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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.
How to unlock up to £2million tax relief
19 Feb 2019It is not often that we feel we are getting something for nothing, but with the introduction of an increase in Annual Investment Allowance, it almost seems that we are nearly there. The Annual Investment Allowance (AIA) is the tax relief a company gets when it makes a capital investment. In 2018, if a company made a significant investment in plant and machinery, up to £200,000 was deducted from taxable profit when calculating the tax charge. In the recent Autumn Budget, this allowance was increased to £1m for a period for 2 years.
So what does this mean? In simple terms, it means, that for the tax year ending 31 December 2019, up to £1m of capital expenditure can be deducted from taxable profit. For example, putting this in money terms, if a company spent £1,500,000 on plant and machinery, £1,000,000 would be deducted from the company’s taxable profit when calculating the tax charge. To illustrate this, let’s say the company’s taxable profit is £4,000,000 which would result in tax charge of £760,000 (based on tax rate of 19%). With the new allowance, the company’s taxable profit would be £3,000,000 (£4,000,000 less allowance of £1,000,000) which would result in a tax charge of £570,000, a saving of £190,000. This represents a significant tax saving and if your company needs to replace plant and machinery, now is certainly the time, as there is a direct cash flow saving.
An added benefit is that AIA can be claimed on capital equipment financed under Hire Purchase contracts for the full amount during the period the contract is entered into. This is a great advantage for those businesses that are unable to commit to large amounts of capital investment from their own cash available. The savings in year 1 and year 2 will go a long way to paying the finance on the equipment!
However, the benefit does have a time limit….the allowance has been given a time frame of 2 years so it will be applicable for tax years ending 31 December 2019 and 31 December 2020. Furthermore, if your accounting year straddles the tax year, the allowance will be time apportioned, therefore timing of the capital investment is very important in order to maximise the benefit to the company. Planning is everything, not just on timing of your capital expenditure but also to ensure that the capital expenditure does qualify. Your tax advisor will be able to help you with this, so if you have capital investment on the horizon, now is the time to contact them.