Christopher McKnight is a Chartered Accountant originally from near Newry and now living in Dubai, still waiting for the call-up to an international squad! He works for Now Health International and we caught up with him recently. Can you introduce yourself and tell us a little about where you're from? I'm Christopher McKnight and I'm from a place called Killeavy in South Armagh, just outside of Newry. Tell us about why you chose to become a Chartered Accountant... I wanted a profession that would allow me to have access to the greatest number of opportunities across all industry sectors and all types of business. From growing up and seeing my dad's accountant helping his family business, to seeing how a significant portion of the largest companies in Ireland and the rest of the world had Chartered Accountants as their CEOs and key management, really made my decision an easy one. ...and how did you get to where you are today? I have a degree in Accounting from Queens University Belfast and completed my training contract with BDO in Belfast, becoming a member of Chartered Accountants Ireland in 2016. I really enjoyed my time in BDO Belfast but had a strong desire to move abroad and try something different as that was a big factor in choosing to become a Chartered Accountant in the first place. I moved to Dubai in the United Arab Emirates in September 2016 after considering several options. I had some close friends living there already and had been several times on holiday visiting them. I moved across with a role in KPMG Dubai and worked there for six months before an opportunity in my current company came up that I couldn't turn down - we were a start-up international private medical insurance provider with 14 offices in nine countries, servicing members in almost every country in the world. The opportunity to work closely in a small and dynamic finance team directly with the most senior management to build something big was really appealing. I have been with the Company for five years now and am the International Group Financial Controller. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society?  The most valuable part of being a member of Chartered Accountants Ireland is definitely the platform that it gives to gain access to opportunities in industries and markets both at home and across the world. I've seen first-hand how valuable the membership is and how employers hold it in such high-regard. I believe that the path to becoming a member of the Institute sets you up for the real world of business and helps you to build on certain principles and attributes beyond just the technical stuff, that can be applied to almost any industry and any business across the world. As a member living overseas, can you talk to us about how your membership has been of value to you globally and if there is anything you would like to see your institute do more of to support members overseas?  The memberships value to me has largely been its recognition for producing many business leaders across the world. It's a sought after qualification and something which many employers are keen to recruit into their organisations. Membership also gives you that link to other members in the same situation as yourself and a professional community that you can lean on when necessary. For example, on several occasions, myself and many other Chartered Accountants Ireland members have helped others making the move to Dubai with information and contacts to help get them on the right track for making the move abroad. There are also some informal member catch up social events that take place during the year for those who wish to attend, which helps keep the feeling of a professional community from home when abroad.  Although not as feasible in the current climate, but perhaps in the future, some formal face to face events with the Institute or in person CPD events would be a good way to further reinforce that sense of global community. And finally Chris, if you weren’t a Chartered Accountant, what do you think you would you be/have been? Totally unrealistically - a professional footballer or golfer. More realistically (and a lot more boring) - a commercial real estate agent/broker. View Christopher's LinkedIn profile here.          

"I value most the practical training we received". Can you tell us where you're from? I'm originally from Midleton, Co. Cork And why did you choose to become a Chartered Accountant? I chose Chartered Accountancy as I saw it as the best professional qualification with which to start my career. What do you do now and how did you get to where you are today? I work as a senior manager controlling in a chemical company in Switzerland. What has helped me most throughout my career is to focus on delivery to my customers whether internal or external and to continually be open to new challenges and learn through various means.  What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society?  I value most the practical training we received. For example creating financial statements from incomplete records may not have been glamorous work but it provided lessons one never forgets. The qualification helps one to guard and value assets - something that sometimes gets lost in society. I am also enthused how I can use my experience in the ESG world. One of our next steps is to put a value on natural assets e.g. whales etc... and to guard these as we would "normal“ financial assets.  As a member living overseas, can you talk to us about how your membership has been of value to you globally and if there is anything you would like to see your institute do more of to support members overseas?  I have been in Switzerland 11 years and it has not been very clear that finance people here understand the Chartered Accountant qualification. One is acknowledged as a qualified accountant but the brand is not seen as it is in Ireland and the UK. I do think we can better support the brand especially in the Switzerland : Germany area. And finally Michael, if you weren’t an accountant, what do you think you would you be/have been? When I was at school I also thought of doing law or journalism. Yes I could definitely have seen myself in a court room.  View Michael's LinkedIn profile here.  

