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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.
With the fast paced world of technology, cheaper air travel and even Brexit, there has been lots of coverage on how globalisation is becoming more and more evident. As always, there is plenty of red tape involved for both expanding businesses to individuals jetting off for work.
Businesses
Any business considering looking to expand its operations into another country should organise its structures to accommodate the varying tax jurisdictions. When initially testing the foreign market checks should be undertaken to determine whether a permanent establishment is created and what foreign tax liabilities arise. Some companies opt to operate as branches and others as subsidiaries. Unfortunately there is never a one size fits all approach and each expansion should be considered separately.
Broadly, there is little administration difference between setting up a branch or a subsidiary – both still need to register at the relevant companies office, file accounts, register for VAT, Corporation Tax and Employment taxes, if required.
Branch
A branch is part of the company and most countries require the full company accounts to be submitted. The profits or losses are aggregated within the company’s UK profits and any foreign tax paid should receive a credit against the UK tax liability. There are special branch exemption rules which can be beneficial to companies setting up foreign branches whereby the foreign profits are not included within the UK tax calculations.
Subsidary
As a separate legal entity, a subsidiary can be commercially and legally more attractive depending on licences and each country’s laws. The profits from the subsidiary should be taxable in the country of establishment and not included within the UK corporate tax return. Profits arising in the subsidiary may be distributed back to head office and generous reliefs are available if the subsidiary is sold.
Individuals
Recent trends have seen droves of our local talent pool seizing opportunities across the globe. Whether leaving, arriving or coming back home, each individual should review their tax position and understand if any taxes are applicable.
Broadly, international tax law allows an individual to have one country where they are tax resident and liable to report their worldwide income. The first UK tax residency test is based on the number of days spent in the UK during the tax year – usually being located in the UK more than 183 days determines a UK tax resident. The number of days rule is adjusted for those arriving and leaving the UK depending on the number of factors tying the individual with the UK – these include:
- family test – spouse/civil partner/minor child living in the UK;
- accommodation test – available UK accommodation for more than 91 days;
- work test – accruing more than 40 days work within the UK (a working day for this purpose is only 3 hours); and
- time spent in the UK in previous years – Over 90 days in either of the previous two tax years.
Consideration should be given to the payroll implications in the particular country in which you are employed.
This is only a brief summary of some of the key points that affect the tax residency of companies and individuals. It is important that the detailed rules are considered for your specific circumstances and specialist tax advice should be taken.