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With a new year comes new challenges and, in a world of global economic uncertainty, remaining at the forefront of technological transformation, innovation and societal trends is key. Read our latest Belfast Telegraph article and discover what some of the main trends and developments are expected in 2024.

The ‘One to Many’ (“OTM”) approach is a general term that HMRC gives to a wide reaching tactic used to provide information to influence the behaviour of taxpayers with the aim of improving their accountability and adherence of tax rules.

Towards the end of 2023, the UK Government set out its mandate requiring all new cars and vans sold in the UK to be ‘zero emission’ by 2035 with stringent electric vehicle (EV) quotas on car manufacturers in the run-up to 2025. The pathway, which came into effect from the start of this month, is intended to provide certainty to car manufacturers, confidence to investors putting their money into charging infrastructure, and time for families to begin making the switch to EVs.

Ahead of this year’s Autumn Statement, the Chancellor noted that tax cuts will be ‘virtually impossible’ given the current state of the UK economy and the country’s current debt levels.

The Trader Support Service, an initiative established by HMRC to aid and counsel businesses engaged in the transportation of goods between Great Britain and Northern Ireland, has been prolonged until December 2024.

With the headline rate of CT in the UK now double that of our neighbours in the Republic, HMRC’s risk profiling is likely to result in increasing focus on NI businesses operating across the border and further afield.

The UK Government have introduced new transfer pricing rules, coming in to effect for accounting periods commencing on or after 1 April 2023.

Northern Ireland has hosted some high profile visitors in recent weeks as it pauses to reflect on 25 years of the Good Friday Agreement. What struck me the most about the media of our US visitors was the distinct absence of Northern Irish politicians at the various events that took place.

It seems we have been talking about Northern Ireland taking control of its own Corporation Tax regime for years - if not decades. The view is so often espoused that lowering the rate alone could represent the ‘golden ticket’ that would unlock the potential of this place as a destination for international investment.

As we approach the end of the 2022/23 tax year, employers and payroll software providers will be hoping for fewer changes from Government and some stability for 2023/24.

Northern Ireland’s commercial property market continued at pace in 2022, with £330 million of investment across 36 transactions, according to CBRE NI. Therefore, the importance of getting the VAT treatment on the sale of commercial property correct cannot be overstated.

The New Year brings a new penalty regime for VAT, replacing the existing VAT default surcharge regime starting with VAT periods starting on or after 1 January 2023. The new regime aims to create fairer results for taxpayers and this should be well-received by taxpayers, as there was a risk the VAT default surcharge regime could result in significant penalties being issued by HM Revenue & Customs (HMRC) for minor errors in comparison with other taxes.

I scanned a carton of milk at the supermarket last week and was convinced the machine was faulty. Had I accidentally lifted a more expensive brand? I was so shocked that, against my usual nature, I even queried it with the shop assistant. To my slight embarrassment, the explanation was simple: that’s the price of milk now. Clearly, our net pay is not stretching as far as it once did. Is there anything employers can do to help?

Has your business made a loss in the last couple of years? If so – you may have a decision to make. NI businesses have been particularly tested over the last number of years, not only from the Covid-19 pandemic and the implementation of the NI Protocol but furthermore by the current “cost of living crisis”. These challenges have impacted the bottom line for NI businesses, pushing many companies into loss-making positions for the first time.

On September 23, Kwasi Kwarteng, the now short-lived Chancellor of the Exchequer, delivered the much anticipated ‘Growth Plan 2022’, otherwise known as the ‘Mini-Budget’. In what was one of the biggest tax cutting budgets in living memory, the aim of the ‘Mini-Budget’ was to stimulate the UK economy and encourage growth, whilst counteracting the ongoing impact of the cost of living crisis.

On 23rd September Kwasi Kwarteng, the new Chancellor, delivered the so-called ‘mini-budget’, with the intention to kickstart growth in the UK and counter the negative impacts of the ongoing energy crisis.