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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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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.
Small just got bigger – changing criteria for small company qualification
22 Mar 2016The number of small companies in Northern Ireland is set to significantly increase in 2016 and to some extent that will be due to the establishment of new indigenous businesses. This will be viewed as a sign of improving economic conditions and the long-awaited rebalancing of the Northern Ireland economy.
However, much of the increase will not in fact be as a result of the creation of new companies, but rather will be due to changes to the criteria under which a company qualifies as small.
For accounting periods beginning on or after 1 January 2016, a company will qualify as small if it can satisfy at least two of the following three criteria for (usually) two consecutive financial years: Turnover - £10.2m; Balance sheet total (total assets) - £5.1m; Employees – 50 (previously £6.5m; £3.26m; and 50 respectively).
Government point of view
The Government has taken the opportunity to apply similar increases to the criteria for medium sized companies and for small and medium sized groups. The changes form part of the Government’s movement to reduce red tape - the so-called ‘Red Tape Challenge’.
The Department of Business Innovation and Skills (BIS) estimates that 11,000 more UK companies (formerly medium sized companies) will qualify as small. Upon reclassification they will enjoy the benefits of reduced accounting disclosure and the ability to file abbreviated financial statements (comprising an abbreviated balance sheet and limited notes) with Companies House.
Furthermore, a recent decision in the House of Lords to raise the audit threshold for qualifying companies to the new small company limits (the maximum level available), will mean that those ‘reclassified’ small companies may also avail of audit exemption. As before, some companies by their nature will not qualify.
BIS expects that only 3,000 reclassified companies will avail of the audit exemption, but intuitively that estimate is considered low by many commentators. Whilst it is reasonable to expect companies with strong governance to retain the audit function or alternative measures of assurance, it is argued that it is well governed companies which will potentially have a lesser need for audit and that financial reporting standards may decline in those companies that choose the exemption.
Northern Ireland context
In the Northern Ireland context, a company with a £10m turnover remains a significant enterprise and already concerns are being raised about the reduced level of information that will be publicly available to creditors and credit rating agencies.
In the Republic of Ireland, the Companies Act 2014 legislators chose to introduce the following lower thresholds for audit exemption: Turnover - €8.8m (£6.8m); Balance sheet total - €4.4m (£3.4m); and Employees - 50
For local businesses with companies in both jurisdictions, the differing criteria may give rise to auditing anomalies. For example, a Northern Ireland group with £9.5m consolidated income may not require an audit, but its Republic of Ireland subsidiary with total assets of €5m may well do.
One certainty is that fewer companies will undergo an annual audit from 2017. In recent years auditing has increasingly become a specialist service and the changes in the small company criteria and the audit threshold is likely to accelerate that process.