Teamwork and Collaboration – Why They Need to be Nurtured Teamwork and collaboration are essential to the smooth running of organisations. That may be stating the obvious, but it is remarkable how many businesses lose the collaboration instinct over time. Teamwork should always be considered a work in progress. It requires constant tending to truly flourish. The benefits of teamwork are well known. Put simply, one brain might solve a problem one way. Ten brains working together might come up with a better way – or several – and in much less time. When people collaborate, good things tend to happen. They approach issues from different angles, identifying different challenges and opportunities. Each individual brings their own knowledge and experience to the task in hand, allowing them to see things that others might not. In professional services, collaboration between provider and client is crucial to a successful relationship. All of these benefits are important for business, so why do some organisations end up collaborating less over time? There are several possible reasons: Siloed thinking. Teams and departments focus on their own results, not those of the business. That makes them less likely to work with others. The loudest voice wins. Within teams, the most forthright or demonstrative members often hold sway. The voices of less confident members are drowned out. Some measure of competition is fine, but an overly competitive environment – between teams or individuals – stifles collaborative instincts. If organisational leaders don’t value collaboration, they don’t encourage it and don’t invest in the systems and processes that nurture it. Dispersed teams. Hybrid working models, if not managed well, can limit the opportunities for teams to collaborate. There are others, but the results are the same. When teams fail, businesses suffer. The Centre for Corporate and Professional Development at Kent State University in Ohio, US, perhaps puts it best – “The failure of a team can start for a number of reasons, but the consequences are the same: factions are formed, battle lines are drawn, communication stops and suspicion rises. Productivity and efficiency drop off sharply.”* How to Keep Collaborating How do business leaders stop this from happening? How do they embed teamwork and collaboration into the DNA of their organisations? Most importantly, they should emphasise common goals. That means commercial goals, but also the firm’s ambitions in other areas. For example, solid Environmental, Social and Governance (ESG) and inclusivity policies can help to create a collaborative environment. Leaders should lead by example. Be open to ideas and opinions. Speak and listen to staff individually or, if the organisation is large, survey them regularly and acknowledge their contributions. Smooth channels of communication are essential for successful teamwork. Create feedback loops that staff can use to communicate ideas, challenges and opportunities to managers. If necessary, invest in technology – project management and teamwork apps, for instance – that allows team members to communicate easily with each other even if they are not in the same building. Encourage team leaders to listen to the thoughts and ideas of even their most reticent team members. You never know where the next great idea will come from. A typical roundtable full team meeting might not be the right platform for everyone. If that’s the case, consider smaller, more informal group chats where everyone has the chance to contribute. In addition, demolish silo walls. Implement systems and processes across the organisation that encourage knowledge sharing between departments. All Ideas Are Valid All this should go hand in hand with a no blame culture. Employees will not come forward with thoughts and ideas if they think it will cost them, in terms of reputation or progression. Emphasise that all ideas are valid, and that a continual flow of idea sharing is essential for business and their clients’ success. This is true for teams and offices, and also across organisations. UHY is a large global network, and we encourage collaboration between firms through a calendar of regional and international events, subject-specific Special Interest Groups, and the promotion of cross-border secondments and other, more informal, inter-firm links. We understand that collaboration across borders is as essential to our success, and that of our clients, as the teamwork within member firms. Successful businesses need a shared vision, a continual flow of thoughts and ideas to which everyone is comfortable contributing, and mutual trust. These things do not always come naturally, but there is much that business leaders can do to nurture the collaborative instinct. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie * Centre for Corporate and Professional Development at Kent State University in Ohio, US https://www.kent.edu/yourtrainingpartner/what-do-you-lose-when-teamwork-fails #LatestTopics #ThoughtLeadership #UHY

Budget 2024 was announced yesterday Tuesday 10 October, by the Minister for Finance, Michael McGrath and Minister for Public Expenditure and Reform, Pascal Donohoe. Budget 2024 is a Budget focused on helping with the cost of living, with better public services, and with providing more children with a better start in life. There were a number of changes and new measures announced, some with immediate effect. Check out our in-depth Budget Summary to find out how Budget 2024 will affect you and your business. If there are any items you wish to discuss with our team, just give us a call on +353 42 933 9955 or email info@fdw.ie Budget 2024 Highlights Contact our team with any queries you have Contact our Tax Team Today Call Us +353 42 933 9955 Email Us info@fdw.ie #Budget #BusinessinIreland #Budget2024 #2023 #TAX

