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Brexit Advisory
Our Brexit Advisory team offer insight and guidance surrounding impacts and opportunities that Brexit has created for organisations.
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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.
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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.
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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.
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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.
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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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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.
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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.
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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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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.
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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.
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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.
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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.
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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.
Spring Budget 2021
Spring Budget 2021 Webinar
Despite having delivered countless announcements throughout 2020, due to the changing environment caused by the Coronavirus pandemic, today’s Budget marked only the second time that Rishi Sunak has brought the famous red box to Parliament. Set against the context of over £280bn of Government support and the largest deficit in peacetime history, the threat of tax increases loomed large.
After all the hype and trailed initiatives the wraps finally came off the UK Budget which the Chancellor used to re-confirm a ‘whatever it takes’ approach to support the economy through the coronavirus pandemic. This Budget aimed to steer between three core themes – protecting jobs and livelihoods, strengthening the public finances and building an investment-led recovery. There was no masking that the pandemic has wreaked havoc on the economy and while growth is forecast to return strongly this year and next, the OBR forecast now expect the economy to be 3% smaller in five years’ time than it would have been without the pandemic disruptions.
With the focus firmly shifting to how the economy emerges from the pandemic, a suite of measures were announced that seek to address the Chancellor’s desires to reduce government borrowing and to address long standing challenges that have dogged the UK’s competitiveness. It was encouraging to see that the ‘productivity puzzle’ hasn’t been forgotten and initiatives around capital investment and training announced to tackle the post Covid-19 scenario.
Key highlights include:
Northern Ireland
The Chancellor announced a £65 billion spending package to assist in recovery from the pandemic, the Northern Ireland Executive has received £410 million, based on the Barnett formula.
Extension of Covid-19 Measures
The furlough scheme has been extended to 30 September 2021 with Employer’s being required to contribute 10% in July, increasing to 20% in August and September.
There will also be an additional two Self-Employed Income Support Scheme grants made available, calculated based on 80% of three months’ average trading profits. There will be some restrictions where turnover has fallen by less than 30%, grants will be limited to 30%. In addition, a new Recovery Loan Scheme will be available until the end of the year, with businesses able to apply for loans between £25k - £10m and have government guarantees up to 80%.
Stamp Duty Land Tax
The Stamp Duty Land Tax ‘holiday’ for residential properties purchased under £500k has been extended to transactions completed on or before 30 June 2021. This £Nil threshold will then reduce to £250k for a further 3 months before reverting to the normal £125K again from 1 October 2021.
VAT
The reduced VAT rate of 5% for the hospitality and tourism sector has been extended to 30 September 2021, following which it will increase to 12.5% for a further 6 months before reverting to the standard rate from 1 April 2022.
Employees
The personal allowance and higher rate tax band will rise as planned to £12,570 and £50,270 respectively from April 2021, however will then be frozen at those levels until April 2026. In effect, a ‘stealth income tax rise’.
Duties
Duties have been frozen for wine, spirits, beer, cider and also fuel.
Corporation Tax
The rate of corporation tax from 1 April 2023 will increase to 25% for companies generating taxable profits of more than £250k. The current 19% tax will continue to apply to ‘small’ companies with profits less than £50k, with a ‘taper relief rate’ for those companies with profits between the new thresholds.
Capital Expenditure
The new super-deduction will allow companies investing in qualifying plant and machinery to claim a 130% capital allowance deduction when calculating profits chargeable to corporation tax. There will also be a 50% first-year allowance for qualifying special rate (including long life) assets for purchases from 1 April 2021 to 31 March 2023.
Business Loss Carry-Back
The loss carry-back rules will temporarily be extended for both incorporated and unincorporated businesses that have incurred losses between 1 April 2020 and 31 March 2022, such that losses up to £2m per annum will be available to be offset against the previous three years’ taxable profits, resulting in tax repayments from HMRC.
Withholding Tax
From 1 June 2021, payments of interest and royalties to connected companies resident in EU Member States will become liable to UK withholding tax at a rate of 20%, however may be reduced based on the rates outlined in the specific double tax treaty.
R&D
A new cap will be introduced from April 2021 to prevent the abuse of Research and Development (R&D) tax relief for small and medium sized enterprises (SMEs). This will limit the amount of payable R&D tax credit in any one year to £20,000 plus three times the company’s total PAYE and NICs liability for the period.
