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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.
Challenges ahead for the charity sector
26 Apr 2016The past year has been one of considerable change for the charitable sector in Northern Ireland and in the recent Ulster Bank & CO3 3rd Sector Index, 78% of respondents categorised the environment in which their organisation is operating as very or quite challenging.
As well as financial challenges, charitable bodies are facing a raft of financial, legal and administrative changes including new financial reporting, statutory registration, complex tax issues and increased scrutiny of charity governance arrangements.
For reporting periods starting on or after 1 January 2015, a new financial reporting framework (FRS102) is mandatory for the majority of UK entities including charities. The changes introduced in FRS102 have been applied to the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (the Charities SORP).
Best practice would suggest charities ought to adopt the new financial reporting regime, requiring the adoption of new accounting policies and the restatement of comparative balance sheets. The new Northern Ireland legislation relating to charity accounting and reporting came into effect from 1 January 2016 will however yield some concessions for smaller organisations.
Charities with significant grant income, unusual financing arrangements (such as loans, or related party loans at non-commercial rates) or significant fixed assets may expect revisions to the measurement of assets and liabilities in their financial statements.
In terms of regulation, most charities in Northern Ireland are now aware of their obligation to register with the Charity Commission for Northern Ireland (‘CCNI’), irrespective of their size, income or whether the organisation has charitable tax status. Indeed, CCNI’s process of registering the thousands of charities in Northern Ireland is well underway.
Statutory reporting has also become more onerous. The form and content of charity accounts and annual reports, the level of independent examination or audit required and also in respect of the new requirement for public disclosure of individuals and entities with a beneficial interest in the organisation, may increase the administrative burden.
In response to funding cuts, many charities have sought to increase their incomes from commercial activities. The commercial approach however, brings exposure to commercial taxes and VAT compliance in many instances has been overlooked in the pursuit of revenue.
VAT remains a complex and challenging area for charities but with proper planning charities can plan to maximise the specific reliefs available to them and to minimise the ‘VAT leakage’ or ‘VAT cost’ within the organisation.
On the positive side, the Treasury has launched a consultation on simplifying the Gift Aid donor benefit rules. At present, Gift Aid can “gross up” donations by 25%, although the charity must ensure the system is correctly administered and does not fall foul of HMRC’s rules. The Gift Aid Small Donations scheme has been a welcome development since 2013 and permits charities to claim up to £5k in income without the need for Gift Aid declarations provided individual donations are less than £20.
In these challenging times charity governance is becoming more critical and it is an area of increased public scrutiny. In the forthcoming weeks this column will consider the implications for charity trustees and executives.