The Institute’s Financial Reporting Technical Committee has responded to the Financial Reporting Council's (FRC) Exposure Draft FRED 86 Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle. FRS 101 sets out an optional reduced disclosure framework that is available for the individual financial statements of subsidiaries and ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of adopted IFRS. The standard is intended to enable cost effective financial reporting within groups to reduce reporting burdens, particularly for those applying IFRS Accounting Standards in their consolidated financial statements.  Each year, the FRC carry out a review of the standard to decide whether FRS 101 should provide exemptions from new IFRS disclosure requirements or whether other consequential amendments are required. FRED 86 proposed some minor changes to the FRS 101 standard, including; The consideration of disclosures in IFRS 18- Presentation and Disclosure in Financial Statements, and whether these disclosures should be exempted in FRS 101. The proposal that an entity who applies FRS 101 should not apply IFRS 19- Subsidiaries without Public Accountability: Disclosures. In its response, the Institute agreed with the proposed amendments to the standard.

In Irish news this week, we issue a further reminder that the deadline for submitting the 2024 share related returns is 31 March 2025 and we outline the EU VAT scheme available to small enterprises. In UK news, HMRC has begun a communication campaign on Making Tax Digital and the Autumn Finance Bill has now completed all parliamentary stages. In International news, the OECD has published the 2024 update of its Investment Tax Incentives Database. Ireland 1. We remind readers of the imminent deadline for filing the annual share scheme returns for 2024. 2. Read about the EU VAT SME scheme available to small businesses to alleviate VAT compliance obligations. UK 3. HMRC is writing to agents and clients on Making Tax Digital. 4. The Autumn Finance Bill recently received Royal Assent and is now Finance Act 2025. International 5. Read about the latest update of the OECD Investment Tax Incentives Database. Keep up to date with all the latest Irish, UK, and international tax developments through Chartered Accountants Ireland’s Tax Newsletter. Subscribe to the Tax News by updating your preferences in MyAccount. You can also read this week’s post EU exit corner which confirms that the next stage in the Windsor Framework for parcels and freight has been further delayed and will now commence on the revised date of 1 May 2025.

Companies House must verify the identity of anyone submitting information to the public register, including those acting on behalf of a company. This aims to further enhance the accuracy and transparency of information provided to Companies House.   Going forward, an ACSP will need to register as such before it can submit information and conduct verification checks on behalf of its clients. This will include company formation agents, accountants, solicitors, chartered secretaries and governance professionals. To become an ACSP, agents must be supervised by a UK Anti-Money Laundering (AML) supervisory body.   Companies House is hosting a webinar on 2 April 2025 which will share helpful information on registering as an ACSP. You can register to attend this webinar here.   

A new service, the EU Sanctions Helpdesk, has been set up to support European SMEs in complying with sanctions. The service is funded by the European Union.  The Helpdesk offers resources and personalised assistance free of charge to companies performing sanctions due diligence checks. It also manages a dedicated website featuring sanctions-related information, events, tips, lessons learned, and more. Readers can click  to read more about the EU Sanctions Helpdesk , Visit the EU Sanctions Helpdesk website, Submit a request to the EU Sanctions Compliance Support Service & read Frequently asked questions and access the Audiovisual Service. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.              

