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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.
Get your business tax ready
07 Aug 2018In today’s fast-paced world many business owners find themselves so occupied with the day to day running and management of their business that most don’t take time to consider succession planning. The downside of this is that it may lead to unintended consequences that can be detrimental to the survival of the business in the event of illness or sudden death as well as inheritance tax (IHT) implications.
For many business owners your business represents a significant asset in your estate in terms of value. On death IHT is payable at 40% unless the business qualifies for IHT relief known as business property relief (BPR). BPR is a generous relief that reduces the value of an asset when calculating IHT. There are a number of conditions that need to be satisfied for the relief to apply. In general the business must be owned for two years and be wholly or mainly a trading entity. BPR can generate significant IHT savings. For example, a shareholder with shares in an unquoted trading company worth £1m at the date of their death can save IHT of £400,000 if the shares qualify for 100% BPR.
However, with most reliefs there are some traps. There is a misconception that if you own shares in an unquoted trading company for the required period the shares will attract full BPR. This is not necessarily the case. BPR will be restricted if there are investment assets in the business that are not used for business purposes nor required for future use in the business. This will be a question of fact. Typically such assets include shares or securities held for investment purposes, large cash deposits on the company balance sheet or an asset used for the personal benefit of the owner. In such cases only part of the value attributable to the shareholding may qualify for BPR with part subject to IHT at 40%.
Some business activities are excluded from BPR such as companies dealing in stocks and shares, land and buildings, or holding of investments. Whilst your company may have started out as a qualifying trading business it may have evolved over the years such that its activities now largely sway to the investment side meaning BPR could be lost.
Earlier this year The Office of Tax Simplification was tasked with carrying out a review of IHT including the complexities arising from IHT reliefs to identify how the tax system could be simplified. Their report is expected in the autumn with the Chancellor responsible for the actions and changes that may follow.
In the meantime as a business owner you should take action now and review the assets in your estates to understand what IHT reliefs, such as BPR, may apply. This should be kept under review as the nature or structure of your business changes over time to ensure maximum value passes to your heirs