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Every business is different, the challenges they face vary but all need bespoke solutions. Businesses also share common ground when it comes to striving for reducing costs and improving efficiencies.
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Royalty and intellectual property audit
Intellectual property (IP) is valuable and one of the challenges for you as an IP owner, whether in film, TV, book publishing or consumer products, is ensuring that you are receiving all royalties due to you.
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Pensions
Assurance and financial reporting is key, and reporting with independent opinion gives confidence to trustees to support their governance processes.
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Healthcare assurance
Our healthcare assurance team supports local and national NHS bodies improve the quality of their clinical data and cost information to accurately reflect the care delivered
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Contract assurance
We know how complex accounting for large contracts can be. The services sector relies on successful deals and risks being isolated and understood.
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Brexit and political risk advisory
We can help you navigate political volatility.
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Business consulting
Challenges are specific and solutions do not translate perfectly from one business to another, which is why you told us you want a fully customised approach to professional services.
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Corporate simplification
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Governance advisory
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International services
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People advisory
Create value by attracting, retaining and developing an agile and resilient workforce for continued business success.
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Strategy
Our Strategy and Modelling capabilities are focused on helping management teams make better, more rigorous and quantified business decisions
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Respond: Data breach, incident response and computer forensics
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Comply: Cyber security regulation and compliance
Cyber security regulation and compliance is constantly evolving. Our team can support you through the digital landscape.
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Protect: Cyber security strategy, testing and risk assessment
Cyber security threats are constantly evolving. We’ll work with you to develop and test robust people, process and technology defences to protect your data and information assets.
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Corporate finance
We combine award-winning technical expertise with the intuition, insight and confidence gained from our extensive sector experience and a deeper understanding of our clients.
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Debt advisory
Our debt advisory team can find the right lender to help you in restructuring. Find out how our experts can support you.
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Financial accounting advisory services (FAAS)
Our FAAS team can support your finance function with the flexible resource they need to get results.
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Financial modelling
Models are at the heart of all business decisions. Whether you're looking to raise finance, buy or sell a business, assess strategic options, or just plan for the future, you're going to need a forecast. This is likely to come from a financial model.
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Operational deal services
Most transactions fail to achieve their goals. There are many reasons for failure.
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Our credentials
Search our transactions to see our experience in your sector and explore the deals advisory services we've delivered.
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Restructuring
Protect and realise value throughout times of uncertainty, stress and distress
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Transaction services
We will identify key business issues through our rigorous and tailored risk and business analysis process. Our Transaction Services team will then work with you to resolve these issues with a reporting method designed to suit each client and their preferred medium.
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Valuations
The Valuations team has wide experience in valuations of private companies. We serve enterprises of all types and sizes, covering a wide range of industries
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The ESG agenda
Shape your ESG agenda by identifying the right metrics, sustainable development and potential business value impact.
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ESG driven business transition
Whatever your ESG strategy, we can support your organisation as it evolves while maximising efficiency and profitability.
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ESG programme and change management
Do you have the right capabilities to drive the delivery of your ESG strategy to realise your targets?
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ESG risk management
You must protect, comply, understand and influence to successfully manage the risk involved with ESG issues. We can help.
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ESG strategy, risk and opportunity identification
We can help you clearly define your ESG Strategy, with the risks and opportunities identified and managed.
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Create value through effective ESG communication
Building trust and engagement with your stakeholders on your ESG strategy.
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ESG metrics, targets and disclosures
The pressure to report your ESG progress is growing. Do your targets measure up?
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ESG governance, leadership and culture framework
Make the most of ESG opportunities by effectively embedding your strategy across your organisation.
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ESG and non-financial assurance
Support your board to be confident in supplying robust information that withstands scrutiny.
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Actuarial and risk
Grant Thornton's Actuarial and Risk team provides market leading actuarial and risk management advice to clients in the financial services sector and further afield. We consult extensively to the life insurance, general insurance, health insurance and pensions sectors as well as providing financial modelling and financial instrument valuation services more widely.
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Business consulting
The Financial Services Business Consulting (FSBC) practice is able to harness the skills, knowledge and experience within the Financial Services Group, to provide a full suite of services across the delivery lifecycle, from strategic advisory to assurance. FSBC provides market-leading consulting and advisory services to the banking sector.
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Business risk services
Our market-driven expertise helps firms keep growing and manage risk in an evolving regulatory landscape.
