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.
European Commission unveil plans to combat corporate tax avoidance
On the 18 March, 2015, The European Commission unveiled plans to combat corporate tax avoidance with a proposed tax 'Transparency package'. Its aim is to tackle businesses exploiting the complexity of tax rules and the lack of transparency within the European Union (EU) Member States as they manoeuvre profits and minimise their tax exposure.
As things stand, Member States have discretion over whether they deem a tax ruling will be of relevance to other EU countries. The transparency package is designed to eliminate this discretion. They propose that every three months, national tax authorities must share reports with other Member States on all their cross-border tax rulings. The Commission said:
“National tax authorities will have to send a short report to all other Member States on all advance cross-border tax rulings and advance transfer pricing arrangements that they have issued. The automatic exchange of information on tax rulings will enable Member States to detect certain abusive tax practices by companies and take the necessary action in response.”
Following this announcement the proposals will be submitted to the European Parliament for consultation, and Member States should agree by the end of 2015, with a view to implementation on 1 January, 2016. The proposed package may become quite an administrative burden for the revenue authorities. Member States will need to think carefully on how they will be able to deliver on this.
Further transparency initiatives
The package also outlines a number of further initiatives to promote tax transparency within the EU. Amongst others, this includes 'assessing possible new transparency requirements for multinationals, such as the public disclosure of certain tax information by multinationals'. The Commission will review the benefits and risks of any such requirements against their intended objectives. This is an area where a careful balance will be needed rather than short-term knee-jerk reactions. Disclosure rules could be seen as running counter to the right to confidentiality between tax authorities and taxpayers, a position supported by business and the Organisation for Economic Co-operation and Development (OECD) in relation to country by country reporting requirements, for example.
Corporate tax equality and efficiency
A second 'Action Plan', to be presented before the summer, will review initiatives to ensure equality and efficiency across corporate taxation within the Single Market. This will include a re-launch of the common consolidated corporate tax base (CCCTB). This is an idea that was first floated many years ago but has never made it from page to execution. The concept is to have a common set of rules to determine taxable profits but it is not without its own complexity when it comes to implementation. It will also include further ideas for integrating more of the OECD/G20 actions to combat base erosion and profit shifting throughout the EU. This is usually known as the BEPS project.
What does this mean for businesses?
Increased transparency may contribute to better accountability and improved decision making, but only where it is relevant information of the appropriate quality. We may eventually see greater clarity with tax rulings being published, as opposed to just exchanged between jurisdictions.
The announcement reinforces the need for businesses to have the appropriate controls in place for tax compliance. A robust policy on how tax affairs are conducted is essential and all businesses need to be comfortable defending their tax policy in the public domain.