Earlier this week, the Institute made a submission to the Public Consultation on Northern Ireland’s upcoming Budget 2026. Northern Ireland’s competitiveness depends on an economy that attracts investment, supports entrepreneurs, enables cross-border labour mobility, and expands workforce participation through affordable childcare. Chartered Accountants Ireland urged the Executive to prioritise:  Progress on entrepreneurial tax supports childcare investment, Removal of barriers to cross border working, The activation and use of devolved powers on corporation tax, and Childcare investment.  These actions would increase productivity, stimulate job creation, and strengthen long term fiscal sustainability. Better tax supports for entrepreneurs Entrepreneurs are the backbone of any economy, creating wealth and employment throughout the country.  Entrepreneurs need supports specifically designed for them. Urgent action is needed by the UK Government to rectify the divergence between Northern Ireland and Great Britain in the context of forthcoming changes to the UK’s Tax Advantaged Venture Capital Schemes. Tax supports for entrepreneurs should not be limited to high growth companies but should be expanded to other businesses with a growth mission. A wider review of how the UK tax system can better drive business growth and harness the entrepreneurial spirit of business owners is warranted. Cross-border and remote/hybrid working on the island of Ireland Embracing a more integrated approach to cross border working would offer the opportunity to drive growth, build a more stable future for the entire island, and improve outcomes for communities and citizens in both jurisdictions.  The current rules on cross-border and remote/hybrid working are negatively impacting the all-island labour market. We urged the Executive to work with Treasury and the Irish Government to minimise administrative responsibilities for both employers and employees when a frontier worker works from home a few days a week. The Institute also highlighted the disparity in tax treatment of pension contributions and retirement income. Reduction to the Corporate Tax rate A reduced corporate tax rate in Northern Ireland would attract investment, create well paid, secure jobs, and encourage innovation and entrepreneurialism. The Institute called on the Department of Finance and the Department for the Economy to fund an economic analysis to assess the various impacts of a reduced corporate tax rate in Northern Ireland.  We also called on the Executive to urgently invest in and reform Invest NI to enable the agency to establish critical relationships in major companies and to adequately sell Northern Ireland as a destination for investment. Affordable childcare Affordable and available childcare can boost labour market participation and increase economic productivity. In our most recent research 51% of respondents in Northern Ireland confirmed they had either reduced their working hours or requested to work flexible hours because of childcare pressures. We called on the Executive and the Assembly to prioritise childcare investment in the upcoming Budget.  We welcomed the publication of the draft Early Learning and Childcare Strategy and encourage the Executive to implement the measures in it subject to budgetary constraints. 

Last week the Institute responded to the HM Treasury ‘Call for Evidence: Tax Supports for Entrepreneurs’, which was launched on Autumn Budget Day last November. We thank members for their feedback on this important issue. In our submission, the Institute highlights how the draft Finance (No. 2) Bill clauses implementing the Autumn Budget 2025 changes to the various limits for several of the UK’s tax advantaged venture capital schemes would exclude specified Northern Ireland (NI) companies due to EU State Aid rules. The submission also highlights that there is a need for a wider review of how the UK tax system could better support all entrepreneurs, and not just those investing in high growth companies. A specified NI company is currently defined in the Finance (No. 2) Bill as a company that has its registered office in NI which carries on a trade involving a trade in goods, or the generation, transmission, distribution, supply, wholesale trade, or cross-border exchange of electricity. As a result, these NI companies will be unable to benefit from the increased scheme limits from April 2026. This divergence in UK tax policy means that companies in NI who are excluded are being disadvantaged when seeking external finance compared to their competitors across the remainder of the UK for no objective reason other than their location. To level the playing field, the Government needs to take the necessary steps to resolve this issue and enable the April 2026 changes to apply to all companies in NI via discussions through the existing UK-EU structures which underpin the Windsor Framework, followed by an application for State Aid approval.

