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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.
Changes are Coming – Research & Development (R&D) Cap Introduced
21 May 2019HMRC has identified and prevented £300m of fraudulent SME tax credit claims, and, as a result, have announced proposed big changes to the R&D scheme for some. Companies that will be adversely affected by these proposed changes have only days to voice their concerns before the consultation period closes.
Claimants with large subcontractor costs and low PAYE or NIC costs could see claims reduced significantly. The 2018 budget announced changes, which are intended to prevent abuse of the R&D small or medium sized enterprise (SME) scheme.
The changes being introduced are as a result of HMRC identifying companies that were set-up to claim cash credits even though they had no R&D activity. Structures were also being set-up to claim tax credits despite having no employment or activity in the UK.
In order to deter abuse, the government announced a cap on the amount of payable tax credits, which can be received by a qualifying loss-making company. From April 2020, the amount of tax credits a loss-making company can receive in any year through the SME scheme will be capped at three times the company’s total PAYE and NIC (for both employers and employees).
Unfortunately, some companies with genuine R&D activity will be adversely affected by the planned cap introduction. Companies which subcontract large amounts of their R&D activity and have low PAYE and NIC costs, could see their benefit all but wiped out.
For example, a pharmaceutical start-up may have low staff costs but high subcontractor costs as they subcontract their testing to third parties. These companies rely heavily on the cash injection provided by the SME R&D tax credits. Some of these companies may not survive, as it is not possible for them to undertake the testing activities in-house due to the capital investment required.
One way of preparing for the upcoming cap would be to consider the cash extraction position for owner-managed businesses.
In practice, many well-established owner-managed businesses may not have refreshed the cash extraction position for its directors / shareholders.
Many shareholders for owner-managed businesses are predominately extracting cash using dividends, as this was the advice given in the past. However, the tax gap between salary and dividends has reduced. If the shareholder is involved in R&D activities, it may be more tax advantageous to extract cash using a salary, rather than dividends. This is because salary qualifies for R&D tax credits whereas dividends do not. An added advantage to increasing salary and reducing dividends for a loss-making company with qualifying R&D activity is that it will increase your PAYE and NIC, which in turn will reduce the impact of the planned cap.
The government understands that some genuine companies could be affected by these changes. It is the wish of the government to keep the impact on genuine companies to a minimum and have an ongoing consultation period, which closes this week on 24 May 2019. If you are likely to be impacted by these changes, you should raise your concern with your tax adviser or specialist R&D tax credit advisor.