Last week, the Minister for Social Protection, Dara Calleary T.D. launched a major national awareness campaign for the new Automatic Enrolment Retirement Savings System, called ‘My Future Fund’. In addition to the campaign, information resources are also available including a dedicated online hub and information videos. The available resources provide details on how auto enrolment will work, who will be auto enrolled, contribution rates and relevant information for employers and employee. Announcing the launch of the campaign, Minister Calleary said: “I believe that My Future Fund will transform how people save for their retirement. This landmark policy will help hundreds of thousands of hardworking people in Ireland put money aside for their life after work. Auto Enrolment has been talked about for decades. I am delighted that this is finally happening. My Future Fund will mean that two-out-of-three private sector employees who currently have no supplementary pension will get to enjoy a greater sense of wellbeing and financial freedom in the future."

Revenue issued a news update last week confirming its continued commitment to the Small Company Administrative Rescue Process (SCARP). In the update, Revenue outlined its role and responsibilities in the process and emphasized that its primary objective is to work constructively with financially distressed companies, while ensuring that public interest safeguards remain in place. Restructuring under SCARP can facilitate certain businesses which may be facing difficulties in repaying their debt obligations and were once viable to help them restart trading, thereby saving the business and jobs. Revenue outlines in the news item that for directors acting in good faith, SCARP remains a valuable and supported option to restructure a viable business. Under the Companies Act 2021, Revenue has a structured opt‑out right which is considered a legal safeguard to ensure the integrity of the SCARP process is not misused to evade tax liabilities. Since SCARP was introduced in December 2021, Revenue confirmed that there have been 99 applications for SCARP during which Revenue has exercised the opt-out in 19 cases.   Revenue confirmed that it will only exercise its opt-out right under clearly defined circumstances as follows: Where Revenue cannot quantify the debt due as a result of outstanding returns or other relevant information, an ongoing audit or intervention, or an active tax appeal, or Where the company or directors has a track record of non or poor compliance. A dedicated SCARP team has been established by Revenue to streamline communications and support viable outcomes.

Last week, President Trump signed the Executive Order ‘Extending the Modification of the Reciprocal Tariff Rates’ which effectively extended the suspension of ‘reciprocal tariffs’ on EU imports until 1 August 2025. These ‘reciprocal tariffs’ were originally announced by President Trump in April this year and had been suspended until 9 July 2025.  Following the announcement of this further suspension, the US President sent a letter to European Commission President Ursula von der Leyen announcing that a 30 percent tariff would be imposed on imports from the EU on 1 August 2025. In a statement following the announcement, the Tánaiste, Minister for Foreign Affairs and Trade and Minister for Defence, Simon Harris T.D. said: “There is no necessity to escalate the situation or to further increase the additional tariffs which have been imposed on the EU. The Government strongly supports the efforts by the European Commission to reach a mutually beneficial agreement with the US. The EU is at the negotiating table and will remain there. Now is the time to redouble our efforts and to seek to achieve positive results in the time available. The EU will remain united and focused as negotiations continue between now and 1 August.”

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the most recently published Brexit and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. Miscellaneous guidance updates and publications This week’s miscellaneous guidance updates and publications are as follows: Check when you can account for import VAT on your VAT Return, External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service, Internal temporary storage facilities (ITSFs) codes for Data Element 5/23 of the Customs Declaration Service, Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service, Reference Documents for The Customs Tariff (Preferential Trade Arrangements) (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, Customs, VAT and excise UK transition legislation from 1 January 2021, Reference Documents for The Customs (Tariff Quotas) (EU Exit) Regulations 2020, Reference Documents for The Customs Tariff (Suspension of Import Duty Rates) (EU Exit) Regulations 2020, Reference Document for The Customs (Origin of Chargeable Goods) (EU Exit) Regulations 2020, Reference Document for The Customs Tariff (Establishment) (EU Exit) Regulations 2020, and Export goods from the UK: step by step.  