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Financial crime
Helping you fight financial crime in a constantly changing environment
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Financial services tax
In the Financial Services tax team, we provide tax advice to businesses from all over the world. We combine technical expertise with a commercial approach based on experience and deep industry understanding.
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Insurance audit, assurance and advisory
Today’s financial services environment is the subject of increasingly rigorous governance, accounting and regulatory requirements. In the light of this, we provide a truly robust and independent service to undertake external audits with a defined, industry-specific audit approach that is specifically tailored to the relevant sector.
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Leasing and consumer finance
We are a unique team in the accountancy profession and combine vast industry, product, and asset knowledge with a core service offering which adds real value to our clients.
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Litigation support
Our in-depth understanding of the industry, and our sensitivity to conflicts make us the ideal choice for law firms and lawyers looking for unrivalled levels of service. We provide a wide range of litigation support and investigation services to the financial services industry.
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Regulatory and compliance
Regulatory and compliance - We provide an exceptional level of regulatory and compliance support to both retail and wholesale organisations across the financial services industry.
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Risk and capital management
We help businesses determine which capital risk management approach fits them best, ensuring that compliance is a natural by-product and not the primary driver. While the regulatory dimensions of capital risk management are growing at an unprecedented pace, it is our understanding of the links between risk, capital and performance that benefits our clients.
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Transactions and restructuring
We carry out a wide range of transaction support services, including due diligence and business reviews to support acquisitions, lending transactions, acting as reporting accountants for financial businesses seeking a listing or trading on the capital markets.
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Computer forensics
Computer forensics - We can report on metadata and provenance, internet activity, external connections and copying, destruction of evidence, smart devices, and we can conduct detailed forensic searches.
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Corporate intelligence
Corporate intelligence often involves cross-border complexities. Our experienced team can offer support.
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Cyber advisory
Our cyber team helps you to identify and guard against potential cyber risks to your organisation and mitigate against data leaks and hacks
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Disputes advisory
Our team advises on quantum and other accounting or financial issues in commercial disputes, including acting as expert witness in litigation and arbitration.
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Financial crime
Helping you fight financial crime in a constantly changing environment
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Financial services investigations
We are market leaders in conducting and supporting investigations within the financial services industry
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Forensic data analytics
Our forensic data analytics team are helping businesses sift the truth from their data. See how we can help your firm.
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International arbitration
International arbitration has become the principal dispute resolution method for the determination of complex international commercial disputes.
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Matrimonial services
We provide a distinctive, high-quality and personalised service to family lawyers and individuals across the UK both pre and post-marriage.
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Monitoring trustee and competition services
Monitoring trustee and competition services - We provide independent Monitoring Trustee services to competition, financial, security and other regulatory bodies.
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Forensic investigations and special situations
Do you need clarity in an uncertain situation? If you're accused of wrongdoing we can help you get the facts right.
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Public sector advisory
To deliver excellent public services, local and central government need specialist support.
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Public sector audit and assurance
As a leading UK auditor, we have unparalleled insights into the risks, challenges and opportunities that you face.
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Public sector consulting
Helping public sector organisations maintain oversight of services and understand what's happening on the ground.
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Public sector governance and risk
Although arguably necessary to bring order to public financing, the impact of the accelerated public sector funding cuts represents an unprecedented scale of funding reduction. While the sector has so far risen to the challenge, enduring service and financial pressures create risks and opportunities and have particular implications for governance, risk management and internal control.
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Cryptoasset recovery
Get guidance and technical expertise on digital finance and cryptoasset recovery from our dedicated crypto hub.
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Grant Thornton Offshore
Grant Thornton Offshore is our one-stop global solution for insolvency, asset recovery, restructuring and forensics services.
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Contentious estates and family disputes
Managing complex, high net worth and sensitive issues such as divorce to resolution
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Corporate intelligence
When you're embarking on recovery proceedings, you have just a small window of opportunity to take meaningful action.
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Litigation support
Our in-depth understanding of the industry, and our sensitivity to conflicts make us the ideal choice for law firms and lawyers looking for unrivalled levels of service. We provide a wide range of litigation support and investigation services to the financial services industry.
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Personal insolvency
We are a leading provider of personal insolvency services, delivering practical solutions in a sensitive manner, maximising recoveries for creditors or by helping individuals seeking for appropriate debt relief solutions.
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Expand into new markets
Broadening your business horizons.
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Finding the right international contacts
Introducing you to the people with the experience you need to succeed.
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How to stay in touch with, and make the most of changing markets.
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Setting up in the UK
Practical advice and expert input for anyone moving into UK markets.
