In Irish news this week, the Minister for Finance has welcomed growth in the domestic economy and Revenue has updated VAT guidance to reflect the application of the 13.5 percent rate of VAT from 1 September 2023. In UK news, HMRC interest rates increased again last month, and, in our lobbying update, read our letter to the Financial Secretary to the Treasury on changes to the geographical scope of agricultural property relief. In International news, the OECD has published a paper on the taxation of labour and capital.  Ireland While welcoming growth in Modified Domestic Demand in the second quarter of the year, the Minister for Finance noted that there were ‘several headwinds’ including constraints in infrastructure and slower growth among trading partners, and that it would be against this backdrop that Budget 2024 would be framed. Following the cessation of the temporary 9 percent VAT rate applying the goods and services in the tourism and hospitality sector on 31 August 2023, Revenue has updated several VAT Tax and Duty Manuals to reflect the application of the 13.5 percent rate of VAT from 1 September 2023. UK HMRC interest rates have increased again. In our lobbying update, read the Northern Ireland Tax Committee’s letter to the Financial Secretary to the Treasury on changes to the geographical scope of agricultural property relief. International The OECD has published a paper comparing the tax treatment of labour and capital income. 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 which features news of the phasing in of exports moving from CHIEF to the Customs Declarations Service and a delay to the implementation of the new UK Border Target Operating Model for imports into the UK, including Ireland.          

In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you hope to see in Budget 2024? Ellen Roycroft EY There is no denying the cost-of-living crisis is one of the largest issues faced by the Irish populace and that one of the main downfalls of this is the rising price of electricity and fuel.  The electricity credits afforded to all households last year helped with this burden substantially. I believe that a further instalment of these credits could set a buffer for those struggling to get through what will already be an expensive winter ahead. In addition to this, I would hope to see an increase in the fuel credit for those living in fuel poverty. The credit, in my opinion, should be extended and the criteria for meeting it relaxed.  With an increasing number of people needing financial help to heat their homes, this would help, in my opinion, both with the affordability of fuel for those already receiving the benefit and for those who may be just on the verge of fuel poverty. Aleksandar Elliot KPMG My hope is that Budget 2024 will be about helping those who need it most through the challenging environment we’re faced with currently, as well as building a more sustainable long-term future. In the short term, the focus should be on the most vulnerable and shielding them from the impact of inflation. Increases in pensions and fuel allowance, as well as help with back-to-school costs through child benefit, should be the top priority.  We cannot forget small businesses that would benefit from the retention of lower VAT rates that are due to expire. Finally, a key component of the cost-of-living crisis is energy. I would like to see the government seize the opportunity to help people reduce their energy usage, which will, in turn, help reduce bills whilst benefitting the environment in the long term. Retrofitting schemes, green finance and electric vehicle grants would be central to such efforts. Sean Cahill EY One of the biggest struggles for students and young professionals is affording rent. From battling to find suitable accommodation to being able to afford it, the housing crisis, in my opinion, is the biggest issue Ireland has now. Last year’s €500 rent tax credit was a brilliant first step in the right direction by our government in addressing this. However, with no short-term solution to this crisis, I feel it's the government's duty to provide further assistance. Since last year, rent has increased exponentially across urban areas in Ireland. Boosting tax credits and reliefs and even looking at setting rent ceilings would not only ease  the burden on tenants but also have a spin-off effect on local economies.  In the 2024 budget, I would love to see the government implementing a strategy to further help tenants and also show a clear long-term plan on how they intend to bring rental rates back to affordability.

