We have compiled the latest updates to various HMRC VAT publications, briefs, and guidance. Readers should note that there are also numerous updates to VAT guidance and rules due to the UK’s departure from the EU. Claim a VAT refund as an organisation not registered for VAT;   Late payment interest if you do not pay VAT or penalties on time;   Pay the VAT due on your One Stop Shop VAT Return;  People involved in transactions connected with VAT fraud;  Partial exemption (VAT Notice 706);  Health professionals and pharmaceutical products (VAT Notice 701/57);  Updates on VAT appeals;   Charity funded equipment for medical and veterinary uses (VAT Notice 701/6);  Insolvency (VAT Notice 700/56);  Apply to join the VAT Flat Rate Scheme;   Motoring expenses (VAT Notice 700/64);  VAT on goods exported from the UK (VAT Notice 703);  Register for VAT if you make relevant acquisitions into Northern Ireland;  VAT Government and Public Bodies;  Claim a VAT refund as an organisation not registered for VAT; and  Register for VAT by post. 

Revenue has released the 2023 ROS Form 11, which will be updated on an ongoing basis to include additional prefilled information from third parties. It intends to issue an updated version in early February 2024 to facilitate claims for the mortgage interest tax credit.   In conjunction, Revenue has published a Tax and Duty Manual which addresses change to the ROS Form 11 from 2022 on the following matters:  Professional services withholding tax (paragraph 3.1),  Non-resident landlord withholding tax (paragraph 4.1),  Non-refundable foreign tax panel for employees/directors (paragraph 5),  Employments not subject to PAYE (paragraph 6.1),   Remote working relief (paragraph 6.2),  Social welfare payments (paragraph 6.3),   Lump sums from relevant (foreign) pension arrangements (paragraph 6.4),  Transborder relief (paragraph 7.1),   Personal tax credits (paragraph 8), and  Extracts from accounts (appendix 1).  The manual also outlines some misunderstandings that arise in completing the capital gains tax section (paragraph 10). A summary of prefilled information in included in appendix 2.  

HMRC’s latest schedule of live and recorded webinars for tax agents is available for booking. Spaces are limited, so take a look now and save your place.  

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

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

IAASA has published a Consultation paper on its proposal to revise International Standard on Auditing (ISA) (Ireland) 505 External Confirmations and make related conforming amendments to ISA (Ireland) 600 (Revised February 2023) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors). The proposed effective date of the revised standard is for audits of financial statements for periods beginning on or after 15 December 2024, with early adoption permitted. Responses are requested by 23 February 2024.

The International Auditing and Assurance Standards Board (IAASB) launched a consultation on proposed narrow scope amendments to achieve greater convergence with the International Ethics Standards Board for Accountants’ (IESBA) International Code of Ethics for Professional Accountants (Including Independence Standards). The proposals have two key objectives. align definitions and requirements in IAASB standards with new definitions in the IESBA Code. extend the applicability of existing requirements for listed entities to meet heightened stakeholder expectations regarding audits of public interest entities. Key proposed revisions include extending the scope of the entities included under the International Standards on Quality Management and the International Standards on Auditing which will impact on: Engagement quality reviews; The auditor’s report including independence, communicating key audit matters, and the engagement partner’s name; and Communicating with those charged with governance. Feedback is requested by April 8, 2024.

