To pass your cap 2’s and FAE exams in 2023/24 you need to be implementing a rigorous study plan during the year and as you approach qualification an ACA finalist will need to implement the same approach and format to your job search and career planning. If you don't structure your job steps through a considered strategic plan you risk your career pathway making random jumps and just falling into opportunities. Here are a few suggestions to help you build the beginning of your effective long-term career plan : In 10 years as an FCA what role do you think you will want to be settled into ? What does this picture look like ? – Map it out for yourself in detail.. At 5 years PQE (Post Qual Experience) what role do you anticipate holding?It should be a good springboard to your 10 year target. It should be in line with the Career Pathway map - https://www.charteredaccountants.ie/Career-Pathway Do an honest skillset audit – Document the skills you are proven to be strong on and identify what you are lacking and will need to shore up / develop if they are important to your 5/10 year plan Speak to people – alot! -make your career-map part of your business conversations and put your ambition to go out there in a particular direction with people. Document your plan – write it down – keep a detailed spreadsheet- track and analyse it like a full ongoing long-term project that you give monthly priority to. (I have seen very average performers reach lofty career heights by giving sufficient time and attention to their career projects and ambitions – don’t put it low on your to-do list). If you aim to move after qualifying then take a look at the key actions and considerations here : https://www.charteredaccountants.ie/docs/default-source/careers-recruitment-dept/ca-jobs-checklist.pdf?sfvrsn=2 Start meetings with a few mentors and document the tips they give you in your Career File. Build your personal brand both in work and online / LinkedIn Start to build your personal network in line with key career influencers Put a slot in your diary each month to spend a few hours on your Career project. There is of course a lot more to building a formal career plan but these are a few initial considerations and initial building blocks to put in place. Once you qualify make sure you connect with your ICAI Careers Team to map out the rest of the plan and review the wide variety of ACA paths and market opportunities. Dave Riordan (ACA) Recruitment Specialist & Career Coach https://www.charteredaccountants.ie/Career-Pathway

In Irish news, the Minister for Finance reduces the interest rate on liabilities in the Debt Warehousing Scheme to 0 percent and PAYE taxpayers can claim the 2023 Mortgage Interest Tax Credit via MyAccount. In UK news, this week’s miscellaneous updates confirms the date for removal of the functionality to copy existing VAT clients across to the Agent Services Account is 16 February 2024 and read about further changes for agents when contacting HMRC about self-assessment or PAYE queries. In International news, the European Commission allows businesses affected by CBAM reporting difficulties to request to file late without facing penalties. Ireland Debt Warehousing Scheme: zero percent interest rate to apply. PAYE taxpayers can claim the 2023 Mortgage Interest Tax Credit via MyAccount. UK Read this week’s miscellaneous updates which confirm that the date for removal of the functionality to copy existing VAT clients across to the Agent Services Account is 16 February 2024. HMRC has announced further changes to the contact route which agents should use when making contact about Self-Assessment or PAYE queries. International The European Commission allows businesses affected by CBAM reporting difficulties to request to file late without facing penalties. 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.

The OECD has recently published the first aggregated statistics from the FTA (Forum on Tax Administration) ICAP (International Compliance Assurance Program); a multilateral risk assessment of an MNE group’s key international tax risks. The statistics cover all cases completed to October 2023 and look at the relationship between ICAP and other tools for aiding tax certainty, including APAs (Advanced Pricing Arrangements) and MAPs (Mutual Agreement Procedures).

The European Commission is aware that businesses may have encountered difficulties submitting their quarterly CBAM (Carbon Border Adjustment Mechanism) reports. As a result, it is offering a new option for affected businesses to “request delayed submission”. No penalties will be imposed on declarants who have experienced difficulties.