From tailored content and engaging storytelling to formatting finesse and proofreading, Concepta Cadogan explains how to prepare a CV and cover letter that resonate with employers in today’s competitive job market Many see writing a Curriculum Vitae (CV) and cover letter as an administrative chore. However, successful job seekers know that this is the first chance to gain the interest of their potential new employer. While your CV feels very personal to you and highlights your strengths, a HR manager or employment agency will see hundreds of CVs for one role. They will look only at the CVs that stand out.  The 2018 Ladders eye tracking study showed that recruiters spend roughly six to eight seconds skimming a CV before deciding to long-list it for a role.  So, when you are writing your CV, you should take several steps to make sure it stands out from the rest. Do your research Read up on the organisation you are applying to, its history and culture.  Try to put yourself in the position of the hiring manager and think about what they are looking for in a candidate. Use this newly gained knowledge to temper the tone and style of your cover letter and CV.  For example, you wouldn’t write the same CV for a role at Google as you would for one at a local County Council. Write a commanding front page Recruiters scan the front pages of CVs and only look at the details once they have trimmed down to a shorter list.  Your front page must be easy to read, with short and attractive summaries. There is nothing wrong with writing in bullet points or emphasising specific achievements, but make sure it’s concise. Focus on storytelling Start your CV by framing your bigger career picture before adding those smaller bullet points. Tell engaging before-and-after stories. Consider: what were your previous places of employment like when you started there?  what were their biggest challenges, and how did you help meet them? how are those organisations better because of you?  Flexibility Companies and roles are all different. You may have expertise in various areas and several roles in your background. Do not write a general CV and expect it to fit all situations.  Instead, tailor your work and emphasise the roles and responsibilities that the employer explicitly states they are looking for in the job description. Be honest History is littered with examples of people who have been a little too creative with their CVs and had it backfire on them, so don’t fall into the same trap.  It is easier than ever for employers to check your background, and with employment screening services such as Checkback.ie, it has become the norm among executive placements. Save yourself time, energy and embarrassment and tell the truth! Sell the sizzle While you should always tell the truth on your CV, there is no reason you can’t use subtle techniques to ensure it gives the best impression of your experience.  Using proactive action words or power verbs such as ‘actively’, ‘developed’, ‘implemented’ and ‘designed’ increases hiring rates.  Make sure you write about what you have achieved and how you have contributed to the organisations where you have worked rather than simply listing routine tasks that anyone could have done. Format When we think about CVs, people picture a white, A4 paper document, but sometimes you may need to think creatively.   Many examples of CV styles and formats exist on blogs, YouTube and other social platforms.  When being creative with your CV, make sure you think about the practicalities.  For example, a recruiter may be unable to open a file or web link due to their organisation’s IT policy.  Many hiring managers cannot edit a PDF file, so make their lives a little easier and provide your CV in Word format. The cover letter Often, you will be asked to provide a cover letter with your CV, but even if the employer doesn’t explicitly ask, it is generally good form to provide one.  Like the CV, you must remember that the hiring manager will see these every day of the week. Yours will need to sparkle to stand out. A good tip is to imagine you are answering the question, “Why should I see you”?  As with your CV, you must keep it short and to the point; about half a page is optimal.  Make sure you focus on the goal you want to achieve – you want to get in front of the recruiter to tell your story. In the cover letter, list at least two reasons why this employer would want to speak with you and clearly give contact details so they can pick up the phone immediately. Proofread It’s important to remember that the biggest reasons for rejection of a candidate are poor spelling and grammar on their CV and cover letter.  Before sending them off to potential employers, check both of your documents carefully and, if possible, get someone else to read them over to ensure they are error-free. Concepta Cadogan is Director of Accounting & Finance at Lincoln Recruitment  