In Irish news, a delegation from the Institute recently met with the Department of Finance to discuss the Interest Review and Revenue has provided details of upcoming ROS updates. In UK news, the Institute has responded to HM Treasury’s Call for Evidence on Tax Supports for Entrepreneurs and this week’s miscellaneous updates highlights upcoming HMRC webinars. In International news this week, the European Commission has launched a public consultation on GBER. Ireland 1. Representatives from the Institute met last week with the Department of Finance to discuss our response to the Phase One Interest Review Feedback Statement.  2. Revenue has published details of planned ROS updates in March and April. UK 3. Read the Institute’s response to HM Treasury’s Call for Evidence on Tax Supports for Entrepreneurs. 4. This week’s miscellaneous updates include details of upcoming HMRC webinars. International 5. The European Commission has launched a public consultation on a draft new General Block Exemption Regulation (GBER). 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.    

In this extract from his book Networking Matters: The Power of Human Connection, author Kingsley Aikins explains the importance of relationships and trust in a changing world. Former British Prime Minister Harold Macmillan was once asked what he considered the greatest challenge for a statesman and replied, “Events, my dear boy, events.” In the past, people’s lives were more predictable. However, now we live in a rapidly changing business environment where technology and globalisation are wiping out whole industries, disruption is the norm, and networks are increasingly important. Professor Anne Marie Slaughter, the first woman to serve as Director of Policy Planning in the US Department of State, has written extensively on networking and stated: “The information age is over. We now live in the networked world. In the networked world, the measurement of power is connectedness. We are moving from the vertical world of hierarchies to the horizontal world of networks. The 20th century was a billiard ball world with countries colliding off each other in military and economic conflict. Now we live in an interconnected world. Key is centrality in a dense global web. In this world, the state with the most connections will be the central player able to set the global agenda, unlock innovation and sustainable growth. The global economy is increasingly driven by networked clusters of the world’s most creative people. Only the connected will survive. Networked power comes from the ability to make the maximum number of valuable connections. In the 21st century corporations, civic organisations and government agencies will increasingly operate by collecting the best ideas from around the world.” Disruption and change In today’s world of VUCA – volatility, uncertainty, complexity and ambiguity – technology is eliminating lower-skilled, entry-level jobs while steadily raising the skill level of new jobs. Creativity and innovation are replacing raw materials, labour and capital as the key source of economic value. We are seeing the emergence of stakeholder capitalism with issues such as climate change, sustainable development and economic inequality becoming factors in how companies see their role in and engage with the world. Impact investing and ESG (environmental, social and governance) issues are going mainstream.Arguably, artificial intelligence (AI) will be as transformative for us as the controlled use of fire for our ancestors and the impact will be enormous. New technologies, data and social networks are impacting how we communicate, collaborate and work. There is also an emerging awareness of the darker side of technology and a sense that global production and consumption systems are not fit for purpose. Change has always been with us but not at the same trajectory, pace and momentum. Trust in a changing world The technological changes will put a premium on relationships and trust. For centuries, we made things, but now 80% of work is in the service industry where relationships are paramount. In addition, the top-down, command-and-control structure is being replaced by teams of teams – circles are replacing pyramids – so interpersonal skills are critical. Also the traditional parental career advice – work hard, keep your head down, keep out of trouble and let your good work speak for itself – is wrong, and why? Because good work doesn’t speak – other people speak. In this new dynamic, employers want candidates to demonstrate their employability. They want well-rounded individuals who have shown their ability to learn new skills and openness to new ideas. They are hiring those with skills for today and those who will continuously gain new skills to make them relevant to future needs. This will come from a combination of academic study, volunteer work and sporting and social endeavours. The implications of these shifts are significant. There is less demand for obedient workers who will show up on time and follow directions. Now, the demand is for self-directed workers who can adapt and learn quickly, think critically and are strong communicators and innovators. “It is not the strongest of the species that survives or even the most intelligent but those most able to handle change.” Charles Darwin In the networked economy, information and knowledge are no longer sufficient. Everyone has access to a multitude of content via the internet and you can’t compete with what everybody knows and has access to. As you progress up the corporate ladder, it becomes more difficult to compete on individual competency. The key, then, is not content but the context that comes from your network regarding comments, advice, views and opinions. As people become more dynamic and mobile in their careers, building a diverse web of relationships and community connections becomes more important. Leadership is becoming less about the corporate hero in the corner office and more about collaborative teams who work together and complement each other. Kingsley Aikins is founder of The Networking Institute. His new book, Networking Matters: The Power of Human Connection, is published by Chartered Accountants Ireland.