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Contingency planning and administrations
In times of financial difficulty, it is vital that directors explore all the options that are available to them, including having a robust ‘Plan B’.
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Corporate restructuring
Corporate restructuring can be a difficult time. Let our team make the process simple and as stress-free as possible.
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Creditor advisory
We act as financial adviser to mainstream lenders, credit funds, special situation funds, security trustees and surety providers.
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Debt advisory
Our debt advisory team can find the right lender to help you in restructuring. Find out how our experts can support you.
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Financial services restructuring and insolvency
Financial services restructuring and insolvency is a competitive marketplace. Our team can help you navigate this space.
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Pensions advisory services
Our pensions advisory service helps manage risk and agree funding strategies. Find out how we can help you.
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Restructuring and insolvency tax
Tax will often be crucial in a plan to restructure a distressed business. Our team can guide you through the process.
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Compliance assurance
Since the financial crisis of 2008 the governance and conduct of financial services firms has been under increasing scrutiny.
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Data analytics
Deeper insight through data analysis is becoming commonplace, increasing the value, commercial challenge and calibre of insight delivered to the business.
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Enterprise risk management
Enterprise Risk Management (ERM) has been around for a long time, but many organisations have struggled to understand it or genuinely embrace it.
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Finance and risk management services
Our clients continue to prepare for and implement a range of new regulatory requirements, whilst having to navigate the uncertain macro-economic environment and structural change affecting the industry.
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Recent high profile control failures and increased regulatory demands require organisations to gain independent and objective assurance over the effectiveness of internal controls and risk mitigation.
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Whilst it is recognised that culture is a key enabler of strategy, the Chartered Institute of Internal Auditors has placed greater focus on the importance of organisations’ culture.
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Projects, capital programmes and transformation
Delivering significant medium and long term shifts in strategic direction, competiveness or performance often requires effective delivery of significant and complex projects and transformation programmes.
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Technology has been a key driver for success and operational efficiency in all industries.
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Delivery of critical business activities, both business as usual and projects, increasingly means working with external partners for goods and services.
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Advisory and tools to help you realise opportunities in capital allowances.
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Accurate returns, managing risk & maximising opportunity.
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It's a well-known fact that, in business, people are your greatest asset.
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In recent years, there has been a domestic and global trend of Governments shifting emphasis from direct to indirect taxation. Globally, while corporation tax rates have generally decreased, VAT rates have risen.
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The Finance Act 2016 introduced the requirement for businesses like ours to publicise their tax strategies by the end of the 2018 financial year. We fully support such initiatives and believe that firms sharing their approach to tax can promote widespread transparency, build trust and benefit society as a whole.
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You'll know just how important it is to maximise and protect your personal wealth.
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Real estate tax
The impact of the prolonged downturn continues to be felt in certain parts of the world but pockets of opportunity and optimism have emerged within the real estate. The UK real estate investment market has enjoyed high levels of capital inflow from a wide range of different investors groups and continues to be attractive.
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Research and development tax incentives
We can help you prepare optimised and robust research and development tax claims.
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Tax investigations and disputes
We make it simple to stay compliant and avoid HMRC tax disputes
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Tax risk management
We can help you manage your tax risk.
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Transaction and restructuring tax
Undertaking a transaction, such as fundraising, refinancing, acquiring or disposing of a business or assets, or a more fundamental restructuring is an important step. Businesses, lenders and stakeholders need to understand the impact of that transaction.
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Get the right support to deliver corporate and vocational training that leads the way in an expanding market.
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Insight and guidance for all businesses in the private education sector: from early years to higher education and edtech.
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Facilities management and property services
Get insight and strategic support to take opportunities that protect resilience and drive UK and international growth.
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Recruitment
Helping recruitment companies take opportunities to achieve their goals in a market where talent and skills are key.
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We can help you find the right ingredients for growth in your food and beverage business.
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Travel, tourism and leisure
Tap into our range of support for travel, tourism and leisure businesses in this period of challenge and change.
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Retail, e-commerce and consumer products
With multiple challenges and opportunities in the fast-evolving retail sector, make sure you are ready for them.
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Banking
Our expertise and insight can help you respond positively to long term and emerging issues in the banking sector.
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2020 is a demanding year for capital markets. Working with you, we're architecting the future of the sector.
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Our experienced expert team brings you technical expertise and insight to guide you through insurance sector challenges.
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Investment management
Embracing innovation and shaping business models for long-term success.