Purposeful Business – A Driving Force For Positive Change We are all in business for a purpose. Businesses exist to create and sell products or services and, by doing so, to make profit. A business that does not make money will not be a business for very long. But having a profit motive is not the same as being a purposeful business. Certainly, purposeful businesses exist to make money, but they also have a wider motivation that informs everything they do. Put simply, purposeful businesses do not put profits before everything else. They operate with positive social, environmental or corporate goals in mind (and often all three). Solving Problems – Not Creating Them Purposeful businesses make money from solving problems and never from creating them. They identify a challenge and focus their efforts on doing something to help customers overcome it. They work to minimise any negative impact those efforts may have on wider society and the planet. In short, they see their products or services, and also their behaviour as corporate citizens, as a means for positive change. Some brands, alongside their products or services, might position themselves as ambassadors of environmental or social change. Other simply offer solutions to the everyday needs that people face. Purposeful businesses aim to be good corporate citizens. That might mean minimising the environmental impact of supply chains, or putting employee wellbeing at the heart of their human resources strategies. It also means abiding by local and international regulations at all times. Guiding Principles of Purposeful Business The British Academy1 has produced a set of guiding principles by which purposeful businesses should operate. It states: “Measurement should recognise impacts and investment by companies in their workers, societies and natural assets both within and outside the firm. Performance should be measured against fulfilment of corporate purposes and profits measured net of the costs of achieving them.” This sounds a little like an ESG strategy, and meeting ESG criteria can certainly be one of the goals of purposeful business. But a company that integrates these principles ‘will organise itself on all levels according to its purpose’. That will involve areas like corporate governance, shareholder obligations, financing and investment too. A network for positive change In the UHY network, our member firms aim to make informed decisions for the benefit of their own business and to support their clients. As well as core accountancy skills, our members offer consultancy and business advisory services that not only help to make organisations compliant with regulatory standards, but also help them to become fitter and more efficient. Many of our members offer specific services around ESG, technology adoption and corporate social responsibility. In short, our member firms seek to add value to client businesses. By working together and sharing expertise across borders, they also help multinational companies expand more seamlessly into new territories. By sharing knowledge, ideas and innovations across our network, UHY professionals are able to offer clients the most up to date support on technical, regulatory and organisational issues and standards. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie 1 British Academy  https://www.thebritishacademy.ac.uk/publications/future-of-the-corporation-principles-for-purposeful-business/ #LatestTopics #ThoughtLeadership #UHY

Sharing Knowledge & Knowhow – A Valuable Route to Business Success How do you ensure that people in every part of your organisation have the knowledge they need to do their jobs well? The short answer is, with difficulty. A lot of information is documented. It is written down and stored in files and folders, on paper and digitally. In this case, sharing knowledge is a management challenge. Is it easy to find? Do the people who need it know it is there and have access to it? Can it be easily revised and updated over time? Where does the responsibility lie and who has ownership for updating these documents? There need to be formalised processes in place to make sure all this happens, or the risk is, that it will not. Often, there are legal requirements around storing and sharing certain types of information. The Value of Experience Sharing knowledge is not easy because knowledge is, by its nature, diverse, fragmented, always changing and often inaccessible. For example, if a nugget of relevant information about a great promotional opportunity is hidden away in your lead partner’s mind, what happens when they retire? These informal, undocumented and often highly valuable tips and tricks evolve organically and in response to real business challenges. They are the value of experience, tested by time and proven to be effective. What kind of knowledge do I mean? It might be knowing the time of day when a major client is most receptive to a phone call. It might be an effective exercise for promoting remote team engagement. It might be insight into the nuances of business culture in a cross-border market. This is the kind of information that lubricates the cogs and wheels of business and is easily lost when employees leave or retire. Even if they stay, too often organisations do not have processes in place to share this kind of applicable insight across departments or teams. That limits its effectiveness. It may be highly valuable, but if it is siloed it cannot be put to wider use. As a global network, we understand the complexities of sharing knowledge across an organisation, and we know its benefits. We distribute more formal information, such as the kind of technical knowledge a professional services network must continually share and develop, in the usual ways, for example through a comprehensive digital archive available on our intranet. We also organise a calendar of national, regional and global meetings at which expert speakers from inside and outside the network share specialist knowledge. We run a yearly timetable of educational webinars and internal newsletters. Continual Communication It is fundamental to UHY that our member firms share insight across borders, allowing