Elizabeth Munnelly lives in Wisonsin, but got there via Dublin, London and Kilkenny. Read more about her journey from rural Mayo to the USA here. Where did you grow up and where do you live now? I grew up in a small rural village in North Mayo called Ballycastle which is home to an iconic landmark on the Wild Atlantic Way. I attended college in Dublin City University to study Accounting & Finance and stayed in Dublin for close to 10 years before moving to London, Kilkenny and now finally the US to work across a variety of different roles for a number of companies. I currently work for Kerry Group based in our North America HQ in Beloit , Wisconsin as VP of Financial Control, Tax, Treasury & FPA.  What made you choose to become a Chartered Accountant? My family run a small restaurant in our local village of Ballycastle, and so I grew up in an environment of understanding how business needs to run in order to be profitable, to always be able to pay your bills, minimise your waste and pay off your debts. The hospitality industry was a great place to learn about business as the margins in food and hospitality are minimal. Also, I always loved maths and business studies in school so Accountancy did feel like a natural fit. Once I joined the Accounting & Finance degree in DCU it was clear to me that the Chartered Accountant qualification was one I wanted to achieve and so I did this via the route of completing a training contract with Deloitte in Dublin where I worked in the Consumer Business division with a variety of different clients.  Can you tell us a little about how you got to where you are today – both the geographical location and your career path? While completing my training contract with Deloitte I became very interested in industries in the FMCG space such as retail and food as they are such an integral part of day to day life and I found this very interesting. I would advise people to try and be involved in a business in which they have some interest personally as this really will help to cement your connection with the company you work for and also hopefully create a sense of belonging.  After my training contract I joined Tesco in their Ireland office based in Dun Laoghaire, Dublin and worked in the Commercial division where I learnt a huge amount about the way retail operates at its very fast pace! I subsequently held another role in Tesco based just outside London before moving home to Ireland again and moving to Glanbia to work in both the Corporate Division and the Sports Nutrition division. After that I joined Kerry, initially based in Naas holding an Operations finance role which enabled me to visit a number of factories across the globe. I then relocated to North America, first completing a Commercial Finance role as Finance Director Beverage before moving to my current role as VP of Financial Control, Tax, Treasury & FPA.  One of the key learnings I've had in my career to date is to make sure to own your career planning and development as nobody else will have as strong a drive to make it happen as you do.  What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The key value I see in the accountancy membership is the professional, educational and ethical standards it sets and maintains for all its members; organisations are assured of certain standards when an individual has this qualification and this is very important for the economy and society at a wider level. As a member living in the USA, can you tell us about how your membership has been of value to you globally and what do you value about it now that you're living overseas (and what would you like to see more of)? As I've mainly been overseas during Covid times, I have not utilised the in-person events yet. However I do keep abreast of updates and trends as highlighted by various updates and online courses. I think the key piece for me is having a ready resource to access services and other professionals when needed and I do see this continuing to be very important for me as my career continues.  And finally, if you weren't an accountant, what do you think you would have been? I think I would have worked in the hospitality or tourism sector! Elizabeth Munnelly is VP of Finance at Kerry.  

