Revenue is intending to enter into a Data Sharing Agreement under the Data Sharing and Governance Act 2019. A Public Consultation Notice has issued on the proposed Data Sharing Agreement (DSA) which will allow for the sharing of the Unique Business Identifier Number (UBIN) between a number of government offices including Revenue.   The public consultation is available at gov.ie/consultations/DSA and is open from 17 July to 14 August. The public are invited to make submissions by email to consultations.dsa@per.gov.ie.  

As previously reported, Revenue has been working to resolve issues identified with the ROS Form 11. Revenue has notified us that the issue regarding the 3 percent USC surcharge on income over €100,000 has been resolved, along with some minor enhancements.   The issues regarding DIRT on UK deposit interest and pre-population of certain payments received from the Department of Social Protection are due to be released on 29 July. This is because of additional complexities in resolving these problems.  Revenue has confirmed that returns filed that have been impacted by these issues will be reviewed by Revenue, rather than the taxpayer (or their agent) having to revisit each return to make amendments.  

Revenue has published statistics on Local Property Tax (LPT) and Vacant Homes Tax (VHT) for 2024. LPT collected to date amounts to €403 million, with a 96 percent return compliance rate and 95 percent payment compliance rate indicating that the majority of property owners have met their LPT payment and filing obligations. In terms of VHT, there were 6,425 homes declared to be vacant, of which 2,630 claimed an exemption from VHT. The total liability to VHT amount to €2.2 million.  

Last week, a delegation from the Institute, under the auspices of the CCAB-I, met the Minister for Finance, Jack Chambers TD to discuss this year’s Pre-Budget 2025 submission. The Minister was joined by several key senior officials from his department who facilitated an engaging and thorough discussion on a number of our proposals. We raised our concerns over the increased cost of doing business for SMEs in particular, the potential to reduce Employers' PRSI and reducing the headline rate of CGT from 33 percent to 25 percent. We also raised concerns about capacity and adequate childcare, and how the lack of affordable childcare is impacting workers. In addition, we reiterated many of our recommendations for enhancing share-based remuneration, particularly for SMEs, including recommending a deferral of the upfront tax charge on unapproved share options and a safe harbour for valuations for private companies instituting share schemes. We discussed the impact of the new Enhanced Reporting Requirements on businesses and the ongoing question about the need for businesses to report in real-time or, or before in-scope payments are made to employees. The requirement to file on a real-time basis does not seem to add any integrity to the information reported to Revenue but has caused significant problems for affected businesses and workers. We also suggested that two-gift limit applying to the small benefit exemption should be removed with the only limit being by reference to the total value of non-cash benefits made in a year, i.e. a taxpayer should be entitled to receive any number of non-cash benefits up to €1,000 as long as those benefits are not part of a salary sacrifice arrangement. The Institute is grateful to Minister Chambers for taking time to meet with us and consider our proposals. We wish the Minister every success in his new role and look forward to continued engagement with him and his office.

Completing the new Labour team in HM Treasury, the Exchequer Secretary to the Treasury (XST) role has been allocated to James Murray MP. Last week’s King’s Speech set out the new Government’s legislative agenda but did not give any further hints on what tax policy will look like. And the current parliamentary session has been extended from 23 July to 30 July, during which it is expected that the date for the new Government’s first fiscal event will be announced.     The XST is responsible for the UK tax system including:  Direct, indirect, business, property, and personal taxation   European and other international tax issues   Customs and VAT at the border   The Finance Bill and the National Insurance Bill   Departmental Minister for HMRC, the Valuation Office Agency, and the Government’s Actuary’s Department   Tax administration policy   Input to Investment Zones and Freeports focusing on tax and customs elements   Overall responsibility for retained EU Law and Brexit.  

HMRC has asked users to share their views on the new alcohol duty approvals, returns and payments digital service which due to launch in 2025 via a survey. According to HMRC, it will use feedback from the survey to “improve the quality and relevance of information in future”. The survey will take less than 5 minutes to complete. All responses will be kept confidential and anonymised when used in reporting.  