On 1 February, local authorities published annual draft Residential Zoned Land Tax (RZLT) maps as part of the current mapping process. Landowners have until 1 April 2024 to make submissions on whether their land meets the relevant criteria for inclusions as residential zoned and serviced land. 31 May 2024 is the date by which landowners can request a re-zoning of their land. The annual final map will be published on 31 January 2025 providing the basis for the 2025 RZLT liability date.  Speaking following the annual draft residential zoned land tax map publication, Minister McGrath said:  “I welcome the publication of the annual draft residential zoned land tax maps. This is an important step in the RZLT implementation process whereby land within scope of the tax has been identified by local authorities. Landowners whose land is included on the annual draft map should now review the map and consider if their land meets the criteria for inclusion. Residential properties, while they might be on the map, are not liable for the tax if they are subject to LPT.  Landowners also have an opportunity to make submissions to vary the zoning status of their land. The annual final map will be published on 31 January 2025; the maps will continue to be revised on an annual basis going forward.  Ireland requires increased housing supply to meet our housing needs. The RZLT aims to incentivise landowners to activate existing planning permissions and carry out development for housing on identified lands."  Further commentary is available in the Department of Finance press release here. 

Revenue has updated the Tax and Duty Manual regarding income tax credits and reliefs for individuals over 65 and individuals caring for those over 65. The updated material reflects changes to the personal tax credit, the home carer’s tax credit and changes to the rates of USC in accordance with Finance (No.2) Act 2023. 

Revenue has updated the Tax and Duty Manual which provides guidance on the general principles of taxation regarding the leasing of machinery or plant. The manual sets out current Revenue guidance on general matters relating to the taxation of leases of machinery or plant and supersedes previous guidance in this area.   It reflects the general legislative framework applicable when calculating taxable profits and gains related to leases of machinery or plant following the commencement of Finance (No.2) Act 2023 on 1 January 2024. The Institute, under the auspices of the CCAB-I has been providing feedback to Revenue on this updated guidance through the TALC Leasing subgroup.  

HMRC has published updated guidance on full expensing to clarify that corporate partnerships are able to claim, subject to the expenditure qualifying, and the National Audit Office has published its annual reports on the administration of Scottish and Welsh income tax. Various guidance documents on the creative sector reliefs have been updated (see below) and we update you on the removal of the functionality to copy existing VAT clients across to the Agent Services Account (“ASA”) which was previously covered in September and December 2023. The latest HMRC organisation structure is available on GOV.UK and the process for applying for probate in England and Wales has changed. HMRC has also sent its latest News and Information Bulletin.  Updated guidance on creative sector reliefs  HMRC has published updated guidance as follows:-  Claiming Film Tax Relief for Corporation Tax;  Claiming Animation Tax Relief for Corporation Tax;  Claiming High-end Television Tax Relief for Corporation Tax;  Claiming Orchestra Tax Relief for Corporation Tax;  Claiming Theatre Tax Relief for Corporation Tax;  Claiming Video Games Tax Relief for Corporation Tax;  Claiming Children’s Television Tax Relief for Corporation Tax;  Claiming Museums and Galleries Exhibition Tax Relief for Corporation Tax;  Creative industry tax reliefs for Corporation Tax;  Claiming Video Games Expenditure Credits for Corporation Tax; and  Claim Audio-Visual Expenditure Credits for Corporation Tax.  Removal of functionality to copy existing VAT clients across to the Agent Services Account – update  HMRC has provided an update on this issue which confirms that the functionality will be removed from 16 February 2024. A series of questions and answers which we received from HMRC which provides more information is set out below. HMRC has also provided additional information in an email.  “What is happening?  HMRC is removing ‘VAT for Agents’ from the Online Agent Authorisation Service (OAA).  From 16 February 2024, agents who wish to be authorised to represent their clients for VAT must do so in the Agent Services Account (ASA). This process is known as a ‘digital handshake’.  On the same day, HMRC will remove the ability to copy across ‘VAT for agents’ authorisation codes from OAA to ASA.   How does this affect agents?  If agents already use the Agent Services Account for all VAT authorisations, they will see no change.  If agents use ‘VAT for Agents’ in OAA they must stop doing so as soon as possible. From 16 February, the service will be removed from OAA.   This means that agents will no longer be able to use the ‘VAT for Agents’ service in OAA to seek authorisation to represent clients or copy across relationships to their Agent Service Account.  Any ‘VAT for Agents’ authorisation codes generated in the Online Agent Authorisation service before 16 February must be used before 18 March 2024.   How will this affect an agent’s clients?  If an agent has already used OAA to get authorisation to represent a client for VAT, they will see no change.   For new VAT authorisations completed on the Agent Services Account, an agent’s clients must use the web link agents send to them to complete a digital handshake. Clients must have a Government Gateway ID to do this.  Agent’s clients must complete their part of the digital handshake within 21 days of the agent receiving the link. After 21 days, the link will expire, and you will need to begin the process again to generate a new link.  HMRC will not send any links or codes directly to an agent’s clients when an agent seeks authorisation to represent them.  Guidance to support agent’s clients through the digital handshake is available on GOV.UK.  Why is this happening?  HMRC has a number of online services available to agents, many of which are now nearing the end of their lifespan.  To provide a better service to agents, HMRC is starting to move all the functions from these legacy services into a single point of access: the Agent Services Account. By doing so, HMRC aims to make using online services simpler and more consistent across all areas of work.  The Agent Services Account offers agents the ability to transact for VAT clients and to get authorised to represent them. This also removes the need to map across details to ASA using authorisation codes generated in OAA.”  Change to probate in England and Wales  Both HMRC and the HM Courts and Tribunal Service (“HMCTS”) have updated the process for applying for probate in England and Wales. As a result, form IHT400 has been updated.   The change means that personal representatives applying for probate in England and Wales no longer need to complete form IHT421 (probate summary). Instead, when HMRC receives and processes the IHT400, a letter will issue with a unique code and estate value details which should then be used when applying for probate through the HMCTS online portal.  The process for applying for probate remains the same in Northern Ireland and Scotland.  

