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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.
Managing trade and VAT in Northern Ireland
08 Aug 2017The impact of Brexit on Customs and VAT regulations is likely to remain unknown for some time. For the many Northern Irish businesses that may need to prepare for changes in how imports and exports with other EU countries are taxed, it is perhaps timely to summarise the current arrangements that apply to goods imported to and exported from the UK.
The VAT rules applied by Northern Irish businesses to imports and exports differs between countries within the EU and countries outside the EU. Understanding these rules can help your business run smoothly, improve cash flow and avoid penalties.
Import VAT is applied on goods imported directly into the UK from outside the EU and is payable when goods are declared to Customs. Import VAT is payable on all imports at the same rate that would apply if the product was purchased in the UK. A VAT registered business can recover the import VAT paid on their UK VAT return although there is often a delay between paying and recovering the import VAT. The importer is also required to retain commercial and official evidence relating to the import.
Customs Duty is also payable upon importation and is an absolute cost to the business as it is not recoverable, although in practice this cost may be passed onto the customer. The rate of Customs Duty payable depends on the goods being imported. It is the uncertainty over the rates of the Duty that will be applied following Brexit that is currently causing ambiguity or concern. No VAT is chargeable on the export of goods outside the EU. Similarly to the rules for imports, it is necessary to keep commercial and official evidence on the exported goods to support the VAT that is applied. Customs Duty is usually payable on the importation of the goods which has the effect of increasing the cost.
A Northern Irish business that purchases goods from EU suppliers is generally not charged local VAT by the supplier, but may be required to self-account for UK VAT on the value of the goods under a specific EU procedure. This VAT is usually recoverable by the business through its UK VAT return where the relevant conditions are met. This procedure means there is no adverse cash flow impact as there is in the case of imports
The VAT treatment for the supply of goods to customers in another EU country, including sales to Ireland, depends on the type of customer. A sale of goods to a business customer in another EU country may be zero rated for VAT purposes provided certain conditions are met.
For retail sales to private customers in another EU country a business can continue to charge UK VAT. However, businesses should be aware of special rules that may require the business to register in the EU country to which the goods are supplied, which can create additional complexity and be administratively burdensome.
Local businesses should consider the impact of Brexit where the free movement of goods and the cash flow benefits of the current arrangements may be lost.