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Pension provision is an essential issue for employers, and the role of the trustee is becoming increasingly challenging.
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Helping central and devolved governments deliver change to improve our communities and grow our economies.
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Delivering a successful transport or infrastructure project will require you to balance an often complex set of strategic issues.
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Helping local government leverage technical and strategic expertise deliver their agendas and improve public services.
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We provide commercial and strategic advice to assist your decision making in pursuing your objectives.
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We are committed to helping change social housing for the better, and can help you make the most of every opportunity.
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We work with dynamic technology companies of all sizes to help them succeed and grow internationally.
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Telecommunications
Take all opportunities to realise your goals in telecommunications: from business refresh to international expansion.
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Media
Media companies must stay agile to thrive in today’s highly competitive market – we’re here to support your ambitions.
HMRC answers our questions about the IR35 tax reforms
HMRC has published guidance on these changes to the IR35 rules to help relevant parties understand their application and the practical requirements. However, there are areas where organisations are still potentially unclear on them, so we went to HMRC with a list of our clients' most frequently asked questions.
In March 2020, the government announced that the reform was being delayed - not cancelled - and parliament has passed the legislation to ensure the reform to the off-payroll working rules takes effect on 6 April 2021.
Delivery of our updated education and support programme is well underway and we are actively reaching out to stakeholders, industry and contractors to help them prepare for the reform.
HMRC is committed to supporting businesses and individuals in the run up to, and beyond, the reform coming into force, and is delivering an extensive programme of work to achieve that. We are working towards the reform coming into force on 6 April 2021.
HMRC developed CEST to help organisations and individuals determine employment status for tax and decide whether the off-payroll working rules apply. We will stand by CEST’s results provided accurate and correct information is used, in accordance with our guidance.
The CEST service was developed in conjunction with tax specialists, contractors and other stakeholders and it was rigorously tested against established case law and settled cases to ensure it provides accurate results in line with current binding judgements. CEST provides accurate results and HMRC stands by its results, provided accurate and correct information is used in accordance with our guidance.
It is acceptable for a client to make a determination for a group of workers, providing those workers are engaged under the same contractual terms and conditions, and in practice work under the same terms and conditions.
However, if determinations are made for groups of workers where the terms and conditions are not the same, this may not be taking reasonable care. If there are differences in terms and conditions, each status determination should be made on a case-by-case basis.
A client organisation must always take reasonable care, regardless of its size, when determining whether the off-payroll working rules apply to an engagement. If the client fails to take reasonable care, the responsibility for the deduction of tax and NICs, and the payment of the apprenticeship levy and paying these to HMRC will rest with it.
Levels to which a client organisation satisfies itself in having taken reasonable care will vary on a number of factors, for example; having a complex workforce or labour supply chain.
Failing to reconsider determinations where there has been a material change in circumstances and failing to take account of all relevant evidence are both examples of not taking reasonable care.
Examples of behaviours that would indicate a client has taken reasonable care include can be found in the Employment Status Manual.
HMRC will take a light-touch approach to penalties meaning that customers will not have to pay penalties for inaccuracies relating to the off-payroll working rules in the 2021/22 tax year regardless of when the inaccuracies are identified, unless there is evidence of deliberate non-compliance.
In addition to the light touch approach on penalties for inaccuracies, HMRC has also committed to not use information acquired as a result of the changes to the off-payroll working rules to open new compliance checks into workers' intermediaries for previous tax years.
HMRC will use a specialist team to carry out all our off-payroll working compliance activity.
If customers have a Customer Compliance Manager (CCM), we’ll continue to use that relationship to manage and assure compliance with the off-payroll working rules. HMRC has outlined its compliance approach for the off-payroll working rules. Our priority is to support customers to be compliant, as well as intervening when we find non-compliance.
HMRC has been working extensively with stakeholders to provide education and support to those affected by the off-payroll working changes in April 2021, supporting them to help them get things right. HMRC's education and support has included hosting webinars and workshops, attending events hosted by other organisations and offering 1-2-1 calls for organisations who need additional support. We have also provided further support via factsheets, articles, technical manuals and social media to help organisations and individuals prepare.
In addition to our education and support, HMRC has been working on its future compliance strategy details of which have been published on GOV.UK.
In some cases, CEST may produce an undetermined outcome where factors are finely balanced. There are a number of steps a business can consider after CEST produces an undetermined outcome.