It may be a long way from Monaghan to Sydney, but Eimear McCarron now calls Sydney home. We found out more about her journey recently, and will keep an extra sharp eye on the Australian Open Tennis from now on! Where did you grow up and where do you live now? I’m from Emyvale in Co. Monaghan & I went to university in Queens Belfast, trained in Deloitte Dublin and I now live in Sydney Australia. What made you choose to become a Chartered Accountant? I don’t remember making the decision but I think that I wanted a profession that would give me great career and personal opportunities. My father has his own business so I did work experience in his accountants when I was at school. I like that as a chartered accountant you can be involved in anything from helping family businesses to being the CFO/CEO of a huge multinational. Can you tell us a little about how you got to where you are today – both the geographical relocation and your career path? I really enjoyed my time in Deloitte, Dublin, and think it was the best training and experience I could have had to start my career. However, I had a strong desire to travel and to try living abroad, so after a few months traveling in South America I moved to Sydney in 2014 with a few other Deloitte friends! I was lucky to get a job in Vodafone under another Irish Chartered Accountant, and they sponsored me after six months. I ended up staying in Vodafone for nearly five years doing several roles from FP&A analyst to merger integration planning so I got a very varied experience there.  I’m currently a Senior Finance Manager at Nine Entertainment – Australia’s largest media company. I lead the finance business partnerships for all group departments which includes sales, technology, head office, property, P&C, finance & legal. I really enjoy working directly with and learning from the most senior management in Nine and it’s exciting working for a media company that covers TV, radio and publishing. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? The most valuable part is definitely the career opportunities it gives you. In Sydney, the Irish Chartered Accountant brand is very powerful and has a very strong reputation – employers hold it in high regard. I think the path to becoming a chartered accountant really sets you up for whatever path you choose next – the work ethic and experience you get while training really stands to you. As a member living in Australia, can you tell us about how your membership has been of value to you globally and what do you value about it now that you're living overseas (and what would you like to see more of)? I recently joined the Australian Society committee as I’ve always gone to the networking events over the years and found them a great way of catching up and meeting new people. Membership gives you that link to a professional community and I think it can definitely help new members moving overseas whether it be getting job opportunities or making friends in a new city. In-person events probably haven’t properly kicked off again since Covid so I’m looking forward to them returning soon.  And finally, if you weren't an accountant, what do you think you would be? I’ve recently taken up tennis so maybe if I had started that a bit earlier that could have been the career for me! Realistically, I think I might have liked engineering or something along those lines either.  Eimear McCarron is Senior Group Finance Manager at Nine.        

We caught up with Martin Devine, a member based in Perth, Western Australia, for a quick chat. Can you tell us a little about where you're from originally? I'm from just outside Ballymagorry in Tyrone, around 20 minutes from Derry and just across the border from Donegal. Why did you choose to become a Chartered Accountant and how did you got here? I became a CA to follow on from my degree in Accountancy. I always enjoyed working with numbers and it seemed like the next logical step. At that point I didn’t have a clear idea of where I'd like to end up career wise, but I thought the CA would help as a next step. I travelled to Australia with my girlfriend for a year in 2010 and we haven’t given up yet. I started off in a range of roles over eight years working with a private engineering company and in 2018 I moved on to Mader Group, an ASX listed heavy equipment maintenance company in the Group Financial Controller role. What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? I think the thing I appreciate most is how difficult it was to attain membership. The hours of travel, classes, study, exams really galvanised students on the way through. The result is that now when I see Irish CA on a CV, it immediately stands out from the rest. I was told by my practice partner when leaving Ireland that the Irish qualification was very well thought of, but it wasn’t until I started hiring that I realised the consistent high standard of people who make it through the programme. You have just spent the last 15 months living with Covid in Perth, Australia. Tell us a bit what that was like for you professionally and personally Professionally it's been a challenge. Border restrictions internationally and interstate have restricted our people movement which has made it difficult to continue to grow. Quarantine costs from travel and staff retention during this period have seen a hit on margin but that’s recovering now and we’re seeing growth back on a steady path locally and internationally. Personally, it's been tricky at times. We’ve had a few short sharp lockdowns but comparatively we’ve been incredibly lucky to still move freely for most of that period. We’ve welcomed our second baby in the last three months so busy times at home! Where is the first place you will go when travel in and out of Australia re-opens? We’d love to go home and show off our new boy. He hasn’t met his grandparents yet so would be great to get home for a period. A beach holiday would be great, but I think restrictions of some sort will be here across Asia for a while. And finally, Martin, if you weren’t an accountant, what do you think you would you be/have been? I always fancied myself running a restaurant, not sure if it would be front of house or in the kitchen but that would be the idea I think. Set aside the lack of cooking skills and knowledge of food retail!  

