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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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Our Forensic and Investigation Services team have targeted solutions to solve difficult challenges - making the difference between finding the truth or being left in the dark.
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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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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.
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
Our outsourced payroll teams become your dedicated payroll department, aiming to process your payroll in the most cost effective and compliant manner.
Grant Thornton's reliable and cost-effective outsourcing services help you streamline your business operations by taking care of your workload.
Audit and Accounting Advisory
Our Audit and Accounting Advisory team takes the headache out of multi-jurisdictional audit compliance requirements as well as technical compliance with accounting standards and legislation for clients.
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.
Flexible People Solutions
At Grant Thornton, our Financial Accounting and Advisory Services (FAAS) department have a dedicated team that help finance functions maximise efficiency.
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.
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.
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.
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.
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.
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.
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.
Our Corporation Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic, international, and financial services clients. We place a strong emphasis on direct service to clients and we pride ourselves on the close personal relationships we build and the deep understanding of their businesses we develop
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.
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.
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.
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.
Subsidy payments by Revenue to employers under the Temporary Wage Subsidy Scheme (TWSS) and paid to employees are treated as part of the employees’ emoluments i.e. salary and wages, for tax purposes. The subsidy amount paid to employees via payroll was not subject to tax under the PAYE system however, the amount received by the employee is liable to income tax and Universal Social Charge (USC).
The amount of income tax and USC due on the TWSS amount will be verified by Revenue on the employees’ Preliminary End of Year Statement for 2020. This statement is expected to be available to every employee from 15 January 2021 via the Revenue’s MyAccount service. The statement will not be provided to employers. The Preliminary End of Year Statement is a preliminary calculation of the employee’s tax and USC for the year and is based on the information held on Revenue’s records. To receive a Statement of Liability an employee must complete an income tax return. Revenue said they will not issue paper notices of Preliminary End of Year Statement to individuals not registered for MyAccount. Individuals can register for MyAccount or MyGovID to view this statement.
In some cases, the income tax and USC arising on the TWSS payment may be covered by the employee’s unutilised tax credits and rate bands or by additional tax credits claimed for 2020. In other cases, the liabilities will be due to be paid to Revenue.
Paying the income tax and USC
Options to pay the income tax and USC arising on the TWSS payment include:
Employers paying the TWSS tax liability
Employers can pay employees’ TWSS tax liabilities without an additional tax charge. Revenue have confirmed that no Benefit in Kind (BIK) and therefore no additional tax charge will arise for the employee where the employer pays the income tax and USC arising on the TWSS payments. Revenue have confirmed this exemption is also available where the employer partially pays the employee’s TWSS tax liabilities.
We understand that Revenue’s position is that this BIK exemption is available in respect of payments for PAYE employees only, it does not currently extend to self-assessed staff, such as proprietary directors.
- The Preliminary End of Year Statement for 2020 may assist an employer in determining the amount of income tax and USC due. The statement will issue to the employee via MyAccount, not the employer. The employer will have to verify the tax liability amount with the employee.
- Documentary evidence must be retained by the employer to demonstrate that they have engagement with their employees on this arrangement and have agreed to pay the income tax and USC on TWSS payments.
- Employers must engage directly with employees and agree the method to pay the liability involved.
- The concession is only available with respect to payments made by employers on behalf of their employees up to the end of June 2021.
- Employers paying amounts to settle the employee’s tax liability will not receive a deduction with respect to Corporation Tax as these payments would not be regarded as wholly and exclusively incurred for the purposes of the employer’s trade or profession.
The tax liability arising can be paid by either of the following methods:
- Payment direct to Employee
A payment can be made by the employer directly to the employee with respect to the TWSS tax liability due. The employee must then pay their liability via RevPay.
- Amend final payroll submission of 2020
- The last payroll submission of 2020 may be amended by the employer such to include additional 'income tax paid' and 'USC paid' that equals the liability shown on the Preliminary End of Year Statement.
- The employer will then need to pay the additional amounts that are notified via a revised monthly Statement issued by Revenue.
- The employee's Preliminary End of Year Statement will be recalculated subsequently. This will show the additional IT and USC liabilities paid directly by the employer.
Should you wish to pay your employees’ income tax and USC TWSS liabilities contact your Grant Thornton adviser.
See our Employer Solutions webpage