Join us on Thursday 10 April for our Women in Business Event, sponsored by AIB and funded by Chartered Accountants Ireland Skillnet. Thursday 10 April | 4.30pm - 8.30pm | €50pp | 3 CPD hours We are delighted to be joined by three incredible women who have each founded successful organisations; Sinead Asple of SEA+SOLU, Mary McKenna of AwakenHub and Peigín Crowley of GROUND Wellbeing.  Join us, as our MC Belinda O'Neill sits down with each woman for an in depth chat on their journey so far. This event will be held in Chartered Accountants House and there will be drinks, nibbles and goodie bags for all attendees!  This event has limited seating so be sure to book your tickets today by emailing: LeinsterSociety@charteredaccountants.ie Speaker Profiles Belinda O'Neill, Event MC  Belinda left her career as a bank manager in December 2021, having worked in the same bank for almost 25 years, and took a leap of faith to leave voluntarily in pursuit of her own entrepreneurial ambitions. She is an award winning, best-selling Author, Speaker, Facilitator, Podcaster, Business Consultant, Executive Coach and the Founder of Be Inspired To Be®, recently trademarking her unique concept of Creatively Cleansing. Sinead Asple, Founder of SEA+SOLU Sinead is a qualified Chartered Accountant who trained at PwC Dublin and built a successful career in industry spanning over 15 years. Her entrepreneurial journey began with the creation and growth of two innovative childcare technology platforms, SureSitter and MindMe. These platforms have transformed into Ireland's largest online care marketplaces, redefining how families connect with trusted caregivers for family, elderly, and household care. In 2024, Sinead founded SEA+SOLU, Ireland’s first customizable haircare brand. SEA+SOLU offers carefully crafted formulas that cater to every hair type and texture, rooted in a clean ingredient methodology that prioritizes efficacy and sustainability. Proudly headquartered in Ireland, the brand is on a mission to redefine haircare globally. Mary McKenna, Co Founder of AwakenHub Mary McKenna is a Northern Irish serial tech entrepreneur and angel investor based in Donegal. She co-founded successful Derry-based online learning company Learning Pool and since selling Learning Pool has worked extensively with early-stage startups and scaleups across the entire European ecosystem. She has angel invested in 25 or so early-stage tech startups to date and in July 2020 she co-founded social enterprise AwakenHub, an all-Ireland female founder community. AwakenHub has 3,000 members and has just launched Ireland’s first and only women-led angel syndicate, AwakenAngels. Mary was awarded an MBE by Her Majesty the Queen in the 2014 New Year’s Honours for services to digital technology, innovation, and learning.   Peigín Crowley, Founder of GROUND Wellbeing Peigín has over 28 years of experience in the spa industry, a true wellness curator at heart, Peigín designs award-winning spa experiences and products with a strong focus on wellbeing for the most luxurious resort destinations in the world from The Rosewood, Six Senses, Four Seasons, Kempinski & Bulgari Hotels. GROUND was born at the kitchen table in 2020, deep in lockdown. Peigín was unafraid to depart from traditional spa menus focused on beauty, pampering, and anti-aging, instead developing treatments and products that address anxiety, insomnia, hormone fluctuations, burnout, gut health & cancer care. Her mission is to encourage us all to slow down and connect inwards in order to achieve longevity through purposeful self-care and education.  Due to limited seating at this event, please note our Cancellation Policy:  Cancellations may be made up to 2 weeks in advance and will not incur any fee. No shows, or those cancelling within this 2 week period of the event, will be charged in full.

Last week, all the remaining stages of the Finance Bill took place in the House of Lords on 19 March 2025. Although there was a debate, these stages were a formality only as the Lords cannot make changes to a Finance Bill. The Bill subsequently received Royal Assent on 20 March and is now Finance Act 2025. The Act reflects many of tax changes which are due to take effect from the start of the new tax year next week on 6 April 2025 or the beginning of the new Financial Year 2025 from 1 April 2025. We will be reminding readers of the key changes taking effect in next week’s Chartered Accountants Tax News. We previously reported on the National Insurance Contributions (Secondary Class 1 Contributions) Bill, which will implement the changes to employer national insurance contributions announced in the 2024 Autumn Budget. The Bill was returned to the House of Commons to consider proposed amendments. It is expected that consideration of these amendments will take place today, Monday 24 March 2025.  

