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Aviation Advisory
Our dedicated Aviation Advisory team bring best-in-class expertise across modelling, lease management, financial accounting and transaction execution as well as technical services completed by certified engineers.
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Consulting
Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
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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.
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Deal Advisory
Our experienced Deal Advisory team has provided a range of transaction, valuation, deal advisory and restructuring services to clients for the past two decades.
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Forensic Accounting
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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Financial Accounting and Advisory
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
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Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
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Risk Advisory
Our Risk Advisory team delivers innovative solutions and strategic insights for the Financial Services sector, addressing disruptive forces, regulatory changes, and emerging trends to enhance risk management and foster competitive advantage.
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Sustainability Advisory
Our Sustainability Advisory team works with clients to accelerate their sustainability journey through innovative and pragmatic solutions.
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Asset management Asset management of the futureIn today’s global asset management landscape, there is an almost constant onslaught of change and complexity. To combat such complex change, asset managers need a consolidated approach. Read our publication and find out more about what you can achieve by choosing to work with us.
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Internal Audit Maintaining Compliance with New EU Pension Directive IORP IIOn 28 April 2021, the Irish Government transposed IORP II (Institution for Occupational Retirement Provision), an EU directive on the activities and supervision of pension schemes, into law.
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Risk, Compliance and Professional Standards FRED 82 – Periodic Updates to FRS 100 – 105The concept of a new suite of standards for the UK and Ireland, aligning with international financial reporting standards, was first conceived in 2002
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Audit and Assurance Auditor transition: how to achieve a smooth changeoverAppointing new auditors may seem like a daunting task that will be disruptive to your business and a drain on the finance function. Nevertheless, there are a multitude of reasons to consider a change, including simply seeking a ‘fresh look’ at the business.
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Corporate Tax
Our Corporate Tax team is made up of more than 40 highly experienced senior partners and directors who work directly with a wide range of domestic and international clients; covering Corporation Tax, Company Secretarial, Employer Solutions, Global Mobility and Tax Incentives.
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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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Indirect Tax Advisory & Compliance
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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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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Private Client
Grant Thornton’s Private Client Services team can advise you on all areas of financial, pension, investment, succession and inheritance planning. We understand that each individual’s circumstances are different to the next and we tailor our services to suit your specific needs.
VAT Groups
Finance Bill 2021 will require that when applying to enter into a VAT group, at least one member of the group must be an accountable person (a person who is required to register and account for VAT). Furthermore Revenue will have powers to backdate a VAT group cancellation prior to the issuance of the cancellation notification by Revenue.
Finance Bill 2021 will also impose an obligation on the VAT group remitter to notify Revenue where there has been a significant change in the financial, economic or organisational links of the members of the VAT group, where an entity in a VAT group ceases to be established in the State or where a member of the VAT group ceases to be an accountable person. Where this notification has not been provided to Revenue within 30 days after the end of the taxable period in which the change occurred, then the group remitter will be liable for a penalty of €4,000. Furthermore, where the group remitter is an entity made up of a body of persons (e.g. a limited company) then the Secretary is also liable to a separate liability of €4,000 where this notification has not been made.
Section 56B Authorisation
Finance Bill 2021 provides a clarification that where an accountable persons turnover from the supply of zero-rated exports of goods or zero-rated Intra-Community Supply of goods represents 75% or more of the total turnover of that trader for a 12 month period, then that trader may be an authorised person for the purposes of applying for a VAT 56B authorisation.
Deposits
Finance Bill 2021 has amended VAT legislation to provide that the where a deposit has been received and the service in which the deposits has been paid towards has been cancelled, then the recipient of that deposit can no longer issue a credit note to render the taxable amount received as being nil. This is in line with an EU Court of Justice ruling which ruled that cancellation fees are taxable as they constitute a payment for either a service or a right to access a service.
Farmers Flat Rate Addition
Finance Bill 2021 has revised the amount of the flat-rate addition receivable by an un-registered farmer from being 5.6% to 5.5%. This 0.1% reduction is reflective of macro-economic data received from the CSO and Revenue. This decrease is warranted to avoid over compensation, which is contrary to the EU VAT Directive.
Repayment of VAT refunds received under a Ministerial order
Finance Bill 2021 introduces a provisions which allows Revenue to seek a repayment of a VAT refund received by a trader under a Ministerial Order where the VAT refund received was an invalid refund claim or the trader was not entitled to some or all of that refund.
Amendments relating to COVID-19
Effective from 1 January 2021, Finance Bill 2021 will amend Schedule 1 of the VAT Act to allow the importation of goods by the European Commission or by an agency or body established under European Union law where such an agency imports goods into the State in the execution of tasks conferred on it by European Union law in order to respond to the COVID-19 Pandemic to be exempt for VAT purposes. This provision will not apply where the goods being imported are supplied in exchange for consideration by the European Commission or an agency established under European Union law.
Effective from 1 January 2021, Finance Bill 2021 will also amend Schedule 2 of the VAT Act to include the supply of goods or services to the European Commission or an agency established under EU law where the European Commission or associated agency purchases those goods or services in the execution of tasks conferred on it by EU law in response to the COVID-19 pandemic will be Zero-rated for VAT purposes. This provision will not apply where such goods or services are supplied by the European Commission or associated agency in exchange for consideration.
The following supplies may also benefit from the zero-rate of VAT effective from 12 December 2020 to 31 December 2022:
- The supply of COVID-19 vaccines and services closely linked to those vaccines where the vaccines have been authorised by the State or European Commission; and
- The supply of COVID-19 in vitro diagnostic medical devices and services closely related to those devices, where the devices comply with the requirements of EU legislation.