it happens.  Breathwork No matter what happens in the exam, you are always in control of your own breath. Use it to regulate and re-focus.  Stress can have a physiological effect on your body. One such side effect is your breathing getting shallower.  When your breathing becomes shallow and quick, there is not enough oxygen getting into your bloodstream, and so not enough oxygen reaching your brain.  This can impact cognitive ability, which can have a knock-on effect on overall exam performance.  If this happens, give yourself a few moments to recognise what is going on. Then, place your hand on your belly and take some deep abdominal breaths.  A breathing technique when in a sticky situation is the 7/11 breath. Breathe in for seven seconds and out for 11 seconds. Repeat this a few times.  Another effective breathing technique is the square breath: breathe in for four seconds, hold your breath for four seconds, breathe out for four seconds and hold your breath for a final four seconds.  Even when feeling confident, I always recommend students take a breath before tackling any question or requirement. This will help you get clarity of thought before continuing.  A word of warning, though: try not to wait until the exam day to start practicing your breathing.  While it will help you even without any practice, it is much more effective with practice.  Incorporate breathwork into your study routine.  Answering unexpected questions When faced with an unexpected question in the exam, it can be easy to misread it, overlook an important piece of information, or misinterpret it entirely.  Use the following five-step approach to keep yourself on track. Breathe: Use a breathing technique to help clear your mind and self-regulate. Read: Take your time reading the question or case. The faster you read, the fewer words your eye will focus on. If you feel like you don’t understand what you are reading, slow down and try again.  Key words: Highlight key words, like “analyse”, “assess”, and “describe”, and answer the question accordingly. Also look out for "and" as that indicates there is a second part to the question that needs to be answered. Ask: Ask yourself: “am I answering what the examiner is looking for, or am I answering a question the way I’d like to answer it?”  Plan: Before you start writing, take a few moments to plan out your answer to make sure you haven’t missed any important elements and that you understand what the examiner is asking. Focus on your circle of control When you are feeling pressure in an exam, it is useful to focus on what is within your control.  Start with the questions that give you the most confidence. If possible, keep the difficult questions until the end, ensuring you have left enough time to answer them. Remember: slow down, take a breath, regulate yourself and then you can tackle whatever comes your way.  Edel Walsh is a student and exam coach. For more information, check out www.edelwalsh.ie

In the pursuit of sustainability, businesses must navigate the intersection of profit and societal well-being. Susan Rossney, Sustainability Officer at Chartered Accountants Ireland, unravels the profound impact Chartered Accountants wield in shaping a resilient future The word ‘sustainability’ means many things to many people, but there is a definition that the world agrees on. Set out in 1987 by the United Nations Brundtland Commission, sustainability is defined as “meeting the needs of the present without compromising the ability of future generations to meet their own needs.”  For businesses, this means generating a profit while not having a negative impact on society and the environment.  For me, it means the capacity to endure. There are many ways that Chartered Accountants contribute to the world at large, and achieving the UN Sustainable Development Goals is one of the more important tasks for the future. Sustainability vs ESG There is some confusion between 'sustainability' and 'environment, social and governance (ESG)' that needs to be understood before any work can be done.  Sustainability is a principle;  ESG is a framework.  While sustainability is broad, ESG is more like a lens which allows investors to examine a business in terms of how the environment, society and governance will impact that business.  It also allows other stakeholders – like customers, for example – to examine a business’s impact on the environment and society and its governance.  UN Sustainable Development Goals  The Sustainable Development Goals started as eight goals by the United Nations for the world to achieve at the turn of the 21st century, called the Millennium Development Goals (MDGs). All UN member states committed to help achieve them by 2015.  The MDGs focused on poverty, hunger, education, gender equality, child mortality, maternal health, diseases, environmental sustainability, and global partnership for development. In 2015, these goals were succeeded by the Sustainable Development Goals (SDGs), which are the goals that drive international sustainability policy today.  The SDGs are 17 Goals that form the framework and are the blueprint to achieve a better and more sustainable future for all by 2030.  The 17 Goals are all interconnected, meaning that one goal can’t be achieved at the expense of another.  For example, economic growth can’t be achieved at the expense of clean water and sanitation. Who are the UN SDGs for? The UN SGDs are for governments, businesses and even individuals.  Ireland's progress against each SGD is measured using a set of United Nation and European Union agreed targets and indicators.  Businesses track their progress against the SGDs and report on them in their annual reports and/or in their sustainability reports.  Many professional associations, including Chartered Accountants Ireland, have embedded sustainability in their strategies.  UN SDGs and Chartered Accountants  The role of Chartered Accountants is changing, and accountants are now ideally placed to help companies achieve their own sustainable goals.  Chartered Accountants act in the public interest and are committed to protecting long-term value for organisations and society. This contributes to the sustainable advancement of today’s global society.  As Sustainability Consultant and CEO, Karen Sugrue Hennessy has commented, finance stands as a pivotal enabler in the acceleration of climate action and CFOs are stepping into a critical leadership role to achieve both corporate and national climate commitments.  And they are well-placed to do so: accountants work in practices and businesses of all sizes, and in a wide variety of roles throughout the public, private and not-for-profit sectors. Many take an active role in sustainability reporting, but even more are business owners, financial service providers and entrepreneurs. All are trusted advisors, who recognise risks and opportunities and act on them. Chartered Accountants have a crucial role to play in helping businesses become more sustainable, not only by helping them develop processes that tackle sustainability issues, but also by driving a change in mindset and culture through an organisation.  Good data collection, for example, is fundamental to achieving the UN SDGs, and accountants are central to the design of data collection protocols, and their use throughout organisations.  Chartered Accountants’ training equips them with the skills, professional scepticism and a rigor in critical decision making. As trusted advisors, they have the potential to influence and encourage businesses to make sustainability-led choices. They can advise on procurement policies and procedures that focus on sustainability as much as cost control.   Chartered sustainability Sustainability is the guiding principle of Strategy24, the vision for Chartered Accountants Ireland as a growing, evolving, modern organisation.  Our vision is to create a sustainable business model, supporting our members and profession in creating a sustainable society in this time of global uncertainty.  Our core values are underpinned by the principle ‘For Tomorrow, For Good’.  You can find out more in our Sustainability Centre.

