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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 Return of the Taxman’s Preference
08 Jan 2019For the last number of years Government policy in relation to insolvency was based on the culture of business rescue. The legislation introduced in Northern Ireland in 2006, mirroring the UK Enterprise Act 2003, removed the preferential status of HM Revenue & Customs (“HMRC”). Following these, creditors in an insolvency scenario could no longer complain that “the only people who ever get paid are the bank and the tax man!” HMRC ranked alongside all the other unsecured creditors.
However, the October 2018 budget introduced a proposal to reinstate the preferential status of HMRC from 2020. Given the focus on Brexit, this inclusion in the Budget may have passed unnoticed however, for those of us involved in the insolvency profession, this represents a major shift in policy. The change is still subject to a consultation however the proposal re-establishes HMRC’s preferential status for certain taxes. These include PAYE Income Tax, Employees National Insurance Contributions, Value Added Tax and Construction Industry Scheme Contributions. The reason for including these taxes is these are paid by employees and creditors to the company and are held on trust before being paid over to HM Treasury (“the Treasury”). If the company goes insolvent and is holding these funds, the Treasury loses out on the receipt. Funds are distributed under a priority governed by the legislation with HMRC ranking below charge holders and the Insolvency Practitioner!
The Treasury believe they are protecting tax payers’ funds in an insolvency scenario and they estimate “that an extra £185m in taxes already paid each year reaches the Government”. Other taxes such as corporation tax will not be classified as preferential but will remain as unsecured. The preferential status of the Redundancy Payments Service who make the payments to employees for outstanding arrears of pay and holiday pay remains unaffected.
In any insolvency situation there are a number of competing stakeholders, all looking for their share of limited funds. This proposal is an attempt to increase the return to the Treasury at the expense of the floating charge holder, usually the bank or other financial institution. The argument of HMRC is that if the financial institution is a fixed charge holder, this status is not affected as they remain above HMRC in the creditor hierarchy.
In summary, although one can understand the logic of the Government in trying to introduce this change, it would appear to be a backward step in the promotion of a business rescue culture. If the proposal becomes law, you might again hear the complaint from the ordinary tax payer that the Government is looking after itself – the Government would however argue that it is looking after tax payers’ money. We will all have to wait and see who wins the argument.
If you require advice on any of the above issues please do not hesitate to contact Gareth Latimer on gareth.latimer@ie.gt.com