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Corporate Finance and Deal Advisory
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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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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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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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.
The UK Government has made changes to the corporation tax loss relief rules in order to modernise the regime and increase flexibility over the profits that, future carried forward losses can be relieved against.
These new rules are effective for accounting periods ending on or after 1 April 2017, with transitional arrangements for those accounting periods straddling that date.
However, whilst intended to ‘simplify and modernise the tax regime’ the new rules are complicated and may require groups of companies to consider modelling the potential impacts, alongside the new rules limiting interest deductibility, (which also apply from 1 April 2017).
The two key changes to the rules are:
- losses arising from 1 April 2017 may be carried forward and set against taxable profits of different activities generated by both the loss-making company and any fellow group members; and
- the annual profits relieved by brought forward losses will be limited to 50%, to the extent that those profits exceed an allowance of £5 million per group.
The changes to these rules should be a positive change for many companies and unincorporated associations in Northern Ireland. The flexibility over how losses are utilised, should provide a benefit to a large number of companies, (predominantly those with profits of less than £5 million, which is relevant to a significant majority of businesses operating in Northern Ireland).
Whilst the rules for pre-April 2017 trading losses will not be relaxed, companies will have the flexibility to choose whether or not to use pre-April 2017 trading losses before other available losses.
One other significant change is that Terminal Loss Relief will be extended to permit a company’s carried forward trading losses to be used to offset its profits of the 36 months prior to cessation (but not profits before 1 April 2017) without applying the 50% restriction.
As with any change to the tax rules the UK government have also introduced various anti-avoidance provisions. These include that:
- groups buying a loss making company cannot access its pre-acquisition losses for a period of 5 years;
- the change in ownership rules will be extended to catch changes made in the 5 years after acquisition; and
- when a company has disposed of all its income-producing assets, it can no longer surrender its carry forward losses.
The above update on these new rules is only a brief summary of some of the key points that will be implemented by the new legislation. It is important that the detailed rules are considered before establishing if a company qualifies for relief under the new corporate tax loss rules. Specialist corporate tax advice should be taken.