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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.
Patent Box
27 Feb 2018As Northern Ireland continues to attract high-tech businesses, companies are looking to stand out from competitors and promote their innovations. Patents can be an invaluable asset to businesses who want to protect their inventions. Patents can be applied for when an invention is new, involves an inventive step and is capable of being made or used. Patents are available across a wide range of industries and while the application process can be long, if it is successful it can give significant protection that can deter competitors and boost market share.
In addition to the obvious commercial benefits, there are generous tax reliefs in place for income from patented technologies in the form of the Patent Box. The Patent Box was introduced by the Government in 2013 with the aim to keep valuable intellectual property within the UK and establish its position as the location of choice for innovative companies to develop.
Broadly, the Patent Box enables profits which are earned from intellectual property including patented inventions to be taxed at a lower rate of 10%. Companies can potentially benefit from it if they hold patents or hold exclusive licences for patented technology. Significant contributions have to be made to the development of the patented invention in order for the relief to apply.
The relief has the potential to significantly benefit a number of companies but HMRC statistics show that there has not been a substantial election into the scheme across the UK and indeed, Northern Ireland is the lowest claiming region.
Companies are missing out on vital tax reliefs and should consider whether there is potential to elect into this regime. Firstly consider whether a patent is in place or if it would be of commercial benefit to apply for one. With a successful application, the reliefs available from the Patent Box can be unlocked.
It is important to note that profits from products containing a patented component can utilise the Patent Box – it is not necessary for the whole product to be patented. It only takes one integral patented component for the profits from the product or process to be included in the Patent Box.
The Patent Box complements Research and Development tax relief so that companies can take maximum advantage of combining these Innovation Tax Reliefs on offer.
The Patent Box can provide a much reduced corporation tax rate on relevant profits and its potential should be kept in mind when developing new ideas to ensure opportunities aren’t missed. It is worthwhile, to take the time to consider your company’s products and processes so as to ascertain whether your company could be applicable to elect into and benefit from this incentive.