them to serve international clients more effectively. We use mentoring to disseminate the knowhow that is accumulated by experience. We encourage secondments across the network so that individuals get to try new ways of working, experience business culture in other countries and bring that knowledge back to their firms. We work to promote continual communication, within and between the member firms in our network. Regional and international events create a collaborative environment. Special interest groups bring together colleagues with similar specialisms. We hope and expect that conversations which begin when colleagues come together, continue, in other forms, when they return to their firms. Sharing knowledge and knowhow can be complex, and requires different channels for different kinds of information. Do it in the way that best suits your circumstances – whether through digital knowledge centres, informal chats, training sessions, secondments or anything else – but do it. The continual communication of knowledge is the key to success. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

From 1 September 2023, the reduced rate for hospitality in ROI will revert to the usual 13.5% rate The Irish Government is reverting the VAT rate which applies to certain goods and services in the tourism and hospitality sector from the second reduced rate of 9% back to the reduced rate of 13.5% with effect from 1 September 2023. In response to the challenges faced by the food and beverage industry, attractions, accommodation providers, and hairdressing services due to the COVID-19 pandemic, the temporary 9% VAT rate was introduced on 1 November 2020. This measure aimed to provide some relief and support to these sectors during these difficult times. However, the government has recently announced that the expiry date for this reduced rate will not be extended beyond 31 August 2023. This means that supplies of certain food and beverages in restaurants, take-aways, and catering establishments, admissions to attractions like cinemas, museums, and exhibitions, hotel and guesthouse accommodation, and hairdressing services will be affected by the VAT increase. It is worth noting that certain printed matter such as magazines and periodicals, as well as the provision of sporting facilities by profit-making bodies, will still qualify for the 9% rate and will not be impacted by this change. Steps to Take To ensure compliance and commercial protection, you need to take steps now to reflect the new 13.5% VAT rate. Your Systems Businesses must update their systems to reflect the new 13.5% VAT rate. This may involve some adjustments to tax codes and tax determination logic in customer-facing point of sale systems and back-end finance and ERP systems. Credit notes may need to be issued for invoices issued before the VAT rate change, requiring systems to still be capable of processing transactions at the 9% rate, so you should ensure your systems have this function enabled. Management Considerations Businesses should carefully consider the impact of the VAT rate change on their pricing strategies. As the VAT amount will be a net cost to many customers, pricing adjustments may be necessary. Existing contracts should be reviewed to determine whether the price was agreed on a VAT exclusive or VAT inclusive basis and if future transactions will be affected. Timing is also crucial, as businesses need to determine the VAT “tax point” for each supply. This may be straightforward for on-the-spot purchases but could be more complex for supplies involving deposits, pre-payments, or invoices issued before the VAT rate change. Furthermore, businesses offering mixed supplies that include goods and services subject to different VAT rates must calculate blended VAT rates accordingly. For businesses with outstanding VAT debts under the COVID-19 debt warehousing scheme, ensuring the correct VAT rate is applied is essential to meet the condition of paying current taxes as they fall due. If you would like to speak to once of our tax specialists to assist you with any queries you have, please contact us at info@fdw.ie with your contact details and we can arrange a consultation. Ensure you are subscribed to our mailing list to keep up to date on all developments in relation to this and other technical and industry news. #VAT #LatestTopics #2023 #TAX #Tax2023

The introduction in Finance Act 2022 of Section 897C of the TCA 1997 will require employers to report to the Irish Revenue Commissioners (Revenue) details of certain payments made to employees and/or directors. The requirement to provide this information will commence on 1 January 2024. Where an employer makes a payment under one or more of the categories detailed below, they are required to report details of these payments to Revenue using Revenue Online Service (ROS) on or before the date of payment. What information do you need to report? Phase one will apply to any payments you make to an employee and, or director under any of the following categories: Small benefit exemption You must submit details of the date paid and value of this benefit. Remote Working Daily Allowance When you are paying a Remote Working daily allowance, you must report the following: total number of days amount paid date paid Travel and subsistence You must submit the following travel and subsistence items, including the date paid and amount of each payment for: travel vouched travel unvouched subsistence vouched subsistence unvouched site-based employees (including “Country money”) emergency travel eating on site How will you submit payment details to Revenue? ROS will provide a means of manually submitting Enhanced Reporting Requirements details. This facility will be similar to that used currently for payroll reporting. There will be continuous engagement with stakeholders as this work continues during the year. This began in January 2023, with Revenue contacting all stakeholders seeking their engagement to implement this reporting