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Corporate Finance and Deal Advisory
We offer a dedicated team of experienced individuals with a focus on successfully executing transactions for corporates and financial institutions. We offer an integrated approach, with our corporate finance specialists working seamlessly with tax and other specialists to ensure that every angle is covered.
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Digital Risk
Grant Thornton offers solutions to the digital risk issues you are sure to face. Our skilled and experienced security team can helping by advising and consulting, giving you peace of mind, clear value for money and an enhanced ability to react to attacks.
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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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Economic Advisory
Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
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Forensic Accounting
We have a different way of doing business by delivering real insight through a combination of technical rigour, commercial experience and intuitive judgment. We take pride in delivering responsive and tailored solutions to all our clients, capitalising on the wealth of experience housed within our Belfast and wider Forensics team
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People and Change Consulting
The Grant Thornton People & Change Consulting practice works with clients on these issues as well as on all aspects of how they attract, retain, engage develop, deploy and lead their people.
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Restructuring
We work with a wide variety of clients and stakeholders such as high street banks, private equity funds, directors, government agencies and creditors to implement solutions which provide the best possible outcomes.
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Corporate and International Tax
Northern Ireland businesses face further challenges as they operate in the only part of the UK that has a land border with a country offering a lower tax rate.
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Employer Solutions
Our team specialises in remuneration and incentive planning and works closely with employers, shareholders and employees to ensure that business strategies are aligned and goals achieved in the most tax efficient, cost-effective manner.
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Entrepreneur and Private Client Taxes
Our team of experienced advisors are on hand to guide you through any decision or transaction ranging from the establishment of new business ventures, to realising value on exit, to succession planning and providing for loved ones.
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Global Mobility Services
Grant Thornton offer a different approach to managing global mobility. We have brought together specialists from our tax, global payroll, people and change and financial accounting teams across Ireland and Northern Ireland, while drawing on the knowledge and insights of our global network of over 143 offices of mobility professionals to provide you with a holistic approach to managing global mobility.
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Outsourced Payroll
Our outsourced service provides valued service to over 150 separate PAYE schemes. These ranging from 1 to 1000 employees, working for micro, SME and global employers. The service is supported by the integrated network of tax and global mobility teams and the wider Grant Thornton network delivering a seamless service. Experienced staff deliver a personal service built around your business needs.
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Tax Disputes and Investigations
Our Tax Disputes and Investigation team is made up of tax experts and former HMRC investigators who have years of experience in dealing with a variety of tax investigations. Our expertise and insight can guide you through all interactions, keeping your cost at a minimum while allowing you to continue with the day to day running of your business.
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VAT and Indirect Taxes
At Grant Thornton (NI) LLP, our team helps Northern Ireland businesses manage their UK and global indirect tax risks which, as transactional taxes, can quickly become big liabilities.
Last month the spotlight was turned on Her Majesty's Revenue and Customs (HMRC) after its decision to backtrack on around 2,000 Accelerated Payment Notices (APNs) relating to taxpayers who were part of Montpelier IR 35 Manx Partnership arrangements.
Whilst the conditions for issuing the APNs were not satisfied in this case, the reality is that many taxpayers, including businesses, have already felt the impact of the initiative with many forced to sell their assets in order to pay the amounts demanded from the payment notice. To date, HMRC has issued more than 32,000 APNs and collected more than £1billion of tax since the payments were introduced in 2014.
Prior to the introduction of APNs, taxpayers were aware of HMRC’s ability to recover tax, together with penalties and interest where, following an inspection or enquiry, the taxpayer has been found to have underpaid tax.
However, under the 2014 Finance Act, HMRC was granted significant new powers allowing payment of disputed tax arising from the use of avoidance schemes to be requested prior to the conclusion of investigation.
The estimated tax liability, whether in respect of income tax, corporation tax, VAT, PAYE, or a combination of taxes, will generally be due for payment within 90 days, making affordability a huge concern for taxpayers.
APNs are calculated to a rough estimate and as a result, the final settlement of the tax will likely be very different to the original assessment. This is not always in the taxpayer’s favour and could result in a payment even more significant than first expected. Unfortunately this then has the potential to affect the taxpayer’s cash flow on two occasions, firstly when the APN is issued and secondly when the final amounts including interest and penalties are due.
The APNs do not include penalties or interest themselves, but late payment of an APN can result in surcharges and potential enforcement action being taken to recover the tax or National Insurance Contributions.
All participants in avoidance schemes should take the opportunity to review planning arrangements and consider whether early settlement may be advisable. Perhaps more importantly, if funds to pay the disputed tax upfront are limited, it may be necessary to consider requesting time-to-pay arrangements with HMRC to minimise the scope for late payment penalties.
The key advice is not to ignore the matter, particularly in light of HMRC increasing the capacity of its APN team to enforce payment.
It is expected that all APNs will be issued by March 2016, so if you have entered into any avoidance arrangements, whether before or after APN was introduced in July 2014, now is the time to seek professional advice on the risks of non-settlement with HMRC and the commercial impact of an APN on your company’s cash flow.