As a newly qualified Chartered Accountant, Paul Barron ACA was offered a position in Costa Rica. He packed his bags for Central America and now reflects on his experience - with some insights and advice for others in the same position. I trained as a Chartered Accountant with KPMG, qualifying in 2014. Shortly after finishing my training position, I took up a position with Fyffes (the banana people!) as an internal audit manager. This position involved travelling to the various Fyffes locations worldwide, performing controls testing as well as inquiring and then reporting back to the Board of Directors with my findings. After nine months in this role, I was offered a longer-term position as Financial Controller in Costa Rica. It seemed like a great opportunity to have a new experience and progress my career, so I went for it. I was nervous of course, but I spent three years in this role before returning to Head office in Dublin in March 2020.  Overall it was a great experience and I am very glad I did it, and here are my thoughts on the benefits and challenges of working abroad as a Chartered Accountant. Benefits and opportunities Excellent work opportunity – I managed a team of 12 people and was a central part of our operations in Central America. My willingness to relocate afforded me the chance to have a very stimulating and dynamic job which I don’t think I would have been considered for, at that stage of my career (1-year PQE), in companies of a similar size had I remained in Ireland. I got valuable management experience and really had to hit the ground running, which has stood to me since. Experience and exposure to interesting, varied work. I think I might have been exposed to some of these in a standard setting but going abroad to Costa Rica meant I was doing standard work in a non-standard (for me) environment like a large-scale farming operation or getting to see the tangible links between the finance team and the operation itself. During my three years in Costa Rica, I: got hands-on FC experience reviewing a large farming operation had the opportunity to manage a cross-cultural team was exposed to and given the opportunity to manage large capital projects interacted with most of the departments within the business and learned more about how they work Experience of a new culture and a new language Spanish was the language in the office and the operation, so I took classes and worked extremely hard on getting to a conversational level in my first six months working in Costa Rica. I like languages and have French in my primary and master’s degrees, so this was very enjoyable but also tiring and a big challenge I lived and worked in an area of the world about which I knew very little before relocating – it was enjoyable getting to know about a new culture, food, people and traditions and I’ll always have a nice connection with Costa Rica and  friends made along the way. Challenges The first nine months were exhausting with getting to grips with a new job that entailed a lot of responsibility; learning a new language; settling into a new home and trying to make new friends. I’d recommend a long holiday after about six months if you are considering relocating.  It takes some time to adjust to working within a cross-cultural team. I enjoyed the different outlook as time went on, but at times different approaches to tackling problems surprised and sometimes frustrated me. It was definitely a learning curve I was lucky that I had some Irish colleagues in the Costa Rican office. This certainly helped but integrating into a very different culture was tough and isolating at times and should be considered before relocating.  In summary Overall, I am really glad to have done it. I feel privileged to have been offered the opportunity to experience working in Costa Rica. Going to a different language, culture and climate all give rise to moments of culture shock and homesickness, but also moments of real enjoyment. You do need to be realistic about the pros and cons but also resilient and somewhat brave.  Having the comfort of my ACA qualification and Institute membership, my Irish colleagues in Costa Rica and my company support both there and at home all made the move much more accessible. I could have come up with as many reasons to not go as to go, so I have no regrets but am happy to be home! The experience in Costa Rica did definitely help me to establish and progress within my career and I know will continue to stand to me. I may still keep my eyes and ears open for other international opportunities. Institute supports I found the Career service very helpful throughout. I spoke with Karin Lanigan on average three or four times a year and still do on my career development. It has been extremely useful to help me plan my career and also have a sounding board when decisions have to be made. It is a great and unbiased service which has been a real help to me. In particular, it helped me plan my move home - which can be as challenging a transition as the initial move.