requirement. Facilities for 3rd party software providers Revenue is currently engaging with 3rd party software providers to develop this service. A facility is available to enable software providers to test integrations with Revenue systems. Employers should ensure that their software provider is aware of this new reporting requirement and engage with Revenue in implementing it. Why is this information required? This information will: enhance Revenue’s Compliance Intervention Framework by directing resources away from compliant employers provide quality high level data in support of effective and informed policy decisions by the Department of Finance increase visibility and assurance for employees in relation to non-taxable payments What to do next In the coming weeks Revenue will begin providing information sessions on Enhanced Reporting. These sessions will give an overview of what will need to be reported to Revenue. Separately engagement with Software providers is taking place to ensure their systems integrate with Revenue systems. Ensure your payroll team is well informed on the enhanced requirements by attending these sessions. The presentations will cover: requesting Employer Reporting Notifications by file upload submitting expense/benefit details by file upload or by online form view expenses/benefits by submission type and employees view of submissions made by their employer in MyAccount. These sessions will commence in late August and will run until mid-November. A link to Eventbrite will issue to you where you can register your interest in attending one of these events. No fees will be charged for attendance at an event. We will keep you up to date on these enhanced reporting requirements as the information becomes available from Revenue. In the meantime, if you would like to speak to once of our payroll specialists please contract us at info@fdw.ie with your contact details and we can arrange a consultation. Ensure you are subscribed to our mailing list to keep up to date on all developments in relation to this and other technical and industry news. For more information visit Revenue.ie Source: Revenue.ie #LatestTopics #2023 #Payroll #TAX #Tax2023

UHY FDW announced in July the launch of their new five year strategy, company purpose and values. Over the last number of months, we have embarked on a journey to build a five year plan and strategy for UHY FDW. The result is a plan built around our common purpose, which is to  Achieve a Better Future Together. This exciting development marks a significant milestone for our team and stakeholders as we redefine our vision and direction for the future. UHY FDW’s commitment to growth, adaptability, and excellence is reflected in our newly announced company values. Integrity ,  teamwork ,  respect ,  be engaged , and  be passionate  are the pillars that will serve as a compass for our team members. Launch In order to effectively launch our strategy and align our team with our purpose, vision, and values, we organised a team strategy day. This event served as a platform for the team to come together, understand the strategic direction of the company, and collectively embark on the journey towards achieving our goals, demonstrating our dedication to inclusivity and collaboration. Our team strategy day not only provided clarity on the strategy and its objectives but also fostered a sense of unity and shared purpose among all team members. Equipped with a clear roadmap and a team aligned to the company’s new purpose, vision, and values, we are poised to achieve even greater success and make a lasting impact in our industry. Our Team In order to further strengthen our team unity we hosted our annual team appreciation day, a team social day out in Dublin. This event provided an opportunity for team members to come together outside of the office environment and engage in activities that promote collaboration and teamwork. The team social day out not only allows colleagues to get to know each other on a personal level but also reinforced the company’s core values of integrity, teamwork, and respect. By investing in such team-building initiatives, UHY FDW is not only creating a positive and inclusive work culture but also setting the stage for even greater success in the future. With a united and motivated team, we are well-equipped to navigate challenges, achieve our strategic goals, and continue delivering exceptional services to our clients. What’s Next? By integrating our values into our strategy, we can align our actions with purpose, enhance our employee engagement, help our clients prosper, drive long-term sustainability and  Achieve a Better Future Together. With a united and motivated team, we are well-equipped to navigate challenges, achieve strategic goals, and continue delivering exceptional services to our clients. Follow us on social media, sign up to our newsletter, keep an eye on our website and continue to engage with us to learn more about our strategy, vision and values, and keep up to date on our progress and the impact we are having in our industry. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #2023 #LatestTopics #Strategy #UHY