In this week’s detailed miscellaneous updates, which you can read more about below, HMRC has launched a new dedicated bereavement service helpline and the UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard have been laid before Parliament. In other news this week: As Wimbledon’s strawberries and cream season comes to an end, the VAT debate over Marks and Spencer’s limited-edition strawberries and cream sandwich, inspired by the Japanese "fruit sando", continues to rumble on – will the taxman grab a bite? The scammers are out in force in recent week’s: HMRC’s latest Press Release on scams is warning of winter fuel scams, and After the announcement of the loss of £ 47 million as a result of successful taxpayer phishing scams, HMRC’s action against the fraudsters continues with the announcement of arrests in Romania, The latest schedule of HMRC Talking Points live and recorded webinars for tax agents are available for booking. Spaces are limited, so take a look now and save your place, and finally, Check HMRC’s online services availability page for details of planned downtime and the online services affected. New dedicated bereavement service helpline Bereaved taxpayers or their representatives are now able to report a death and settle the deceased’s tax affairs by calling HMRC’s new dedicated bereavement service helpline on‌‌‌ ‌‌0300‌‌‌ ‌‌322‌‌‌ ‌‌9620. Interactive Voice Response messages will direct taxpayers who ring this new number to PAYE, Self-Assessment, or Child Benefit depending on the service they need. This aims to get taxpayers/their agents to the right place first time around and will allow them to talk to someone about several matters during the same call. Crypto-assets reporting framework and updated Common Reporting Standard The UK regulations for the new Crypto-Assets Reporting Framework and the updated Common Reporting Standard (CRS2.0) have recently been laid before Parliament. Both will come into effect from 1 January 2026. In summary, these regulations will impact on a range of financial services businesses such as banks, asset managers and insurance companies and will also bring e-money providers and crypto-asset service providers into scope for the first time. Under both, there will be a £300 penalty per account for failure to collect a self-certification or to apply due diligence, and a £100 penalty per account for incorrect reporting. The regulations also introduce a penalty for customers of institutions who fail to provide a self-certification when requested of up to £300. HMRC has launched a Press Release highlighting these changes.

The Institute is pleased to advise that the link for booking the HMRC led webinar on Making Tax Digital (MTD) for income tax, which we covered in last week’s Chartered Accountants Tax News, is now open for booking. The webinar will take place on Tuesday 16 September 2025 from 1-2pm. HMRC has also recently launched its MTD comms campaign page ‘Making Tax Digital for Income Tax - HMRC guide.’ HMRC is holding two ‘Talking Points’ webinars this week on MTD for income tax which you can book at the below links: How to get ready for MTD if you are an agent, and Client authorisation and enrolment. The guidance on choosing more than one agent has also been updated: Use Making Tax Digital for Income Tax.  

The second 2024/25 self-assessment (SA) payment on account for income tax and Class 4 National Insurance Contributions (NICs) is due for payment on or before midnight on Thursday 31 July 2025. Anyone who is self-employed is required to make two payments on account for 2024/25 unless: Their 2023/24 SA tax bill was less than £1,000, or  More than 80 percent of all the tax owed in 2023/24 was deducted at source, for example via PAYE.  Each payment on account made should be 50 percent of the person’s total income tax and Class 4 NICs liability for 2023/24. If the final tax liability in 2024/25 is greater than the total payments on account made, a balancing payment will be due on or before 31 January 2026.  If a taxpayer knows that their tax bill for 2024/25 is going to be lower than that in 2023/24, a claim can be made to HMRC to reduce payments on account. 

In a Written Ministerial Statement to Parliament by the Exchequer Secretary to the Treasury, it is confirmed that draft clauses for the next Finance Bill will be published next week on Monday 21 July 2025. These are expected to cover pre-announced policy changes (there are no details of precisely what though) and will include “accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents”. This is traditionally known as legislation day or ‘L-day’. Coverage of L-day will feature in Chartered Accountants Tax News in due course. It remains unclear precisely which policy changes we may see draft legislation published for next week, particularly if drafting is still in progress for areas such as recent consultations or where decisions are still being made on the final details of specific policies. There is, however, some speculation that we may see draft clauses for the controversial changes to inheritance tax, including the curtailing of agricultural property relief and business property relief. The Institute has previously written to the Government on this and also responded to the technical consultation which took place earlier this year.

This is the key recommendation of the Institute’s Northern Ireland Tax Committee, chaired by Janette Burns, in its response last week to the UK Government consultation ‘Transfer pricing scope and documentation’. This consultation proposes to remove the medium sized transfer pricing exemption for cross-border transactions, which as the Committee has highlighted, will have a disproportionate impact in Northern Ireland for transactions with its nearest neighbour, Ireland. For that reason, the Committee recommends that the medium sized exemption remains for these transactions. The Committee also recommended that there be a transition period of at least three years before removal of the medium sized exemption, if this proceeds. It also took the opportunity to highlight the need for the regional impact of policy changes to be embedded throughout the UK tax policy consultation and implementation cycle in future.

