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.
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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.
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...
Now that the 2023/24 tax year has ended, your business may be required to comply with various end-of-year employer reporting obligations. To support you in this regard, we have compiled below a summary of these obligations. If you wish to speak with an expert or have any questions, please contact one of our employment tax specialists listed below.
Contents
P11D / P11D(b)
P11D / P11D(b) are required to report employee benefits in kind (e.g. company cars, private medical insurance, etc)
Outstanding director current accounts (which can give rise to a “beneficial loan” BIK)
6 July 2024
PAYE Settlement Agreement (“PSA”)
PAYE Settlement Agreement (“PSA”) are required to settle the tax and NIC associated with certain employee benefits and expenses (e.g. staff gifts)
Staff entertaining, e.g. employee lunches, drinks etc (these costs are often taxable benefits)
5 July 2024 to apply for a new PSA
22 Oct 2024 to pay the tax/NIC
Short term business visitor agreement (“STBVA”) report
A STBVA is an agreement with HMRC to relax PAYE withholding on remuneration paid to non-UK employees carrying out duties in the UK. The annual report provides HMRC with relevant information of such activity in the tax year.
If employers have employees outside the UK, occasionally carrying out duties in the UK, and don’t have a STBVA, UK PAYE will usually be payable
31 May 2024
Employee share plan return
Employee share plan returns are required to report to HMRC any employee share plan activity (e.g. grants of share options, exercises of share options, transfers/issues of shares or loan notes to employees/directors etc)
One-off acquisitions of securities by employees/directors are also reportable (they don’t need to form part of a wider “plan”)
6 July 2024
Appendix 5 Year End Reporting
Appendix 5 arrangements enable real time relief for foreign taxes to be claimed in the UK payroll. All employers that operate such an arrangement are required to report final details of foreign taxes deducted and paid.
Employers should have included any net UK tax deducted on their employees Full Payment Submissions throughout the year and any errors should have been corrected before the end of the tax year.
As soon as possible after end of tax year
Internationally mobile employee self assessment tax returns
If you have internationally mobile employees, it is likely that self assessment tax returns may be required (both in the UK and elsewhere). The employees residency position should also be reviewed.
The social security position is often overlooked – it is important to review and understand any potential exemptions
31 Jan 2025, but important to start earlier and establish residency position
In addition, below are a few other important matters to keep in mind going forward:
Subject area
What is changing
Things to consider
National Minimum Wage
For over 21s, the hourly rate is £11.44 (from 1 April 2024)
Employers need to be careful if they are operating any salary sacrifice schemes
Payrolling of benefits
HMRC has said compulsory payrolling of benefits will be introduced from 6 April 2026.
Employers may wish to consider the merits of introducing earlier. To start on 6 April 2025 employers need to have registered by 5 April 2025.
Holiday pay
Commission, overtime, bonuses, and allowances should now be included when calculating the appropriate rate of holiday pay for employees.
The look back period is capped at 2 years in GB – no such cap applies in NI.
