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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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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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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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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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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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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.
Northern Ireland Corporation Tax Rate
05 Apr 2016Now that the initial fanfare surrounding the Corporation Tax (Northern Ireland) Act has subsided, local businesses are beginning to address the reality that companies with trading activities in Northern Ireland will be taxed at a different rate to competitor companies in the UK.
The initial indications were that Northern Ireland Corporation Tax (NICT) rate will be set at 12.5% and will be available in 2018.
Overall 34,000 companies are expected to benefit, including approximately 26,500 SMEs. However, following the Chancellor’s announcement to reduce the main rate of corporation tax to 17% from 2020, perhaps the Executive will need to consider reducing the NICT rate further to say, 10% to achieve the desired competitive advantage for local business, and Northern Ireland as a region.
With only about a third of economic activity in Northern Ireland currently being generated by the private sector, rebalancing the local economy through private sector growth and foreign direct investment (FDI) has been a key objective.
It can be no accident that the current proposed NICT rate mirrors the 12.5% rate applied in the Republic of Ireland, which has attracted FDI from the leading global tech companies and 9 of the top 10 pharmaceutical companies in the world.
Northern Ireland may be the most successful region in the UK for inward investment on a per capita basis, however in absolute terms only 48 of more than 1,000 new foreign investments into the UK during 2014/15 were made in Northern Ireland.
In contrast, Ireland boasted more than 200 foreign direct projects during the same period. There is therefore considerable scope for improved FDI success in Northern Ireland.
While Northern Ireland corporates will be the major beneficiaries from the NICT rate, it is also aimed at all companies that create employment locally and so will only apply to trading activities carried on in Northern Ireland. Companies that derive a substantial amount of their turnover from investments or rentals will not be eligible.
SMEs will only qualify for the NICT rate provided at least 75% of the staff time and costs relate to work carried out in Northern Ireland.
SMEs, particularly growing SMEs with operations outside Northern Ireland, should not be complacent in meeting these criteria and some may wish to review existing corporate structures to maximise the benefit of the NICT rate in their overall operations.
For large companies only the trading activities carried on in Northern Ireland will be taxed at the NICT rate.
HMRC will expect a suitable transfer pricing methodology to be applied in determining the correct allocation of economic activity to the local operations.
Northern Ireland corporates should expect to incur additional cost in complying with the new NICT rate. As with all tax considerations, early planning is recommended.
For further information or advice Paul Tynan can be contacted at paul.tynan@ie.gt.com