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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.
Selling a property? 30 days to pay your tax…
15 Apr 2020HMRC is making changes to the way taxpayers are required to report and pay tax due on certain property disposals.
From 6 April 2020 the disposal of UK residential property by individuals, trustees, personal representatives or partnerships will need to be reported to HMRC, and any capital gains tax paid, within 30 days of the completion date. This is a significant acceleration of the deadline which has the potential to catch out many taxpayers.
Nothing changes, however, in situations where no tax falls due, either due to the utilisation of available tax reliefs or losses. This will mean that in the majority of cases, those selling their family home will not be caught by these rules as they will avail of Principle Private Residence (PPR) relief. If, however, PPR relief is not available for the full duration of ownership and some tax falls due, a return and payment will be required within 30 days.
It will be necessary to make a ‘best estimate’ of the capital gains tax due based on the information available at the time. The payment will essentially be a ‘payment on account’; a deduction may be taken for the capital gains tax annual exemption and any capital losses available at the date of completion. The final calculation will need to be reviewed at the end of the tax year once full details of taxable income for the tax year, and other gains and losses are available. The return can be amended, but only in respect of matters that occurred before the completion date.
It will be necessary for those who complete ‘Self Assessment’ tax returns, to also include the disposal on their return, deducting the payment already made in determining their overall tax liability for the year. If it transpires that the payment made is incorrect, perhaps because income was higher or lower than anticipated resulting in the applicable rate of tax differing, this will need to be corrected via the ‘Self Assessment’ tax return.
HMRC will charge penalties for late submission and late payment, in line with the normal ‘Self Assessment’ penalty regime. These penalties can mount up very quickly, and it remains to be seen if HMRC will take a lenient approach or enforce all potential penalties.
Prior to 5 April 2020 such disposals for UK resident individuals will not need to be reported or paid until the ‘Self Assessment’ submission deadline of the 31 January, following the end of the tax year of the disposal. Taxpayers, therefore, need to be aware of this change and seek advice from their accountant or tax adviser in a timely manner, ideally prior to the sale, as complex calculations may be required.
