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.
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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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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.
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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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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.
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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.
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If your entire estate is left to your spouse, no IHT will be due and the nil rate band for the surviving spouse increases to £650,000.
Lifetime gifts can reduce the size of an estate for IHT purposes. However, gifts that come out of an individual’s capital (i.e. savings) will only reduce the value of the estate if the individual survives seven years from when they make the gift. If they do not survive seven years, the gift will be treated as remaining within the estate and may be subject to IHT.
There is a valuable and often overlooked IHT exemption, which applies to normal expenditure out of income. A transfer is exempt if it is made as part of the normal expenditure of the transferor. The transfer must be made out of surplus income, but not capital. Taken together with all the transfers that form part of their normal expenditure, the transferor must be left with sufficient income to maintain their usual standard of living.
Gifts, which are normal expenditure out of income, are immediately exempt and there is no seven-year clock. These rules provide that individuals can make regular gifts out of their surplus income and provided the gifts do not impact their standard of living, then they will be outside the individual’s estate for IHT purposes.
As with all exemptions, there are conditions which must be met. The main rule is that expenditure must be out of surplus income. If the individual is making gifts and relying on savings to pay their bills, they won’t qualify for the exemption. The ‘income’ that should be used to make the gift is the income after bills and personal expenses. Rather than committing the surplus income to savings, it can then be used to make gifts.
Normal expenditure is defined as typical or habitual expenditure for a particular donor. The gifts should be made regularly (i.e. monthly or annually). The amounts don’t have to be the same each month or year or even to the same person, but gifting should be comparable year on year.
For example, the payment of nursery fees for your grandchildren out of your surplus pension or investment income would qualify. It does not need to be the same grandchild each month, it is enough that you are committing to making a regular gift to your “grandchildren” as a group. Similarly, the commitment to use 10% of your income to help with your children’s utility bills would qualify as normal expenditure. Again, it does not even have to be the same child, but the fact that you are committing to a regular sum for a defined purpose is sufficient.
The individual must maintain a record of the gifts to be able to evidence to HMRC that they meet the conditions for the exemption to apply.