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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.
Property and Trading Allowance
15 May 2018Small businesses that have less than 10 employees are often described as ‘micro-businesses’, and in 2017 they represented 19 of every 20 businesses in the UK.
By their nature, micro-businesses include start-ups and part-time enterprises, such as Airbnb letting, E-bay trading, tutoring, equipment hire or gardening, and from April 2017 the government has given a little boost to those micro-entrepreneurs by providing two new £1,000 tax free allowances for trading and property businesses. If you have both qualifying trading and property businesses then separate £1,000 trading and property allowances can be claimed.
The measures have been introduced as part of HMRC’s tax simplification project, and for those with gross relevant income of £1,000 or less, there may be (with some exceptions) no tax to pay and no requirement to file a tax return.
In each tax year you have a choice whether to use the allowance and claim ‘full relief’ automatically where gross business receipts are up to and not exceeding £1,000, or to make an election and disclaim the relief. With the latter, the normal business income principles would be used to calculate the profit or loss. The election could be beneficial where the business is in a loss position and tax relief can be claimed on the loss.
‘Partial relief’ can be claimed where gross receipts are greater than £1,000. In these circumstances, you again have a choice. You can elect to use the tax free allowances instead of deducting expenses, or, calculate the profit or loss for the year under normal business principles. If you claim partial relief then no other expenses can be deducted. Therefore, in scenarios where business expenses are less than £1,000, the partial relief option would result in lower taxable profits.
In both cases of full and partial relief, the £1,000 allowances cannot create a loss.
The ‘trading income allowance’ also covers miscellaneous income from the provision of assets or services. For example, a higher rate tax payer works full time and also receives annual fees of £1,000 for exam marking for one sitting per year. Previously, this amount should have been reported on a tax return and income tax of £400 paid. Now, under the new allowance you no longer need to report this income on a tax return and the amount is free from income tax.
You can’t use the allowances if you have any trade or property income from connected companies or connected partnerships. In addition, residential property businesses with deductions for loan finance are excluded from the relief.
Furthermore, income from lodgers who do not use the ‘rent a room relief’ scheme (though this is a generous relief, currently at £7,500) is also excluded from the relief. Following the call for evidence on ‘rent a room relief’ by the government in December 2017 there is speculation that withdrawal of this generous relief is being considered in response to increasing popularity of letting rooms through websites such as Airbnb. It is possible that the ‘property income allowance’ may become the replacement relief for income from lodgings in due course.