In the quest for academic excellence, the age-old inquiry about the perfect study plan endures. Edel Walsh delves into the art of crafting study plans that align performance objectives with the cadence of life One of the most common questions students ask is if I can give them a study plan or schedule that will help them get the grades they are looking for in the exam.  When it comes to study plans, there is no magic bullet. There is not one study plan out there that works for all students. We are all different and have different learning styles, so your plan needs to work for you.  Not only do you need to consider the amount of study required to complete your exams successfully, but how your study will fit into your busy life.  When creating your study plan, you must consider your extracurricular activities, relationships and other commitments. Creating your study plan The first step when creating your plan is setting a performance goal. That goal might be to pass your exams or get a particular grade.  When you set this performance goal, you must understand what is required to achieve it. What is expected of you?  Next, do a time budget, looking at what you must cover with available time. Is it realistic? If not, how can you go about re-prioritising?  Try not to be too rigid with your study plan. You are looking for a bird’s eye view of the road ahead, not a minute-by-minute schedule for every day. Once you have created your high-level plan, break the study schedule down weekly. Weekly study plan At the beginning of each week, set yourself weekly priorities. Ensure your study plan is realistic. Otherwise, it can feel overwhelming, which might result in procrastination and feeling de-motivated. Ask yourself the following questions as you plan for your week: What are my top priorities? What are my learning goals? What subjects do I need to spend the most time on? What obstacles might I face this week? How can I overcome these obstacles? What extracurricular activities have I planned? How am I going to look after my well-being? Daily study plan At the start of each daily study session, set a learning goal outlining what you would like to have learned or achieved by the end of the day.  When planning your day, schedule time for examining yourself on what you have learned and time for breaks.  If you are doing focused, deep study, it is vital to schedule productive deep breaks.  A deep break is not like your lunch break, which may be 45 to 60 minutes long.  A deep break is a mind-cleanser that doesn’t fracture your focus like social media or doomscrolling can. Instead, go for a walk, make a quick snack or daydream.  While every student is different, I recommend taking a deep break of about 10 minutes after 60 to 90 minutes of study.  After your study session, reflect on what you did that day. Here are some questions you can ask yourself: What went well with my study today? What could have gone better? What do I need to learn or study more of for more learning mastery? What one thing can I do tomorrow to make it better than today?  Staying on track While studying, it can be so easy to lose focus. Having a good study plan will help you stay on track and help you stay focused.  A good plan and setting realistic learning goals is the key to success. Ensure your plan is flexible, and be open to changing it if it is not working for you.   Edel Walsh is a student and exam coach. She supports her clients with their studies and exams using the holistic approach of focusing on academic success, personal development and looking after their well-being. For more information, email edel@edelwalsh.ie

Shane O’Brien, the newly appointed Chief Executive Officer of the Parkinson’s Association of Ireland, shares insights into career challenges, his future with his new organisation, and how he was destined for the not-for-profit sector Five years ago, where did you think you would be now? Have you lived up to your own expectations?  After finishing my training contract and being admitted as a member of Chartered Accountants Ireland, I knew that I wanted varied work and to make a difference. The Chartered Accountancy qualification gave me the skills to think on my feet and to become a strategic business leader. The skills that you develop during the qualification are invaluable no matter what direction your career takes. What has been the biggest challenge of your career?  I think trainees starting off tend to overestimate the importance of technical skills and underestimate the importance of soft skills such as communication. Certainly, the latter has proved to be the difference in terms of career progression and achieving my goals. What do you wish you had known earlier in life?  Young people tend to put a lot of pressure on themselves academically, which I can look back on now and see wasn't necessary. The most important thing about your career is that you enjoy what you're doing and that it challenges you.  It's also important not to make decisions based on what others may think. Where do you see yourself this time next year?  I will be a year into my new role at the Parkinson’s Association of Ireland and hopefully have moved the organisation forward in achieving the aims set out in the strategic plan.  I'm a firm believer in ongoing development and that "when you're finished learning, you're finished!" Who inspires you, personally and professionally? My parents were a great inspiration to me growing up for the sacrifices that they made.  People with Parkinson’s Disease and their families inspire me in my role, and I know that if we put them at the centre of all our decisions, then we will be moving in the right direction.  How has being a Chartered Accountant changed your life?  It's a life-changing qualification, and the prestige associated with it sets you apart no matter what role you put yourself forward for. The exams are stressful, but I found it to be an enjoyable qualification overall. The most difficult thing is balancing work with study. If you weren't a Chartered Accountant, what do you think you'd be doing?  I think I would have found my way into the not-for-profit sector even if I hadn't been an accountant.  What advice do you have for those who will soon qualify as Chartered Accountants?  Don't put too much pressure on yourself. Make sure you keep a work-life balance in order to cope with stress and try to have some sort of hobby or interest outside of work.  The end is in sight!

