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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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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.
Don't ignore Inheritance Tax
13 Dec 2016In the same way that turkeys might avoid thinking about Christmas, there is a tendency for individuals to avoid thinking about Inheritance Tax (IHT) and the inevitable circumstances that make it relevant.
However, individuals ought to make themselves aware of a number of changes to IHT announced over the past 18 months that have significant impact on the Inheritance Tax regime, and the potential for effective IHT planning that they create.
The changes include introduction of the new main residence nil rate band, effective from April 2017, and follow the Conservative party pledge in 2015 to remove the family home from IHT by increasing the threshold to £1m as part of its then election manifesto.
Burden for families
The new residence allowance is good news for most and should help reduce the IHT burden for families, particularly as IHT payable on estates has increased by an average of 12% year on year since 2009/10. This was primarily due to rising asset values (Source: Office of National Statistics).
Currently, IHT is payable at 40% on the estate value above the IHT tax free threshold of £325,000 after deducting liabilities, reliefs or exemptions. In 2017/18 an enhanced allowance will start at £100,000 and increase by £25,000 each year until it reaches £175,000 in 2020/21. This is in addition to the existing £325,000 nil rate band. By 2020/21 married couples can potentially pass assets in an estate up to £1m without paying IHT. Whilst this sounds like good news it won’t apply to everyone.
If an individual owns more than one residential property the executors can elect which property qualifies for a new residence allowance. This only applies to one residential property in the estate at death occupied as the individual’s residence at some stage. The qualifying residence must pass on death to a direct descendant (children, grandchildren, step-child, adopted or foster child).
Where an individual’s estate exceeds £2m the residence allowance is restricted by £1 for every £2 that exceeds the £2m limit. The value of the estate for determining the £2m limit is before exemptions and reliefs such as Business Property Relief (BPR). Therefore, individuals with valuable assets qualifying for BPR may find that they will not qualify for the enhanced residence nil rate band due to tapering.
The unused residence band on the first death can be transferred to a surviving spouse/civil partner. This will also be the case if the first death took place before 6 April 2017 and irrespective of whether the deceased owned a residential property on death pre April 2017. Special provisions apply where an individual downsizes or sells their home after 8 July 2015. In general the residence band should be available on death providing the replacement property or assets form part of the estate and pass to direct descendants.
In conclusion individuals should review assets in their estate including existing wills to plan and take account of their changing circumstances together with new legislative changes.