In recent years, governments have been putting emphasis on indirect taxation rather than direct. On a global scale, corporation tax rates have generally decreased while VAT rates have risen.
Northern Irish businesses that operate locally need to be able to understand the complex VAT implications of doing business in the UK to ensure they manage their VAT risk and are aware of any opportunities to save VAT. Any unforeseen VAT liabilities, errors and assessments not only impact on the bottom line and on cash flow but can also attract interest and penalties.
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Increasingly, Northern Irish businesses are seeking out opportunities on a global basis and when operating in international markets will face complex VAT systems, case law, guidance and legislation. When entering new markets, expanding globally or joining international supply chains, companies will need to comply with thorny VAT rules.
Why choose Grant Thornton?
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. Our approach and advice is clear, commercial, pragmatic and practical which enables the indirect tax position to be understood and the tax risk managed. You should also seek to improve your cash flow and find efficiencies through better processes, systems and controls. From the outset, our team will seek to understand the issues and then identify the best solutions for your needs.
Our services include:
- VAT registrations and compliance;
- domestic UK VAT advisory services;
- support with VAT audits, assessments and voluntary disclosures;
- indirect tax risk management, governance and strategy;
- minimising irrecoverable VAT;
- VAT efficient deal structuring and VAT due diligence services;
- VAT on property transactions;
- review VAT liabilities on cross-border transactions;
- international indirect tax advisory services (Global VAT, GST and Sales Tax);
- international supply chain reviews; and
- international trade and Customs Duty advisory.
To learn more about our VAT and Indirect taxes services please contact Peter Legge.