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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.
The Complexities of VAT
29 Sep 2020With the easing of certain lockdown restrictions, and in order to assist the UK in adapting to the ‘new normal’, the Government introduced temporary VAT measures to assist those sectors most negatively impacted by the COVID-19 crisis and associated social distancing measures.
From 15 July 2020 until 31 March 2021, a temporary reduced rate of VAT of 5% is applicable to food and non-alcoholic drink served and consumed on premises, hot takeaway food and hot takeaway non-alcoholic drinks. The reduced rate also applies, during this period, to hotel and holiday accommodation, and to admission to various attractions across the UK.
The measures introduced have been warmly welcomed by all in the hospitality and tourism sectors, particularly those businesses benefiting from an increase in customers embarking on a ‘staycation’ this year rather than a holiday abroad. However, as many businesses may be beginning to notice, there will be VAT complexities and administrative complications for businesses, which operate in an industry already difficult to navigate in terms of VAT.
The VAT position is likely to be more complex for those who make a mixture of supplies which are qualifying and non-qualifying for the reduction. This may, for example, apply to restaurants as alcoholic drinks will not be covered by the reduction and nor will cold drinks, such as canned soft drinks, sold for takeaway.
In addition, and as with any change in tax rates, there will be supplies which straddle the temporary reduced rate window. Businesses may have received payment or have issued an invoice before 15th July for a supply that takes place on or after 15th July. This is likely to apply to providers of holiday accommodation or leisure facilities who had received deposits in advance for stays taking place during the temporary VAT reduction period. There may be an opportunity to reduce the VAT originally accounted for at 20% on these deposits. A similar issue will arise where deposits are paid on or before 12 January 2021 for bookings after that date.
The VAT treatment of gift vouchers should also be considered by those who supply vouchers, which could previously be redeemed for goods or services of one single VAT rate, but now, due to the temporary reduced rate, can be redeemed for items of varying VAT rates. This may present an opportunity to reclaim some of the VAT accounted for on the issue of the vouchers.
Due to the complexity of the rules for certain businesses it is likely that some, who perhaps thought the changes would be relatively simple to manage, are now encountering these unusual and unexpected complications. Those impacted by the new measures should ensure that supplies affected have been correctly identified, and the necessary steps taken to ensure the VAT treatment of such supplies is accurate.