  In this week’s Sustainability/ESG Bulletin read about EV fleet assessment grants, a UN progress report on Ireland by the Committee on the Elimination of Discrimination against Women, the UK survey identifying growth in the number of mid-tier UK firms planning to offer ESG-related services, and the launch by the European Commission of a Roadmap towards Nature Credits. Also covered is the rise in climate litigation and the publication of ‘investor explainer’ on climate policy engagement disclosure, as well as the usual resources, articles, and upcoming events.   Ireland Final Update Report on White Paper on Enterprise Implementation publishes The Minister for Enterprise, Tourism and Employment, Peter Burke, T.D., has launched the fourth and final Update Report on the White Paper on Enterprise Implementation Plan, marking the conclusion of a two-year implementation period that began in 2023. The report showcases the progress made across 40 strategic initiatives underpinned by 93 activities. Among sustainability initiatives mentioned was the implementation of Ireland’s Offshore Wind Strategy, ‘Powering Prosperity’, and €312.6 million approved under the Growth and Sustainability Loan Scheme. The Department of Enterprise, Tourism and Employment will now commence the development of ‘Enterprise 2035’, the new enterprise strategy set out in the 2025 Programme for Government for enterprise growth and job creation over the coming decade. EV fleet assessment grant The Sustainable Energy Authority of Ireland (SEAI) has published details of its EV Fleet Assessment Grant. The grant, which offers up to €8,000 to Irish businesses aiming to transition their vehicle fleets, also funds a professional assessment that reviews a company’s current fleet, recommends suitable vehicles for electrification, and outlines necessary charging infrastructure. Eligible applicants include SMEs, large industries, and semi-state bodies with fleets of at least five vehicles, while public sector bodies are excluded. Climate Conversations 2025 consultation open The Department of Climate, Energy and the Environment has opened its Climate Conversations 2025 Consultation, which invites people across Ireland to share their views on climate action and how it impacts their daily lives. It aims to gather public input to shape future climate policies and ensure a fair and inclusive transition to a low-carbon society. The consultation is open until 22 September 2025 and is part of Ireland’s broader National Dialogue on Climate Action. UN progress report on Elimination of Discrimination against Women in Ireland The Minister for Children, Disability and Equality Norma Foley, T.D., has welcomed the publication of the UN’s Committee on the Elimination of Discrimination against Women (CEDAW) progress report on Ireland. This report acknowledged positive measures in gender equality which aimed to promote women’s leadership and address systemic barriers since 2017, such as the Work Life Balance and Miscellaneous Provisions Act 2023, the Gender Pay Gap Information Act 2021, and the National Strategy for Women and Girls.  It also highlighted areas needing further improvement. Ireland reaffirmed its dedication to the UN Convention on the Elimination of All Forms of Discrimination Against Women and plans further engagement with civil society and human rights bodies. CSO publishes full set of ‘ecosystem accounts’ for flood control The Central Statistics Office (CSO) has published another full set of ecosystem accounts for Ireland.  Ecosystem Accounts – Flood Control Analysis 2025, which published as part of the CSO Frontier Series, focuses on flood control, highlights the importance of natural ecosystems in mitigating flood risks, and quantifies the economic value of these services. The report aims to inform policy decisions by providing data on the benefits of preserving and restoring natural habitats to enhance flood resilience and reduce economic losses from flooding.   UK/Northern Ireland Survey finds growth in number of mid-tier UK firms planning to offer ESG-related services The latest edition ofICAEW’s Mid-Tier Evolution research reveals that just under half of firms surveyed were planning to start offering environmental, social, and governance (ESG) related services, compared to only 10 percent in 2024 who at that time saw ESG as a growth opportunity. It also confirmed that access to skills remains a challenge, with close to half of surveyed firms saying it is a barrier to growth. Two-thirds of firms that intend to start offering ESG services are already investing in upskilling staff, and 50 percent are forming partnerships with ESG experts. Two-thirds of the firms that do not plan to offer ESG services said it was due to a lack of sufficient internal expertise and resources.    EUROPE European Commission launches Roadmap towards Nature Credits The European Commission has launched a 'Roadmap towards Nature Credits', to incentivise private investments into actions that protect and preserve nature, and reward those who undertake and invest in these actions. Nature credits represent an investment into nature-positive actions by a company, a financial institution, a public entity or a citizen, which in return can benefit from cleaner ecosystems, risk reduction, improved reputation and higher social acceptability for its projects. The Roadmap aims to develop clear standards and reliable certification for these nature-positive actions to make nature credits effective and trustworthy, while avoiding administrative burden when joining such a scheme. It will also draw on already existing standards. Accountancy Europe – July Sustainability Update Accountancy Europe has published the July issue of their Sustainability Update. Highlights include: Council of the EU reaches position on Omnibus European Parliament latest study on reporting obligations European Commission intends withdrawing Green Claims Directive Commission extends deadline for EFRAG to deliver technical advice on ESRS EFRAG presents its progress on ESRS simplification IFRS presents new jurisdictional profiles WORLD The UN Global Compact, the voluntary initiative by the United Nations to encourage businesses worldwide to adopt sustainable and socially responsible policies and practices, celebrates its 25th anniversary this month. During a recent webinar Corporate Sustainability in Crisis, co-hosted with CBS Professor Andreas Rasche, Founding Director Georg Kell reflected on the growing complexity and fragmentation shaping today’s global landscape, while reaffirming that the long-term drivers of sustainability—climate risk, social expectations, and shifting market signals—remain as urgent as ever. Kell urged companies to stay grounded in universal values, adapt to local realities, and embrace emerging technologies to drive meaningful impact. For more, you can read Georg’s recent Harvard Business Review article: Corporate Sustainability Is in Crisis. What Should Companies Do Now?   