The Department for the Economy unveiled an ambitious plan to boost the Northern Ireland economy in 2021, but will it be up to scratch? Professor Anne Marie Ward, Dr Esmond Birnie and Dr Stuart Henderson crunch the numbers to find out if the 10x Economy vision can deliver. Some argue that the Northern Ireland (NI) economy has strong potential given its apparent unique trade position as a halfway house between Europe and Britain, combined with the Department for the Economy’s (DfE) ‘10x Economy’ policy, which targets innovation, inclusion and sustainability. Yet, despite experiencing 25 years of peace, NI continues to suffer from political uncertainty and lower economic productivity relative to Britain and the Republic of Ireland (ROI). Moreover, ongoing uncertainties associated with Brexit continue to dampen potential foreign direct investment, which has been vital to the strong economy in ROI. It is against this backdrop that the DfE introduced a new growth policy in May 2021 aimed at achieving a 10-times better economy (‘10x economy’) by 2030.  The 10x vision is underpinned by objectives grouped into three pillars—innovation, inclusive growth and sustainability—and focuses on six priority sectors:  1. Agricultural technology (agritech); 2. Life and health sciences; 3. Advanced manufacturing and engineering; 4. Financial services and financial technology (fintech); 5. Software (including cybersecurity); and 6. Screen and low carbon.   The data The Northern Ireland Economic Trade Statistics (NIETS) is a new dataset that provides details on trade between NI and Britain for the first time. We have analysed this dataset, which covers the period 2014–2020 and comprises a sample of enterprises that are VAT or PAYE registered and trade in NI.  Approximately 5,000 to 7,000 enterprises respond to the survey annually. As part of our research, we examined the 10x priority sectors over the period 2014–2020.  Data on financial services and fintech are not included in the dataset and due to GDPR issues, we had to merge some of the 10x priority areas, ending up with four 10x sectors:  • Agritech;  • Health and life sciences; • Advanced manufacturing (including low carbon); and  • Software and screen.  Approximately 11.4 percent of the total sample is classified as being 10x. Here is a summary of our findings. Growth in sales and gross value added (GVA) As shown in Table 1, the 10x sectors of the NI economy were relatively resilient from 2014–2020 as total Gross Value Added (GVA) increased over the period, though agritech was negatively impacted by COVID-19.  Performance of the non-10x sectors improved over the period 2014–2019, as evidenced by increased total GVA (except traditional manufacturing, which declined by 20.35%). Most non-10x sectors were adversely impacted by COVID-19, however, except manufacturing and ‘other’ production.  Productivity Productivity is measured by the ratio sales per employment and GVA per employment. As illustrated in Figure 1, for 2014–2020, the wholesale and retail sector had the highest sales per employment, followed by agritech and other production. Other production has the highest GVA per employment, followed by construction, health and life sciences and software and screen. Agritech has the second lowest GVA per employment. External sales behaviour A country’s wealth is influenced by its ability to attract funds from external markets. To determine how NI is doing, we investigated the trade behaviour of NI enterprises using four ratios, which reflect the percentage of overall sales each business undertakes with Britain, ROI, the rest of the European Union (REU) and the rest of the World (ROW). The average percentage for each year (2014–2020) for the whole sample is provided in Table 2.  The most important external market is Britain, accounting for on average 11.75 percent of sales, followed by ROI (6.18%), ROW (2.69%) and REU (1.74%). Generally, the percentage of total sales to these external markets increased steadily over the period 2014–2019 and declined in 2020, coinciding with COVID-19. Patterns in the percentage of total sales to the four markets are further analysed by sector over the period 2014–2020 in Figures 2 to 5. Sectoral differences are evident. Generally, non-10x enterprises (the six to the left-hand side of each figure) are less engaged with external markets relative to 10x enterprises (the four to the right-hand side of each figure).   Differences in the relative importance of markets is also observed across sectors. For example, the ROI market is most important to the agritech sector (Figure 3), and the ROW market is most important to the health and life sciences sector (Figure 5), probably indicative of sales to the US. This sector is also very active in markets in the REU (Figure 4).  Note: When interpreting these results, be aware that the data is based on the largest enterprises in NI and the authors had to design their own 10x categories based on Standard Industrial Classification codes.   Will it work? The number of enterprises in NI that can be classed as ‘10x’ increased over the period from 619 in 2014 to 723 in 2020. They are contributing GVA to the economy and, importantly, most of their turnover is to external markets, which is beneficial for a small regional economy where local demand is limited.  