Salahuddin Ghaznavi (or Sal) is a member living in Dubai. Here he tells us more about how he got there. Where did you grow up and where do you live now? I’m originally from Karachi, Pakistan. I often introduce myself as Sal (by my second day in Dublin I realised ‘Salahuddin’ wasn’t going to cut it, and I had to come up with something much shorter and less confusing for most)!  Tell us why you chose to become a Chartered Accountant and how you got here? It was quite incidental – I moved to Dublin from Karachi in 2003, immediately after high-school, as a full-time undergraduate student at the Dublin Business School. I initially enrolled as a Marketing major, with the intention of eventually working in advertising. Thankfully, the first year of the undergrad program at DBS offered common subjects, regardless of your major, and I quite enjoyed accounting / finance – certainly more so than marketing. I subsequently requested the school to shift my major to Accounting & Finance (A&F). Thankfully, that went through, and from my second year at DBS, I was in the A&F program. The natural progression upon completion of my degree was to get a professional qualification. There was absolutely no-doubt in my mind that the Chartered Accountancy qualification was considered more prestigious and respected globally, as opposed to alternative options available. Also, I had always wanted to travel and work around the world, post-qualification, and I viewed the CA qualification as my passport to the global workforce.  Fortunately, I got offers to join the ACA trainee program from a number of accounting firms in Dublin. The graduate milk rounds are structured in a way where you get an offer three months into your final year at college, which essentially means you can spend the next six months focusing on your studies as opposed to applying to secure placements. I ended up graduating with a First Class Honours degree, and joined PwC Dublin as an Associate within the Asset Management group, primarily auditing hedge and private equity funds for the next three and a half years, whilst taking and passing the Institute’s exams, in parallel.    Sal, you have lived in many places experiencing many cultures, do you believe that being a Chartered Accountant has helped you to work globally? Absolutely, and in many ways. The Irish qualification is very well respected, globally, no matter what region you are working in, and certainly helps ‘open doors’ which, in the current climate, is more important than ever before. I have worked in multiple jurisdictions – Ireland, Bermuda, Canada, Pakistan, and presently in Dubai, the UAE. And it’s not just geographic diversity that the Chartered Accountancy qualification has acted as major enabler for me, it’s also the nature of the roles that I have held, over the course of the past many years – ranging from audit to corporate finance / transaction advisory, to being the country head of one of the largest solar module manufacturers in the world, to holding charge of vertical CFO, Head of Regulatory Affairs, and Head of Strategic Alliances for a ride-hailing company acquired by Uber for USD 3.1bn (landmark acquisition in the MENA region), to my present role as Managing Director for a cross-border money transmission fintech. Irish chartered accountants are very versatile, and professionally thrive in any role or industry.   What do you value most about your membership of the profession and how do you think those benefits can be used to support the economy and society? Collectively, I feel we (members of the Institute) are very fortunate to be living a life that brings with it all the opportunities that are open to us, especially at a time when the world is going through a very difficult phase -  be it due to the pandemic, on-going conflicts, or the looming recession knocking on our doors. With privilege comes responsibility, and we should take on any and every opportunity we get to give back to society in whatever way we can. This could be in the form of mentoring students from disadvantaged backgrounds, financially contributing towards uplifting people out of poverty, or simply passing on a smile to stranger on the street. And for anyone who does us a favour, no matter how big or small, we must ‘pay it forward’.     After two long years, the world has opened back up for us to travel abroad again, is there anywhere you would really like to go? Japan and Cuba. Also, I would love to bring my boys (aged eight and five) over to Ireland someday and show them what a beautiful country the Emerald Isle is (I haven’t been back since I left, in 2010, so really look forward to making this trip soon).    And finally, Sal, if you weren’t an accountant, what do you think you would you be/have been? I probably would have been working in advertising / marketing.   Salahuddin Ghaznavi is Managing Director, UAE of Taptap Send      

IAASA has published Inspection Insight Series 5: International Standard on Quality Management Ireland 1 (ISQM 1). This paper sets out the key requirements for audit firms relating to ISQM1, IAASA’s findings from the quality assurance reviews, and areas of good practice noted by IAASA.   