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What are your New Year's resolutions? Sarah McAleese KPMG I am firmly of the belief that it is more realistic to stick to the habit of taking up and incorporating positive habits into your schedule as opposed to giving things up.  This year, my New Year’s resolution is to prioritise setting myself up for a successful day by embracing slower mornings.  On the days that I am working from home and do not have to commute, I have started and plan to continue making a habit of getting up earlier to get out for a walk before work in order to clear my head.  I also intend to listen to the news headlines while getting ready each morning in order to stay on top of current affairs.  Coffee is a crucial part of my morning routine, and given the cost-of-living crisis in 2024, I am now a self-proclaimed barista and have vowed to make more coffee at home. Kaillum Burns  Gilroy Gannon New Year's resolutions are always something I try to include in my transitions from one year to another. Setting resolutions can offer a rejuvenating beginning. They are an excellent way to initiate the upcoming year, a chance to press the 'restart' button, and enable you to establish fresh goals or revisit existing ones and decide on your approach to accomplishing them.  Achieving resolutions always brings positivity into my life.  It is a great thing when you commit to a goal and follow through. Resolutions ignite a similar feeling.  Regardless of the obstacles, proving to yourself that you can overcome anything is an unparalleled source of satisfaction.  In essence, humans thrive when pursuing goals, and what better method to recalibrate your objectives than through a set of New Year's resolutions? Conor Flynn EY As the calendar turns, a wave of contemplation can sweep over us, prompting New Year's resolutions.  These annual pledges are more than just a cultural tradition; they can serve as a compass, guiding us towards personal growth and positive change. By setting specific goals, resolutions can help us articulate our aspirations. They can turn abstract desires into actionable plans that guide our actions and decisions, thereby instilling a sense of purpose for the coming year. Personally, I have found that a New Year can provide a renewed sense of empowerment. That being said, we should remind ourselves that the New Year does not hold a monopoly on resolutions as we can engage in self-reflection at any point throughout the year.  It is an exercise we should strive to do regularly for our own well-being and personal development.

Navigating the notorious "Where do you see your career in five years?" question in an interview demands strategic thinking. Denis Galvin, Partner at Barden, shares his top tips for crafting a compelling answer to turn this common interview hurdle into an opportunity to showcase your strategic vision and ambition for career success Beyond the answer to your biggest personal weakness, failing to give a good answer to the common interview question, “Where do you see your career in five years?” is the next surefire way to ruin a great interview.  We all know it’s a common question during interviews, so why aren’t we better at answering it? When you’ve interviewed as many people as I have, the answer to this question can come out as bland, vague and usually accompanied by a few ‘ahhs’, ‘umms’ and false starts, giving the impression you have not given a great deal of thought to your ambitions but, instead, came up with an answer you think I would want to hear.  However, as a recruiter, it leads me to wonder: if this is how you go about planning your career, is this how you would go about running a department? Here are three ways you can prepare yourself to answer this age-old interview question and get it right. 1. Tailor it to the role you’re interviewing for: imagine a ‘future you’ The fact is, not many of us have clear career plans. We might have an idea of an end goal, but rigorous, self-directed career planning, although advised, is rarely done. Most of us rely on the organisation we work for to define this for us.  If you don’t have a clear ambition, all you need to do is imagine a ‘future you’ within the context of the role you are interviewing for.  What has been said about career progression within this new organisation or the people you’d be reporting to? Is there a typical career path already defined you could use to shape your answer? If it’s a flat organisation with not much room for upward progression, what potential lateral moves could you make? Is there a particular area you don’t have experience in and would like to develop skills in? Possible answer: “You’ve told me quite a lot about your career pathways. What is important for me is that I can build a toolkit of skills to enhance my overall performance as a finance manager. Therefore, in five years, I like to think that I would have proven my value and received the opportunity to move into a leadership role in commercial finance, an area in which I currently have limited exposure.” 2. Take control: set your own milestones that speak to the needs of the business Think about the role you’re interviewing for. Does it entail a two-, three- or five-year plan? Will long-term planning be a part of the role? If it is, then in five years, you will have delivered the objectives contained in the business plan of the organisation for which you are interviewing.  If they are talking about long-term change or business transformation, how does the role in question feed into these larger programmes, and how can you use this information to visualise the ‘future you’? Possible answer: “This role clearly has an important mandate, which is to support the delivery and adoption of the three transformation initiatives you have spoken about, which you anticipate will take four to five years. I would like to think that, nearing the end of this period, with regular communication with my superiors, I would be able to define my next career move, depending on the strategic priorities or needs of the business.” 3. Above all, be clear, concise and confident Clarity and precision of thought are essential when answering any interview question.  Someone who shows a lack of ambition at an interview is unlikely to be successful. Even if you are ambitious, but you fluff this up, you will appear as though you have not given your career enough thought, which may raise serious (if unjustified) questions over your capacity as a leader.  However you decide to approach this question, ensure you give it some serious preparation.  If it’s a question that makes you feel uncomfortable, practise until it feels natural.  Whether you record yourself, get your partner or friend to ask you the question, or write it out and learn it, become comfortable with your answer and how you want to say it.