Starting something new or jumping into an old routine after a break can be tough, but Bryan Rankin is here to ease the transition with some information you should know before the new academic year with Chartered Accountants Ireland begins A warm welcome from the Education Department to all our new and returning  students. We hope you find your studies with us challenging, stimulating and rewarding.  For starting students, here is what you can expect in the coming weeks and how you might get off on the right foot. The basics Chartered Accountants Ireland's (the Institute) first year of studies is Chartered Accountants Proficiency One (CAP1) and commences on Friday, 22 September 2023.  Chartered Accountants Proficiency Two (CAP2) will start this year on Friday, 06 October 2023.   Your education is primarily provided online through on-demand learning content and live webinars supplemented by hard-copy textbooks.  This online model allows you considerable flexibility to study when and where it suits you and to balance your work, study and personal commitments.  At the same time, the model is self-directed, so it requires your preparation, commitment and tenacity.  All your learning content is hosted on the Institute's online learning platform, the Learning Hub. It’s where you’ll find all the materials to support your education.   Each subject is broken up into several 'sessions’ covering specific areas of the course. Each session includes slides, video recordings, question and solution packs and plenty of other educational materials.   The week before your programme commences, we’ll email you details on accessing the Learning Hub. Previous students have found the platform easy to navigate and the content very accessible.  Learning  The Institute places a lot of emphasis on ‘active learning’, demonstrating what you’ve learned by attempting questions. You should expect to start working on questions from day one.   It’s a good idea to get into the habit of writing your attempted solutions in Word, as the exam platform you’ll be using in the summer (Cirrus) is similar. Make sure to review the solutions provided with each set of questions carefully.   A lot of the new material will be taught through the Learning Hub, but live webinars are equally important. They are a vital component of every subject and give an important structure to the academic year.   Webinars are two hours long and take place, on average, twice a week, often including Saturday mornings.  For all information on when your live webinars will occur, please check out your programme timetables, available on the Chartered Accountants Ireland website in the ‘Current students’ section.  Our live webinars do not equate to a teaching lecture. Instead, the purpose of the live webinar is to cover the practical application of learning principles.  In the webinar, lecturers will bring you through solutions to exam-standard questions and discuss where students sometimes struggle.  You’ll also be able to ask the lecturers a question through the ‘chat’ function in the live webinar platform. Before every webinar, you’ll be required to have studied the corresponding sessions in the Learning Hub, understood the concepts underpinning the webinar and practised some questions.  If you join a webinar without any preparation, you will find it of very little value and a frustrating experience.  To kick off each of the three academic programmes –  CAP1, CAP2 and FAE – we’ll ask you to attend an induction-style, one-hour lunchtime live webinar.   The CAP1 induction webinar will be on Friday, 22 September, and the CAP2 equivalent on Friday, 06 October.    This webinar is your chance to meet your programme team, during which we’ll talk you through all aspects of your Chartered Accountancy studies and exams.  Given its importance, all students are expected to join this introductory live webinar. Textbooks Our education follows an online model, but you can also expect to receive a full set of academic textbooks from us to support your studies.  Again, approximately two weeks before the start of your programme, we will email you with details of the dispatch of your textbooks, and we’ll confirm your preferred (usually your nominated home) address details.   Networking events You will also have the opportunity to meet fellow students and programme lecturers at one of our in-person induction and networking events in six locations around the island.  These popular events are a great way to learn more about what’s involved in your education programme while also meeting fellow students. Event dates will be available on the Institute’s website.  If you have any queries before starting your education programme with us, please don’t hesitate to email us at studentqueries@charteredaccountants.ie. Bryan Rankin is Head of Student Operations at Chartered Accountants Ireland

