Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
At first glance, the country-by-country (CbC) reporting required under the OECD Base Erosion and Profit Shifting Action Plan would appear to be relatively risk- and trouble-free. Yet despite being brief it opens up a minefield of definitional challenges and requirements.
In this briefing we outline how effective management of CBC reporting is going to require a new way of looking at transfer pricing and a more systematic approach to justification and documentation, along with possible restructuring within the business.
So why is CbC reporting generating a growing amount of concern?
The first challenge is that a lot of the information is hard to source or evaluate. While detailed data in areas such as headcount are typically available at divisional level, many firms will find it difficult to break this down to the entity level as required under CbC reporting.
This means that CbC reporting will be a much more demanding exercise than the template forms would suggest. While larger businesses generally have the necessary people and systems in place, many of their mid-size counterparts will need to develop the required capabilities from scratch.
Risk of misinterpretation
CbC reporting also opens up new risks. In particular, a local tax authority could compare the headcount to the amount of tax a company is paying in their jurisdiction and conclude that they are missing out on their rightful share of the overall tax take.
So how can you prepare?
With the regime starting in January 2016, and the first reports due from the end of 2017, the time to begin preparing is now, but how?
1. Gap analysis
The first step would be to complete the template as a dry run and then use this as the basis for a gap analysis of what information needs to be sourced.
2. Assess how you tax arrangements will come across
How the tax you pay compare to headcounts and returns on the template form. Then assess whether there are apparent anomalies.
3. Prepare robust justification
It’s important to ensure that tax allocations are substantiated by appropriate justification and supporting documentation.
4. Begin restructuring in good time
The complexities of entity reporting are likely to provide a fresh catalyst for the rationalisation of multiple entities.
While preparing fully now may be a time consuming and expensive exercise, it puts you in greater control over your tax affairs by making it easier to demonstrate that your company is paying its share.
Talk to your local firm about how Grant Thornton can help your organisation prepare for Country by Country Reporting requirements.