“THAT the profession of Public Accountants in Ireland is an important one, and their functions are of great and increasing importance” Royal Charter, 1888 On Thursday, 19 March we’ll celebrate the launch of Important Work: A History of Irish Chartered & Certified Public Accountants by Brenda Clerkin, Bríd Murphy, and Martin Quinn. Tracing the development of the profession from the late nineteenth century to today, the book explores its enduring impact on economic life, public trust, and social progress across the island of Ireland, and its publication marks the centenary of CPA Ireland. Read the Foreword to the book by Institute President Pamela McCreedy, in which she commends how the authors capture how professional accountants are integral to the economies, institutions and societies on the island of Ireland. FOREWORD As president of Chartered Accountants Ireland, it is my honour to write the foreword to this new history of the Irish accountancy profession, published to commemorate the 100th anniversary of the formation of CPA Ireland.  The book’s main title, Important Work, reflects the words and intentions of the petitioners for the Royal Charter of 1888, by which the Institute and the Irish accountancy profession was established, that “the profession of Public Accountants in Ireland is an important one, and their functions are of great and increasing importance”.  Important Work also resonates with the truth that runs through every chapter of this book: professional accountants have been and continue to be integral to the economies, institutions and societies on the island of Ireland. In a century and a half of change – political, economic, technological and regulatory – accountants have consistently shaped the conditions under which trust, transparency and public confidence can flourish. This book demonstrates not only what accountants have done, but why their contribution has always been, and continues to be, important work.  Beginning before the establishment of formal professional bodies, the book traces the evolution of accounting from its earliest manifestations in civic administration and industrial enterprise to the sophisticated, technology-enabled profession of today. Through periods of upheaval – war and revolution, partition, economic crises, globalisation, and most recently a worldwide pandemic – the Irish profession has consistently demonstrated resilience, adaptability and an unwavering commitment to the public interest. The stories of those who served during conflict, who guided businesses through volatility, or who modernised practice in the face of technological change are powerful reminders of the profession’s societal role. The authors also tell the extraordinary story of transformation of accountants’ work – from manual ledger keeping and early audit practice to the era of data analytics, artificial intelligence and non-financial reporting. Their account is enriched by vivid examples from professional practice, industry and public service, illustrating how the profession has continually adapted to changing needs, upholding its responsibilities as trusted advisors and business leaders. Accountants steered organisations through the trade disruptions of the 1930s, embraced new theories, practices and strategies in the economic modernisation of the 1960s and 1970s, managed seismic transitions such as decimalisation, EU membership, the financial crisis of 2008 and the COVID-19 pandemic. And the profession’s agility is particularly evident in its response to technological change. The 2024 amalgamation of Chartered Accountants Ireland and CPA Ireland is one of the most significant milestones in the profession’s history on the island and is discussed here for the first time in its historical context. It represents not an end but a new beginning: the creation of a unified, future-focused profession equipped to meet the challenges of a volatile global environment with a shared purpose and continued commitment to the public interest. To know where we are going, we must first understand where we came from, and this is one of the most valuable contributions of this history: it informs our thinking about the future of the profession. In the fifth and final chapter, we are grateful to the authors for helping us on our way. Their account of the future is informed by a powerful idea: the work of accountants has never been more vital, and its importance will only grow. In a world defined by volatility, complexity and profound technological disruption, accountants stand as trusted business leaders – professionals whose judgement, integrity and adaptability will determine the resilience of organisations and economies. Accountants are uniquely trained, skilled and experienced to help organisations make sense of uncertainty, allocate resources wisely and uphold trust at a time when trust is scarce. Important work, indeed. Pamela McCreedy, FCA FCPA President, Chartered Accountants Ireland Important Work: A History of Irish Chartered & Certified Public Accountants by Brenda Clerkin, Bríd Murphy, and Martin Quinn will be launched on Thursday, 19 March at 6pm at Chartered Accountants House, Dubin 2. Register to attend at https://www.charteredaccountants.ie/Meetings/Meeting.aspx?ID=56879