Exam prep, study and practising in exam-day conditions are all important to acing your exams. Caelainn McGonigle knows it's important to take care of yourself, as well During your Chartered education, stress is unavoidable. When you experience high levels of stress, it can present itself by impacting physical and mental health.  Below are several steps to mitigate these stressors and give ourselves the best opportunity to excel when it counts. Sleep When we are stressed, it's easy to think of sleep as “time-consuming”, but allowing our mind and body to rest is critical to our success.  By the time we reach exam week, countless hours will have been spent preparing by attending lectures, revising notes and attempting sample papers. Without achieving seven to nine quality hours of sleep a night, we risk restricting our exam performance on the day.  If you encounter difficulties resting in the lead up to your exams, attempt to close the books an hour earlier and reduce screen time before bed. Exercise and fresh air Taking a break to move your body and relish the fresh air enables your mind and body to relax and reset.  Exercise, whether walking, running or cycling, can moderate our stress levels and improve sleep quality.  When heading outside, you might prefer to enjoy the silence of the outdoors, or need a little motivation to move your body, such as listening to a podcast or music – either is excellent for your mind and body as long as you are getting your heart pumping. Nutrition Maintaining nutritional balance in your meals can be taxing when stressed. It can lead us to over-indulge in meals and snacks, or forgo them all together. We must uphold a nutritious diet to aid focus levels and sustain energy.  Meal planning in advance of high-stress periods, like exam week, along with keeping enjoyable snacks to hand, is a sure way to remain fuelled when working hard.  Positive mindset during exams Stress can amplify our emotions. Preserving a positive mindset and prioritising being gentle with ourselves is critical.  It's important to remember the efforts you have made to reach exam season. The groundwork is complete, and it’s time to flaunt what we have learned.  Exams are important, but maintaining our health is a necessity. If you struggle with positivity, try subscribing to a “quote of the day” app or social media page – it may give you the boost you need at just the right time! Reach out If stress is increasing faster than you can handle, reach out to a fellow student, friend or family member.  Alternatively, the amazing Thrive team and the Chartered Accountants Ireland Wellbeing Hub are on hand to offer help and support throughout our journey.  We have excelled through stressful situations in the past. Accept that stress is unavoidable but manageable, and you haven’t come this far only to come this far. Caelainn McGonigle is PR Officer with CASSI and a trainee with Gilroy Gannon

The new Border Target Operating Model (BTOM), which was due to commence on a phased basis from the end of October 2023 for imports into the UK from the EU (excluding Northern Ireland), is being delayed, the UK Government is holding a series of sector specific online training sessions to prepare traders.  These include a session on 21 September 2023 dealing with exports from Ireland. More information on these events and how to register can be found at  https://www.eventbrite.com/cc/the-btom-what-are-the-sps-border-controls-2144279.

Revenue has updated the Tax and Duty Manual that deals with company reconstructions without change of ownership. Paragraphs 1 and 6 now reflect amendments made to section 400 TCA 1997 following the introduction of the Interest Limitation Rules in Part 35D in Finance Act 2021.

Revenue has updated the Tax and Duty Manual on the treatment of capital allowances where property is acquired jointly by spouses/civil partners and the expenditure is incurred by one spouse/civil partner. The guidance has been updated to confirm that this treatment is available where a property is purchased in joint names by a married couple or civil partners who are jointly assessed.

Revenue has published a new manual Tax and Duty Manual (TDM) containing operational guidance on the R&D tax credit. The relevant legislation is contained in sections 766C, 766D, 766(4D) or 766A(4C) TCA 1997. The manual provides information on submitting an R&D tax credit claim for 2022, 2023 and later years. Revenue advises that the new manual should be read in conjunction with TDM Part 29-02-03. 

Last week, the Northern Ireland Tax Committee wrote to the Financial Secretary to the Treasury (“FST”) to express its concerns in respect of the proposal to restrict the geographical scope of agricultural property relief (“APR”) and woodlands relief (“WR”) from April 2024. The Committee would also like to hear your views on a recently launched consultation examining potential new tax incentives for occupational health. Letter to the FST Draft legislation was published on “L” day in July setting out in detail the measure announced in the 2023 Spring Budget which will restrict agricultural property relief and woodlands relief to UK land and property only from 6 April 2024. In the letter to the FST, the Northern Ireland Tax Committee sets out the case for continuing to treat Irish land and property as potentially qualifying for APR and WR given the particular impact the proposal will have on Northern Ireland (“NI”) taxpayers and NI’s close proximity to Ireland. The letter also sets out the retrospective nature of the draft legislation on transactions prior to 6 April 2024 and how unfair this is. New consultation on occupational health incentives Also, on “L” day in July, HMRC and HM Treasury launched a joint consultation on tax incentives for occupational health. This consultation is open until 12 October 2023 and specifically seeks views on how expanding the existing benefit in kind exemption for medical benefits could help employers provide more services, essentially helping people back into work. We’d like to hear your views on this consultation by Friday 29 September.