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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.
COVID-19: Accounting for government assistance
19 Jan 2021In response to the COVID-19 pandemic, the government put in place a range of financial support measures. As a business you may be availing of more, or substantially different, government support than in previous years. When preparing this year’s financial statements, you will need to consider how these various support packages should be reflected.
As a starting point, you should consider what grants or schemes your business received, and whether these, or any component thereof, meet the definition of government grants or assistance. Next, you must determine whether recognition criteria is satisfied, i.e. that there is reasonable assurance your business will comply with the attached conditions and that the grants will be received. This requires significant judgement.
In light of the new support measures, your business must revisit, or draft, your accounting policy in relation to assistance received and how it has been reflected in the financial statements. Indeed, there are many decisions to be made in respect of how to incorporate grants into your financial statements, for example, the timing of their recognition. There are various accounting choices (FRS 102) and flexibility in presentation (IFRS) available. The below are examples of how several common government support schemes might, if applicable, be considered in your financial statements.
If your business is availing of business tax relief for 2020/21 this will not constitute a government grant as there is no transfer of resources. However, be mindful that it will represent a form of government assistance for disclosure purposes. If eligible for one-off cash grants to help meet your ongoing business costs, you do not need to satisfy any further performance or other conditions. The grant should be recognised in the income statement once the conditions for entitlement are satisfied and there is reasonable assurance that it will be received.
There are various schemes designed to compensate for staff costs, for example, the Coronavirus Job Retention Scheme, and the scheme to reclaim Statutory Sick Pay. Any amounts your business received from these should be recognised in the income statement over the same period as the costs to which they relate. If you are an FRS 102 reporter you should present the grant income gross. If you are an IFRS reporter you may present the grant income separately in the income statement or net it off the related expense.
If your business accessed loans under the Coronavirus Business Interruption Loan Scheme and if these were issued at a market rate there is likely no government assistance to disclose. However, you must give consideration as to whether any were issued at a non-market rate of interest as it is possible that there might be government assistance in the form of a lower rate of interest than would likely have been payable in the absence of the government guarantee. Your accounting responsibilities for interest payments or lender-levied fees covered by the government would be similar to the Job Retention Scheme.
This year more than any, it is important to ensure that all levels of support and subsidy are reviewed in advance of filing any returns to ascertain if there is a reporting requirement.