Chartered Accountants Ireland has reacted to today’s Spring Forecast by urging the UK Government to address the tax barriers that are hampering business growth. The Institute is highlighting the urgent need for UK business tax policy to be revamped so that economic growth is stimulated, the tax system is simplified, and the burden of tax on entrepreneurial investments is reduced.  These recommendations formed the basis of the Institute’s response to HM Treasury’s Call for Evidence on Tax Supports for Entrepreneurs which closed last week. Chartered Accountants Ireland is the largest professional body on the island of Ireland and represents over 5,500 members in Northern Ireland.  UK Tax Manager with Chartered Accountants Ireland, Leontia Doran said   “As expected, today’s Spring Forecast contained no tax policy changes, however the Government cannot stand still in harnessing the talents and skills of the entrepreneurs and small businesses that are the heartbeat of the UK economy.  “In recent years, entrepreneurs have seen the value of their business eroded with higher taxes and employment costs. This leaves less money available to invest back into those businesses for their growth mission. For those selling their business, higher exit taxes means that there is less in their pocket for them to reinvest in other businesses. This will be further compounded by tax rises due to take effect from next month, including the reduced benefit of key Inheritance Tax reliefs.  “The Government recently consulted on how it can better support those investing in high growth companies. We urge the Government to launch a wider review of how the UK tax system can truly deliver a strategic long-term plan for entrepreneurial growth and investment.”    Northern Ireland businesses excluded from improved finance options from April 2026  In the 2025 Autumn Budget, the UK Government announced a series of increases to take effect from April 2026 to several of the UK’s venture capital schemes that provide smaller companies with access to finance and which provide a range of beneficial tax reliefs to the equity investor making these riskier investments.  However, the draft legislation for these changes means that certain Northern Ireland companies will not be able to take advantage of the increased thresholds for these finance schemes.  Doran noted  “We are concerned that the regional impact of UK tax policy has been ignored when it comes to Northern Ireland. For EU State Aid reasons, the Finance Bill specifically excludes Northern Ireland companies who trade in goods or electricity from benefiting from the increased limits which will be available when seeking external finance.  “This divergence in UK tax policy places these companies at a competitive disadvantage compared to similar businesses across the rest of the UK for no reason other than their location. This further hampers their growth and ultimately that of the wider economy.  “The Government needs to begin discussions on this issue as soon as possible via the existing UK-EU structures that underpin the Windsor Framework. This will likely require an application for State Aid approval.”   Northern Ireland Corporation Tax rate reduction  Specific policy measures are still needed to unlock Northern Ireland’s economic potential and its dual market access. As part of this, in 2026 the Institute has continued its campaign for a reduced rate of corporation tax more closely aligned with that across the rest of the island.   Cróna Clohisey, Director of Members and Advocacy, Chartered Accountants Ireland said  "The Chancellor spoke today about economic growth for all parts of the UK. Reducing the corporation tax rate for NI would grow the NI economy and ultimately increase the overall tax take from businesses and employees by attracting higher value FDI, which would support the creation of better jobs and opportunities for all businesses and citizens. Ireland’s successful industrial strategy was not the result of a single policy decision and certainly did not start with a big leap. That vision persisted and grew over the long term. We believe that Northern Ireland now needs that same clarity of purpose — and we call on the UK Government to share and support that vision.   “In the longer term, the gains for Northern Ireland would set a real benchmark for what can be achieved with ambitious tax policies. This is something that we know our members want and which we continue to advocate for in 2026.”   

