-
Brexit Advisory
Our Brexit Advisory team offer insight and guidance surrounding impacts and opportunities that Brexit has created for organisations.
-
Corporate Finance
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.
-
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.
-
eDiscovery
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 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.
Talk of a customs union is growing - but what does it mean?
What is a Customs Union?
A customs union involves a group of countries agreeing to charge the same import duties as each other and usually to allow free trade between themselves.
This means that within the customs union there are no tariffs on goods and that each country agrees to treat imports from outside the union in the same way – eg imposing the same tariffs to outsiders (also known as the Common External Tariff).
The difference between ‘a’ and ‘the’ Customs Union
When MPs discuss the options some want to be part of ‘the’ customs union while others want ‘a’ customs union – what’s the difference?
Essentially the difference is the range and depth of co-operation that exists in terms of trading goods.
‘The’ customs union (eg UK as a member of EU): Goods originating from within the EU, or those that have cleared customs and have had their taxes paid, can move freely across the EU customs union, without additional checks or documents (eg customs entries).
There is a Common External Tariff, meaning all members treat imports from outside the union (3rd countries) the same. Negotiations on trade deals with 3rd countries take place as a single trading bloc – the EU negotiates deals, not individual members, though all are involved. The extent to which the UK could be involved in these negotiations post-Brexit is up for debate, but leaving the European Union is likely to reduce UK influence.
‘A’ customs union (eg Turkey) – Goods in free circulation or originating from within the group can move without tariffs between members. Customs declarations and documentary evidence that goods qualify are required.
There is also a Common External Tariff that must be applied. However, Turkey is not involved in its negotiation. In addition, Turkey must abide by the outcome of new EU trade deals and give tariff free access to its domestic market to countries the EU reaches agreement with, but it does not get guaranteed reciprocal access. In this scenario the UK could ask individual countries to apply the EU’s existing FTAs to the UK – however the UK has had limited success in these negotiations to date.
What’s covered and what is not?
The customs union covers:
- Tariffs– ensuring there are no tariffs between member states.
- Reduced customs declarations– reducing paperwork such as proof of origin documentation.
It does not cover:
- Services– a customs union is about goods only and has no provisions for services.
- Regulatory barriers– while a customs union would allow a UK product (eg a bicycle) to enter the EU tariff free, it would not guarantee that it would not need to pass other tests, eg safety standards.
Will it provide frictionless trade?
On its own – no.
Custom unions can streamline border checks, but they do not eliminate them. For frictionless trade regulatory harmonisation is required.
The more closely the UK follows EU regulations, the more frictionless trade becomes.
What does it all mean for your business?
Even if we join ‘the’ customs union, there would still need to be regulatory checks at the border unless we align closely to EU regulations. For goods being exported from the UK to the EU, exporters will need to have evidence that the product can enter free circulation within the EU (i.e. proof that it meets all EU market requirements).
The table below summarises some of the options being discussed and their respective implications:
Regardless of what the final Brexit agreement is on customs, organisations can take steps to prepare for any Brexit eventuality:
- Ensure your customs processes and operations are efficient and working correctly. Review existing customs and VAT procedures, documentation, systems and master data (including commodity codes) through your supply chain. For example, are you classifying goods correctly?
- Explore trusted trader accreditation such as Authorised Economic Operator (AEO) status as a potential way to avoid any additional border checks. Whilst AEO does not do away with customs declarations, it does reduce border checks on goods, making logistics faster and more efficient, and can also reduce guarantees payable to HMRC if you make use of tariff reliefs or operate a bonded warehouse.
- Communicate with key suppliers and customers about the impact of potential new arrangements and consider how operations can be adjusted to mitigate against potential friction.
The issues around a customs union proposal are complex and do not seem to be completely understood by MPs. The key point for business is that trade may not be as frictionless as it is at present if we join “a customs union”.
Customs declarations and formalities might still be required and there might need to be border checks.
