Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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.
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
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.
There’s a lot of talk in Northern Ireland about “regional balance”. Few argue with the principle that economic opportunity should be more evenly spread across the region. The challenge, as ever, lies in turning principle into practice.
Our audit services can strengthen your business and stakeholders' confidence. You'll receive professionally verified results and insights that help you grow.
Explore key changes to small company disclosures under FRS 102 Section 1A, including UK GAAP updates on leases, tax, going concern and related parties.
On 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, or Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
Companies House is introducing mandatory identity verification requirements for Directors and People with Significant Control (PSCs), as the next step towards full implementation of the Economic Crime and Corporate Transparency Act 2023.
On 27 March 2024, the Financial Reporting Council issued amendments to FRS 100 – 105 (known as GAAP, or Generally Accepted Accounting Practice), a suite of accounting standards applicable in the UK and Ireland. These are used by an estimated 3.4 million businesses in preparing their financial statements.
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.
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.
Grant Thornton Ireland 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.
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.
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.
Grant Thornton Ireland is rapidly approaching 3,000 people, in 9 offices across Ireland, Isle of Man, Gibraltar and Bermuda. With a presence in over 149...
Despite some recent encouraging economic figures, there are still significant concerns regarding the longer-term scarring effects of the pandemic on the local Northern Ireland economy.
Contents
It is evident as we walk through shopping centres and high streets across the country and see empty unit after empty unit that the post-pandemic era will be difficult for many business owners who continue to navigate their way through this period of uncertainty.
Planning for the post-pandemic era is more important than ever for any business owner or company director. The introduction of the words, “restructuring” or “insolvency” into a conversation can be scary, but for some businesses, the use of an insolvency tool can be the saving grace that could assist in their forward planning to ensure that they do have a future in the post-pandemic world. The key is timing and seeking advice early.
As the Government withdraws their support mechanisms (furlough scheme and HMRC deferrals), letters have started to come through the door requesting that Bounce Back, Coronavirus Business Interruption Loan Scheme (CBILS) and other loans be repaid. This is the time to take a step back, look at the big picture, and factor in all contingencies to your financial forecasts. If the future looks uncertain, either in relation to reduced turnover or rising costs, which have reduced or even removed profit margin, then it is important to seek advice.
Subscribe to our mailing list
Update your subscriptions for Grant Thornton publications and events.
So, what can you do now if you are a business owner or company director who is worried about the financial future of your business? Firstly, communicate with your key stakeholders and ensure that you document all decisions taken (a memo is better than a bad memory).
Secondly, start to look at the bigger picture, and forecast for each scenario - increased turnover, normal pre-pandemic turnover, and even reduced turnover. Ensure that you review your costs and in particular, any increases in raw materials costs and the effect that has on your profit margin. Finally, if in doubt, contact an Insolvency Practitioner or advisor at an early stage to discuss your options. If you can demonstrate that you sought professional advice before taking a certain course of action, it may assist business owners or company directors in avoiding criticism in the future.
The earlier the advice is sought, the more options are available and there are many tools at the disposal of an Insolvency Practitioner to ensure the business is on a secure financial footing going forward. However, if you are experiencing issues and they are not dealt with in a timely manner, the available options become limited. Time is therefore very much of the essence!
