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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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Objectives and Key Results (OKRs) is a goal setting framework that helps teams, individuals and organisations set and track measurable goals.
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People and Change Consulting
Our People & Change Consulting team help clients adapt to the changing nature of the workforce - how they attract, retain, engage, develop, deploy and lead their people.
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Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
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Audit and Accounting Advisory
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Business Process Outsourcing
Grant Thornton’s Business Process Outsourcing (BPO) team serves the needs of rapidly growing mid-tier multinationals operating out of Ireland and other hubs through the provision of services across the full range of finance functions.
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Flexible People Solutions
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Global Compliance & Reporting Solutions
Our Global Compliance & Reporting Solutions service offering covers a full suite of compliance services including financial statement preparation and related filings, dual bookkeeping, direct and indirect tax, statistical returns and payroll.
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Global Payroll Solutions
At Grant Thornton, we meet the challenges of our clients. Our Global payroll compliance service offering is tailored to meet all your payroll requirements through a single point of contact.
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Grant Thornton Financial Counselling
Grant Thornton Financial Counselling (GTFC) comprises a team of highly qualified professionals who offer financial advice to individuals and corporates across a range of areas including savings, investments, pension planning, and inheritance and succession planning.
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Inheritance Planning
Our services on Inheritance Planning mirror those on Succession Planning whereby the foundations of the plan are derived from meaningful conversations with those that wish to pass on or protect their asset base.
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Personal Tax Compliance & Planning
The Grant Thornton Personal Tax team helps clients remain compliant and up to date with all of their tax obligations whilst ensuring that they are solutions driven and manage their finances in the most tax efficient way possible.
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Succession Planning
We have extensive experience guiding our clients successfully through the succession process. This involves advice on both the qualitative and quantitative aspects of the process. While there is a business at the core of each succession plan we advise on, it is all predicated on understanding the people and their respective wishes.
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Company Secretarial
Grant Thornton’s Company Secretarial team contains qualified Company Secretaries. Clients are assured that they will meet all of their obligations under the Companies Acts and other relevant legislation and regulations.
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Corporation Tax
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Employer Solutions
Attracting and retaining key talent, managing employment costs and ensuring compliance with complex tax rules presents one of the most serious challenges today for many businesses. You need to ensure that your business complies with increasingly complex tax legislation and can adapt to updated Revenue guidance in a cost-effective way and we are here to help.
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Financial Services Tax
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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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International Tax
We develop close relationships with clients in order to gain a deep understanding of their businesses to ensure they make the right operational decisions. The wrong decision on how a company sells into a new market or establishes a new subsidiary can have major tax implications.
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Tax Advisory
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Tax Incentives
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VAT
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Real Estate Tax Advisory
The Irish real estate market has experienced considerable change in recent years. This has resulted in the emergence of a number of challenges for investors, but has also brought about significant opportunities. With this in mind, taxation is now more than ever one of the key factors for real estate investors when appraising investments, financing methods and development structuring.
The debt warehousing scheme now includes income tax liabilities which normally fall due on 31 October 2020. This means that payments of the balance of income tax due for 2019 and preliminary tax for 2020 may be deferred, or known as ‘warehoused’, for up to 12 months’, interest free. A lower 3% reduced interest rate will apply thereafter to any outstanding payments until they are paid in full.
It may also be possible to warehouse the balance of income tax due for 2020 and 2021 preliminary tax.
How to qualify for income tax liabilities
The scheme is available to self-assessed taxpayers who expect their total income for 2020 will be less than 75% of their total income for 2019 as a consequence of Covid-19 restrictions, and they are unable to pay their income tax liabilities.
Taxpayers wishing to avail of the debt warehousing scheme must make a declaration with their 2019 Form 11 stating that their 2020 income is expected to be less than 75% of their total income for 2019 as a direct consequence of the Covid-19 restrictions.
We understand that the declaration is to be made on ROS as part of the Statement of Net Liabilities, the facility to make such declaration is expected to be available from 9 November 2020.
If a taxpayer did not meet their 2019 preliminary tax obligations, then the balance of income tax due for 2019 cannot be warehoused. However, by concession, Revenue are allowing these cases up to 10 December 2020 to apply and agree a Phased Payment Arrangement (PPA) and to avail of the reduced interest rate of 3% on the 2019 tax liability.
Taxpayers who were not self-assessed to income tax in 2019, but are of the view that they cannot pay their 2020 income tax liabilities as a result of the impact of Covid-19 restrictions, the debt warehousing scheme may be available provided that they contact Revenue on or before 10 December 2020.
If it later becomes known that the total income for 2020 was not less than 75% of the 2019 income as a consequence of Covid-19 restrictions and therefore the declaration was incorrect, the full tax liability will be removed from warehousing. The due date will revert to 31 October 2020 and interest of 8% will apply.
Obligations
Continued eligibility for warehousing of tax debts is conditional on the filing of all tax returns and payment of all tax liabilities that fall due while the warehousing scheme is in place.
If there are difficulties meeting tax return filing obligations due to Covid-19 the advice from Revenue is to submit all returns as they are due on a best estimate basis. If there is a difficulty in paying tax liabilities as they fall due, engagement with Revenue is key. Failure to pay tax liabilities and file returns due can result in Revenue removing your income tax liabilities from the warehouse scheme.
What next
Contact your Grant Thornton adviser to learn more and to discuss how we can assist you in availing of the debt warehouse scheme for your tax debts.