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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.
Let me have some tax relief
15 Jan 2019As the Self-Assessment deadline of 31 January is fast approaching, it is worth a reminder of the requirement to submit a tax return for any income and / or gains you’ve made from properties.
Many individuals and companies hold property for investment purposes, hoping for a capital gain in the long-term, whilst benefitting from rental income in the short-term. Recent research indicated that Northern Ireland house prices were the strongest performing in the UK with house prices in the fourth quarter of 2018 up by 5.8% annually to reach £139,599. Furthermore, the growth in popularity of holiday rentals like Airbnb may lead to property owners with potential taxable rental income.
However, recent tax changes including the 3% stamp duty surcharge on second homes and new interest relief restrictions have affected the profitability of the buy-to-let market, leading to some smaller landlords exiting the market and others passing on the increased costs in the form of higher rents. The new interest restriction rules which apply from 2017/18 for residential properties, may push some taxpayers into the higher rate tax bracket.
It should be noted that there is a £1,000 property allowance, which means that rental income below this level does not require to be declared in a tax return.
Furthermore, rental income from a room rented in a taxpayer’s main residence does not require to be declared in a tax return, if it is less than £7,500 per annum.
Landlords can reduce their rental income by off-setting related property expenses. Most expenses will be deductible provided they are not in relation to new ‘capital’ assets such as kitchen units and furniture. Costs of replacing these items should, however, be deductible. Repairs to the property should be treated as deductible except for the costs of significant improvements.
It is important to note that non-resident landlords, both individuals and companies, have to pay tax on rental income from property located in the UK.
If a UK property has been sold or gifted during the year, capital gains tax may be payable on any profit made on the disposal. However, there is generally no tax due on the sale of a UK taxpayer’s main home.
In summary, individuals or companies in receipt of income from rental or sale of property should consider whether a tax return is required and if it is, take action to submit a return before the Self-Assessment deadline of 31 January 2019.
HMRC have a ‘Let Property Campaign’ to encourage those with outstanding filing obligations to make a voluntary disclosure, thereby securing lesser penalties than if HMRC discover the obligation independently.
