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 e-discovery services in the country and have been for years. Our incident response team managed the electronic discovery in the largest e-discovery 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.
Audit and Assurance
Grant Thornton Northern Ireland’s Audit and assurance team are experienced advisors providing an audit that is efficient and provides assurance through our partner driven approach
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.
Alcohol Duty will be frozen until August 2023 and then will increase in line with RPI. Draught relief will increase from 5% to 9.2% for beer and cider draught products and from 20% to 23% for wine, spirits based and other fermented draught products. These changes will take effect from 1 August 2023.
One major announcement was in relation to Pension tax allowances. The increase to the Pension Annual Allowance was widely reported in the media prior to the Budget and as expected was increased from £40,000 to £60,000. In addition, the adjusted income threshold was increased from £240,000 to £260,000, and the Tapered Allowance and Money Purchase Annual Allowance was increased from £4,000 to £10,000. However the welcome surprise was the complete abolition of the Lifetime Allowance (LTA). No one will face a LTA charge from April 2023, and this measure also removes the need for individuals to rely on protections from previous decreases to the LTA.
The personal allowances and income tax rate bands for 2023/24 remain at the levels already announced.
Personal Allowance £12,570
Tax free dividend allowance £1,000
Basic rate 20% on income £12,571 to £50,270 – dividends 8.75%
Higher rate 40% on income 50,271 to £125,139 – dividends 33.75%
Additional rate 45% on income above £125,140 – dividends 39.35%
As previously announced the capital gains tax annual exemption will be reduced from £12,300 to £6,000 from 6 April 2023.
The starting rate for savings will be frozen at £5,000. The savings rate can allow individuals with less than £17,570 in employment income to receive up to £5,000 of savings income free of tax. Annual subscription limits for Junior Individual Savings Accounts (ISA) and Child Trust Fund accounts will remain at £9,000 and the annual subscription limit for adult ISAs will remain at £20,000.
Increased relief will be available to foster carers and shared lives carers. The threshold of income at which qualifying carers will pay tax on care income will be increased to £18,140 per year plus £375 - £450 per person cared for per week for 2023-24.
The government will restrict charitable tax reliefs to UK charities and Community Amateur Sports Clubs only from April 2023 - protecting the Exchequer and focusing UK taxpayer money on UK charities. European Union (EU) and European Economic Area (EEA) charities that HMRC has previously accepted as qualifying for charity tax reliefs before 15 March 2023, will have a transitional period until April 2024.
With increased popularity in crypto asset investments, the government will be introducing changes to the Self Assessment tax return forms requiring amounts in respect of cryptoassets to be identified separately. The changes will be introduced on the forms for tax year 2024-25.
Simplification for trusts and estates – To simplify administration, the government will formalise and extend an existing income tax concession which removed trusts and estates from Income Tax where the only source of income was savings interest and the tax liability was below £100.
The government will consult on expanding the cash basis which is a simplified way for sole traders to calculate and pay their income tax with the aim of increasing the number of eligible businesses that can use it.
Capital Gains Tax
New anti-avoidance legislation will be introduced to prevent the avoidance of a charge to capital gains tax by using an unconditional contract. The changes will apply in relation to contracts entered into on or after 1 April 2023 for corporation tax and 6 April 2023 for Capital Gains Tax.
The date of 6 April 2023 also sees the introduction of the provisions previously announced regarding CGT on separating couples. This measure makes changes to the rules that apply to transfers of assets between spouses and civil partners who are in the process of separating. Separating spouses or civil partners are to be given up to 3 years, after the year they cease to live together, to make no gain or no loss transfers of assets, and unlimited time when the assets are the subject of a formal divorce agreement. This makes the process fairer for those spouses who are separating or divorcing and are in process of distributing assets between themselves.
Some measures were not included in the Chancellor’s speech such as the geographical scope of agricultural property relief and woodlands relief from inheritance tax. The government will restrict the scope of agricultural property relief and woodlands relief from inheritance tax to property in the UK from 6 April 2024. Previously, agricultural property situated in EU and EEA areas would attract relief.