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 e-discovery services in the country and have been for years. Our incident response team managed the electronic discovery in the largest e-discovery 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.
Audit and Assurance
Grant Thornton Northern Ireland’s Audit and assurance team are experienced advisors providing an audit that is efficient and provides assurance through our partner driven approach
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.
Research and Development (‘R&D’)
The Chancellor has outlined a reduction in the benefit of R&D tax relief as part of a strategy to tackle an increase in fraudulent claims by SME’s. The SME regime will now provide an additional deduction of 86%, down by approximately one third from the original 130%.
The opportunity to surrender R&D losses for a cash payment has received a similar cut, reducing from 14.5% to 10%. The headline result may appear worse than the reality, as Corporation Tax rates are increasing to 25%, meaning the net benefit for profitable businesses may only be reduced by 14%.
Conversely, the large company R&D scheme, otherwise known as R&D Expenditure Credit (‘RDEC’), received a boost with the headline rate going from 13% to 20%. Due to the mechanics of this scheme (effectively a grant which is taxed), it was expected that the benefit would reduce in value as the headline Corporation Tax rate increased. However, these changes mean the effective rate of benefit on qualifying expenditure will increase from 10.53% to 15%, a significant improvement.
Following the announcement in Septembers ‘Mini-Budget’ that Annual Investment Allowance, which was due to reduce to £200k from April 2023, would remain permanently at £1m, coupled with the expectation that this allowance would cover the investment expenditure of most of the UK's businesses, it is not surprising the Capital Allowances was not a main feature of the Autumn Statement.
The Chancellor did announce that the Spring Finance Bill 2023 will extend the 100% First Year Allowance for electric vehicle charge points to 2025.
Employers National Insurance Contributions (‘NIC’) and Employment Allowance
The current employers NIC threshold, at which employers start to pay Class 1 Secondary NICs, is to be frozen at £9.1k until 2028.
In addition, the Employment Allowance, which was previously increased from £4k in April 2022, will be retained at £5k until March 2026. This allowance reduces the annual national insurance liability of many companies by up to £5k and means that 40% of businesses do not pay NIC’s while the largest employers contribute the most.
Global minimum Corporation Tax rate
The Government will also implement rules for a global minimum Corporation Tax rate of 15%, for accounting periods beginning on or after 31 December 2023. The rules will apply to large businesses operating in the UK with global revenues over €750m. This legislation will require large UK headquartered multinational groups to pay a top-up tax where their foreign operations have an effective tax rate of less than 15%.
It is estimated that these measures will generate revenues of c£8.9bn by 2027/28.
Transfer Pricing Documentation
From April 2023, the UK will adopt the recommendation of the Organisation for Economic Co-operation and Development’s Base Erosion and Profit Shifting project which requires large Multinational Enterprises operating in the UK to follow a standardised approach to transfer pricing documentation, being Master File and Local File requirements.
The announcement, which will be legislated for in the Spring Finance Bill 2023, should give businesses certainty on the appropriate documentation they need to keep and enable HMRC to effectively identify risks and conduct transfer pricing investigations more efficiently.
The VAT registration threshold of £85k and the VAT deregistration threshold of £83k have been frozen until March 2026.
A suspension for two years of tariffs on over 100 goods for imports from outside the EU has also been introduced. The suspension will cover a range of products from ingredients used by food producers to aluminium frames used by bicycle manufacturers.
Online Sales Tax
It has been confirmed that the UK will not introduce an Online Sales Tax due to concerns raised about its potential complexity and the risk of creating unintended distortion or unfair outcomes between different business models.
It was announced in September under Liz Truss’ government that new ‘Investment Zones’ were to be established to encourage investment in specific areas of the UK. The aim of the zones were to drive fast levels of growth by reducing taxes and removing some of the frustrations of planning frameworks.
The Autumn Statement has announced that the Government will refocus the Investment Zones programme to “the highest potential knowledge-intensive growth clusters”. Further announcements have been promised in relation to this prior to the Spring Budget.
Energy Profits Levy
As widely predicted, the Chancellor has announced a temporary increase in the rate of the Energy Profits Levy. Between 1 January 2023 and 31 March 2028 the windfall tax rate will increase from 25% to 35%.
A reduction in the investment allowance from 80% to 29% has also been introduced alongside a new decarbonisation allowance, set at 80% for upstream decarbonisation expenditure from 1 January 2023.
It is estimated that the changes to the Energy Profits Levy will raise c£4.6bn to the end of 23/24.
Electricity Generator Levy
A new Electricity Generator Levy has been announced. This levy is a 45% tax on extraordinary revenues of certain renewable, nuclear and biomass electricity generators.
This measure will be effective from 1 January 2023 to 31 March 2028 and, as a big earner in the Autumn Statement, is expected to generate c£5.1bn by 2023/24.
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