Edel Walsh explores transformative strategies to break free from the grip of constant scrolling  When I feel even the slightest bit bored, I pull out my smartphone. I scroll when queuing for my coffee, taking a break from work or when I should be working. When I wake up, I check in with my smartphone rather than checking in with myself. It is also the last thing I do at night.  After realising what I had been doing with my time, I knew I had to change this habit as I was losing hours to doom scrolling.  When I was taking my Chartered Accountancy exams, I had a mobile phone; however, at the time, mobile phones were only used for phone calls and texting. The phone was not the distraction it is today.  Dopamine hit When a person is scrolling on their phone, dopamine gets released from the brain into the bloodstream. As part of the internal reward system, it makes a person feel happy.  We all want to feel good and are guilty of continuous scrolling. Eventually, 45 minutes pass, and you decide to start studying. Your brain is going from a dopamine trigger to being forced to look at books. It is fair to say your brain will find it challenging to engage in productive study. A 2021 study by Oluwafemi J Sunday, Olusola O Adesope and Patricia L Maarhuis, The Effect of Smartphone Addiction on Learning, shows that smartphones negatively impact students' learning and overall academic performance.  The researchers also found that using mobile phones negatively impacts the skills and cognitive abilities needed for students’ academic success and learning. Here are a few simple tips to make your smartphone less appealing while studying. Remove the phone from your study environment The easiest way to avoid being distracted by your phone as you study is to remove it from the area where you are studying.  Research in 2017 by Dr Adrian Ward et al showed that students who kept their phone on the desk while studying performed the worst on their test. Students who kept their phone in their bag or jacket but still in the study environment performed on par with those who kept their phone on their desk while studying. The highest performers were the students who left their phone in a separate room. Make your phone boring When I reflected on my mobile phone behaviours, one of the first steps I took was to make my phone more boring. I deleted all the social media, news, and other apps that were distracting. When I need to check those services, I use the desktop version.  To start, delete at least one app that distracts you. See how this makes you feel and observe your phone behaviour. After a few days, see how you feel about deleting a few more.  Take a break from it all The purpose of study breaks is to rest your brain so you will feel rejuvenated when you return to the books – for many of us, reaching for our smartphone when on a break is an automatic habit.  To give your brain the rest it genuinely deserves, how about you: sit in silence with a cup of coffee; take a walk around the block; get some fresh air in nature; do a guided meditation or a short yoga pose; or read a magazine or a chapter of a book. In the quest for productivity and focused study, breaking free from the allure of constant smartphone use is of utmost importance. As we navigate the digital age, these strategies can offer a roadmap to balance, ensuring that our smartphones become tools for productivity rather than barriers to success. Edel Walsh is a student and exam coach. She supports her clients with their studies and exams by focusing on academic success and personal development and looking after their well-being. For more information, check out www.edelwalsh.ie

