Our Brexit Advisory team offer insight and guidance surrounding impacts and opportunities that Brexit has created for organisations.
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.
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.
Our all-island Economics Advisory team combines expertise in economics and business with a wealth of experience across the public and private sectors.
Grant Thornton are the leading provider of eDiscovery services in the country and have been for years. Our incident response team managed the electronic discovery in the largest eDiscovery in Irish history.
Forensic and Investigation Services
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
Undoubtedly, the Covid-19 pandemic has hit many of our local businesses hard, and they are now relying on their customers supporting them as restrictions are lifted and they try to restore some sense of normal trading activity. For those businesses that were able to continue to trade through the pandemic, in particular those that diversified their product lines or adopted a brand new business idea in the midst of the crisis, they could now find they have an unanticipated problem of holding too much cash.
Shareholders may raise concerns if there is a pile of cash sitting in a bank account and earning a minimal rate of interest; perhaps the funds could be better invested elsewhere for a greater return. Excess cash can, therefore, represent lost opportunities for the business. In addition, if there are no plans to utilise the excess funds, then investors may begin to expect a greater return on their own investments in the business. Management teams may begin to get complacent around practices such as collecting debts and the former culture of a successful business can quickly change.
Excess cash on a business’ balance sheet can have unexpected consequences for those entrepreneurs who may now want to consider selling their businesses. One of the conditions for accessing Business Asset Disposal Relief (the new Entrepreneurs’ Relief) is that the business has been ‘trading’, meaning that it does not carry on other, non-trading, activities to a substantial extent (various tests have to be considered). Carrying surplus cash could be considered by HM Revenue and Customs as being more akin to an investment activity, particularly where there is no intended use set out for the cash; the consequences being twice the amount of capital gains tax payable.
Similarly, valuable tax reliefs that may be available when passing on or gifting an interest in a business to a family member may be prejudiced by excess cash held by the business. Instead of being able to pass shares in a family company to the next generation tax-free, a capital gains tax charge may, in fact, become due.
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Lastly, surplus cash can have an impact on the Inheritance Tax status of a business, as it can affect the availability of the all-important 100% Business Property Relief. Surplus cash levels may cause the relief to be restricted where it has remained unused for a period of time, or it could cause the 100% relief to be denied in full.
Holding too much cash, especially without a defined business purpose, can create unanticipated consequences for business owners. Forward planning – and a discussion with a tax adviser, well ahead of any transaction, is essential.