Climate litigation increasingly reaching the highest courts around the world, report finds Analysis published by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science has shown climate litigation is increasingly reaching the highest courts globally. The report – which identified 276 climate-related cases reaching so-called ‘apex courts’ across the world since 2015 – found that more than 80 percent of cases have challenged governments, with two decisions in 2024 ordering state governments in the United States to undertake more ambitious climate action. Commenting, Catherine Higham, Senior Policy Fellow, said that “Governments and companies are increasingly having to consider the legal ramifications of pushing ahead with oil or gas projects, as they risk being dragged through the courts” and that “The broader impacts of climate litigation are becoming increasingly visible and well-documented. It is no longer a niche concern; it is increasingly seen as a financial risk.”    Investor explainer on climate policy engagement disclosure The non-profit think-tank InfluenceMap has published an ‘investor explainer’ on climate policy engagement disclosure, to make the case for requiring reporting on corporate climate policy engagement in emerging mandatory disclosure regulations globally. The explainer explained, among other things, that such disclosures help investors to assess climate-related risks and ensure corporate alignment with global climate goals. The report was co-authored with a group of institutional investors at the forefront of efforts towards corporate climate policy engagement reform: BNP Paribas Asset Management (France), Railpen (UK), AkademikerPension (Denmark) and Storebrand (Norway) with a combined $1 trillion of assets under management. Did you know? 5 - 11 July 2025 is Net Zero Week, the UK's official national awareness week dedicated to all things related to achieving net-zero emissions. It brings together academics, scientists, policy makers and trade associations to discuss how to reach net zero by 2050. This article by InvestNI’s Head of Green Economy focuses on key growth areas for Northern Ireland’s green economy. Expression of Interest: The Business of Nature Positive, Trinity Business School Trinity Business School is inviting businesses to participate in undergraduate-/student-led research to trial the application of nature-related reporting frameworks and tools, and to explore ways to develop a roadmap to nature positive. The project will suit businesses looking to develop a deeper understanding of their impacts and dependencies on nature, and wondering where to start with nature related disclosures. Interested businesses can complete and submit an expression of interest form here. (Previous participants included Chartered Accountants Ireland) Articles Asset managers will continue to seek out the full picture of a company’s transition readiness, including their lobbying activities (Sustainable Views - FT) How can businesses change their business model to support biodiversity? (Irish Times) ‘Insets’ are the new offsets (Bloomberg Green) Media and telecoms can lead the charge in sustainability (Accountancy Ireland – Briefly) Just the Facts | What is the EU Green Claims Directive? (European Movement Ireland) How organisations can effectively prepare for the EU Pay Transparency Directive (Accountancy Ireland - Briefly) Events CDP Ireland Network Corporate Disclosure In-Person Training and Workshops Join the CPD Ireland network for training and workshops to support and guide you on completing the 2025 questionnaire. Whether it's your first or fifth time disclosing with us, our CDP Network Ireland Corporate Disclosure in-person training and workshops are for you.  They will be delivered by the team from CDP, supported by Goodbody Clearstream. In person, AIB Head Office, 10 Molesworth Street D02 W260 Dublin 2 Ireland, Wednesday, July 23 · 10:30am - 4:30pm. UN Global Compact (Swiss Network) Managing Risks in Supply Chains: When On-Demand Labour Becomes Forced Labour How does your business model and sourcing strategy cause or contribute to social and environmental risks along your value chain; and how exposed are your business activities to risks embedded in your purchased goods and services?  This series of webinars (convened by the UNGC’s Swiss Network) will take you through innovative approaches to conducting risk assessments and gaining actionable insights that can then be addressed through collaborative, data-driven approaches with measurable results. Using a case study approach the Equiception team will share their experiences in multiple economic sectors and regions of the world with a special focus on decent working conditions, forced labour and child labour.  Webinar, 28 August 2025 | 12:30-14:00 Business in the Community, Accredited carbon literacy training This Accredited Carbon Literacy Training session event is hosted by Business in the Community Northern Ireland, and aims to equip participants with the knowledge and skills to understand and act on climate change, helping organizations reduce their carbon footprint. The training is certified and designed to support sustainability leadership across sectors.  In person, Wednesday, 3 September 9:00 - 17:00, Craigavon Civic Centre, 66 Lakeview Rd, Craigavon BT64 1AL ICAEW, Sustainability in Practice A morning of expert-led discussion, practical exercises, and peer learning—all focused on helping you build and deliver impactful sustainability services. In person, 3 September, 8.30-12.00, Chartered Accountant Hall, Moorgate Place, London, EC2R6EA UN Global Compact (Swiss Network) Managing Risks in Supply Chains: Does High Quality Equal Compliance? The case of surgical goods made by children This is the third and last session of our three-part webinar series on 'Managing Risks in Supply Chains: A Series for Data-Driven Action'. This last session focuses on the case of surgical goods made by children. Are high-quality goods more likely to be produced in high-quality facilities? The value chain of surgical instruments proves otherwise. Children can be found grinding "Made in Germany" scalpels in informal sector workshops in Pakistan. Worse, this situation has been repeatedly exposed over three decades. What can companies learn from this case and how can public and private procurement and sourcing professionals avoid similar risks?  Webinar, 18 September 2025 | 12:30-14:00  Diversity Mark, Diversity Mark Annual Summit 2025 This event will explore how diversity and inclusion can drive sustainable business growth, gathering over 300 business leaders, executives, and inclusion advocates for a full-day programme featuring keynote speakers and breakout sessions. It aims to equip attendees with practical strategies to create more inclusive workplaces and foster meaningful change across sectors. In person, October 2025, Titanic Belfast Sustainability Centre You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.  

