The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002

The world around us is changing – changing at a pace that appears to be exponential at the very least. The inception of advanced AI learning systems such as Open AI’s ‘ChatGPT’ has allowed the technology to take centre stage on the world podium, and not entirely for the right reasons.

On 27 February the UK and EU agreed the Windsor Framework (Framework) and these arrangements were adopted by the Withdrawal Agreement Joint Committee on 24 March.

On 27 February 2023, an agreement in principle was reached between the UK Government and the European Union (EU), titled the “Windsor Framework”. The purpose of this agreement is to address issues arising from the Northern Ireland (NI) Protocol, which was agreed as part of the UK’s exit from the EU in 2020.

As we enter a new year, many in the food and drink sector in Northern Ireland are looking forward to 2022 with a renewed sense of optimism’.

The COVID-19 pandemic has had a negative financial impact on numerous businesses operating across this island and many businesses are questioning whether this negative impact is covered by their business interruption insurance policies.

New UK employment tax rules apply from 6 April 2021 when engaging contractors in the UK through intermediaries such as personal service companies. These rules are often referred to as “IR35” or “off-payroll worker rules” and require workers to be assessed under a number of indicators to determine if they are genuinely in business or really just an employee.

From 1 March 2021, a new domestic VAT reverse charge will be introduced for specified building and construction services. The new regime, which will have a significant impact on the sector, will require the purchaser rather than the supplier to account for VAT on certain construction services.

The upcoming Chancellor's Budget on 3 March has the potential to be a bumper edition. Following a modest Budget last year, this will be the first major fiscal event after Brexit and since the initial onset of the coronavirus pandemic.

Regardless of whether the UK and EU agree a new trading relationship by the end of the Brexit transition period, Northern Ireland’s position has already been set out under the Northern Ireland Protocol to the Withdrawal Agreement.

The UK-EU Trade and Cooperation Agreement (‘TCA’) provides for continued coordination of social security for workers who move between the UK and the EU. This means these workers may be able to pay social security in just one country. Before the UK left the EU and during its transition period, EU regulation provided that workers moving between EU member states could, pay social security in a single country, often their normal country of residence.

Four and a half years after the June 2016 Brexit referendum, the UK and the EU have reached an agreement on their future trading relationship. The complete text of the UK-EU Trade and Cooperation Agreement (‘TCA’) spans some 1,246 pages and took effect from 1 January 2021.

What is an EU representative? An EU representative acts as a point of contact for EU individuals and local data protection authorities. The purpose of appointing the EU representative is to ensure any EU data subjects (customers, employees, etc.) will be able to contact your organisation in order to exercise their GDPR Data Protection rights as well as to enable the EU data protection authorities an access method to you.

In July 2020, the Chancellor asked the Office of Tax Simplification (OTS) to carry out a review of Capital Gains Tax (CGT). The stated purpose was to ‘identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet their policy intent’.

6 April 2020 brought further changes to the taxation of UK property as the UK government continues its effort to level the playing field between UK and offshore investors. This latest phase of measures transitions non-resident companies, that carry on a UK property business or have other UK property income, often referred to as Non-resident Landlords (NRLs), from the UK income tax regime to the UK corporation tax regime.

Creating a return to work strategy and supporting organisations to adapt to the new normal.