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Economic Advisory
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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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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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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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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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Global Mobility Services
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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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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.
Key personal tax related announcements introduced in the 2015 Summer Budget.
Key points
- changes in dividends tax rates and a new tax free allowance for dividends income with effect from 6 April 2016;
- a new restriction from 6 April 2016 on pensions tax relief for individuals with incomes above £150,000;
- a new Nil Rate Band (NRB) for main residence transfers to direct descendants on death in relation to deaths after 6 April 2017;
- restriction of relief on finance costs for landlords who let residential property from 6 April 2016;
- reforms to non-domicile tax rules from 6 April 2017;
- consultation on enhancing information reporting requirement to HMRC for wealthy individuals and trustees; and
- an increase in personal allowance to £11,000 from 6April 2016.
Main residence Nil Rate Band (NRB)
The Chancellor announced an additional NRB for main residences of £100,000 for 2017/18, increasing to £175,000 in 2020/21. This will apply on deaths from 6 April 2017. This new NRB will be transferable between spouses or civil partners and will only apply to transfers to direct descendants. The value of the NRB will be restricted to the net value of the interest in the residential property. There will also be a tapered withdrawal of the NRB for estates with a net value of more than £2 million.
Restriction on pension’s tax relief
A new restriction on pension’s tax relief for individuals with incomes above £150,000 (taking into account pension contributions) will apply from 6 April 2016. This new restriction will taper the annual allowance for these individuals to a minimum of £10,000. The government will also consult on undertaking a wider reform of the tax regime for pensions.
Changes to dividends tax
A surprise announcement was the abolition of the dividend tax credit coupled with the introduction of a £5,000 tax free allowance for dividend income. The change will take effect from April 2016. Thereafter tax will be levied on dividends received in excess of £5,000 at rates of 7.5%, 32.5% or 38.1% depending on the taxpayer’s marginal rate. Dividends paid within pensions and ISAs remain tax free.
Restriction on relief for landlords
Relief will be restricted on finance costs for landlords who let residential property. The relief is currently at their marginal rate of tax but this will be reduced to the basic rate, being phased in over four years starting from April 2017. The existing wear and tear allowance for furnished let property is also to be replaced from April 2016 with relief based on actual costs. In addition as from April 2016, rent a room relief will be increased from £4,250 to £7,500 to simplify administration and reduce the tax burden of renting a room within a landlord’s house.
Reforms to non-domicile tax rules
From 6 April 2017, those who have been resident in the UK for more than fifteen out of the past twenty tax years will be treated as deemed domicile for all tax purposes.
This will mean that they will no longer be able to use the remittance basis and they will also be deemed domiciled for inheritance tax purposes. In addition, those who had a domicile in the UK at the date of their birth will revert to having a UK domicile for tax purposes whenever they are resident in the UK, even if under general law they have acquired a domicile in another country.
The government will also have a consultation on amending the rules regarding excluded property so that trusts or individuals owning UK residential property through an offshore company, partnership or other opaque vehicle, will pay Inheritance Tax (IHT) on the value of such UK property in the same way as UK domiciled individuals. The new rules will be introduced as of 6 April 2017.
Enhancing information reporting requirements to HMRC for wealthy individuals and trustees
The government will continue to clamp down on tax avoidance, planning and evasion by increasing resources for HMRC, and in addition, is consulting on introducing legislation to allow HMRC to make regulations to impose customer notification obligations on financial institutions, tax advisers and other professionals. This may include obligations to notify customers or clients of certain pieces of information relating to information HMRC itself will receive under international agreements to improve tax compliance, the law relating to offshore tax evasion and associated criminal and civil penalties, and opportunities that HMRC will make available to individuals to disclose their tax affairs.
An increase in personal allowance
The tax-free personal allowance will be increased from £10,600 in 2015/16 to £11,000 from 6 April 2016.
