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We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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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.
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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.
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Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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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.
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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.
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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.
Ed Nusbaum considers the global economic outlook for 2015
Cautiously optimistic: that is how I would describe the mood of business leaders heading into 2015. Our most recent quarterly confidence barometer (see The global economy in 2015) found business leaders as positive as they have been since 2007. That’s not a surprise because, in many ways, 2014 was the year in which the recovery really took hold – and not just in the UK and US, but in some of the European economies hit hardest by the sovereign debt crisis. (Ireland, Spain and even Greece showed nascent signs of recovery.)
However, the recent economic, political and social turmoil is weighing heavily on business leaders’ minds. Our research showed global business optimism dropping eight percentage points to net 35% in Q4. This is hardly disastrous – this time last year, global business optimism stood at just net 27%, for example – but it does reflect well-founded concerns about the unevenness of the global recovery.
The dramatic 50% fall in the oil price has caught the headlines, rocking markets and unnerving investors. While motorists and some manufacturers will be celebrating, it is clearly less good news for oil companies and major exporters whose government budgets may have forecast a much higher price. The viability of shale oil production in the US and global investment in renewables has also been thrown into doubt.
Perhaps the bigger issue is the eurozone with Greece once again at the centre of the storm. Greeks this week voted in the left-wing Syriza party which has pledged to renegotiate the terms of the €240bn bailout and reverse many of the austerity cuts. With Germany set to block any such moves, fears of a 'Grexit', with potentially damaging knock-on effects for the rest of the region, are once again very real. If this were not enough, Italy is back in recession, France is treading water, Germany has slowed and deflation threatens to choke off consumer spending and business investment. The region is in real danger of suffering a 'lost decade' of the kind Japan – itself back in recession after a poorly timed rise in the consumption tax – suffered in the 1990s. Taken together, this could then drag down the (currently) high-flying UK.
Add to this the continuing unrest in Ukraine, with sanctions directed at Russia sending the rouble tumbling and causing growth forecasts to be slashed; violent conflict in the Middle East turning the Arab Spring into a winter of discontent; and Latin America being stuck in the doldrums following the end of the commodity supercycle; and the outlook for 2015 certainly appears tricky, to say the least.
Despite this, confidence remains fairly buoyant and I too am optimistic that businesses, especially those dynamic enough to adapt to a rapidly changing environment, can still prosper. The strength of the US economy is one reason. Its share of global output may have fallen over the past decade from 32% to 22%, but the strength of US consumer spending remains vital to the health of the world economy. Recent indicators look very promising: the addition of 2.7 million jobs in 2014 through November 2014 was the best since 1999 and growth in 2015 is forecast at a very healthy 3.3%.
China is another reason. There has been much talk of the growth rate slowing to 7.3% but this is expansion that would delight most governments and isn’t far below the official target. Yes, levels of local government debt are a concern, but the managed transition away from investment towards consumption offers a more sustainable long-term growth path. Elsewhere, those other Asian giants, India and Indonesia, have both elected prime ministers who promise to be more business-friendly and unlock the potential of their millions of young people. Finally, there are welcome signs the growth in Africa is starting to decouple from the commodity cycle with output drivers diversifying and more broad-based growth to follow.
Clearly the global economy is not moving in lockstep and this is certainly a more uneven recovery than we have seen from previous financial crises. But there are growth opportunities out there for business leaders who are willing to take a risk: to make that acquisition, to launch that new product or to enter that new market. And the issue is not that business leaders are presented with a paucity of information, but rather how they cut through the white noise. If you're going abroad, find a local adviser with deep knowledge of the market - what looks on paper like an opportunity could easily end up giving you a headache and vice-versa. If you're looking to grow through acquisition, be sure (as you can ever be) that this technology or market access you are buying offers growth opportunities beyond the here and now.
I've just returned from India visiting our clients working in sectors form automotive to telecommunications where I have once again been struck by the ingenuity, resourcefulness and dynamism of local entrepreneurs. Some commentators may be disappointed by the slow pace of reforms but changing mindsets in the world's largest democracy was never going to be an overnight job. And Indian business leaders seem unconcerned: confidence for 2015 is running at 98%, the highest anywhere in the world.
I think there is a lesson here for all business leaders. Yes, this recovery is different; it is uneven and patchy. And yes, making bold decisions is tough in an uncertain world. But sometimes we need to take the plunge, to rely on our instinct and experience to know what the best course of action is, and remain hopeful of a good outcome. A positive attitude can help overcome even the steepest hurdles.