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.
This is an unprecedented time for businesses in Northern Ireland.
We appreciate that, for many Directors, your first thoughts will be immediate decisions regarding employees, continuation of trade, and the health and wellbeing of your employees and families.
To assist with decision making at this difficult time, we have summarised below the factors that you should be considering to ensure that you act in line with your duties.
The Government has announced measures to support businesses as they navigate the national emergency that is Covid-19. We have included the link below to Grant Thornton’s summary of these measures, as they apply to Northern Ireland.
You should be reviewing the measures that are appropriate to your business and seeking to maximise the support available.
Lender(s) and other key stakeholders
Early communication with lenders and other key stakeholders is essential. Be open, honest and realistic with them. Produce a cash flow forecast with realistic assumptions and present this to your lenders to consider how your peak funding requirement will be met.
As you will be aware, being overly ambitious with your cash flow assumptions will result in your business not having appropriate working capital facilities in place when this is required.
Given the current cash flow challenges facing businesses, many businesses could be, or could become, cash flow insolvent.
If your company becomes insolvent, your attention must shift away from the shareholders towards protecting the interests of creditors. In this scenario, you must ‘take every step to minimise losses to creditors’. The tests of insolvency are summarised below:
- Balance sheet insolvent (liabilities are in excess of assets);
- Cash flow insolvent (cannot pay debts as they fall due); or
- Outstanding demand for payment.
As Directors, you are generally not personally liable for a company's debts and losses (unless you have given personal guarantees / indemnities). It is when a Director acts improperly, negligently or in breach of his / her duties, that the risk of personal liability arises.
In order to reduce the likelihood of being seen to act improperly (and to reduce the likelihood that you will become personally liable for a company's debts and losses), you should:
- produce a cash flow forecast with prudent assumptions;
- communicate regularly with your lender(s) and other key stakeholders;
- maximise the governmental support available to your business;
- seek professional advice – discuss your plan and what actions you are proposing to take with your solicitor and accountant;
- hold regular board meetings and keep detailed minutes;
- document business critical decisions;
- consider carefully the need to incur any new liability or debt before doing so; and
- ensure customer deposits/ client funds are held in separate trust accounts.
The above list is, of course, not exhaustive and you will need to take steps that are appropriate in the context of your business. If you have concerns, queries or wish to discuss any of this information, please contact one of our specialists below.