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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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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.
Regulation 24(1) of the Value-Added Tax Regulations 2010 (S.I. No. 639 of 2010) requires all VAT registered traders to submit a VAT Return of Trading Details (RTD) on an annual basis, following the end of the respective accounting period.
In the case of companies registered for corporation tax, an annual VAT return will be required for the 12 month period based on the company’s accounting period for corporation tax. The annual return is due to be filed within 23 days of the year end.
The RTD is a summary of supplies of goods and services, imports and purchases giving rise to deductible input VAT at the various VAT rates. The return includes all Irish, intra-EU and overseas trade carried out by the Irish business. The VAT exclusive value of the supply of goods and services should be included. All turnover, including turnover at exempt rates and at the zero rate must be included on the form.
Failure to file - increase in the Relevant Contracts Tax (“RCT”) rate applicable to sub-contractors and denial of tax clearance certificate
As notified by Revenue in e-Brief No. 51/14, when a business files a claim for a repayment or refund of tax under any tax head and there is an outstanding VAT RTD with a due date within the previous 12 months, then that repayment or refund will be automatically withheld. To date, the Revenue have delayed refunds of tax in this regard, but a failure to file a RTD was unlikely to have had any further impact.
Over the past two years, Revenue have increased the RCT rate applicable to sub-contractors who have not filed their RTD and have also denied tax clearance in such cases. The increase in the RCT applicable to sub-contractors is having a detrimental effect on cash-flow if 20% or 35% of the gross payment is being withheld.
Don’t be late
All RTD’s must be filed on time via the Revenue Online System (“ROS”) to avoid the negative consequences as above. Please contact a member of our indirect tax team if you require assistance with completion of your RTD or achieving zero rate status as a sub-contractor.