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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.
Contingency planning now, could save your business tomorrow
15 Aug 2017It’s time to face facts, the Northern Ireland (NI) economy is at a crossroads. The key drivers that dictate whether our economy stagnates or grows have never been so volatile. Even prior to the results of the Brexit referendum the NI economy was not on solid ground. It was heavily unbalanced, with far too much reliance on our crippled public sector and unsustainable consumer borrowing.
So what are the challenges facing businesses in NI as a result?
NI businesses have had a tough 10 years. Many have struggled over this period, simply keeping their heads above water being their primary objective. Typically these business are servicing pre-2007 bank debt in an interest only capacity. Record low interest rates have allowed this to occur for such a prolonged period. Should interest rates rise to normalised levels (the Bank of England base rate, and predecessors in name, averaged 4.6% since 1990), these businesses will likely be unable to meet their new interest repayment requirements and thus default on their loans. This will lead to an increase in NI businesses entering insolvency processes.
In addition, consumer borrowing is not sustainable. Recent statistics showed an average household in NI owes £13,000 of unsecured debt. This is unsustainable for an economy where the average salary is £18,000. This growth in consumer borrowing has been fuelled by the availability of cheap credit, driven by record low interest rates. If interest rates rise, so will monthly repayment levels and consumers will have less disposable income available to spend in NI businesses.
Another key challenge will be our border in a post-Brexit world. Our future trade relationships with Europe will be key for NI businesses. The vast majority of NI businesses have some trade with the Republic of Ireland (RoI) or wider Europe. Our importers have seen costs rise by at least 10% post referendum – when margins are already tight this additional cost can be crippling. Yes our exporters have benefited from the weakness of Sterling and are now 10% more attractive from a cost point of view to their customers; however, this is with a tariff free border. How sustainable would this advantage be if customs controls and border tariffs are introduced?
The final contributing factor to the challenges of Brexit is the dysfunctional political environment within NI. Now more than ever NI businesses need a local voice, a body with the legislative authority to lobby for what NI businesses need, especially given our unique position of having a land border with the RoI.
It is a cliché, but the only thing NI businesses can be certain of over the next few years will be uncertainty, therefore now is the time for NI businesses to act. They need to prepare for the above eventualities, take an honest and hard look at their business model and consider what they need to do to survive over the next few years. Contingency planning now, could save your business tomorrow.