Ten years into a dynamic career at PwC, Maria Kinsella reflects on redefining success, embracing change and finding inspiration in mentors and family Ten years ago, where did you think you would be now?  I was in the second year of my graduate training contract at PwC. At that stage, I didn’t have any specific career goals, but I knew I wanted to: become a Chartered Accountant; travel; continue playing inter-county football while simultaneously progressing my career; and mix my skills as a Chartered Accountant with my love of Gaelic games by getting involved in running my local GAA club.  What has been the biggest challenge of your career? Everyone’s definition of ‘success’ is completely different. One of my biggest challenges was figuring out what ‘success’ looks like for me.  What might sound easy in theory, I found very challenging in reality. It took me a while to be comfortable and accept that my definition of ‘success’ may look very different to that of my friends.  I’ve learned that at different stages of my career, what represents success to me has changed and will constantly change, and that’s OK too!  Also, adjusting to life under COVID-19 restrictions and transitioning to working from home was very difficult. While the slower way of life was a novelty for a short while, I missed my hobbies and being able to see family and friends.  Four years on, I think we all are grateful that one benefit from COVID-19 is that hybrid working is now considered the norm.  What do you wish you had known earlier in life?  I recently celebrated my ten years of service with PwC, and it struck me how quickly the years have flown by.  The role of a Chartered Accountant is evolving. Thus, there is a need to develop and expand your skill set into areas like artificial intelligence, data analytics and environment, social and governance (ESG). The role of a Chartered Accountant is no longer confined to financial and management accounting, audit and tax. Where do you see yourself this time next year?  I am constantly challenged in my role as Senior Manager in Assurance at PwC; no two days are ever the same.  I hope to continue working with several great clients and helping them and their businesses navigate our ever-changing world. Who inspires you, personally and professionally?  I’ve been incredibly fortunate to have several mentors in PwC and the sporting world who have been instrumental in my development.  On a personal level, my mum has been and continues to be an incredible role model and inspires me greatly.  I would not be where I am today without the love and support of family and great advice from mentors. How has being a Chartered Accountant changed your life?  Growing up, I didn’t envisage becoming a Chartered Accountant. But I’m very grateful for how things have worked out.  Since gaining my qualification, so many opportunities have come my way.  For example, I completed a short-term secondment in New York City with PwC and got to use my qualifications as a member of the Gaelic Players Association Board of Directors and Audit and Risk Committee. In recent years, I have appreciated the stability and security being a Chartered Accountant brings to my life. Whether the economy is performing well or poorly, Chartered Accountants will be needed. If you weren't a Chartered Accountant, what do you think you'd be doing?  PE and Maths teacher or working in the sports industry. What advice do you have for those who will soon qualify as Chartered Accountants?  Define what ‘success’ is to you. Whether that is to travel, stay in practice, move to industry or perhaps enter academia, spend time thinking about what brings you joy and what you really want to do with your qualification – the opportunities are endless!   Also, when you get there, enjoy no longer having to balance working full-time and studying for exams! 

