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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.
Share-Based Remuneration: Revenue’s Compliance Focus
During 2022, the Revenue Commissioners launched a share-based remuneration project. Revenue analysed employer annual share reporting forms (e.g. Form RSS1) against available data such as personal tax returns. They identified discrepancies such as employees under-declaring share option tax and underpaying Capital Gains Tax (CGT).
Given the significant level of non-compliance detected, Revenue is now undertaking a targeted compliance focus. Revenue may contact employers or employees who have been in receipt of share options and request that the taxpayer undertake a review of their tax position. Revenue may also instigate an intervention under Revenue’s Code of Practice for Compliance Interventions.
Maintaining Compliance while Participating in a Share Option Scheme
A share option scheme is one typically where the employee is given the right to acquire a number of shares at a pre-determined price which is set for a period of time.
With respect to share options, an employee is required to:
- Register for Relevant Tax on Share Options (RTSO) with Revenue;
- Pay the RTSO within 30 days of exercising the options, or interest at 0.0219% per day may apply;
- Complete a RTSO1 Form when making the relevant tax payment;
- By 31 October the following year (or mid-November if filing and paying online), complete a Form 11 personal tax return for the year in which the option is exercised, assigned and/or released;
- On sale, report the details to Revenue via a Form 11 or Form CG1 even if no tax is due;
- Pay Capital Gains Tax (CGT) where a chargeable gain arises on the disposal of shares. (CGT payments are due by 15 December where disposals were made between 1 January and 30 November in that year and 31 January for the prior December disposals); and
- Declare any attaching dividend payments and ensure appropriate taxes are remitted to Revenue.
An employee may be of the view that the employer has discharged their pay and file requirements; however, the employee is responsible for complying with their share option tax payment and personal reporting obligations.
Differing pay and file tax requirements may exist for other types of share scheme; thus, it is important to fully understand the Irish tax payment and reporting requirements for the type of share scheme in place.
How Can Grant Thornton Help?
At Grant Thornton, our specialist Employer Solutions team have extensive experience in share scheme reporting on behalf of both employers and employees. If you would like to discuss your obligations in relation to existing schemes or have any other share scheme queries, please do not hesitate to contact us.