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People and Change Consulting
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Restructuring
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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
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Global Payroll Solutions
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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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Global Mobility Services
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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.
Revenue have extended their Benefit in Kind (BIK) concession with respect to the payment of TWSS tax liabilities (income tax and USC) by employers on behalf of their employees, to the end of September 2021. Revenue confirmed that this concession will also apply to payment of TWSS tax liabilities of employees who are self-assessed. Proprietary directors will also be covered by the concession but only if the employer pays the TWSS tax liabilities of all employees in the company.
What does this mean?
This means that Revenue will not apply the BIK rules to the payment of income tax and USC liabilities arising for employees as a result of the TWSS amount. Therefore, the employee will not be subject to an additional tax charge on the payment made by their employer. Certain conditions apply.
The latest updates from Revenue (published 10 May 2021) tell us that:
How to determine the TWSS tax related liabilities?
Revenue tell us that it is not possible for them to provide the actual amount of income tax and USC arising on the TWSS amount. The employees’ Preliminary End of Year Statement for 2020 will assist in determining the liabilities. A Preliminary End of Year Statement will not be available to self-assessed employees. Employer payroll records may also help.
In some instances, Revenue have determined that some employees have not received their full entitlement to TWSS payments and additional amounts may now be due – an assessment of which will be finalised at the end of June 2021. Any such payments by Revenue will be offset against TWSS tax related liabilities. It is the balance of tax liabilities which the employer may pay on behalf of the employee.
How to pay
The methods of payment of the TWSS tax related liability by the employer is either payment direct to the employee or amending the final payroll submission in 2020. Details of which are contained in our previous bulletin.
Requirements
It is essential that employers engage with their employees to agree the amount of TWSS tax liability to be paid. Retention of supporting documentation is also a must. Certain terms and conditions of the scheme must be satisfied.
Deadline for concession
Employers can pay their employees’ TWSS tax liabilities without a BIK charge arising until the end of September 2021. Revenue have indicated a short extension beyond the end of September 2021 may be available on a case by case basis, due to exceptional circumstances, where the employer wishes to settle the TWSS tax related liabilities for its employees but is unable to do so by this deadline.
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Watch our recent webinar on Wage Subsidy Schemes – where are we now?