Thought Leadership – An expression of insight Member firm professionals across the global UHY network write blogs, contribute to articles, speak at events, produce reports and much more. All this activity might be best summed up in the term ‘thought leadership’. This is a well-worn phrase these days – it might be described by one person as the expression of expertise, and by another as the expression of opinion. Someone else might insist that anyone who has a blog or podcast on a single subject is a thought leader. These can all be very different things, but they are credited as thought leadership anyway. Insight Is Key To my mind, there is a little more to it than that. A thought leader certainly needs to have wide experience of their subject matter, and they also need to think deeply about it. Through practice, research and discussion, they strive to acquire meaningful insight. The final piece in the jigsaw is the desire to share that insight with others. In this interpretation, a blog can contain thought leadership, but not every blog – and in fact not many blogs – will. An article qualifies for the title only if it contains insight in terms of a fresh angle, an against-the-grain opinion, or a new approach to an old problem. Thought leaders use their expertise to explain and inform. They answer the questions their audience asks. They deliver authentic content. But they should also provide something that their readers, listeners or viewers will not easily find elsewhere. Good For Business In this way, thought leadership becomes useful for both authors and audience. The audience gets potentially useful insight. The authors refine their thinking by testing it in the real world, and are seen as authorities on the subject. Acquiring such a reputation can certainly be good for business. Organisations, brands and individuals all use thought leadership to increase their standing among customers, clients, targets and peers. Thought leadership is a way to show that you understand your customer’s challenges, or that you recognise and understand new developments in the sector. It shows your authority and authority inspires trust. The usefulness of thought leadership is amplified by the ubiquity of digital and social media. In the past, a CEO might write an article for the company magazine or website and a handful of people would see it. Today, an interesting opinion, shared widely on LinkedIn and Twitter, can start a wide-ranging conversation and be seen by hundreds or thousands of interested parties. Many years ago, thought leadership had a narrower meaning. It tended to be applied only to major new pieces of research. It was leadership because it moved the profession forward, shed light on an unexplored topic and was entirely original. Thought leadership was the preserve of large firms with big research budgets. The democratisation of thought leadership is no bad thing. The advance of a profession should not be led solely by the operators with the deepest pockets. We all have a stake in the future, and we should all have the opportunity to be part of the debate. It is good that the term is now used more loosely, but the word ‘leadership’ should not be ignored. Thought leaders add something to the discussion, rather than just regurgitating information that has been expressed many times before. Shaping The Future What they add does not have to be ground-breaking or even surprising. But in its small way it should move the debate forward. It could be an anecdote that illuminates the benefits of a new networking opportunity. It could be a fresh, well considered opinion on a piece of controversial finance legislation. It could be a case study that describes how a firm managed to overcome a unique or unusual challenge. In our magazine UHY Global we encourage readers to think about the impacts and opportunities for their business from external issues and commercial change around the world. It could be a thousand things, but those who read or hear it should go away with something to think about, and the sense that they have been presented with a new idea or way of doing things. They might not agree with the new angle or fresh approach described in the piece, but they will understand that it adds something to the conversation. There are few great leaps forward, in business as in life. Instead, the future is reached through many incremental steps. A well-expressed article or conference presentation, written or given by an expert with insight, can help set the direction of travel. That is the aim of thought leadership, and it is why UHY professionals are keen to be part of the discussion. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie #LatestTopics #ThoughtLeadership #UHY

The right support is critical Good businesses start with an idea that skilfully and efficiently connects supply with demand. But while every business needs one, even the best idea will not, on its own, develop a healthy and regular turnover. That is because starting a business is so much more than just inspiration. It is notoriously hard work. You need to research everything, from the market opportunity to applicable tax laws. There are endless decisions to make and forms to fill in and the following are just some of the questions you will ask or be asked: How will you access company formation advice? How robust is your business plan? What licences or permits might you need? What happens if you want to export goods or services overseas? How much do you know about employing staff/managing payroll? If you intend to store customer information, what are the rules around that? How will you fund your business? Suffice to say that none of this is easy. Many entrepreneurs are so unprepared for the set-up phase that they never make it to the good part, when they can actually start selling goods and services. They underestimate start-up costs, or decide the potential rewards of starting a business do not outweigh the risks. Sometimes, they just become swamped by bureaucracy. The good news is, entrepreneurs do not have to do any of this alone. If you have a business idea, the very first thing you should do is look into all the advice and guidance that is readily available in your own country or region. Wherever you are in the world, there is likely to be a lot. A good start would be to review a UHY ‘Doing Business Guide, readily available, and free, on UHY.COM Help With Starting a Business Small businesses are the lifeblood of the global economy. They contribute up to 45% of global GDP and employ up to 60% of the world’s workforce (as reported by Gitnux in Small Business Statistics and Trends in 2023 ).