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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.
Preparing ahead for era of digital filing
24 Jan 2017Over the next 18 months HM Revenue & Customs (HMRC) will roll out ambitious plans for making tax digital (MTD). Whilst all businesses will be required to make returns “digitally” by 2020, implementation will be phased on a tax by tax basis.
VAT filing obligations are to be implemented by 1 April 2019 and it is expected that the transition will require significant investment in time and resource by business owners. With 2019 also expected to see the commencement of Brexit, businesses need to start planning for digital tax filing now if they are to stay ahead and prepared for all the changes that will arise.
Under MTD and depending upon the level of detail required by HMRC, it will be important for businesses to ensure that the data submitted to HMRC is free of error before submission. The data will likely be submitted in a format that HMRC can interrogate for errors. Once submitted, it will not be possible for tax payers to make an unprompted disclosure of any errors identified. The penalties for ‘prompted’ disclosures of errors identified by HMRC are of course significantly higher than for ‘unprompted’ disclosure of errors by tax payers.
Having the right financial software in place will be critical to complying with the MTD requirements. Currently most VAT and accounting software packages do not facilitate the preparation and submission of digital returns. Whilst many well-known brands of accounting software already have the facility to file a return electronically, that functionality does not extend to the other data that HMRC will require for the ‘summary’. Businesses will need to invest in software that ‘talks’ to HMRC and those new systems will need to be prepared, tested and integrated.
Off-the-shelf software packages may not cater for some of the more complicated VAT requirements such as partial exemption calculations and Capital Goods Scheme, or indeed for businesses that have multiple legacy systems or who need to make manual adjustments to their VAT returns. The investment in additional or bespoke technology is likely to be more significant.
Any change to systems and software will need a budget and an implementation strategy. With the average cost per small business estimated at £2,000 (and much more for complex or large businesses), plans need to be made now to ensure that budgets are set, are adequate and that an implementation plan is agreed.
At this stage, businesses should start reviewing the quality and granularity of their tax and transactional data, to understand what data is currently available and where it currently resides.
The plan should consider the impact of any change in software or filing on established processes, which will more than likely require training and changes to manuals and guidance. Under MTD, the two step authorisation process currently in use for Self-Assessment is being rolled out for all taxes. Businesses also need to consider who should be authorised to submit the VAT return and to strike the correct balance between the practicalities of multiple authorisations and the internal controls to ensure accuracy and consistency.