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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.
Capital Allowances - New vs. Second Hand Machinery?
If your company is planning to make a capital investment, you may be considering whether to invest in brand new or second hand machinery, as well as asking the crucial question: how can I maximise tax relief?
Earlier this year, the government introduced a temporary increase in tax relief known as a ‘super deduction’. If your company invests in certain types of new plant and machinery between 1 April 2021 and 31 March 2023 you can deduct 130% of the qualifying expenditure against your taxable profits, effectively saving 25p in corporation tax for every £1 of investment in the year of expenditure. However, only plant and machinery purchased brand new by companies will be eligible for the relief. Furthermore, there could be a claw-back of the relief when the asset is disposed of. Given that the deadline for acquisition is not until 31 March 2023, time is on your side when it comes to planning and arranging financing.
Timing becomes more critical if your business is considering an investment in second hand machinery. This machinery will not qualify for the super deduction, but it is not all bad news. Second-hand qualifying machinery should qualify for Annual Investment Allowance (‘AIA’) relief which offers a 100% first year deduction against profits, up to the AIA limit.
The limit for AIA is currently £1m per year and is scheduled to reduce to £200k after 31 December 2021. Given the large disparity in the maximum allowance, a delay in purchasing qualifying second- hand plant and machinery after 31 December 2021 may be disadvantageous to your company.
Let me illustrate how important timing is. If your company has a 31 December 2021 year-end, you can claim £1million of tax relief on qualifying expenditure, potentially saving £190k corporation tax for the year. However, if you were to delay making this capital investment of £1m until the 31 December 2022 year-end, only £200k of qualifying expenditure could receive AIA, reducing the upfront tax relief to around £65k, with the remainder received over time. In this example, the difference between incurring expenditure in 2021 as opposed to 2022 is tax relief of £125k received upfront. Therefore, the timing of your capital expenditure is crucial. If your business’ chargeable period spans the 31 December 2021, tricky transitional rules will apply, which are particularly strict when the AIA limit decreases.
If your company is committed to making substantial capital investments in the near future, you should consult with your tax advisor as soon as possible. To maximise tax relief, brand new plant and machinery must be acquired before 31 March 2023 and second-hand investments should be made before 31 December 2021.
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Peter Legge Peter specialises in advising owner managed businesses on tax matters ranging across the various stages of their growth model – from business structuring, to protecting and expanding business activities, to tax efficient realisation of value from the business.View Profile