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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.
Why VAT matters
19 Apr 2016The taxation agenda in Northern Ireland has been driven by the campaign for powers to set its own rate of corporation tax. However, research has shown that there has been a discernible shift by governments in the focus on taxation from direct to indirect taxes.
Most governments believe that indirect taxes have less of a negative impact on economic growth than direct taxes and VAT rate increases are viewed as less inflammatory than income tax increases. There is clear evidence to suggest that in developed tax jurisdictions VAT rates and excise duties are increasing and there is a focus on compliance and enforcement by tax authorities.
In the UK this focus is unlikely to change even in the event of a vote to leave the EU in June’s referendum.
Whilst the UK corporation tax rate has been reduced over the past few years, the rate of VAT was increased to 20% in 2011 and there are currently no plans for this to be reduced.
This means that the effective management of VAT is essential for Northern Irish businesses to support growth and reduce costs and risk. This involves identifying and quantifying the VAT that a business currently pays and reclaims, identifying and quantifying areas of current and future risk and opportunity, ensuring there are clear responsibilities for managing an organisation’s VAT and ensuring that all parts of the business that have a stake in managing and improving its business performance are involved, e.g. tax, finance, operations procurement and the property team.
The challenges for businesses to overcome in Northern Ireland can be divided into four areas:
- compliance which involves the accurate preparation, review and submission of VAT and other VAT returns;
- the person responsible for VAT compliance should be central to the changes in the supply chain;
- the business must be aware of the effect that changes to VAT legislation can have; and
- the business must actively manage its risk in respect to VAT to reduce the impact of any tax issues with HM Revenue & Customs (HMRC).
Northern Irish businesses that operate across multi jurisdictions should be aware that research has shown that the burden of indirect taxes is greater than other taxes. Whilst there is an understanding that the EU has a harmonised system of VAT it is clear to both taxpayers and tax advisers that the complexity of VAT should not be under estimated and it is essential that all businesses periodically review their processes to, if possible, reduce liabilities, improve cash flow and manage compliance costs.