These enterprises seem to be resilient, with little change in behaviour observed in the period after Brexit, and, with the exception of agritech, they continued to grow despite COVID-19 (though the data was only available for 2020).  In theory, the DfE’s ambitions are laudable. Cluster approaches have proven successful in other countries, including ROI, where foreign-owned high-tech enterprises pay higher wages, invest in R&D for future growth and have high exports.  Moreover, the vision of sustainable growth and prosperity for all (levelling up) aligns with more holistic concepts of economic growth that account for social and environmental concerns alongside economic prosperity.  There are concerns, however. This is an ambitious undertaking that will take time to implement. The 2030 target set by the DfE is tight, the support structures to fuel 10x growth are not yet fully established, ‘10x’ is not yet fully defined, ‘place’ is not yet fully defined and hence the data are not (yet) available to enable 10x to be identified and analysed by place.  This will hinder the ability to foster clusters and build networks, which are important for innovation. Also, change will be difficult due to existing established structures.  For example, most policy and government action is managed through Local Government Department (LGD) level structures. However, clusters of enterprises may cross LGD boundaries, complicating a joined-up approach.  In addition, economic and social development is not only managed by the DfE; many other bodies such as central government and local government departments, business networks and educational establishments, are involved. Role for accountants Accountants can play an important role in the success of the DfE’s policy and the future of the NI economy. Accountancy firms are present in most towns across the region. Accountants are part of local business networks and have first-hand knowledge of entrepreneurship and innovation within communities.  Moreover, accountants are well-equipped to facilitate the creation of priority clusters and expanding networks that enable local businesses to connect and grow both within and beyond their communities. This will be good for communities and for the accountancy profession.   *Note: The tables and diagrams in this article are from the authors’ full report, available on the Northern Ireland Statistics and Research Agency website. Professor Anne Marie Ward, FCA, is Professor of Accounting at Ulster University; Dr Esmond Birnie is Senior Economist at Ulster University; and Dr Stuart Henderson is a Lecturer in Financial Services at Ulster University.

The inaugural Chartered Accountants Worldwide Global Young Leaders Think Tank has set the stage for a shared vision for the future of the profession The drive to attract and retain talent is not news for anyone in the trenches of day-to-day recruitment and retention, but for the accountancy profession, the challenge of attracting new entrants is a global one – and a global problem requires global thinking. To foster exactly this, the Institute was delighted to facilitate the inaugural Chartered Accountants Worldwide (CAW) Global Young Leaders Think Tank in early January.   The session saw representatives from the next generation of leading professional accountancy organisations come together to discuss their shared vision for the profession. Present at the inaugural Think Tank in Dublin last month were representatives of: • The Institute of Chartered Accountants in England and Wales (ICAEW) • The South African Institute of Chartered Accountants (SAICA) • The Institute of Singapore Chartered Accountants (ISCA) • Chartered Accountants Australia and New Zealand (CAANZ) • The Institute of Chartered Accountants Scotland (ICAS); and  • Chartered Accountants Ireland.  The CAW Global Young Leaders Think Tank initiative is the brainchild of Sinead Donovan, President of Chartered Accountants Ireland. After meeting the global delegation representing CAW at last September’s One Young World summit in Belfast, Donovan saw an opportunity to further strengthen the connections forged between members of the CAW delegation at the conference and give these young leaders a lasting platform.  You can view photos from the event here. Community of difference makers “Seeing the energy, enthusiasm and appetite for tangible collaboration amongst the CAW delegation in Belfast, we recognised the opportunity for CAW and its member institutes to derive substantial value from establishing a think tank,” Donovan explains.  “CAW is more than just a worldwide network, we are a community of difference makers and we need to embrace the opportunity to build stronger connections within the global Chartered Accountancy community and amongst our leaders of tomorrow.”  Facilitated by Donovan and Sinead Fox-Hamilton, FCA, Relationship and Professional Development Manager with Chartered Accountants Ireland (and herself a former Chartered Star), the inaugural CAW Global Young Leaders Think Tank took place at Grant Thornton’s Dublin office on Friday, 19 January. During the session, representatives shared their ideas on how best to communicate with the next generation, how to tackle myths surrounding accountancy careers and potential barriers to entering the profession. Also on the agenda was their shared insights into what they most value as a member of their respective Institute and the importance they place on their own professional development, now and in the future.  