-
Corporate Finance and Deal Advisory
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.
-
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.
-
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.
-
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.
-
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
Upper Tribunal confirms VAT incurred on costs of selling a subsidiary is recoverable.
The Upper Tribunal has found in the case of Hotel la Tour, that VAT incurred on professional fees associated with selling a subsidiary to a UK buyer is recoverable. This decision upholds the previous findings of the First Tier Tribunal.
Hotel la Tour needed funds to invest in a new hotel in Milton Keynes. Its directors decided the hotel it operated through a subsidiary in Birmingham had reached the stage where it could not grow any further, so put it up for sale. The intention was to sell the shares, obtain funds to pay off the loan secured against the hotel, and borrow additional funds for the new hotel development. The sale of the shares was completed successfully, and the new owner was allowed to continue to use the Hotel la Tour name for a limited time.
The holding company and its subsidiary were VAT registered together as a VAT group and originally reclaimed the VAT incurred on professional fees, but HMRC rejected the claim, and the dispute proceeded to the First Tier Tribunal. The First Tier Tribunal found in favour the hotel group, saying that the VAT had been incurred for the purposes of the downstream taxable activities of running the new hotel in Milton Keynes. HMRC appealed to the Upper Tribunal. The Upper Tribunal agreed with the First Tier Tribunal, confirming that the input VAT was recoverable.
This judgement was supported by precedent cases in the Court of Justice of the European Union and the Supreme Court, to the effect that a VAT exempt sale of shares to raise funds does not necessarily “break the chain” linking input VAT to taxable business activities where:
- The purpose in fund-raising was to fund its economic activity (to be ascertained from objective evidence).
- The funds are later used for taxable supplies.
- The cost of the services are cost components of downstream activities which are taxable.
Comment:
Similar to the previous decision, the Upper Tribunal decision runs contrary to HMRC’s current policy that input VAT incurred on costs relating to a UK share sale cannot be recovered, due to a “direct and immediate link” to a VAT exempt transaction. The Upper Tribunal found that in certain “fund-raising” scenarios this policy ought not to apply; such that input VAT recovery is possible. This is an important case for businesses that have restricted input VAT claims when costs have been incurred in selling shares in subsidiaries and this confirms the potential for additional claims of input VAT incurred over the last 4 years, in the right circumstances. This decision may also have wider implications where VAT has not been recovered in other fund raising scenarios and these should also be reconsidered.
If you are in this position, we would be delighted to discuss this with you.
-
Aidan Lyons Aidan has rejoined Grant Thornton to lead the Indirect Tax team in Northern Ireland. He started his career working for Big 4 firms in London and the Thames Valley before originally joining Grant Thornton in 2005 and subsequently moving to Northern Ireland in 2010.View Profile