As the summer exams approach, students are gearing up for a critical phase in their academic journey. Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland, sheds light on essential but overlooked resources that can significantly impact exam readiness It’s March, and we’re getting closer to summer exams.  In previous articles for The Bottom Line, we’ve talked about some key supports that are being made available online – sample papers, sample solutions and practice papers that are hosted on the online exam platform Cirrus. In the past, we’ve also talked about the importance of undertaking your mock examination (starting with CAP1 in April 2024) as an essential dry-run exercise for the main exams; this is as true as ever.  At this stage, students will know that all their education materials are hosted in the Learning Hub. However, at the start of each subject in the Learning Hub, there’s an introduction section with some often-overlooked articles and documents that can help students make the most of their study sessions.   Learning Journal Let’s start by looking at the Learning Journal.  In the introductory section, a consolidated Learning Journal lists the topics covered from start to finish across the subject.  The Learning Journey also contains a detailed breakdown of the key learning objectives for each session, links the lessons back to the Competency Statement and directs you to the relevant chapter in the textbook.  It also places each session in the wider context of the subject and often touches on the practical application of learning principles in the business world.  We recommend printing the Learning Journal and placing it at the front of your study notes folder.  Many students use the Learning Journal to track progress through the subject, log potential areas of weakness, and assess proficiency.   Don’t miss the ‘Lecturer’s Tip’ at the end of each journal, which often contains important information on how a question might be structured in the main exam.  Eight steps to online learning success Next up in our review of useful resources on the Learning Hub is an article called Eight Steps to Online Learning Success.   We think it’s so useful that we’ve included it at the start of every subject! Online learning has enormous benefits for professional-level students but demands particular focus and diligence, and can be quite different from what students are familiar with. With lots of practical advice, this brief article will set you up well for the weeks of revision that lie ahead.  Study plan While on the topic of revision, we’ve also given you a concise study plan tailored to each subject. Students should consider this essential reading.  The document will help you to create your own study programme, and points to subject-specific topics that regularly arise in exams and explains how to maximise exam performance.  The study plan is available in the introductory section of each subject on the Learning Hub.  Terminology lexicon CAP2 students will be aware that CAP2 exams take a step up in complexity as well as duration, and the exam questions often require longer, discursive answers.  The wording of questions may dictate a particular treatment. For example, asking you to ‘critically evaluate’ will require a different exam response from a question starting with ‘outline’.   To this end, CAP2 students can avail of a lexicon of exam terminology that explains what the examiner is looking for in each case.  This may be added to your notes and referred to during the CAP2 exams, which are open book. Discussion forum The last resource to mention – and perhaps most important of all – is the discussion forum.  If you have any questions about course materials, perhaps a solution that you don’t fully understand or want to ask a lecturer an academic question, please use the forums. Members of our academic team are ready and waiting for your question, and everyone gets a prompt response.  Not only will the question and lecturer response help your studies, but it will also help many students who didn’t even think about that question or haven’t reached that point yet. Everyone’s a winner! There are only a few rules to follow when using the discussion forums: Post your query in the relevant discussion forum session number and thread;  Don’t create your own discussion thread; and Always keep it professional. If your query relates to exams, you’re better off contacting the exams team at CAP1exam / CAP2exam / FAEexam @charteredaccountants.ie.  Now you know the benefits of the above learning resources as well as where to find them in the Learning Hub, it’s over to you to utilise them.  Not only could they make a difference in your exams, but the resources might also make your learning experience more efficient and even enjoyable. 

Attending in-person events with Chartered Accountants Ireland can  unlock a world of support, knowledge and connections, explains  Becky Maye, Tax Associate at PwC and CASSI committee member Everyone may need some help from time to time, whether it’s information, a listening ear, or access to networks.  While you’re a student with Chartered Accountants Ireland, this will be no exception.  During the time you spend as a student, you have access to an amazing network and the opportunity to attend a plethora of events regardless of experience, location or what stage you are at in your qualification.  These events are both educational and recreational and are an essential part of your engagement with Chartered Accountants Ireland.  CASSI The Chartered Accountants Student Society of Ireland (CASSI) is the society for Chartered Accountants Ireland students.  As representatives of the student body, we’re here to support you through good times and bad on your journey to becoming a Chartered Accountant.  One key aspect of this is the events held throughout the year! CASSI is extremely active in organising regional and national events that cover various topics and aim to include everyone.  In line with the Institute’s and CASSI’s focus, work-life balance is always important. We have an ongoing emphasis on mental health and all aspects of well-being: physical, emotional and mental.  These events provide students with access not only to a network of peers but also a network of individuals and professionals who can help guide and shape your career in a way that works for you.   They also provide the opportunity to learn transferable skills and become a more well-rounded professional.  In-person learning Where your studies are concerned, Chartered Accountants Ireland’s Education and Training Department also run brilliant in-person exam prep events.  The focus of these events is to help all students prepare for exams in the best way possible.  Through guest speakers, members of the Chartered lecturing team, and education leads, there is an opportunity to learn how best to approach your study leave, improve your exam technique, and much more.  These in-person sessions are also a great opportunity to connect with peers, lecturers, and your fellow students who all are aiming for the same thing – your success!  As a student with Chartered Accountants Ireland, by attending events, whether through CASSI or the Education and Training Department, you can make the most of your student experience.  