HM Treasury is collecting data from UK AML supervised firms to prepare for the UK’s upcoming Financial Action Task Force (FATF) Mutual Evaluation and the update of the Proliferation Financing National Risk Assessment (PF NRA). We encourage firms to take part. The survey closes on 31 March 2026. This survey is collecting input from firms to support two initiatives: 1. FATF Mutual Evaluation of the United Kingdom The Financial Action Task Force (FATF) is the global standard-setter for combating money laundering, terrorist financing, and proliferation financing. FATF conducts periodic Mutual Evaluations (MEs) of member countries to assess both technical compliance with FATF Recommendations and the effectiveness of measures in practice. The United Kingdom’s next FATF Mutual Evaluation will commence in late 2026. This assessment will evaluate the UK’s compliance with the FATF’s 40 recommendations and the UK’s effectiveness in achieving the required Immediate Outcomes (IOs). HM Treasury is coordinating the UK’s preparation for this evaluation. Two of the outcomes—IO10 and IO11—specifically measure the UK’s ability to implement UN-mandated targeted financial sanctions, related to terrorist financing (TF) and proliferation financing (PF) respectively. The first part of this survey will ask IO10 and IO11 related questions and help inform the UK’s submissions to the FATF. 2. Update of the UK Proliferation Financing National Risk Assessment (PF NRA) HM Treasury is currently updating the UK’s PF NRA to identify PF risks and typologies across sectors and strengthen the UK’s response. Your input to the second part of this survey will help ensure the PF NRA reflects real-world risks and challenges faced by firms. Confidentiality and Use of Responses All responses will be treated in confidence and used solely for the two initiatives: · FATF Mutual Evaluation: Responses will form part of the evidence base for the UK’s submission to FATF assessors, demonstrating the effectiveness of UK firms’ implementation of UN-mandated targeted financial sanctions for TF and PF. · PF National Risk Assessment: Responses to the PF NRA section will inform HM Treasury’s analysis and conclusions in its forthcoming Proliferation Financing National Risk Assessment publication. In both outputs, all information provided through this survey will be aggregated and anonymised, and will not be attributable to any specific firm An outline of the survey is provided to  help you prepare your responses before submission. Closing date is 31 March 2026. To take part please click here.  

Tues 10 March 12.30pm - 1.30pm Free We are delighted to announce our second Expert Series session of the year. Join us and Eugene Nel, Partner, Capital Markets & Accounting Advisory Services, PwC, on Tuesday 10 March.

Revenue has notified the Institute of several ROS updates to be implemented in March and April to the ROS Form 11 2025 and the Employer PAYE/PRSI/USC (PREM) registration which we have outlined as follows: ROS Form 11 2025 The issue which is preventing the Age Tax Credit from appearing on the Notice of Assessment (NOA) is to be resolved this evening, Monday 2 March, along with other minor form enhancements. Widowed Person/Surviving Civil Partner credit (with dependent child(ren)): Currently, there is an issue where the credit is calculating at €1,875 instead of the correct €2,000. A fix is scheduled for 20 April 2026 and Revenue will update and correct any impacted returns submitted prior to that date. A temporary workaround is available for hardship cases which require a resolution before the fix date in April. Other 2025 Form 11 final enhancements on 20 April will include: Sports Body Donations Home Renovation Incentive (HRI) Medical partnership declaration (section 1008A TCA 1997) Field to capture the value of exempt profits under section 216F TCA 1997 (certain musical instruments) CGT panel – additional text and a validation change. PREM registration PREM registration backdating changes will take effect this evening, Monday 2 March and it is expected that most taxpayers will not be impacted. In future, a taxpayer will only be able to backdate a PREM registration by one period via ROS. Revenue has informed us that if backdating is needed for more than one period, the taxpayer will be required to: proceed to register on ROS, i.e. the 1st of the current period, follow up via MyEnquiries outlining, the date they wish to backdate the registration to, the reason they require backdating of the registration, including the first employees’ commencement date, advise if making a voluntary disclosure has been considered in dealing with the retrospective element of the registration.

Revenue has published a further warning of fraudulent emails, SMS (text messages) and phone calls seeking personal information from taxpayers. Revenue has updated its website to highlight recent fraudulent emails claiming that taxpayers are ‘due an audit’ and directing them to click a link to schedule the audit by a specified date. Taxpayers who have provided Revenue account details in response to an email, SMS or phone call are advised to reset their password immediately. Taxpayers are advised to contact their bank or credit card provider if they have provided bank or card details.

Revenue has updated its guidance on the Fisher Tax Credit providing details on how to claim the credit during the relevant tax year through MyAccount or by completing an income tax return after the end of the year. A link to the guidance on provisions relating to residency of individuals has also been included.

Revenue has published new guidance outlining the rules for determining when an interest in a life assurance policy is deemed to become an interest in possession for the purposes of Capital Acquisitions Tax (CAT).  The relevant rules as set out in section 41 CATCA 2003 together with details of the changes introduced by Finance Act 2025 are included in the new guidance. Finance Act 2025 introduced a new subsection 1(A) to section 41 CATCA 2003 to provide that, where a person, having received a gift or inheritance of an assurance policy, disposes of their interest in the policy before it matures or is surrendered for consideration, a charge to CAT will arise at the time of the disposal. The new subsection applies from 1 January 2026.