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Business Risk Services
Our Business Risk Services team deliver practical and pragmatic solutions that support clients in growing and protecting the inherent value of their businesses.
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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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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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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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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 Ireland 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.
We are now in the era of the 25% rate of CT for companies with taxable profits in excess of £250,000.
The £250,000 taxable profits limit is however reduced depending on the number of associated companies and this will pull more companies within the scope of the 25% rate. For example, a company with three associated companies would fall into the 25% CT rate where its taxable profits exceed £62,500 (being £250,000 divided by four), significantly reducing the level of taxable profits to which the lower rate (19%) of CT applies.
The increased rate comes with a number of challenges including cashflow required to settle increased CT liabilities. Whilst companies may have sufficient assets to meet the additional liabilities, it is important to realise that these assets aren’t always immediately accessible and as such, companies need to consider future cash flow early to ensure the required cash is readily available.
On top of the additional funds needed to meet the increased liabilities, another key consideration for companies should be the increasing rate of interest charged by HM Revenue and Customs (“HMRC”) for late or underpaid CT liabilities.
Since 7 January 2022, HMRC have increased the rate of interest charged on late or underpaid CT thirteen times, rising from 2.75% to 7.75% per annum for payments due 9 months and 1 day after the end of the accounting period. In the same period, interest rates on late or underpaid CT for companies who pay via quarterly instalment payments (“QIPs”) has risen from 1.5% to 6.25%, representing a significant additional expense to companies where payments are based on estimates.
With these increased rates of interest, it has become increasingly important for projections to be as accurate as possible to mitigate any potential late interest charges accruing on underpaid liabilities.
Whilst the risk might not be overly high for companies who pay their liabilities via a single payment, for those companies who pay via QIPs, particularly those within the super QIPs regime, the potential additional costs can be significant.
For example, a company within the super QIPs regime with a year-end of 31 December 2024 would be due make their first instalment payment on 14 March 2024, over nine months before the end of the accounting period. As such, liabilities are calculated on best estimates available at that time and these figures could be markedly different from the final liability, resulting in significant late interest charges.
Therefore, when businesses are preparing budgets and forecasts for the purposes of estimating CT liabilities, they should take into account the potential additional costs of underpaid interest charges and ensure the required cashflow is available to make the payments.
Furthermore, companies may wish to consider making an overpayment to HMRC on forecasted figures to reduce the risk of underpaid interest charges, as any overpayment would attract repayment interest from HMRC at a rate of 4.25%.
Our team of tax experts can provide assistance to ensure that CT liabilities are estimated as accurately as possible thereby reducing the risk of significant underpaid interest charges.