In this week’s miscellaneous updates, the latest Agent Update is available and the rules for reporting advances of pay have been relaxed. Construction industry scheme payment deduction statements should now only be requested by post and the UK and Gibraltar have signed an agreement on social security. HMRC guidance on genuine contact has been updated for new emails about child benefit and the latest schedule of HMRC live and recorded webinars for tax agents is also available for booking. Spaces are limited, so take a look now and save your place. HMRC has also published data on expected exchequer receipts from environmental taxes and finally, the VAT refund scheme for museums and galleries came into operation from 8 July 2024.   Latest Agent Update   Agent Update 121 is available now. Get the latest guidance and information including:   changes to form R40   more information on notifying HMRC of changes to VAT registration details   supporting your clients to claim refunds for PAYE tax overpayments   P11D and P11D(b) filing and payment deadlines.   Relaxation of rules for reporting pay advances    From 6 April 2024, any payment on account of salary which is a genuine advance and not a loan should be reported by employers via PAYE Real Time Information on or before what would have been the normal payday, as opposed to being reported on the date of payment of the advance. This applies even if the normal date of payment falls into a different tax year.   The Income Tax (Pay As You Earn) (Amendment) Regulations 2024) SI 2024/305 and the Social Security (Contributions) (Amendment No.3) Regulations 2024 SI 2024/306 are the underpinning legislation for this change.    Construction industry scheme payment deduction statements   HMRC has recently contacted us to advise that from 1 July 2024 it is now no longer possible for subcontractors in the Construction Industry Scheme (CIS) to request payment deduction statements from HMRC’s CIS helpline. Any such request should instead be made by post. HMRC has advised that this change has been made for security reasons and acknowledges that this may increase the admin burden for some taxpayers. More information on this is included in this month’s Agent Update.   Social security agreement with Gibraltar    An agreement between the UK and Gibraltar on social security coordination was implemented from 1 June 2024. HMRC’s view is that the agreement simply replaces retained EU law following the UK’s departure from the EU and works to protect the social security position of cross-border workers whilst also continuing to ensure access to the UK state pension. HMRC advises individuals from the UK who are working in Gibraltar to continue to follow the guidance on GOV.UK.   Genuine HMRC contact updated   HMRC has updated its guidance on genuine contact to provide information of how HMRC may contact child benefit applicants by email to acknowledge receipt of their claim and advise it is being progressed. In order to do so, HMRC will use the email address provided in the application and will use the subject line ‘Thank you — we’ve received your Child Benefit claim’ in the email title.   Environmental taxes   HMRC has published provisional 2023/24 data on exchequer receipts from a range of environmental taxes, including the climate change levy. Overall receipts for 2023/24 are expected to be lower than in 2022/23.   VAT refund scheme for museums and galleries    The Value Added Tax (Refund of Tax to Museums and Galleries) (Amendment) Order 2024 SI 2024/720 came into force on 8 July 2024. This adds additional museums and galleries which provide free public admission to the VAT refund scheme and removes those no longer eligible. A policy paper on the scheme is also available. This scheme supports the government’s policy of encouraging free admission to be offered by museums and galleries by enabling VAT refunds of certain purchases related to the provision of free admission.  

In this week’s EU exit corner, we bring you the latest guidance updates and publications relevant to EU exit. The most recent Trader Support Service bulletin is also available.   Miscellaneous updated guidance etc.    Recently updated guidance and publications relevant to EU exit are set out below:   Notice to exporters 2024/14: customs declaration service (CDS) - exhaustion in error guidance   Customs Declaration Service error codes   Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service   Appendix 2: DE 1/11: Additional Procedure Codes of the Customs Declaration Service (CDS)   Data Element 2/3: Document and Other Reference Codes: Licence Types — Imports and Exports of the Customs Declaration Service (CDS)   Data Element 2/3: Documents and Other Reference Codes (Union) of the Customs Declaration Service   External temporary storage facilities codes for Data Element 5/23 of the Customs Declaration Service   Data Element 2/3 Documents and Other Reference Codes (National) of the Customs Declaration Service (CDS).  