Platform for future strategies Focused on giving the profession’s young leaders a platform to express their insights freely, the goal of the Think Tank’s first session was to discuss strategies to evolve the profession and engage Gen Z and Gen Alpha to ensure a strong talent pipeline.  Despite differences in paths to qualifications and entry requirements across the jurisdictions, representatives universally agreed that one of the biggest barriers to recruiting the next generation of accountants were the misconceptions that persist about the profession.  These include the mistaken belief that the profession is dull, overly focused on numbers and suitable only for introverted personalities naturally skilled at maths. Combined with a narrow understanding of the various career paths and roles available to Chartered Accountants, these perceptions are limiting the appeal of the profession. While those in the profession know this couldn’t be further from the truth – with the Think Tank delegation being the very embodiment of the diversity of industries and career paths the qualification opens up – dispelling these outdated myths for the wider public, those not already ‘in the tent’, is key.  The Think Tank participants discussed the need to reposition Chartered Accountancy as the exciting, purpose-driven profession it truly is, emphasising its role in enabling business leadership and fostering innovation. They also highlighted the teamwork inherent in the profession and multitude of potential career paths it offers. Also highlighted was the ability to travel with the qualification to work overseas and avail of visas in locations not as readily available to other professions and in sectors outside accountancy.  Global opportunities for profession Think Tank participants identified the mobility of the qualification as a key attraction, particularly in the context of third level students who may have had their key university years curtailed somewhat by COVID-19 restrictions.  Other key areas of discussion included how representatives viewed the value of their membership and what they saw as priorities for lifelong learning.  The group advocated for an increased focus on qualitative skills to reflect the increasingly advisory or consultative nature of the role of the Chartered Accountant in business.  Soft skills identified include communication and presentation skills that could better enable them to articulate the ‘narrative behind the numbers’ and convey their strategic insights and recommendations to businesses and clients.  Among their many recommendations, the group also discussed the importance of fostering skills in relationship management, teamwork, leadership and conflict resolution and the need to include these more in professional development programmes.  Developing these skills in a hybrid or remote work setting was put forward as a big challenge, particularly for students in the post-COVID-19 landscape for whom hybrid working may be their predominant experience of working today.  CAW white paper The findings and perspectives gathered at the inaugural Think Tank will be summarised in a CAW white paper analysing key trends. This white paper will be circulated to each Institute in its global network to inform their own strategies. The energy and enthusiasm garnered for this pilot event further cements the need for future Think Tanks, where issues affecting the global accounting community, such as sustainability and technological change, will be discussed and progressed. The success of the inaugural session has set out a template and vision for a continued series of annual Think Tanks event, hosted by each Institute in the CAW network in turn, all aimed at building stronger connections within the global community of Chartered Accountants and giving future leaders a platform to help shape the profession for future generations.  Among this year’s inaugural delegation were several of Chartered Accountant Ireland’s past Chartered Stars. These included:  • Michael Walls, Associate Director, Management Consulting, KPMG Ireland;  • Aisling McCaffrey, Director, Sustainability and Financial Services Advisory, Grant Thornton;  • Caroline McGroary, Assistant Professor, DCU, Research Fellow and Fullbright Scholar, Boston College; and  • Patrycja Jurkowska, Global Programme Finance Lead, Self Help Africa.  The international delegation comprised Chartered Accountants working across Ireland and the UK, each representing their own respective Institutes. They included: • Jane Carroll, Client Relations Associate with AllianceBernstein in London (but originally from Brisbane representing CAANZ); • ISCA representative Joanna Chung, now based in Berlin as a junior consultant with Boston Consulting Group; • ICAEW’s James Skilton, Client Manager with London’s Cooper Parry; • Lisa Blum, ICAS, Finance Manager at Lloyds Banking Group in Edinburgh; • Louise Chunnett, IT Internal Audit Manager, Bidvest Group, based in Dublin and representing SAICA; and  • Mishka Hajee, Vice President of Internal Audit and Integrated Risk at Citi Bank, also based in Dublin and representing SAICA.   