* Unsurprisingly, governments want to encourage this essential sector. Economies thrive when people turn good ideas into growing businesses. That is why, in many countries, governments run schemes to help people start new companies. This help is often in the form of a website or helpline. It can also include local hubs where start-up specialists offer personal support to new businesses (or prospective new businesses) in that region. Government small business information websites may give you all the information and contacts you need, but try local authorities, chambers of commerce and business associations too. If they cannot help you directly, they will be happy to introduce you to someone who can. This government-backed support should be the first port of call for any new business owner. The advice is likely to be free and will be given by people who know local rules and regulations and have a solid overview of the local business environment. They can also introduce you to local small business networks, a valuable source of on-the-ground advice. Ask a Professional Provider The other place to seek tailored, relevant advice is from professional service providers, many of whom are business owners themselves and will be familiar with the challenges, regulations and pitfalls. If your business is going to be bigger than just a sole trader you will probably have to partner with an accountancy firm anyway. An added reason for doing so is that good accountants now offer so much more than just ensuring your financial compliance. Good accountants can be trusted sources of business advice. For new businesses, they can highlight potential funding streams, or offer advice on applicable tax or business rate incentives, which can be generous for companies in their first year of operation. They might be able to tap into their existing connections about affordable premises and equipment. In addition, professional service providers are often active in regional networks of business angel investors. They are the people who make the introductions. An experienced accountant is likely to have knowledge of the market you intend to operate in, and to understand its opportunities and pitfalls. They may have clients in the same sector, or might have done in the past. Accountants are at the business coalface every day, which makes them a rich source of advice and information for new business owners. They can offer both practical experience and a specialist view of the wider economic environment. Accountants are also familiar with processes you would otherwise have to learn to streamline your workflow – cloud-based systems for storing documents and files, smarter invoicing, cashflow control, efficient payroll and automatic receipt saving. They know local tax and labour laws in detail, and how these rules may be applied to your business. If you want to sell abroad, now or in future, a global accountancy network can help you move across borders in the most efficient and cost-effective way. With our considerable sector and country expertise UHY member firms can deliver timely advice to help new business owners make the right decisions at the right time. Starting a new business is exciting. But it can also be daunting, thanks to the volume of information new owners have to take on board. A mix of government help and professional advice is the best way to ensure great ideas become good businesses. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie * https://blog.gitnux.com/small-business-statistics/ #LatestTopics #StartingaBusiness #UHY

In the third of three blogs exploring personal success, Rhys Madoc looks at ways to manage your career path. The last few years have raised some challenging questions about how we work, where we work and why we work. I have discussed some of the challenges in previous blogs: for example, issues around recruitment and retention, leadership, and the role of lifelong learning. But on an individual level, one thing is sure – more people than ever are choosing to re-evaluate their careers. Am I enjoying what I do, and where I work? Is it time to look at alternatives and, if so, how? Career planning has always been integral to a successful working life for ambitious professionals, but seldom on such a wide scale as we see today. Exciting and enticing propositions The first thing we should note is that developing a career plan is not the sole preserve of a school leaver or graduate just starting out. It is as relevant and beneficial to anyone at any stage of their working life. As industries, commercial environments and technologies evolve, so do opportunities for personal and professional career development. As an example, consider our profession. The career ladder for the accountant of previous decades was fairly predictable, with a likely progression from newly-qualified CPA, and with hard work, to eventual partner or managing partner in an accountancy firm, or a chief financial officer in a commercial enterprise. While this is still a laudable ambition, there are today many more options to pursue along the way that will appeal to those starting off in the profession, or those seeking to join it from elsewhere. Furthermore, as our profession continues to embrace and adapt to new technologies and ways of working, re-evaluating your career path can be an exciting and enticing proposition. For example: The rise of accounting technologies (cloud-based services, blockchain, and AI-based analytics to name a few) fuels demand for those passionate about IT Clients want sustainability expertise from their professional advisors. A specialism in ESG (environmental, social and governance) audit and non-financial disclosure is very likely to become a sought-after credential. Accounting professionals at any stage of their career can benefit from numerous options such as these. I would recommend taking a look at the new ACCA career navigator,1 a useful framework which maps experience to competencies and potential career destinations in the profession. ACCA professionals practice across the globe. Remember your transferable skills and stay flexible For anyone planning or reviewing their career in accounting, many factors come