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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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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
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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 facing the hotel industry
13 Mar 2018The hotel industry in Northern Ireland is currently undergoing a period of rapid growth. You don’t have to look too far in Belfast to see a new or expanding hotel development. The new 178 room Hilton by Hampton and 300 room Grand Central Hotel, expected to open May and June 2018 respectively, will contribute to the more than 1,000 additional rooms expected by the end of 2020. To put this in context this will increase current hotel capacity in Belfast by 25%.
What we now see is the market responding to increased levels of tourism to Northern Ireland, with both local and foreign investors attempting to capitalise on opportunities presented by the market, which is being fuelled by the impact of the weak pound. According to the Northern Ireland Hotel Federation (NIHF), occupancy rates in 2017 rose by 2.9% with additional growth forecast for the current year.
An uphill challenge now facing hotels is staff recruitment and retention. These new rooms will create an estimated 400 additional jobs in Belfast alone. A big worry for employers is the lack of adequately skilled personnel available to fill these new roles, not helped by the poor perception people have of working in the hotel industry.
Brexit and the weakening of the pound is also a concern for staffing the industry and appears to be having the opposite effect on employment. EU immigrants, who have traditionally contributed a significant proportion of the workforce, are now finding it less attractive to work in Northern Ireland due to the poor exchange rate and already low wages. This is leading to EU nationals moving to the Republic of Ireland and other EU countries for higher wages with the benefits of their wages being earned in the same currency as that of their home country. The latest Office for National Statistics figures showing net migration from the EU to the UK at its lowest since 2012 reinforce these concerns.
Shorter term, employers are having to pay more to bridge the gap in living wage rates between the UK and ROI to attract more EU workers. However, this won’t be sustainable as the effect of an increasingly competitive industry and the additional costs facing employers from the increasing contributions required to auto enrolment pensions comes to bear. Longer term, hotels will need to break new ground with educational providers and the Government to address these issues and capitalise on the opportunities provided by the investment in the industry as a whole.
Hotels outside of Belfast will also need to be innovative, so as to meet the challenge to remain competitive. With more availability of modernised rooms available in the city, there is a chance visitors will no longer look further afield and will flood into Belfast.
What is clear is that there will be an adjustment period required when all the new hotel developments are complete and the outworking of Brexit has reached its conclusion. It is hoped the 6% forecast increase in NI tourism will be achieved and ensure the occupancy rate remain at a sustainable level and there is no resulting oversupply in the hotel sector.