The achievements of the vibrant network of over 700 Chartered Accountants in the US continue to represent the best of the profession and provide a crucial conduit for inbound investment to our shores US members represent best of the profession  For decades, Ireland’s Chartered Accountants have beaten a well-worn path across the Atlantic, writes Sinead Donovan, President of Chartered Accountants Ireland. Facilitated by a Mutual Recognition Agreement with the American Institute of Certified Public Accountants (AICPA), our members have had the opportunity to build their careers in roles across industry and practice. Many make the move in the early years of their career, looking to explore the world and gain post-qualification experience in a new market. As you will see in this special report, many remain there through their careers, becoming embedded in the local economy, their achievements in senior positions representing the best of the Chartered qualification. These more established representatives of our profession become highly effective advocates across the United States, and indeed for the island of Ireland, as they become influential ambassadors for inbound investment to our shores. This flow of investment is well-established and mutually beneficial for our economies, and I am proud of the critical role our members play in driving and servicing this. As a membership organisation, one of the most critical things we can do is support members in this work. In what I like to call the “family” of accountants, I have come to realise that no matter how far from home members are located, there is that strong desire for community and a sense of belonging with their fellow members overseas and with the Institute at home. On the ground in the US, there is also a strong network of overseas chapters, run so effectively by local volunteer members, many of whom I had the pleasure of meeting last year when I visited. The other crucial way we support members is through the power of our professional network. Over the years, we have built strong and enduring relationships with AICPA, the National Association of State Boards of Accountancy and Chartered Accountants Worldwide, among many others. This collective voice is invaluable in continuing to help our profession to grow and further develop meaningful economic and societal impact.  Colm Mackin, Act+Acre As co-founder and Chief Executive of Act+Acre, the New York headquartered haircare business he runs with his wife and business partner Helen Reavey, Colm Mackin has just launched the brand in 235 US outlets of Sephora, the cosmetics retail giant. It is a major milestone for Mackin, a Chartered Accountant from Co. Down, and Reavey, a top hairstylist from Armagh, who launched the brand together in 2019. They partnered with scientists at Stanford University to develop a range of patented cold-processed haircare products designed to resolve scalp-related issues ranging from product build-up to thinning hair. Since then, Mackin and Reavey have employed a successful e-commerce strategy that has seen Act+Acre grow from strength to strength, netting the venture US$12 million in private investment. “That first spark of an idea came from Helen’s experience working at Paris Fashion Week with all these models who were going from show to show,” Mackin explains.  “They had nothing to remove scalp build-up and their hair wasn’t performing. We saw this gap in the market for a range of products that could address these issues and promote scalp health as the basis for healthy hair.” At the time, Mackin had transferred from PwC in Dublin to work on the international tax team at the firm’s New York office. His decision to leave a secure role in practice for the unfamiliar world of entrepreneurship was bolstered by his pure belief in the Act+Acre concept. “What I had been doing in practice gave me a really good grounding for what we’ve gone on to achieve with Act+Acre, but there are different chapters to the story,” he says. “We spent six months researching our products and the cold-processed process behind them. Then, you must get the product/market fit right, build your team and raise the money you need. “I think that’s where I’ve really seen the benefits of my qualification coming through. America is a place where you have access to investors you wouldn’t necessarily find in smaller markets and being Irish helps because we’re naturally good storytellers and we are naturally passionate.  “That helps to get the conversation started, but being a Chartered Accountant also means I have a very good understanding of profit and loss on a balance sheet. I can speak with confidence to investors; it’s just innate. I can answer their questions. You’re speaking to them on their level and that helps hugely when you’re out there raising money to build your own business.” US market appeal Mackin is one of over 700 members of Chartered Accountants Ireland currently living and working in the US.  More than one-in-three are in the 24-44 age bracket, demonstrating the market’s ongoing appeal to, and demand for, talented Chartered Accountants from Ireland building their careers.  While concentrated in cities such as New York, Boston, Chicago, San Francisco and LA, their footprint can be found right across the country, from Washington State to Florida and from Texas to Michigan.  Eighty-two percent of Institute members in the US work in business. The second largest cohort (10%) work in practice.   Una Troy, SS&C Technologies One of the 82 percent of Institute members in the US working in business is Una Troy. Troy is a Managing Director with SS&C Technologies, a provider of services and software to the financial services and healthcare industries with some 20,000 clients and offices around the world. Based in New Jersey, Troy qualified as a Chartered Accountant in Dublin and had already worked in high-level positions in the funds industry in the UK and Australia by the time she found herself en route to the US in 2005. “I was working with BISYS Fund Services in Dublin in 2005 when the company started hiring people to support its growing hedge fund business in the US and I decided to make the move across to New Jersey,” she says. Almost immediately, Troy found her qualification as a Chartered Accountant beneficial to her career progression in the States. “At the time, BISYS had acquired the hedge fund administration arm of an accountancy practice and I was able to help that business integrate into BISYS,” she says. “My accountancy background gave the local leadership team confidence in me and the group I was leading and, when BISYS was sold to Citi, I became Global Head of Operations for Citi’s hedge fund business.” Troy was subsequently appointed Managing Director, SS&C GlobeOp, following SS&C Technologies’ acquisition of Citi’s Alternative Investor Services Business. “I have found the US very welcoming as a place to live and work. There are a lot of commonalities culturally between Ireland and the US; both share a very strong work ethic. There are great career opportunities here and your efforts are rewarded.” Troy’s advice to Chartered Accountants who have relocated to the US more recently is to make full use of the professional network facilitated on-the-ground by Chartered Accountants Ireland. “You’ll start to form a network of colleagues within your work role, but it’s also important to broaden your contacts outside that,” she says. “Attend events hosted by Chartered Accountants Ireland and other organisations relevant to your work. Once you start to attend these events, you automatically start to broaden your network.” The Chartered Accountancy qualification is relatively well-recognised in the US and associated with high professional standards, Troy says, but certain roles may require applicants to hold a Certified Public Accountant (CPA) designation.  “For many Irish Chartered Accountants, the qualification itself will suffice but where a CPA designation is required, an accelerated path has been facilitated by the American Institute of Certified Public Accountants (AICPA) and the National Association of the State Boards of Accountancy (NASBA) through a Mutual Recognition Agreement (MRA) with Chartered Accountants Ireland,” she says. About the MRA Chartered Accountants Ireland first signed its MRA with the AICPA and NASBA in 2004 and the agreement has since been renewed several times.  “Irish Chartered Accountants can access the US designation and gain practice rights in the US,” explains Ian Browne, Director of Education, Chartered Accountants Ireland. “This is of particular relevance to those who wish to work in practice in the US and is increasingly required by US firms.” To successfully complete the process, Chartered Accountants are required to pass the International Qualification Exam (IQEX) operated by NASBA. This can be done in Ireland before moving to the US. “Additionally, as the US CPA qualification includes audit rights, you should ideally have obtained the Irish Audit Qualification before you leave should you plan to work in audit,” Browne says. Ken L. Bishop, President and CEO of NASBA, says the MRA gives Irish Chartered Accountants a relatively easy route to securing the necessary certification to work in the US. “Irish Chartered Accountants are typically highly valued by the US profession and many have taken advantage