into play, from reward and motivation to ability and self-fulfilment. The most important step to take, I would say, is finding time for an honest and objective self-assessment of your skills and capabilities, your motivations and what you believe in. Evaluating your options within our profession could offer pathways to even more enriching prospects. The proliferation of opportunities for personal growth in accountancy means that skills such as negotiation, leadership, communication, people management and coaching (see my previous blog about intangible skills for more on this topic) are valued as much as complex technical expertise in the workplace and play a prominent role in UHY’s continuous professional development programmes. In UHY, our member firms continue to invest and participate in UHY’s own bespoke development programme for our future leaders developing such non-core skills to ensure continued added value for our clients and colleagues. Whatever your experience or specialism, my advice would be to stay flexible and keep an open mind. Job security and fulfilment are the results of working hard at finding or creating opportunities, and being prepared to keep learning: technical and soft skills training is available to support most requirements. In summary: A successful career strategy will identify the skills and experience gaps between what you have now and what you need to fulfil your ambition and achieve your goals I acknowledge these are challenging times for career professionals and recruiters alike, but I also believe they are exciting times, full of opportunity and potential for all. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie Pathways to Personal Success Series Acknowledgements. 1ACCA is the global body for professional accountants, and their qualifications are recognised and respected across the world https://careernavigator.accaglobal.com/gb/en.html #HR #LatestTopics #PathwaystoPersonalSuccessSeries #UHYFDWTeam

From 11 June 2023, when making certain submissions to the Companies Registration Office (CRO), company directors will be required to provide their Personal Public Service Numbers (PPSNs) with their filings. The PPS number will be used for identity verification, with the aim of improving the integrity of company information held by the CRO and to reduce the risk of identity theft. Company directors will need to provide their PPSN when: Incorporating a new company (CRO Form A1) Filing an annual return (CRO Form B1) Notifying a change of director and/or secretary, or in their particulars (CRO Form B10) Notifying that an individual has ceased to be a director or secretary (CRO Form B69) Legal Obligation Section 35 of The Companies Corporate Enforcement Act (2021) requires Directors to file their PPSNs with the CRO when incorporating a new company (Form A1), being appointed as a Director of an existing company, updating Directors details (Form B10) and when filing the company’s annual return (Form B1). Non-compliance will constitute a Category 4 offence, which is a summary offence only, punishable by the imposition of a Class A fine. A “Class A fine” is a fine within the meaning of the Fines Act 2010 (i.e. a fine not exceeding €5,000). Your Security Only certain services are authorised to ask for a PPSN, the Companies Registration Office is one of these authorised services. When the mandatory PPS number data filed with the CRO has been validated, a PPS number will be retained securely in an irreversible hashed / encrypted format and stored securely. It will not be accessible by any member of the CRO or any other party, and it will never be shared with any third party. The reason for retaining a hashed version of the PPSNs is to allow CRO to match future filings to existing individuals on the register with certainty and to avoid duplication. Hashing is an encryption function to protect data on the register in the event of a data breach. This technique will apply a complex mathematical function to the PPS number, to produce a longer unique number that bears no resemblance to the number hidden. With hashing, the CRO will never be able to reverse the newly generated number back into a PPS number again. No publicly accessible document or form will display your PPSN. Benefits This change will bring many benefits to all stakeholders, including: The reduced risk of identity theft The CRO will contribute to the effort of ‘Designated Persons’ in combatting money laundering and terrorist financing, with the company director identification and verification The option to use digital signature in the form of a ROS certificate where a PPS number has been obtained Greater transparency across government bodies Actions Ensure all of the directors of your company have a PPSN, RBO transaction number or IPN. Limited companies should confirm with all directors that they hold a PPSN, Registered Beneficial Owner (RBO) transaction number or Identified Person Number (IPN). If an individual has already completed a BEN2 Form with RBO and have been issued with an RBO number, this can be used as the IPN with the CRO. If a director does not hold a PPSN or a RBO transaction number, they should apply to the CRO to have an IPN issued through a ‘Form VIF’ (Declaration as to Verification of Identity). The Form VIF must state the name, date of birth, nationality and address of the director for whom the IPN is required. The VIF Declaration must be signed by the Director and if the declaration is made within the State it must be witnessed by a solicitor, if the declaration is made outside the State it must be witnessed before a Notary Public. Digital signatures will not be accepted. Limited companies should review the information held by the CRO to confirm the details are correct or if there are any inconsistencies between this data and the details under the PPSN held by the Department Social Protection (DSP). The Directors name and date of birth with the CRO must exactly match the name associated with the PPSN in the DSP’s database. The