Gary McErlean is a Chartered Accountant and Chartered Tax Advisor, heading up the tax department in Quarter Chartered Accountants, in Belfast. Gary also sits on Chartered Accountants Ireland’s Members in Practice Committee. In his personal life Gary has completed several New York marathons and an Iron Man 70.3 in Galway. Gary has turned to coaching children’s football for the past few years also.

How has your work and home life changed since the onset of the coronavirus pandemic?

The biggest change for me has been the lack of travel. I would ordinarily have been going to London two or three times per month but when I look back, I realise I haven’t actually been in almost a year and a half. As with most client meetings during this time, these have been done over Zoom/Teams and whilst, in my opinion, there is no replacement for doing these face to face, they have certainly provided a more than adequate solution. It is only a matter of time before business travel recommences, but I expect this will be on a reduced basis with video meetings still being used in certain circumstances.

We had been operating a paperless office for several years so the move to full remote working during the pandemic proved pretty seamless, but nonetheless, we did use this time to upskill ourselves with, and adopt, more of the digital offerings available. There is no doubt that this has increased efficiencies for our business.

What pandemic related challenges are your clients facing?

I suppose the challenges our clients are facing very much depend upon what industry they operate in. The hospitality industry in particular is facing significant difficulties with the lengthy lockdowns imposed on them, and despite recently reopening it is still on a very restrictive basis. A recent client discussion highlighted this where the number of patrons they could safely admit at any one time was less than a quarter of normal capacity. Accessing and keeping up to date on government support for both the business and its employees has been a key factor in maintaining survival.

We then have the more fortunate clients who find themselves in industries which are thriving, and their challenges revolve more around recruitment and trying to get enough suitable staff to satisfy demand.

It has been important for us to adapt to the differing pandemic effects felt by our clients throughout the various industries, and strive to help accordingly.

What do you see as the biggest opportunity for the FDI sector in Northern Ireland on foot of international tax reform at EU and OECD level?

The recent G7 international agreement on global tax reform represents a potentially seismic event on the world stage as it seems set to impose a minimum global tax rate of at least 15 percent for large multinational companies by country within which they do business. I see a great opportunity for the North of Ireland whereby, coupled with the Northern Ireland Protocol (post-Brexit), the location has the hallmarks of an excellent investment environment. It is now positioned uniquely, as post Brexit trading arrangements have given businesses access to sell into both Great Britain and the EU. When this is considered alongside various highly incentivising tax reliefs such as the extremely advantageous 230% Research & Development tax relief for SMEs and the 130% Super Deduction Capital Allowance rate for companies, Northern Ireland currently has a lot to offer and FDI companies should take advantage!

What is the most rewarding aspect of your role?

I suppose there are two sides to this for me. From a client viewpoint, it is rewarding to be able to help individuals and businesses achieve success. Whether it be structuring their affairs efficiently, assisting with transactional events or helping to overcome particular issues, it is evident that our clients rely on us for more than just standard accounts/tax compliance matters, and this certainly gives us a real sense of purpose.

Then from an internal viewpoint, we take great pride in bringing in new trainees and consciously working with them through to qualification. We try to retain as many as we can, but for those who prefer to move on, we keep an eye on their career progression. Either way, it is great to see how all have evolved from the day they first joined Quarter.

What tax policy would you most wish the UK Government to tackle in the next Budget?

Rishi Sunak’s plans to raise the UK rate of corporation tax to 25 percent in 2023 for companies with profits above £250k has brought the potential devolved corporation rate in the North of Ireland back into focus. Whilst this lost some of its impetus recently, the potential impact will need to be considered when comparing against the much lower 12.5 percent ROI rate. Given the North’s unique post-Brexit position mentioned earlier, this, coupled with a more competitive corporate tax rate, could lead to more significant gains from foreign direct investment.