The global climate summit ‘COP29’ has concluded in the early hours of Sunday morning, 24 November, a good 32 hours after the summit was scheduled to finish in Baku, Azerbaijan. The gavel descended on the fourth longest COP on record with the agreement ‘The Baku Finance Goal’, a new finance target for tackling climate change. This New Collective Quantified Goal (NCQG) replaces the goal initially agreed in 2009 for developed nations to provide $100 billion annually in climate financing for developing countries.  The final figure of $300 billion a year for climate vulnerable countries has been the subject of much debate, either derided as ‘totally unacceptable and inadequate’ and ‘sleight of hand accounting’, or heralded as an ‘insurance policy for humanity’ and ‘keeping the core principles of the Paris Agreement alive’. COP summits have long been criticised as ‘talking shops’, seen by many as overly influenced by fossil fuel lobbyists. The summits are characterised by round after round of negotiations between the parties (countries) which have agreed to participate in – and be bound by – the UN treaties to the United Nations Framework Convention on Climate Change Treaty (UNFCCC). Progress appears incremental – even tortuous at times – when what is required is urgent, sweeping change in the face of existentialist crises. This was the first COP to have climate finance as the main item on the agenda. The new Baku Finance Goal’ of $300 billion a year is to help developed countries build resilience, prepare for disasters and cut emissions of planet-warming greenhouse gases. However, the new goal falls far short of the $1 trillion that was generally accepted to be the amount needed per year by 2030, rising to $1.3tn by 2035. While a larger overall target of $1.3 trillion per year is posited in the final agreement, most of this is to come from private sources, despite urgent calls from developing countries for it to come from public sources instead. Speaking from Baku, Ireland’s Environment Minister Eamon Ryan, described the agreement as “far from perfect and it does not go nearly far enough, particularly on mitigation, gender and human rights – but it keeps the core principles of the Paris Agreement alive and it gives us a basis to work from as we move forward to make COP30 in Brazil transformational”. EU climate envoy Wopke Hoekstra said COP29 would be remembered as “the start of a new era for climate finance”.  However, UN Climate Change Executive Secretary Simon Stiell warned in his remarks made at the closing of the summit that “like any insurance policy – [the new finance goal] only works – if premiums are paid in full, and on time. Promises must be kept, to protect billions of lives.” Fossil fuels A major theme of COP29 was to build on last year’s ‘global stocktake’ commitment in the UAE to transition away from fossil fuels. The parties Baku failed to reach an agreement on this key issue, with the text lacking any explicit mention of the commitment to “transitioning away from fossil fuels”. The parties chose instead to hold over the decision to COP30 next year in Brazil. Voluntary carbon market Article 6 of the Paris Agreement had set out how countries can pursue voluntary cooperation to reach their climate targets, but it took a decade of deliberation for countries to finally agree a deal at COP29 to allow carbon trading between nations. The framework allows countries to trade carbon credits with each other, as well as companies and, critically, details an accounting system for how a country selling a credit can deduct that from its national carbon ledger to prevent the same credit from being used twice. Although experts worry that the carbon market rules will not be strong enough to weed out bad offsets, many see the agreement as welcome development, with hopes that the signing off of the rules will create an international carbon trading system for countries to meet their Paris commitments. What happens next COP30 will take place in Belém, Brazil. It will focus on efforts by each country to reduce national emissions and adapt to the impacts of climate change (the so-called ‘NDCs’ or ‘nationally determined contributions). It will also be the last of a so-called ‘troika’ of COPs, which started with COP28 in Dubai in 2023 and progressed through COP28, with its focus on climate finance. The idea behind that troika, agreed on at COP28, is that the three COP presidencies will collaborate on various activities to raise ambition across all pillars of the Paris Agreement on a Roadmap to Mission 1.5°C, ‘from Baku to Belém and beyond’. In addition to highlighting the importance of protecting the Amazon rainforest for the planet's ecological balance, COP30 has been described by G20 leaders as “our last chance to avoid an irreversible rupture in the climate system”. Read more Making sense of the COP29 outcome (Financial Times) The Irish Times view on Cop29: multilateral approach on climate just about hangs on (Irish Times) COP29: Key outcomes agreed at the UN climate talks in Baku (Carbon Brief)

Finance Bill 2024/25 was published last month together with explanatory notes to the Bill. The Bill’s first reading in the House of Commons has already taken place with second reading scheduled for later this week on 27 November.

