-
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.
-
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.
-
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.
-
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
Workplace Pensions – the journey continues
25 Sep 2018When it was launched in 2012, auto enrolment was the Government’s key initiative to get more people saving for their retirements and, based on recent Department of Work and Pensions (‘DWP’) data, that initiative appears to be working.
In 2017 approximately 78% of UK employees had an active workplace pension. That translates to 16.2 million people participating in a workplace pension scheme and represents a significant increase from 2012 when participation was less than 55%. Despite initial estimates and warnings of significant opt-out rates, anecdotal evidence suggests up to 9 out of 10 employees in some sectors have stayed in their workplace pension after being enrolled.
Under the legislation employers are required to complete a re-enrolment process every three years, which is expected to further increase participation, and many local medium sized and large companies will have already started the process.
Whilst the demonstrable increase in the number of people in a workplace pension should be welcomed, the cost of pensions to employees has thus far been relatively low, and indications are that many of those who auto enrolled are contributing at minimum levels. To provide a decent level of income during retirement however those rates need to rise.
April 2018 marked the first increase in the minimum contribution percentage of an employee’s qualifying earnings rising to a combined 5% (3% from employee), and April 2019 will see rates step-up again to a combined 8% minimum (5% from employee). At those levels, employee contributions are more significant and the increases in contribution rates may prompt some employees to reconsider their position in the scheme, and whether or not to ‘opt-out’.
For employers, the increased contribution rates under auto enrolment, together with increases in national minimum wage rates and living wage rates, will almost certainly impact budgeting and pay review decisions over the next few years.
In addition, employers also need to be mindful of the age profile of an employee as they try to manage labour costs. For those employees turning 21, the increased national minimum wage rate will apply, and for those turning 22, there will be an overnight impact on pension costs.
Auto enrolment continues to evolve and further changes to the framework are proposed including: Lowering the age limit from 22 to 18; Removal of the qualifying earnings lower earnings limit, which will mean that contributions under auto enrolment will be calculated from first pound earned; and To extend auto enrolment to the self employed.
As yet, no specific timetable has been attached to these proposals and further innovations are likely as we continue on the auto enrolment journey. However, employers’ legal responsibility to provide workplace pension schemes for employees is now well established, and at each stage of that journey businesses and employees should expect to bear increased costs in relation to employee retirement.