For Sinead Fox-Hamilton, Relationship & Professional Development Manager at Chartered Accountants Ireland, people are her passion, and she credits that passion to her Chartered Accountancy qualification Ten years ago, where did you think you would be now? Have you lived up to your own expectations? A decade ago, I was in a banking role and had already gained experience in practice and industry as a Chartered Accountant. I enjoyed the variety of work exposure but was still figuring out my journey.  The most fulfilling part of my roles was always working with people, so I went on to work in recruitment, which was centred on relationships and brought me closer to the world of career advancement, training, and lifelong learning. One thing that was always constant through my student training and career was being involved in the Chartered Accountants Ulster Society (various roles across several of the sub-committees) – I loved the people, supporting career development, organising events and taking an active role in the profession’s community. I often joked that I wished my time volunteering was my day job.  Fast forward to 2018, and a role became available at Chartered Accountants Ireland that literally ticked so many of the boxes – it was fate, and the rest, as they say, is history.  I am thrilled to now be working for my Institute showcasing the profession, curating learning solutions and engaging with the wonderful community we have! What has been the biggest challenge of your career? I found getting through the ACA exams to be extremely challenging. I completed a law degree, so I didn’t have a finance background. I am more of a literary person and storyteller naturally, so it was hard to engage my brain to think differently, but I was able to find crossovers and transferable skills.  While the study didn’t come easy to me, I knew it would be worth it, so I stuck at it. I’ll admit I had a few failures along the way and had to face some repeat papers, but I was determined to qualify. Thankfully, I got there in the end!  I will never forget my FAE results day – it was amazing. Qualifying is absolutely one of my proudest achievements! What do you wish you had known earlier in life? I wish I had known that you don’t have to have it all figured out immediately. Life and careers are journeys, and there are great opportunities to learn and grow along the way!  Framing any setbacks as lessons can really help with the fear of failure. Also, being realistic about what is achievable is important – I think we can often set our standards very high. Does perfection really exist?! Being the best version of yourself is enough.  In my younger years, I also naively would have thought ‘success’ was defined by job title, status or salary. I have grown to learn that purpose and job satisfaction are much more valuable to me.  I am energised and motivated by doing things I enjoy and that I feel add value – fulfilment and happiness come with this, and that is success for me now. Where do you see yourself this time next year? I would like to still be working for Chartered Accountants Ireland supporting the wonderful community and of course continuing to showcase the profession to the next gen. I feel really passionate about debunking the myths that exist, like it’s boring or it’s just number crunching and maths based or it’s not very accessible! All completely untrue – so I want to continue on my crusade to demystify the career and show the reality of Chartered Accountancy careers! Who inspires you, personally and professionally? Personally, I would say my dad. He has a real ‘can do’ attitude and drilled into me that there is no such thing as can’t – this positive problem-solving approach has taught me a lot. His confidence, drive and work ethic are something I’ve also always admired. Professionally, I’ve had the pleasure of working with many great leaders who inspire me, so it’s genuinely hard to narrow it down. The benefit of working in the profession is the opportunity to be exposed to some of the most talented business minds from whom I have had the privilege of learning so much. How has being a Chartered Accountant changed your life? Qualifying as a Chartered Accountant was a game-changer for me in so many ways.  I entered a career where there was an abundance of varied opportunities, which suited someone like me as I wasn’t quite sure what I wanted to be when I grew up (such a hard question to answer as a young person, I feel).  I was attracted to the idea of working in business, but I didn’t know what exact path to take. Being a Chartered Accountant opens so many doors, and you can work in any sector in both traditional finance and non-traditional roles.  I’ve enjoyed this luxury first-hand.  But the biggest win has been the relationships I’ve built. There is a real family feel to the profession and I have made lifelong friends, and I even met a husband along the way.  A lot of my socialising is done with fellow Chartered Accountants, and it’s lovely to have the opportunity to create such meaningful connections with like-minded people. It truly is such a special community to be part of! If you weren't a Chartered Accountant, what do you think you'd be doing?  I feel like I’ve found my fit in the role I do – it combines commercial and marketing aspects, but the beauty of being a Chartered Accountant is you can work right across the business.  I love the flexibility of the career. The skills you develop are transferable right across the market, and employers want to hire Chartered Accountants, so they are always in demand, which is brilliant for job security, stability, and reward.  Thinking completely aspirational and outside of the box, my younger self aspired to be an actress (but the pragmatic side of me didn’t think that was a realistic option) – I do scratch that itch by enjoying some amateur drama activity in my spare time, though. What advice do you have for those who will soon qualify as Chartered Accountants?  It’s such an exciting time – once you qualify, you truly grasp the full potential the profession can offer, whether it be in terms of career variety and reward or the fact you can travel the world because it is an internationally recognised business leadership credential.  Be curious and enjoy exploring the career variety. A top tip would also be to build a good network – it is invaluable to the opportunities that can come your way via connections. An easy way to do this is by getting involved in your local District Societies and attending events – I have benefited from amazing experiences and opportunities by being an active participant in the Ulster Society.  There are also so many services and supports available from the Institute – I would encourage newly qualified Chartered Accountants to engage with these and enjoy the full benefits of being a member.

