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.
A global survey by Grant Thornton of businesses in 36 economies reveals an uplift in the proportion of businesses worldwide expecting increased revenues over the coming 12 months. By contrast, growth in global export expectations continues to be slow, indicating that revenues are dependent on domestic consumer spending power. This power is now under threat from increased political instability, recovering oil prices and reduced plans to offer pay increases. However, the latest Grant Thornton International Business report survey (IBR) also finds that with a lack of skilled workers a major constraint, the wage freeze may not last for long.
The IBR shows businesses across the world reporting increased expectations for increased revenue (46%, +11pp), selling prices (21%, +4pp) and profitability (36%, +6pp) for the next 12 months in Q2 2016.
However, export plans do not follow the same trajectory. Growth in global export expectations for the coming year continues to be weak (15%, +2pp), particularly across Latin America (18%, +1pp), North America (9%, +1pp) and the European Union (20%, -2pp). At the same time, global business expectations for above inflation pay increases have fallen this quarter (15%, -4pp), noticeably within Latin America (6%, -6pp), North America (19%, -1pp) and the EU (16%, -9pp).
Across many regions there appears to be a disconnect between revenue expectations and export plans. Export expectations continue to disappoint, especially in Europe and the Americas, so it would seem that many companies are excessively dependent on domestic consumer spending for growth.
Recently, consumers within developed economies in particular have benefitted from low energy prices, strong currencies and low inflation. But with wage growth slowing, oil prices recovering and a climate of political uncertainty including from the UK’s vote to leave the EU, consumer confidence could potentially be hit over the coming year.
This is a precarious situation for the business community. Domestic demand can boost revenues only so far; in today’s world, overseas trade is critical to boost further growth. With another round of talks over an EU-US trade agreement expected this week, it is important for businesses that deals such as these make it is easier for businesses to buy and sell internationally. Otherwise, firms may be too inward-looking and over-reliant on domestic markets which could put their long-term growth and sustainability at risk.
The IBR also reveals that a lack of skilled workers remains the biggest growth constraint for businesses worldwide (30%, +2pp). Countries across the developed Asia-Pacific (APAC) region and the UK are particularly concerned about skills shortages (59%, +15pp and 34%, +8pp respectively).
The findings come amid a new bout of uncertainty caused by the UK’s decision to leave the European Union at the end of June.
The ultimate impact of the “Brexit” vote on the global business community is still unknown. While there is short term uncertainty and market volatility, central banks are taking steps to support monetary and fiscal stability. Our member firms are in conversation with their clients about taking a calm and considered approach, and we are monitoring the progress of the exit process. Not enough is yet known to inform many of the biggest decisions facing businesses with European operations.
When thinking about the threats and opportunities a Brexit could create, and planning how to create and protect value, it may be worth considering any short, medium and long term implications for issues like people and talent, exports and imports and the terms of any access to the Single Market, trading standards and regulation, strategic ambitions, financing, risk, operations and protecting investment. This will help guard against unexpected shocks which could derail long-term growth prospects.
For further information please contact:
Andrew Brosnan, insight and thought leadership manager, GTIL.