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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.
Borrower’s engaging early with their lender is key during challenging times
31 Mar 2020The chancellor, Rishi Sunak, has announced the introduction of a three-month payment holiday for mortgage customers. This will provide borrowers, who have been financially impacted by COVID-19, with some breathing space. For borrowers in this situation it presents an opportunity to engage with their lenders and ultimately put measures in place to avoid a ‘worry’ becoming a ‘problem’.
Addressing financial difficulty is advisable, and is certainly not something to be ashamed of. Outside of unprecedented situations like COVID-19, people often face financial challenges around various life events, even when they embark on a new career path. When a borrower falls into arrears things can unravel very quickly, and it is likely to have an impact on their credit rating, which will reduce their ability to borrow money in the future. It is also a very unfavourable situation for lenders as it means they need to hold additional capital against the exposure, which reduces their ability to grow their loan book. Lenders will, therefore, welcome early engagement with any borrower who is facing challenges. Borrowers who engage early with their lender are also very likely to have more options available to them than if they delay.
The message is simple - borrowers who are worried about missing mortgage payments in the future or have already missed a payment, you should take the important first step and contact your lender as soon as possible.
This is also the case for those who are interested in applying for the three-month payment holiday. As noted on the government’s ‘Money Advice Service’ website, there will be a fast-track approval process in place for this. For those eligible, it is likely the scheme will reduce or pause the borrower’s monthly mortgage repayment, but it should not be viewed as ‘free money’. The interest and capital that was due during the three-month period will still need to be repaid over the term of the mortgage, and an approach for doing so will need to be agreed with the lender. This means increasing the borrower’s monthly repayment amount following the end of the scheme. Alternatively the lender may consider maintaining the existing monthly repayment amount (subject to interest rates) and extend the term of the mortgage.
Having said this, the precise arrangements for a three-month mortgage holiday will be specific for the borrower, and can only be agreed following a conversation with the lender.
While interest continues to accumulate during three-month mortgage holiday, meaning the borrower will need to pay more in the long-run, it should protect the borrower’s credit rating and provides a window for them to get their finances in order.