Despite its modest appearance and less-than-enticing title, the Competency Statement is arguably the most helpful yet underrated resource students have at their disposal. It should be the platform for your study plan, central to your note-taking for open-book exams and core to exam preparation, explains Bryan Rankin, Head of Student Operations at Chartered Accountants Ireland   When taken with other documents like the Examiner’s Report, the Competency Statement (Statement) is like the examiner’s open letter to the student. It contains a range of information about the broader skills of the Chartered Accountant. However, it can also give you an edge in exam preparation.  What does ‘competency’ mean? One of the first items highlighted in the document is what competency means. For our purposes, ‘competency’ is the ability to apply knowledge, understanding, and skills to perform to the standards required in employment. For students working through their education programme, the Statement outlines the knowledge and skills examinable for each programme, be it CAP1, CAP2 or FAE. Importantly, the Competency Statement is created by the examinations team, so this is the examiner's list of all the topics that can come up on the exam paper.   It’s no wonder that students are expected to read their Competency Statement carefully.  The anatomy of the Competency Statement The Competency Statement also indicates the level at which the examiner expects you to be familiar. Headline topic areas are further broken down into individual learning outcomes. Each learning item has either ‘understand’, ‘apply’ or ‘integrate’ highlighted beside it, indicating the level of challenge the examiner can be expected to apply.   Students will do well to note the instruction associated with each learning outcome. For example, verbs like ‘explain’ point to a requirement to be able to write succinctly and clearly about the topic with support from relevant facts. These instructions can be expected to appear on exam papers, so it’s prudent to get used to the various terms used.  A further benefit of the Statement is that the examiner provides the weighting of marks for each headline topic area. For the student, this means you have some direction on the amount of time to devote to each topic area, allowing more efficient study time.  The Competency Statement is accompanied by a summary of changes it has undergone for the present academic year. Both documents are available online at the Learning Hub at the top of each subject. Cumulative Principle The Competency Statement for each subject contains an important point that all students would do well to note: Chartered Accountants Ireland exams are given under the Cumulative Principle.  This principle states that our education programme is based on cumulative knowledge, meaning there are key elements of CAP1 examined at a more advanced level at CAP2.  For example, the examiner assumes that the exam candidates at CAP2 and FAE have a good knowledge of the material covered at CAP1. Students who were exempt from CAP1, or students who progress from CAP1 into CAP2 and FAE, will be expected to be fully knowledgeable about the material covered on the CAP1 syllabus. Each candidate is responsible for ensuring this, as CAP1 material may not be reviewed during the CAP2 courses.  Using the Competency Statement Hopefully it is already apparent to the student that the Statement has many valuable and practical applications. There are many ways it can be used to your advantage. For example, in the video ‘Study Notes Management’, available for CAP2 students in the Learning Hub, Professor Mike Farrell demonstrates how students can use the list of learning outcomes as a checklist, which can then be used to identify frequently mentioned topics. You can also assess your progress, highlighting areas of difficulty where you have answered a question incorrectly.  Some students like to use ‘traffic light’ indicators beside learning outcomes, where green indicates that they are comfortable with it, while amber and red show more challenging topics.  Reaping the rewards The Competency Statement should be an essential reference document to support your studies. The student who makes full use of the Statements will reap rewards by being more efficient in their study time and being better prepared going into exams.