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Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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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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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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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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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 Ireland 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.
Earlier this evening, the House of Commons voted in favour of the Withdrawal Agreement if there are ‘alternative arrangements’ made to the current Northern Ireland ‘backstop’ provisions. This now provides the UK Prime Minister with the required majority to return to Brussels to try to re-open negotiations with the EU in order to secure a ‘legally binding change’.
This vote is a significant next step on the road to Brexit however there are likely to be many twists and turns before a potentially amended deal arrives back in the House of Commons for a second ‘meaningful’ vote.
The first hurdle presented itself almost immediately, with the President of the European Council, Donald Tusk commenting that the current plan is "not open for re-negotiation" and "remains the best and only way to ensure an orderly withdrawal of the United Kingdom from the European Union".
As it currently stands, the Withdrawal Agreement provides for three main things that matter to businesses and employers:
- a guaranteed right to remain for EU citizens currently working and living in the UK (and anyone arriving during the transition period);
- a transition period, from 29 March 2019 to 31 December 2020 during which access to markets, programmes and regulatory regimes will remain largely unchanged. This can be extended for another two years to December 2022; and
- the main sticking point of a guarantee of a permanent open border between Ireland and Northern Ireland.
See ‘what the backstop’ means here
In addition to the main vote, there were a number of amendments also voted on within the House of Commons. Most notably, Labour’s Yvette Cooper’s amendment to extend article 50 was rejected and the Spelman amendment, which called for the UK government to rule out leaving without a deal, was passed. This amendment currently has no legal basis and as such ‘No Deal’ remains the legal default.
With time ticking towards ‘Brexit day’ on the 29 March, there are still some bumps in the road to be expected and organisations should continue their planning.
What does this mean for business and other organisations?
- Don’t wait for the politicians to reach an agreement. By the time this political deadlock breaks, it will be too late to make contingency plans for 29 March. So…
- If you can, plan for all eventualities. If you haven’t already, do some scenario planning, assessing how the different options impact on your organisation, your markets and suppliers. We can help and there are more things you can do whatever stage you are at in your Brexit planning.
- Identify opportunities that uncertainty and disruption in the market create: where are your competitive advantages; how can your goods or services help others navigate this uncertain time; are there opportunities to increase exports in the rest of the world or acquire undervalued assets?
- If nothing else, plan for No Deal: and work out when you need to implement plans to ensure ongoing business continuity.
- Get match fit: focus on the business basics: cashflow; retaining and attracting talent; sweating your assets; meeting customer needs; and removing unnecessary costs
At this stage, we still do not know what the final destination will be for the UK and all focus is now be on Brussels and what the UK Prime Minister, Theresa May can re-negotiate on the ‘backstop’.
Organisations should continue to track developments and anticipate future changes in the business environment. As Brexit continues to unfold, Grant Thornton will continue to provide up-to-date advice and support for all our clients.