Registrar reserves the right to reject any submission where the name entered on the CRO does not match the name as registered for that PPS number with the DSP. To avoid the risk of late filing fees and / or the loss of audit exemption, please contact a member of our Corporate Compliance team to confirm your PPSN as soon as possible, before the deadline of 11 June 2023. If you have any questions on this matter, please get in touch. Corporate Compliance Team Richard Windrum, Director richardwindrum@fdw.ie Brenda Mullen brendamullen@fdw.ie This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by UHY Farrelly Dawe White Limited or UHY FDW Corporate Compliance Limited for any action taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change. Source: https://www.cro.ie/en-ie/About-CRO/Whats-New/PPSN-FAQ Update: This article has been updated to reflect the announcement from CRO on the delay in PPSN requirements, issued 20 April 2023 https://www.cro.ie/en-ie/About-CRO/Latest-News/delay-in-ppsn-requirement Update: This article has been updated to reflect the announcement of the new deadline date from CRO, issued in May 2023. #2023 #CorporateCompliance #CRO #PPSN

In the second of three blogs exploring personal success, Rhys Madoc looks at the importance of intangible skills. If someone asked you to describe the skills you need to do your job, what would you say? Many of us would probably talk first about the ‘hard’ skills (also known as core skills) our jobs require, whether that is in-depth knowledge around tax, audit or IT, or the ability to write a plan or analyse a set of figures. Hard skills are the technical proficiencies and subject-specific knowledge our clients expect. You will not go far as an accountant without a technical mastery of accountancy rules and standards. You might stop there, but that would be only half the story. We all use a set of more intangible skills in our day-to-day working lives as well. It is increasingly recognised that these skills, also known as soft skills or power skills are just as important as technical ones. In fact, the balance between hard and soft skills – once weighted firmly in favour of technical ability – is shifting towards the interpersonal side. It is an important shift, one that can make a difference between a good employee and an outstanding one. What are soft skills? As Eric Frazer, assistant professor of psychology at Yale University School of Medicine, recently told the BBC1, what soft skills really means is people skills. “Some examples of soft-skill mindsets might be someone who is a continuous learner, or someone who is highly resilient,” he said. “Many behaviours – critical thinking, active listening, imaginative problem-solving to name a few – are soft skills.” Research by LinkedIn2 found that people skills – those skills by which we interact and encourage the best from others – are in high demand and that the four most in-demand soft skills are leadership, communication, collaboration and time management. The importance of your intangible assets It is easy to see the importance of these skills. Understanding a client’s tax situation is essential. Being able to communicate your knowledge to the people who need to know – in a clear, concise, insightful and even thoughtful way – equally so. Increasingly, successful business is based on the collaboration of teams rather than the labour of individuals, so knowing how to cooperate and delegate is essential. Leaders can no longer expect to inspire employees by lecturing or cajoling from on high. In a candidate’s market, where open positions outnumber qualified applicants, successful leaders will be persuasive, inspiring and open-minded. Their people skills have to be second to none. Finding the right balance A successful career requires a mix of hard and soft skills, of technical ability and more intangible, human competencies. To a large extent, technical skills can be taught, assuming a basic level of education and aptitude. But softer skills are at least partly innate. That is why some recruitment strategies now prioritise the identification of able generalists over limited technicians. You can train someone to use a new accountancy software platform. It is less straightforward to teach them leadership skills or the best way to communicate difficult information. It is not easy, but it is not impossible. Some candidates are helping themselves, taking courses in skills including public speaking or remote team management. Organisations that place a high value on communication and teambuilding offer training and development in the softer skills that clients increasingly value, alongside technical learning opportunities. We have run a series of soft/power skills training for UHY member firms for a number of years. Accountants should grasp these opportunities, because we work in a profession that is already witnessing the encroachment of automation. Entry level technical tasks are regularly performed by AI-driven algorithms. As the technology advances, more of the technical skills we use every day will be rendered either obsolete or of lesser importance. By contrast, those with highly developed soft skills are already on the front foot. Critical analysis, creative problem solving and communication skills will all be in high demand as accountants transform from back office technicians to front office advisors. Technical skills will always be needed – but they are becoming a given. It is soft, or power skills that will mark us out from the crowd. For more information, contact Alan Farrelly, Managing Director, UHY Farrelly Dawe White Limited alanfarrelly@fdw.ie Pathways to Personal Success Series Acknowledgements. 1 https://www.bbc.com/worklife/article/20220727-soft-skills-the-intangible-qualities-companies-crave 2 https://www.forbes.com/sites/nazbeheshti/2018/09/24/are-hard-skills-or-soft-skills-more-important-to-be-an-effective-leader/?sh=6a23b6822eb3 #LatestTopics #PathwaystoPersonalSuccessSeries #UHYFDWTeam #2023 #HR