Global regulations are increasingly driving a focus on sustainability reporting, requiring companies to disclose their environmental, social and governance practices, writes Miriam Donald When I became an accountant nearly 20 years ago, the intersection of business and sustainability was very different to what it has become today. I remember a university course touching on corporate social responsibility (CSR), but with more of an ethical and community lens than an environmental focus. At that time, CSR was positioned as something that was “nice to do”. Today, the landscape has changed considerably. Sustainability is becoming more and more intertwined with how businesses operate. This shift is being driven not just by voluntary sustainability reporting, but also increasingly by evolving regulatory frameworks. This evolution comes down to demand from international investors who understand that environmental risks can have a significant impact on the financial sustainability of businesses. This means that it is now necessary to upskill and find out what is required in your jurisdiction and report as needed. The International Financial Reporting Standards (IFRS) Foundation has had a busy few years. Its International Sustainability Standards Board (ISSB) released its first two sustainability standards in June 2023. The foundation has also been working hard to consolidate Sustainability Accounting Standards Board (SASB) standards and Integrated Reporting Framework and Climate Disclosure Standards Board into the organisation while also building interoperability with the Global Reporting Initiative and the European Sustainability Reporting Standards (ESRS). This consolidation drive is part of the IFRS Foundation’s goal to create one set of global standards with the aim of facilitating easy comparability of sustainability disclosures globally. Despite these efforts, reporting obligations still differ across the world. It is useful, then, to look to countries like New Zealand and Australia and draw inspiration from their sustainability reporting efforts. New Zealand was one of the first countries to legislate mandatory climate-related disclosures for about 200 businesses from 1 January 2023. These disclosure standards were developed by New Zealand’s External Reporting Board. The first 34 of these entities have now published their first climate statements, which can be viewed on New Zealand’s Companies Office register. These disclosures are mainly qualitative but encourage company boards to think differently about their strategy, with a newfound focus on how climate change might affect their operations and value chains. One of the main purposes of this reporting is to ensure that the effects of climate change are routinely considered in business, investment, lending and insurance underwriting decisions. The hope is that, by bringing these effects to the forefront of board members’ minds, more climate-friendly decisions might be made in the future. Across the Tasman, Australia is also mandating climate-related disclosures for a much broader group of entities, with legislation now before parliament at the time of writing. The Australian Accounting Standards Board is developing these standards, which are expected to be closely aligned to the ISSB standards on climate-related disclosures. Reporting periods for the first entities will begin from 1 January 2025. With new regulations come opportunities. For reporting entities, responsibility for this reporting is increasingly sitting with their finance functions. They also need to be thinking strategically beyond compliance, however, to better respond to the risks and opportunities of climate-related matters. These disclosures will also be assured, and accounting practices will need to build their knowledge in this new and evolving area. As the driving force behind these disclosures and jurisdictions, the IFRS is signalling that while climate is the first focus area for disclosures, it is not the end game. Finding out what is coming down the track for your business will be important. Miriam Donald is Lower North Island Regional Manager with Chartered Accountants Australia and New Zealand

Attracting top graduate talent requires a strategic recruitment plan focused on strong employer branding, fostering internal relationships and academic partnerships, explains Mary Cloonan In today’s highly competitive job market, attracting top graduate talent is more challenging than ever. With a plethora of career opportunities at their fingertips, graduates seek firms that stand out through their values, culture and development opportunities. Organisations need a strategic and well-structured recruitment plan to engage this year’s graduate cohort. This strategy should holistically focus on brand building, celebrating the success of current graduates, nurturing strong internal relationships, establishing collaborations with academic institutions and communicating the recruitment process clearly and transparently. Building a compelling employer brand To attract top graduates, it is important that your organisation’s brand offers them what they are looking for in an employer. There are three elements to focus on in your employer brand: Corporate identity and values: Graduates gravitate towards firms that profess clear values and live by them. Firms must communicate their core values effectively, emphasising social responsibility, sustainability and ethical practices to resonate deeply with potential candidates. Employee testimonials and success stories: Showcasing current graduates’ real-life success stories of through social media, blogs and video testimonials can powerfully augment a firm’s brand. These narratives provide authentic proof of the professional growth and development facilitated by your company, making it an attractive place for ambitious graduates to start their careers. Interactive engagement: Proactive engagement through webinars, virtual career fairs and interactive Q&A sessions enables potential recruits to gain insights into the company’s culture and employee experiences. This level of interaction can significantly boost a firm’s appeal, drawing in candidates who are a good cultural and ethical fit. Fostering strong internal relationships Creating an environment that promotes growth and development is crucial in maintaining a dynamic and supportive workplace. This is achieved by understanding and responding to the current team’s needs and ambitions by: Mentorship and comprehensive training: By implementing robust mentorship programs and offering comprehensive technical and soft skills training, companies can equip graduates with the necessary tools to succeed and integrate seamlessly into the professional environment. Listening to learn: Regular feedback sessions help cultivate a culture of openness and ongoing development, which can be used to tailor training programs and career development initiatives to suit individual and organisational goals. Recognition and advancement opportunities: Publicly acknowledging and rewarding graduates’ achievements helps to foster a motivational workplace atmosphere and demonstrates the firm’s commitment to investing in its employees’ success. Collaborating with academic institutions Forming strategic alliances with universities and colleges is essential to accessing emerging talent and enhancing brand visibility among students. Collaborations that offer students practical experience and internship opportunities allow companies to assess potential employees in real-world contexts, benefiting both students and employers. By participating in educational programs and delivering workshops, companies provide valuable industry insights and help demystify the professional world for students, preparing them effectively for their future careers. Firms contributing their expertise to academic curricula ensure that the education provided is relevant and up to date, enhancing graduates’ employability and ensuring they are well-prepared for their professional journey. Transparently communicating the recruitment process Clear and proactive communication about the recruitment process is crucial for setting correct expectations and creating a positive candidate experience. The firm’s careers page should clearly detail each step of the recruitment process, from application to selection, explaining it and reducing applicant anxiety. A comprehensive FAQ section, along with supportive materials such as year-by-year training breakdowns and process videos, provides candidates with all the necessary information to navigate the application procedure confidently. Finally, videos, photography and tagged posts featuring current graduates talking about their experiences can give insights into the day-to-day realities of working at the firm and showcase the vibrant community and dynamic work environment. A proactive and transparent recruitment strategy is paramount in these competitive times. By effectively building a robust brand, fostering strong internal relationships, empowering graduates, forming educational partnerships and clearly articulating and showcasing the recruitment journey, firms can attract, engage and retain top talent, paving the way for sustained success. Mary Cloonan is the founder of Marketing Clever