Revenue has updated the Tax and Duty Manual in respect of the relief for farm restructuring available under section 604B TCA 1997 to reflect the extension to the relevant period in which the initial restructuring transaction must be completed from 30 June 2023 to 31 December 2025. This amendment was announced in Finance Act 2023.  

Revenue has deferred the 2023 DAC7 filing deadline for platform operators until tomorrow, Wednesday 7 February 2024 (previously 31 January). This extension applies to the reporting of information on certain sellers on their digital platforms to Revenue and the provision of information to these reportable sellers.    Revenue has provided further clarification on a number of technical queries relating to DAC7 reporting requirements for platform operators (POs). In this regard, Revenue has confirmed that files to be uploaded cannot be encrypted, but the upload is facilitated through the secure ROS environment. Revenue’s ROS security page and data protection policy provide further information on the technical measures in place for security of customer data.  Revenue has also provided written clarification on the following matters pertaining to Council Directive 514 of 2021 Annex V:  Electing to carry out Due Diligence on Sellers: POs are not obliged to advise the competent authority that they have carried out the due diligence on Active Sellers only (Section II(G)).  Excluded Platform Operator: an Excluded Platform Operator has to register and also advise the competent authority annually that it continues to an Excluded Platform Operator (Annex V, Section I(A)(3)). This can be done by filing a nil return as an EPO on an annual basis.  Notification to Sellers of Information Reported under DAC 7: the reportable seller is to be provided with a copy of the information reported under DAC 7 no later than 31January (Section III(A)(5)), even where a PO is aware that there is likely to be a correction to the sellers’ data. The information provided to the seller can subsequently be updated in line with the correction filed.  Revenue’s customer service team is available to answer queries by email: DAC7@revenue.ie. Details can be found on Revenue.ie. 

Last week, HMRC confirmed that it is continuing to offer webchat services for the Agent Dedicated Line (“ADL”) beyond 31‌‌‌ ‌‌January 2024 for both Self-Assessment (“SA”) and Pay as You Earn (“PAYE”). Effectively this appears to permanently change how HMRC handles some agent queries and follows on from recent restrictions introduced to the types of queries dealt with by HMRC on both the ADL and its SA helpline. More information is available in an email sent last week by HMRC. If members have questions which have not yet been addressed or experience any problems with these further changes, please get in touch.    The email confirms that agents will be able to access webchat via HMRC’s digital assistant without the need to transfer to a HMRC representative. Agents with “complex or urgent SA queries” can still speak to an adviser on the ADL, selecting option 1 from the menu.   The PAYE webchat service will focus on repayment queries and can be accessed through the PAYE digital assistant. Agents with PAYE coding queries or complex PAYE queries can once again call the ADL, selecting option 2 from the menu. 

The Institute would like members who were involved in the recent 2022/23 Self-Assessment filing deadline to get in touch with their feedback. We’d like to specifically hear about your experiences in making contact with HMRC, particularly in light of the recent restrictions in the Agent Dedicated Line and Self-Assessment helpline.