of the MRA,” Bishop says. “I believe that the MRA and the flexibility and mobility of practice privileges that can be accomplished is hugely important. We live in an increasingly global economy, and the business and economic nexus between the US and Ireland continues to increase.” Alan T. Ennis, former Revlon CEO For Alan T. Ennis, who has lived and worked in the US since 1999, his qualification as a Chartered Accountant provided the crucial foundation on which he has been able to build a high-flying career in business. Ennis studied commerce at University College Dublin and qualified in 1991 with Arthur Andersen, where he continued to work as a manager for a few years before moving to the UK to join Ingersoll Rand in Manchester. It wasn’t until he negotiated a transfer to the US multinational’s New Jersey office in 1999, however, that his career really began to take off. “I moved through various different financial roles from internal audit to financial planning and investor relations there,” he says. In 2004, as he was considering a potential move to North Dakota to take up a position as CFO of Ingersoll Rand’s Bobcat division, Ennis was headhunted for a very different role. “I was offered the position of head of internal audit at Revlon. I was in my early thirties and my choice was between Bobcat in Fargo, North Dakota, and this other role with a very different and much smaller company that would put me in New York.  “Revlon had a lot of debt at the time. It was a high-risk move, but I thought, ‘you know what, I’m going to go for it’.” It was a risk that would pay off for Ennis who quickly climbed the ladder at Revlon. “Being a Chartered Accountant put me in a very good place to understand the financial operations of any corporation and that really stood me in good stead at Revlon,” he says.  “I could understand financial statements, I understood the importance of profitability and cash and how investments work.  “What happened next was really a combination of readiness and serendipity. Within two-and-half years, I had gone from Head of Internal Audit to Corporate Controller to President of International and then Chief Financial Officer.” As CFO, Ennis again found his training as a Chartered Accountant invaluable. “The Board of Directors could see that I knew how the business worked; how it operated.” After two-and-a-half years as Revlon’s CFO, Ennis was appointed to the top role of Chief Executive of Revlon for five years. “I had a great run and a superb team of people behind me and when I left that role in 2014, I got a great package and I wasn’t under pressure anymore really to prove myself. I had choices,” he says. In the years since, Ennis has “dabbled in private equity and joined a couple of boards, both profit and not-for-profit.”  “In everything I’ve done here in the US, my qualification continues to be the most valuable jewel in my chest of knowledge,” he says. “My advice to Chartered Accountants moving from Ireland to the States now is to make sure you start to connect with other Chartered Accountants over here straight away – and there are lots of us in New York, Boston, San Francisco and other places. That’s a valuable network. “The other piece of advice I would have is that it’s okay to put yourself out there – in fact, it’s a good idea. Americans tend to be confident in how they present themselves professionally. They are proud of what they have done and they’re confident in their success and in abilities.  “They’re not afraid to talk about it. Irish people, myself included at times, tend to downplay our achievements and abilities. In the US, people won’t necessarily understand that so it’s not a bad idea to learn to advocate for yourself, your skills and talents.” Significant contribution to New York business community Irish Chartered Accountants make a significant contribution to the New York business community, writes Helena Nolan, Consul General of Ireland in New York. Its active members are a testament to the wide reach of Irish and Irish American accounting professionals in the broader New York business and finance sectors. It was a pleasure to host Chartered Accountants Ireland again for another networking event at the Consulate in New York during St. Patrick’s week in 2023 and an honour to have Irish Minister for Education, Norma Foley TD, present to address the gathering of members and partner organisations. Networking events like these are important for showcasing members’ contribution, for raising awareness of the increasing opportunities available now for businesses in Ireland and to help underpin the vibrant professional relationships between professional organisations and individuals in