Revenue has recently updated three other Tax and Duty Manuals. The updated manuals relate to PAYE services, income tax processing for assignees, and investment in renewable energy generation relief. Details are set out below. The guidance on Income Tax Processing for Temporary Assignees has been updated to include links and information on the eSARP portal. The PAYE services manual Online Unemployment Repayments has been updated to reflect changes made on the PAYE services section in myAccount and other services section in ROS.  References in the manual to specific years have been replaced with the words “current year” or “previous four years”. For example, “Manage your Tax 2025” changed to “Manage your Tax for the current year”. The manual on Relief for investment in renewable energy generation is no longer relevant as this investment scheme ceased on 31 December 2014.

Capital Acquisitions Tax – Part 15 – Insurance Policies provides guidance on the Capital Acquisitions Tax (CAT) exemption for proceeds from insurance policies designated to pay CAT. Revenue has updated the manual to include a new example and to remove references to earlier statements of practice as the relevant material is included in the manual.

Revenue has updated its guidance on Road Haulier Drivers (Employee) – Subsistence Rates to reflect the increase in subsistence rates effective from 29 January 2025. The historical subsistence rates for periods prior to 30 June 2019 have been removed but are still available in archived versions of the manual.

The Chancellor of the Exchequer Rachel Reeves will deliver the Spring Statement later this week on Wednesday 26 March. It is expected that her speech will be delivered after Prime Minister’s questions at around 12.30pm. Speculation has been rife recently that the Chancellor may be forced to abandon the Government’s stated policy of only announcing tax changes at one fiscal event per year in the Autumn. In recent days the Chancellor has ruled out further tax rises, but not other minor tax changes. We will be reporting on the Spring Statement in full in next Monday’s edition of Chartered Accountants Tax News. The Institute for Fiscal Studies has published two useful articles on the upcoming Spring Statement: https://ifs.org.uk/articles/todays-ons-figures-reinforce-challenges-next-weeks-spring-statement, and https://ifs.org.uk/articles/chancellor-cannot-hide-ever-her-big-political-choice. The House of Commons Library has also published a background briefing. The current expectation is therefore that the Spring Statement will mainly be an economic update coupled with the announcement of spending cuts hence any tax changes are expected to be minor, with the Chancellor delaying any significant tax announcements to the autumn. However, at a time of significant geopolitical disruption, the Spring Statement remains important and may give hints as to what we can expect from the Summer 2025 spending review and the Autumn Budget. Tax and other consultations are expected to be launched in conjunction with the Spring Statement, including some on the Corporate Tax Roadmap. This was confirmed by the Exchequer Secretary to the Treasury who announced in a recent conference speech on 11 March that the following consultations will open in Spring 2025: Closing in on promoters of marketed tax avoidance, A consultation on how businesses can be better supported when seeking to deliver major projects in the UK, Use of advance clearances in Research and Development tax reliefs, and Enhancing HMRC’s powers to deal with tax advisers who facilitate non-compliance. Use HMRC’s check the status of tax policy consultations page to keep abreast of consultations. As more consultations open in the coming weeks, these will appear on this page. HMRC has stated that there will be a larger than normal number of consultations being opened with overlapping periods and it recognises that this will have an impact on the ability of stakeholders to respond.

Revenue has updated its guidance on the Return Preparation Facility to confirm the VAT 3 form has been added to the Return Preparation Facility (RPF) and to outline the correct file extension for the Form 46 Company. The RFP is intended to gradually replace the ROS offline application for most forms. However, the offline application will still be used for certain forms. Appendix 1 in the manual includes details of the forms available in the RFP.  Additional forms will be added to RFP and as newer versions of forms are available in RFP, they will no longer be available in the offline application. The RFP can be accessed through a link on the ROS login page and forms prepared using the facility must be uploaded using ROS online to sign and submit the return.

Revenue has updated its Guide to Self-Assessment to incorporate the contents of the manual on the application of Part 41A – full self-assessment. The updated guide outlines the principles of the self-assessment system for Income Tax and Capital Gains Tax. The guide includes details on tax registration, filings and tax payments.