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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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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.
Financial Services Tax
The Grant Thornton team is made up of experts who are fully up to date in terms of changing and evolving tax legislation. This is combined with industry expertise and an in-depth knowledge of the evolving financial services regulatory landscape.
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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.
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.
The Grant Thornton Tax Advisory team blends commercial experience and knowledge with tax expertise to advise clients on the full range of transactions including sales, mergers, restructurings and succession planning.
Our Tax Incentives team help clients access vital cash funding and tax incentives to enable them to achieve their growth ambition.
Grant Thornton’s team of indirect tax specialists helps a range of clients across a variety of sectors including pharmaceuticals, financial services, construction and property and food to navigate these complexities.
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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.
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By performing required regular check-ups on processes and systems, businesses can ensure that any potential risk areas are identified before problems arise and a PAYE risk review can help with this.
Employment tax compliance
Businesses have adapted their employee reward packages and are now incentivising employees with various benefits, share awards and pay structures. A trend towards hybrid working and a global working environment has also developed. These changes to employee reward and benefit packages along with continuous employment tax legislative updates, has increased the required level of employment tax compliance.
Employment tax covers a broad spectrum and is becoming increasingly complex for employers. PAYE compliance is an organisation’s responsibility and in the event of a Revenue audit, the burden of proof typically rests with the employer.
Understanding your PAYE risks
A Grant Thornton PAYE risk review is a comprehensive review of the tax treatment of benefits and expenses provided to employees and how such taxes are reported to Revenue through the payroll reporting mechanism. Consideration of the underlying benefit and expense policies, procedures and practices implemented by the business to support tracking and recording of key PAYE related data will also be undertaken.
A PAYE risk review not only highlights and identifies risk areas and possible solutions, such a review can also increase the efficiency of the processes in place by highlighting areas where improvements can be made.
Objectives of a PAYE risk review
- Review PAYE operations to ensure compliance
- Highlight any areas of concern
- Identify any areas of potential exposure and corrective action needed
- Identify the potential areas where additional tax efficient processes can be introduced
- Outline best practice parameters in maintaining and recording information
- Consider control and review processes in the payroll and benefit reporting function
Importance of a PAYE risk review
With PAYE real-time reporting and the impending introduction of automatic employer reporting requirements for certain payments made to employees, Revenue have high visibility on PAYE matters. Furthermore, Revenue are seeking to cultivate a culture of self-review and thus encourage taxpayers to self-review their tax affairs.
The awareness that Revenue have in respect of companies’ tax affairs results in additional pressures to ensure compliance to avoid any financial or reputational damage in an environment of continuously rising tax costs and compliance responsibilities. A PAYE Revenue audit may culminate in a costly payment of tax, interest and penalties but also in a significant amount of time from key personnel in handling the audit.
For insight and guidance on how a PAYE risk review can assist your business, please contact a member of our Employer Solutions team.