Managing a new generation of workers and hybrid working effectively requires regular performance conversations, clear direction and strategic alignment with business goals, writes Seán McLoughney A new generation of workers requires a different approach to managing performance. Younger employees need and expect more frequent conversations about their performance and want clarity and direction in terms of their work and career progression. Another issue facing managers is how best to manage working from home. The debate over hybrid working arrangements is ongoing, but there is a lot of research on the benefits and pitfalls of remote working. While managers may prefer that their team works in the office, people often prefer the flexibility of working from home at least two days a week. This presents a problem when it comes to managing performance, however. Managers tend to manage performance based on what they see and hear and their interactions with their team. There is a lack of visibility when people work from home. This can lead to people feeling that their efforts are not being recognised and valued by management. Here are simple steps managers can take to overcome these issues. Give time and support Show you care about your team by giving them your time and real support. Setting aside at least one hour once a quarter to focus on performance and career progression is the minimum that talented people expect. This investment in your team is important in retaining your best people. On average, people will give you 1,900 hours of their time per year. How much one-to-one time do you give them as their manager? Regular performance conversations are about more than just discussing people’s key targets and objectives. These conversations also allow you to check in with people who work from home and keep up to date with what they are working on. Regular and meaningful conversations and feedback underpin a high-performance culture. Discuss the business plan Give context to your team’s performance by discussing your organisation’s business plan. Your role is to translate the business strategy at its highest level into what it means for the team and each individual within it. People are more engaged when they know that their work matters. Discussing the business plan will show them how they can make a positive contribution to the business. At a team meeting, outline the key areas of the plan and how it impacts the team. Describe what success looks like by the end of the year. Ask the team what they think needs to happen to achieve these expected results. You can also encourage everyone to set goals for themselves based on this discussion. This will increase personal responsibility by fostering a sense of ownership for their performance. Discuss strategy Always explain the business reason when goals change. Surviving in a dynamic business environment requires people to be flexible and agile because companies need to adapt to market conditions. Ensure that everyone’s priorities are aligned with current team goals to stay on top of your ever-changing demands. This will encourage your team to focus on what matters to your business in the present moment rather than spending time working on goals set at the start of the year, which are now outdated. Regular performance conversations will bring clarity and direction to your team. They provide managers with a great platform to communicate expectation levels and ensure that their efforts are focused on the current priorities that matter. Show real support If the achievement of your business goals is dependent on how you manage your team and new team members, then it is important to show real support. Set aside regular time for meaningful performance conversations regardless of where your team members are located, bring context to their efforts and ensure everyone is focused on current priorities. Seán McLoughney is the founder of LearningCurve and author of Time Management, Meaningful Performance Reviews and Slave to a Job, Master of your Career, all published by Chartered Accountants Ireland

In Irish news, the Government’s Summer Economic Statement 2024 has been published and Revenue has published the report of the TALC sub-committee on Administrative Simplification of Business Reliefs for SMEs. In UK news today, the new Financial Secretary to the Treasury has now been appointed and the deadline is approaching to make the second self-assessment payment on account for 2023/24. In International news, the OECD has released data on statutory corporate tax rates in the last three years. Ireland The Government’s Summer Economic Statement 2024 has been published. Revenue has published the report of the TALC sub-committee on Administrative Simplification of Business Reliefs for SMEs. UK Read about the appointment of the new Financial Secretary to the Treasury. The deadline is approaching to make the second self-assessment payment on account for 2023/24. International The OECD has released data on statutory corporate tax rates in the last three years. 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.