In Irish news this week, we update you on our recent advocacy work in raising some of the issues affecting the all-island labour market and the Fiscal Monitor for June 2025 has been released. In UK news, read about the Institute’s recent meeting with HMRC to discuss the 2025 Spending Review and HMRC will deliver a webinar in September on Making Tax Digital for income tax. In International news, the FISC Subcommittee are meeting relevant stakeholders in Dublin this month to discuss Irish tax policies and to engage on critical issues. Irish 1. Read about the advocacy work undertaken by the Institute to highlight barriers to an all-island labour market. 2. The Department of Finance and the Department of Public Expenditure and Reform have published the Fiscal Monitor for June 2025 which confirms an Exchequer surplus of €4.5 billion to the end of June. UK 3. The Institute met recently with HMRC to discuss the 2025 Spending Review. 4. HMRC will be delivering a webinar for our members in September on Making Tax Digital for income tax.   International 5. Read about the upcoming visit by the FISC Subcommittee to Dublin later this month. 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.    

Readers will know that accountants in practice, as designated persons under Irish anti-money laundering legislation, have a statutory obligation to report suspicious transactions to both the Financial Intelligence Unit (FIU) of An Garda Síochána and the Irish Revenue Commissioners. In February 2025 Chartered Accountants Ireland hosted a webinar on suspicious transaction reporting when the Professional Accountancy team were joined by representatives of both An Garda Síochána and the Revenue Commissioners. They provided an overview of how to report on the recently updated FIU GoAML system, as well as the Revenue system. Click the link to access the webinar  https://youtu.be/SL_h9msVwJo. Also available now are details of some of the questions and potential answers  which were discussed at the webinar. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.