Companies House has recently hosted a webinar titled ‘Get ready for changes to UK Company Law’. This webinar is a summary of upcoming changes introduced by the Economic Crime and Corporate Transparency Act 2023 (legislation.gov.uk) Click Companies House webinars - GOV.UK (www.gov.uk)  and scroll down to register to access the recording. Summary of key changes Changes will be introduced in a phased approach over the next few years. The first set of changes are effective 4 March 2024 and include: New rules for registered office addresses PO Box may not be used as an appropriate address. New requirement to provide a registered email address: New companies will be asked to provide this upon incorporation. Existing companies will need to provide their registered email address when they file their next confirmation statement. Lawful purpose statement Shareholders of new companies will be required to make this statement upon incorporation. Existing companies will make their lawful purpose statement in next confirmation statement. Companies House Registrars will have greater powers to query and challenge information. Future Changes Companies House Fees will increase from 1st May 2024. Streamlining accounts filing options for small and micro entity companies Software only filing. Making limited partnership information more accessible and transparent Enhance protection for personal information to protect individuals. Guidance The UK Government has developed a website providing helpful information on the various changes to UK company law being introduced over the next few years. Changes to UK company law - Changes to UK company law

The OECD Secretary-General Tax Report sets out the latest developments in international tax reform since October 2023. This latest report includes updates on the Two-Pillar International Tax Package, implementation of BEPS Actions (including actions on harmful tax practices and tax treaty abuse), and an update on the inequality and progressivity of tax systems.

The Central Statistics Office has published the Quarterly National Accounts for Quarter 4 2023 and an updated estimate for 2023 as a whole. The rate of inflation in February was 2.2 per cent, down 6 percentage points since the same month last year.  Modified domestic demand (MDD), a proxy for the domestic economy, is the sum of personal and government consumption and investment, excluding investment in imported intellectual property and aircraft for leasing. It also excludes changes in the value of stocks. MDD grew by 0.5 percent in 2023 and was down 0.4 percent in the fourth quarter relative to the previous quarter.  Consumer spending grew by 3.1 percent last year but was unchanged in the fourth quarter. GDP was down 3.2 percent last year and fell 3.4 per cent in the fourth quarter.  Commenting on the figures, Minister for Finance, Michael McGrath T.D., said:  “Modified Domestic Demand – my preferred metric of Ireland’s economic performance – grew by a modest 0.5 per cent last year, and contracted by 0.4 per cent in the final quarter of last year, with the contraction driven entirely by a fall in private sector investment spending.  Importantly, investment in housing remained robust, up at an annual rate of 12 per cent in the fourth quarter. I expect housing supply to continue expanding in the year ahead, with over 34,000 new units commenced in the twelve months to January 2024. We should see these units coming on-stream as the year progresses.  Consumer spending grew at a solid pace of 3.1 per cent last year. This was underpinned by strong employment growth – figures published last week show a record 2.71 million people in employment in the fourth quarter of last year. The strength of the labour market – with 90,000 jobs added in the last twelve months – is a good measure of the underlying health of the domestic economy.  That said, today’s data show that consumer spending was flat at tail-end of last year – with the tightening of monetary policy weighing on spending. In this context, I would highlight the easing of inflation – to 2.2 per cent in February, its lowest rate since July 2021 – which will help support the purchasing power of households and underpin spending over this year. Ireland’s estimated inflation rate is now 0.4% the euro area rate.  Income tax reductions introduced in Budget 2024 will also underpin real income growth. I expect that the vast majority of people will experience an improvement in living standards this year, as income growth combined with personal tax reductions and other social supports, will comfortably exceed the rate of inflation. I also anticipate that we will see further reductions in energy prices for households and businesses, driven by improvements in the wholesale energy markets.  Today’s figures also show that GDP fell by 3.4 per cent in the fourth quarter, continuing a trend we have seen in recent quarters. As is widely acknowledged, GDP is not a useful measure in assessing the living standards of domestic residents, given the outsized role the multinational sector plays in our economy. The decline reflects a re-normalisation of activity in some sectors – mainly pharmaceutical – following a Covid-related boost in demand in 2021 and 2022. Indeed the trend in GDP contrasts sharply with employment which was up by 3.5 per cent in 2023.  As is the norm, my Department is now in the process of updating its economic and fiscal forecasts, and these will be published in the Stability Programme Update early next month.”