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 eDiscovery services in the country and have been for years. Our incident response team managed the electronic discovery in the largest eDiscovery 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.
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.
On Wednesday 8 March, against a backdrop of considerable uncertainty, Chancellor Phillip Hammond will deliver his first, and last, Spring Budget. In a move previously announced, which will result in there being only “one fiscal event a year”, it is widely predicted that he will leave any significant changes and incentives until his first Autumn Budget.
With the triggering of Article 50 and the beginning of negotiations imminent, the UK looks to a new chapter outside the EU. The government must now turn an eye to boosting the UK’s lagging productivity and proving to the world that the UK is open for business. This will need to be achieved in the context of the government’s commitment to developing an economy that works for everyone.
So what can we expect within Wednesday’s announcements and what impact is it likely to have upon the Northern Ireland economy?
The economic backdrop to this week’s Budget has seen many economists revise their short-term forecasts in the wake of the Brexit vote. The Bank of England have increased their 2017 forecast for the UK from 0.8% in August to 1.4% in November and further again last month to 2%, indicating that the increased forecasts were partly the result of higher spending and investment as announced in the Autumn Statement. Despite these stronger growth forecasts, the Chancellor has already ruled out “huge spending sprees”, reserving such money until the economic effect of Brexit is more certain.
While Northern Ireland has performed robustly in the post-referendum era and equally exceeded initial forecasts, the current forecast from Danske Bank shows our local economy lagging significantly behind with growth of 0.8% forecast for 2017 (less than half that of the UK as a whole).
In seeking to address this productivity gap over the years, a significant amount of work has gone into the devolution of corporation tax. While legislation now exists to facilitate a reduced rate of corporation tax in Northern Ireland, it remains subject to the Executive delivering a sustainable budget. With the current absence of a power sharing government, responsibility rests with the two largest elected parties to form an Executive which can deliver an urgent, sustainable budget to prevent any further delay on the 1 April 2018 commencement date.
Overall, Wednesday’s Budget is widely predicted to be a low key affair with the focus initially on stability for businesses and individuals, while ensuring the UK’s international competitiveness post-Brexit.
One area which is central to this will be funding for our schools, colleges and universities as we seek to be more self-sufficient in developing the skills of a leading economy and in addressing the productivity gap with our international competitors.
Another area is seeking to simplify the UK tax code by giving more power and resource to the Office of Tax Simplification. The UK tax code is now more than 20,000 pages long and is one of the most complex in the world. With so much uncertainty surrounding Brexit, now more than ever, the UK needs to provide business and individuals with the stability and predictability they desire.
Finally, we are also likely to see some announcements on seeking to improve support for R&D in seeking to further enhance the UK’s competitiveness in this regard. Measures could include an increase to the R&D credit available and possible expansion of the definition such that additional phases of development may benefit.
Many of the policies which affect individuals and businesses have already been announced but will only take effect this April.
For individuals these include the increase of the personal allowance to £11,500, the 40% income tax threshold increasing to £45,000, the launch of the Lifetime ISA and the introduction of the new Transferable Main Residence Allowance for IHT purposes.
For businesses these include the introduction of loss reform, corporate interest restrictions, acceleration of quarterly payments for large companies and a reduction in the rate of corporation tax to 19%. While a further reduction to 17% from April 2020 has already been announced, it is unlikely that a further drop will be announced despite calls for this to attract post-Brexit investors.