the United States and Ireland. The Consulate team is always pleased to support and reinforce these strategic linkages between our two countries and our two economies, where we see an increasingly mutual relationship, in terms of trade and investment, and great potential for the future. Chartered Accountants play important role in winning FDI for Ireland    Ireland’s investment relationship with the US is strong and enduring with about half of all IDA Ireland clients headquartered in the US, writes Brian Conroy, Executive Vice President and Director, North America, IDA Ireland. These US companies employ more than 180,000 people in Ireland across a range of sectors such as technology, life sciences, financial services and engineering. US investments in Ireland are by no means gained effortlessly. With over 30,000 members, Chartered Accountants Ireland plays a very important role in the winning of FDI for Ireland. The Institute’s members work in senior positions in practice and industry both in Ireland and in the US and provide the financial leadership and talent crucial to Ireland’s success. A key reason our country is an attractive place for US companies to do business is because people here in government, industry and academia work hard to make it that way. The activities of US multinational companies supported by IDA Ireland make a crucial contribution to our FDI success. US members: key decision-makers driving NI inward investment Alongside our wider diaspora network, professional membership bodies like Chartered Accountants Ireland play a significant role in bringing people together, writes Andrea Haughian, Executive Vice President and Head of Americas with Invest Northern Ireland.  Organisations like Chartered Accountants Ireland afford agencies such as Invest Northern Ireland the opportunity to engage with members across the US, many of whom are, or can facilitate access to, key decision-makers responsible for investment decisions. We deeply value the relationships facilitated by Chartered Accountants Ireland. For more than 20 years, Invest Northern Ireland has supported US companies to successfully establish centres of excellence in Northern Ireland.  Northern Ireland’s global reputation as a trusted business partner with a thriving entrepreneurial ecosystem, talented workforce and deep expertise in research and innovation, has long been a magnet for significant foreign direct investment from the US. Companies such as Seagate, Citi, Aflac, and Microsoft have joined more than 230 US-owned businesses operating across the region and employing over 30,000 people in sectors as diverse as technology, advanced manufacturing and engineering, life and health sciences and financial and professional services.  Demonstrating the importance of the relationship between the US and Northern Ireland, US President Joe Biden has appointed Joe Kennedy III as the US Special Envoy to Northern Ireland for Economic Affairs with a focus on advancing economic development and investment opportunities. 

Our webinar on 7 February 2024 covered how Finance and IT Teams can partner to deliver sustainability reporting programmes compliant with the Corporate Sustainability Reporting Directive ('CSRD') requirements. Speakers David Codd and Paul Power, described how to establish effective collaboration between the finance and IT teams, what pitfalls to avoid and how to build a strong partnership to deliver an effective sustainability reporting programme. ***Watch back here *** Links to resources mentioned in the webinar:   Question and Answers Factsheet from Chartered Accountants on the Corporate Sustainability Reporting Directive and the European Sustainability Reporting Standards.   Webinar: CSRD and SMEs in value chains,  Chartered Accountants Ireland at Climate Finance Week Ireland 2023.   Webinar: Further your knowledge about the European Sustainability Reporting Standards, 8 June 2023 Dee Moran, Chartered Accountants Ireland, and Orla Carolan, Director in Grant Thornton demonstrate how to navigate the content and disclosures included in the first set of ESRSs. Watch Webinar   Webinar: Further your knowledge about the Corporate Sustainability Reporting Directive (CSRD), 23 May 2023 Dee Moran interviewed Lisa Campbell, Head of Operations in Irish Auditing & Accounting Supervisory Authority (IAASA) to understand more about the Corporate Sustainability Reporting Directive (CSRD) and what future developments might mean for Irish organisations.   You can find information, guidance and supports to understand sustainability and meet the challenges it presents in our online Sustainability Centre.

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.