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Brexit Advisory
Our Brexit Advisory team offer insight and guidance surrounding impacts and opportunities that Brexit has created for organisations.
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Corporate Finance
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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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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eDiscovery
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.
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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.
Make sure your organisation is “match-fit” for Brexit by focusing on the business basics. This includes operational efficiencies and healthy balance sheets.
Review your operational plans to ensure you can continue to serve your customers effectively and assess all of the opportunities and risks.
Government's intentions on regulation
The triggering of Article 50 does not materially change the UK regulatory environment.
The European Union (Withdrawal) Bill brought before Parliament aims to ensure regulatory consistency post-departure by carrying over EU law into UK domestic law.
Organisations can plan that in areas such as employment law, safety standards, accounting standards and consumer rights there will be no immediate change in the rules as we leave.
The extent to which the UK regulatory environment may change post-Brexit depends on the details of our future relationship with the EU.
Whatever the outcome, government has signalled no ambition to lower regulatory standards.
Does Article 50 impact your company report?
Triggering Article 50 does not affect the manner in which companies report.
The risks Brexit presents to a company must be clearly communicated in annual reports, keeping in mind that these disclosures should be ‘fair, balanced and understandable’.
To ensure appropriate consideration and disclosure of these risks, you should:
- assess the risks in an impartial manner and consider how these risks will be managed
- challenge valuations
- review tolerances and sensitivities of your modelling.
- focus on the business basics to get "match-fit" for Brexit
Plan for the uncertainty
In scenario planning, businesses should undertake a board-level assessment of the potential financial impact of the top five downside-risks and upside-opportunities presented by Brexit.
In order to do this you must check:
- whether you have got access to the necessary data and whether this is reflective of the uncertainties the entity faces
- ensure you have the necessary access to budgeting, forecasting and modelling skills.
Book a Brexit workshop
To book a Brexit workshop or find out more about how we can support your business through Brexit, please contact your usual adviser or email us.
Re-evaluate your operating models
In response to scenario planning and financial modelling, organisations may need to review key parts of their operating model to cater for new realities as Brexit unfolds.
What do you need to do to continue to serve customers post-Brexit?
Consider:
- how operations may need to change in light of potential new relationships with Europe – including regulatory requirements for services
- the tax implications on supply chains and the options to restructure
- the impact of carving out European operations into new entities
- current finance structures and how IT systems may be impacted.
Prepare now by:
- thinking about how administrative burdens might change if the UK leaves the Customs Union, and what impact this would have on incremental costs
- mapping the people, process, systems, contracts and asset related issues around potential operational remodelling
- thinking about the financial reporting implications of operational decisions.
Insulate your balance sheet
A robust balance sheet can shield against any harmful trading performance impacts. It also provides flexibility to seize unforeseen opportunities.
Ensure you have sufficient liquidity in your balance sheet.
Begin by, reviewing and optimising working capital performance, exploring alternative sources of finance and reviewing hedging positions.
Communicate clearly
Give your investors and other key stakeholders confidence by engaging them in a positive dialogue about how the challenges and opportunities posed by Brexit may present themselves and how you will react.
One of the key channels for this communication is your annual report.
Deal prospects
The depreciation of Sterling will make UK assets more attractive to overseas investors. The uncertainty will also provide opportunities for those willing to take a risk on Brexit. This means there will be opportunities for those wishing to enter or exit markets
