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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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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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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 for a no-deal Brexit – customs and tariffs
24 Sep 2019If the UK leaves the EU without a deal on 31 October 2019, trade between the UK and EU would revert to World Trade Organisation (WTO) terms. This means the movement of goods between the UK and EU would be subject to customs duty and controls.
Here are the top 5 steps Northern Irish businesses that trade with the EU should take to prepare for a ‘no deal’ Brexit from a UK customs and tariffs perspective. Note these do not apply if you only import directly from the Republic of Ireland – the UK government has announced it will not apply customs duties or controls to goods crossing the land border.
First, you should apply to HMRC for an Economic Operator Registration and Identification (EORI) number if you don’t already have one. An EORI number is needed to import from and export to the EU after Brexit.
Secondly, apply to HMRC to use transitional simplified procedures (TSP) when importing. TSP allows your business to defer payment of customs duty and submission of import declarations when you import goods into the UK after Brexit. Under TSP, this can be done in the following calendar month rather than when the goods cross the border.
Thirdly, consider how you will submit customs declarations. These must be submitted to HMRC for each consignment imported to or exported from the UK. You will either need to use a customs agent to make these declarations, or acquire the special software and training needed to do this yourself.
Fourthly, determine your commodity codes and the tariffs payable on your imports and exports. The classification of your products will determine what tariffs are paid when you import goods into the UK, or your goods are imported into the EU. The tariffs payable on import into the EU are determined under the EU’s Tariff. The UK government has announced a temporary import tariff that will apply when goods are imported into the UK following a ‘no deal’ Brexit. This eliminates or reduces duties on many goods.
Fifthly, consider whether any customs special procedures or reliefs could help your business – these could eliminate or mitigate the tariffs you face. These include transit relief (for goods moving from the EU to the UK and then back to the EU), customs warehousing (to avoid double taxation on goods bound for the EU), processing relief (for manufacturing in the UK using EU components, where the finished product is exported to the EU) and temporary admission.
You should also consider the changes to the VAT treatment of your cross-border trade, whether you need to comply with any licensing requirements, and which party in your supply chain will deal with customs formalities and bear any duties.