the benefits of electric vehicle taxation Ruairdhri McIlroy, Assistant Manager, Tax at Grant Thornton With a ban on the sale of new petrol and diesel cars planned in the UK from 2030, the rise in popularity of electric vehicles (EV) seems certain. Globally there has been rapid growth of EV sales, and manufacturers are responding…

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Lauretta McGeown, Associate Director, Tax Now is the time to have that discussion with your adviser to start planning to protect your family’s financial future. HMRC published statistics show UK Inheritance Tax receipts for the tax year April 2020 to April 2021 were £5.4 billion, an increase of £190 million from the year before. Some…

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Rebecca McIlroy, Assistant Manager, Tax When it comes to tax relief on capital expenditure, the devil is in the detail – not all types of expenditure are going to be eligible for tax relief in the same way. If your company is planning to make a capital investment, you may be considering whether to invest…

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Budget Changes – Withholding Taxes on Interest & Royalties

Marie Martel, Associate Director, Tax As part of the EU, the tax treatment for UK companies paying or receiving interest and royalties to or from related parties that are resident in the EU was determined by the EU Interest and Royalty Directive. The goal of this Directive was to avoid double taxation in a European…

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Tariff

Lee Squires, Director, Indirect Tax From 1 January 2021, the Northern Ireland Protocol to the Brexit Withdrawal Agreement created a customs and regulatory border down the Irish Sea. There has been considerable focus in the media on the delays, logistical issues, and extra red tape that businesses face when moving goods from Great Britain into…

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R&D tax relief

Leading business advisory firm Grant Thornton has helped local firms recoup more than £10 million of tax relief from ‘Research and Development’ (R&D) spending in the past 18 months. And it is expected to increase significantly throughout 2021 as companies explore new ways to improve cashflow as the economy emerges from restrictions brought about due…

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tax

Andrew Webb, Director, Economic Advisory, Grant Thornton Ireland The recent UK budget laid out the significant costs related to the various coronavirus supports and began plotting the path to raising more revenue. With current government borrowing running at post world war highs of £355bn, a central theme in the Chancellor’s announcement was ‘repairing the public…

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Naomi Little, Assistant Manager, Tax, Grant Thornton Ireland  There has been a long history of employee movement between Northern Ireland and the Republic of Ireland. The COVID-19 pandemic and the imminent end of the Brexit transition period has recently shone a brighter focus on this issue. With the relative ease of movement across the border,…

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Commercial property

Janine McNeill, Manager, Tax at Grant Thornton Northern Ireland  Given the current climate, commercial property owners may be finding it difficult to attract tenants to lease their premises. As a result, landlords may need to offer an incentive to potential tenants in order to avoid their properties sitting vacant for long periods of time. This…

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By Clare Fitzgerald, Associate Director, Tax at Grant Thornton in Belfast The COVID-19 crisis continues to be at the forefront of everyone’s mind. Public health is the number one concern, and rightly so. Sometimes watching the news, it feels that there is very little of positive news on the horizon – whilst the Government is…

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