In this week’s miscellaneous updates, HMRC’s has published updated details of its stakeholder forums many of which the Institute participates in. HMRC has published amended regulations in respect of the reporting rules for digital platforms and the expert panel commissioned in December 2023 to report on corporate re-domiciliation has published its report. HMRC has also published a spotlight on GDPR and corporation tax relief and the GAAR panel has published its advisory opinion on certain employment award arrangements. And finally, HMRC has published updated guidance on employment related securities. Amendments to reporting rules for digital platforms The OECD’s Model Reporting Rules for Digital Platforms took effect in the UK from 1 January 2024 and require operators of digital platforms to collect and report to HMRC information about people selling goods and services on their platforms. Earlier this month, The Platform Operators (Due Diligence and Reporting Requirements) (Amendment) Regulations 2024 were laid and make two changes as follows which aim to align the UK’s rules with those of the OECD: UK reporting platform operators must report UK seller information to HMRC. Previously there was an exception to this if adequate assurances had been obtained that another operator would report that information, and The various thresholds which mean a seller is an ‘excluded seller’ are no longer proportionally reduced in certain circumstances. These changes take effect from today, 25 November 2024. Corporate re-domiciliation report published In December 2023, an independent expert panel was established to develop a proposal to change the legal framework to allow companies incorporated overseas to become UK companies, whilst retaining the same legal personality. Last month the panel published its report setting out proposals to enable this. The Government intends to consult in due course on a proposed regime design. HMRC spotlight on GDPR and corporation tax Spotlight 65 is being used by HMRC to highlight the incorrect use of R&D tax relief and other  claims being used to reduce a company’s corporation tax liability in the context of General Data Protection Regulation (GDPR). HMRC is aware of tax agents that target businesses to claim corporation tax refunds linked to potential GDPR fines/civil claims. These claims are designed to reduce business profits through the recognition of a provision and a corresponding expense. Provisions and related expenses should only be recognised in accordance with relevant Generally Accepted Accounting Practice. HMRC’s view is that these and similar claims are not in accordance with the law. HMRC will challenge anyone: making such claims, and who encourages or facilitates businesses to make false claims that reduce tax liability or seek a repayment. GAAR opinion on employment award arrangements The GAAR advisory panel has published its opinion on tax arrangements involving: the creation by A of an obligation to make pension payments to an employee, the transfer of that obligation to a third party (B), and the making of a payment by A to B in exchange for B taking on that obligation. The panel’s view is that: entering into the tax arrangements is not a reasonable course of action in relation to the relevant tax provisions, and carrying out of the tax arrangements is not a reasonable course of action in relation to the relevant tax provisions. HMRC employment related securities (ERS) guidance HMRC has published guidance on its view of what constitutes an 'arrangement' for the purposes of an enterprise management incentive (EMI) scheme and thereby leads to loss of independence for the purposes of being able to qualify for an EMI scheme. It has also updated its guidance on the EMI  deeming provisions in the ERS legislation following the outcome of the case of Vermilion. HMRC's position is that an option made available by an employer will automatically be considered an ERS option and liable to income tax and national insurance rather than capital gains tax.

In this week’s post EU exit corner, we bring you the latest guidance updates and publications relevant in the post EU exit environment. The most recent Trader Support Service bulletin is also available as is the latest Brexit  and Beyond newsletter from the Northern Ireland Assembly EU Affairs team. HMRC has also sent an email and factsheet setting out guidance and information for hauliers on the movement of business to business parcels from Great Britain to Northern Ireland from 31 March 2025. The email also contains details of a webinar taking place next week on Tuesday 3 December. Miscellaneous guidance updates and publications List of customs training providers, Bringing goods into the UK for personal use, Customs declaration completion requirements for Great Britain, Imports, Appendix 1: DE 1/10: Requested and Previous Procedure Code for Final Supplementary Declarations, Preparing for the new safety and security declaration requirements, and Software developers providing entry summary declaration support.