-
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.
-
Consulting
Our Consulting team guarantees quick turnarounds, lower partner-to-staff ratio than most and superior results delivered on a range of services.
-
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.
-
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.
-
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.
-
Financial Accounting and Advisory
Our FAAS team designs and implements creative solutions for organisations expanding into new markets or undertaking functional financial transformations.
-
Restructuring
Grant Thornton is Ireland’s leading provider of insolvency and corporate recovery solutions.
-
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.
-
Sustainability Advisory
Our Sustainability Advisory team works with clients to accelerate their sustainability journey through innovative and pragmatic solutions.
-
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.
-
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.
-
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
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
Yesterday saw the announcement of the largest ever cash injection into the economy in the history of the State. A total of €5.2 billion will be available in direct supports, across 50 measures, with the plan to kick-start the economy, through targeted schemes for businesses, workers and consumers. This package will go towards alleviating some of the concerns raised by the food industry which were captured in Grant Thornton’s COVID 19: Impact on the food industry in Ireland report, published in June.
The survey, conducted by Grant Thornton’s agri-food team, included participants from across the industry, including dairy, meat, seafood, horticulture, beverage, prepared consumer foods, wholesale/distribution, retail and food service. The report found that the greatest challenge facing food businesses is the financial loss as a result of the COVID 19 restrictions, with 55% of firms expecting a significant decrease in their revenue. Almost 30% of businesses saw operational challenges as their greatest hurdle to overcome. The majority of food businesses are capital intensive, often operating on single digit profit margins, and so declining revenue and output inevitably erodes profit margins within the industry.
The hospitality sector, which includes many food service businesses was described by Taoiseach Micheál Martin as the sector worst hit by the pandemic. Although the sector didn’t achieve the reduction in the VAT rate from 13.5% to 9% that it had lobbied for, a number of initiatives will go towards supporting businesses in this sector.
The Stay and Spend Incentive will help to encourage consumers who have been saving over the past months to return to many food service outlets, where they will receive a tax credit of up to €125 on spending over €625 on accommodation, food and non-alcoholic drinks. The pandemic saw a massive increase in savings, with a record €3 billion saved in May, however consumer spending levels have recovered in recent weeks.
The announcement of a new Employment Wage Support Scheme will come as a welcome assurance for many employers, enabling them to keep on staff through the scheme until April 2021. The flat-rate subsidy of €203 per week per employee will succeed the Temporary Wage Subsidy Scheme, however will only be available to firms whose turnover has fallen by 30%. As market conditions improve in the months ahead with the easing of restrictions, this 30% cap may prove challenging to certain sectors within the food industry.
One of the broader ranging supports announced was the 2% cut in the top rate of VAT from 23% to 21% for the next six months. Finance Minister Paschal Donohoe has insisted retailers should pass on the VAT cut to consumers, which may help to boost sales..
The Restart Grant has been increased by a further €300 million, bringing it to €550 million of available funding, of which €128 million had already been drawn down by Irish firms. The broadening of the base of eligible companies, particularly SMEs, and increased level of funding to €25,000 per company will support many businesses reopening in a new socially distanced environment.
A waiver of commercial rates for the six months to the end September 2020 will save struggling companies €600 million, particularly those operating on the much quieter high streets across the country.
The importance of managing cash flow which was stressed by many firms in the Grant Thornton report, has been noted by Government, through tax relief to offset this year’s losses against profits accrued last year, leading to an immediate refund of some or all of a company’s corporation tax paid. A new income tax relief for the self-employed who were previously profitable will also work in a similar manner.
Other initiatives announced in the July Stimulus Plan of interest to the food and agri sectors are the €2 billion in loan guarantees for businesses, the €15 million available in peatland rehabilitation which will support jobs in rural Ireland, €10 million available in supports for fisheries and on-farm renewable energy projects, along with the previously announced supports of €50 million through the Beef Support Package.
Neil Brady - neil.brady@ie.gt.com