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Corporate Finance and Deal Advisory
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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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Technology Consulting
Motivating and assisting our clients to pursue, maintain and secure the benefits of digital solutions is at the core of our Digital Transformation teams' agenda and goals. We work with business leaders to deliver efficient digital strategies and operating models that provide new or enhanced capabilities.
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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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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.
Autumn Budget 2021
Chancellor Rishi Sunak has delivered a bigger budget than expected. The Chancellor’s room to manoeuvre was boosted by a much more optimistic outlook from the Office for Budget Responsibility (OBR) which sees less permanent scarring from the pandemic on the economy, borrowing coming in about £34 billion lower this year and better economic growth number this year than they previously thought. There is a lot of ‘noise’ in the economic numbers at the moment but the economy is now expected to post a growth rate of 6.5% this year, up from the 4.0% that was predicted in March. The Chancellor also has close to £40bn extra in his calculation coming from tax rises previously announced.
While the economy projections are better than expected, the fear of inflation lurked over this budget. Inflation is now forecast to average 4% over the coming year, double what OBR expected previously. Many of the factors that are driving inflation concerns are global issues and there was not a lot the Chancellor could do about them. He will however be concerned that inflation proves more than transitory and derails his plans.
Given the better prospects, the Chancellor was able to announce a range of sizable initiatives. The 6% increase in the National Minimum Wage and changes to the Universal Credit taper will be a welcome boost to low earning employees. Spending announcements on infrastructure and ‘levelling up’ will also provide a boost to economic prospects. Locally, the Chancellor announced a £1.6bn per annum boost for the NI Executive. At face value that appears to be a generous settlement but with the scale of economic challenges that NI faces it may be insufficient.
The Chancellor, also announced and confirmed a number of measures which will impact individuals and businesses. The key messages in the Budget announcement are outlined below:
National living wage
From 6 April 2022, the national living wage will increase to £9.50 (currently £8.91), providing an annual pay-rise of over £1,000.
National Insurance increase
As announced in September, a new health and social care levy of 1.25% will apply from April 2023 on earnings for employees, the self-employed and employers.
An interim increase in NIC of 1.25% will apply from April 2022 to the main and higher rates of employee, employer and self-employed NIC, until the new levy is introduced. Income from property and pensions will be exempt from this additional levy.
Dividends
The income tax rates on dividend income for individuals are to increase from 6 April 2022.
Capital Gains Tax
Currently an individual has 30 days from the date of the disposal of UK land or buildings to submit their Capital Gains Tax return and associated payment on account, however for disposals that complete from 27 October 2021 onwards this timeframe to submit and pay has been extended to 60 days.
Corporation tax
The increased rate of corporation tax from 1 April 2023 of 25% will remain, however the bank surcharge will decrease from 8% to 3%, resulting in banks being liable to a higher rate of corporate tax of 28%.
Capital Expenditure
Research and Development
The Research and Development (R&D) tax relief definition is to be expanded to also include cloud computing and data costs incurred for qualifying R&D purposes. Due to the quantum of overseas R&D expenditure included in the claims, it appears there will be also be a limitation on costs incurred from 1 April 2023 whereby only domestic costs should be included in R&D tax relief claims (further detail is to be released).
Residential Property Developer Tax
The new Residential Property Developer Tax (RPDT) is to apply from 1 April 2022 at a rate of 4%, with a group allowance annually of £25 million for property development profits. The calculation of profits for this tax will exclude other trading profits, interest and relief for losses or capital expenditure.
NI Margin Scheme
Under the Northern Ireland Protocol, the VAT margin scheme is not available for sales of motor vehicles in NI if they were purchased in GB. Motor vehicles first registered in the United Kingdom prior to 1 January 2021 will be able to be sold under interim regime announced which allows for the VAT margin scheme to operate in NI. announced. This interim regime is expected to be replaced by the Second-hand Motor Vehicle Export Refund Scheme in due course.
Alan Gourley provides a summary of all key tax changes from the Autumn Budget 2022.
Andrew Webb gives commentary on the economic impact of the Autumn Budget 2022.
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