These include:
- Talking to your contractors/hiring managers to ensure that the working practices have been correctly represented
- Consulting with internal advisors or others with knowledge of the working arrangements
- Use HMRC's ESM manual ESM0500 to help come to a final conclusion
HMRC has provided users with CEST guidance which can be accessed via the tool’s landing page. The guidance provides additional detail on CEST questions and how these are considered within the tool. HMRC also has a dedicated helpline which supports those who have queries on specific CEST questions. For those more finely balanced cases where CEST produces an undetermined outcome, we provide detailed guidance, including in the Employment Status Manual.
Set-offs cannot be considered in Chapter 10 scenarios as there is no legislative provision to do so. The legislation does not provide for a set-off for the client organisation or deemed employer of any income tax, NICs, income tax paid on dividends or corporation tax paid by the PSC/worker.
There is no direct relationship between the worker and the client organisation/deemed employer, there is more than one legal entity involved with the individual and there are multiple heads of duty in play. HMRC compliance teams can only work within the remit of existing legislation.
Expenses will only be allowable deductions under the off-payroll working rules if those expenses would be allowable for a direct employee.
The off-payroll working rules do not change existing rules on expenses. Since April 2016, where the off-payroll working rules apply, a contractor is not entitled to claim tax relief for ordinary commuting expenses. This will continue to be the case.
The off-payroll legislation does not specify a particular transmission method a client organisation or other parties should use to issue or pass on the SDS. Client organisations should ensure that the worker and the party they contract with are knowingly able to receive or access the SDS. For example, this could be an email, a letter or provided through an online portal.
For an SDS to be valid, the client must take reasonable care and must include the client’s status conclusion and reasons for that conclusion. The SDS must then also be passed directly to the worker and should be passed to the party that the client organisation contracts with in order to discharge any responsibility for accounting for any tax and NICs due.
The off-payroll working rules do not affect the application of tax residency rules and the same considerations should be made as if the worker was engaged directly. If the worker would be chargeable to UK tax or NICs if engaged directly, then the off-payroll working rules should be considered, this applies even if the work is done abroad. Where the worker's intermediary is registered is not relevant when deciding whether the rules can apply.
Many organisations who engage overseas workers will already be considering residency for their employees and should be able to apply the same processes to their contingent workers. Where the rules do apply to an engagement, client organisations should treat them as they would any new employee by issuing a new starter checklist or taking their P45.
The off-payroll legislation requires client organisations to have a status disagreement process in place to deal with disputes of SDS by contractors (workers) and deemed employers.
There is no cap on the number of representations that can be made by a contractor or deemed employer and representations can be made at any time before the final chain payment is made in relation to that engagement. Client organisations will be able to stand by an SDS if a dispute is made on the same grounds without any new information.
Changes to contractual terms and working practices of an engagement could result in changes to the correct status determination or could effectively result in one engagement ending and new one (with different contractual terms and working practices) beginning.
Terms and conditions may shift over time and client organisations should consider whether these changes result in a new engagement. Whenever there is a new engagement a client will need to issue a new SDS.
Where a contract is extended, an extension may result in a new contract, for example because terms or working practices have changed or because the client chooses to issue a new contract to achieve the extension. In this case, the client organisation is required to issue a new SDS. If, however, a contract is extended but on exactly the same contractual terms and working practices this may not be a new contract and if so, no new SDS will be required.
If it is known and planned, when making a status determination, that the contractual terms or working practices will change and so the determination does not represent the true nature of the engagement, then this will not be regarded as taking reasonable care.
Reasonable care should always be taken when determining the employment status of a worker for tax and any SDS should be issued directly to the worker and any party the client organisation contracts with, in order to discharge responsibility for accounting for any Income tax and NICs that may be due.
Issuing the SDS to a worker gives them clarity over their tax position as they will know whether payments they receive will already have been taxed, or whether payments will be received gross and so tax and NICs are still due. Having the SDS will also allow the worker to understand the client organisation’s reasons for their status determination so the worker can decide whether or not they disagree with that status determination.
How can we help our clients?
We are supporting our clients to prepare for the upcoming IR35 tax reforms. Our support starts with a conversation with you about your business and to discuss how you utilise off payroll workers (OPWs) within your organisation and to then agree how we can best support you navigate the practical requirements to ensure compliance.
To provide an idea of some of the ways we have helped our clients, this includes:
- Facilitate workshops containing a mixture of technical guidance, discussion and group input. These can help to gain buy-in from internal stakeholders involved in the engagement of contractors
- Data analytics to identify the population of OPWs within your organisation
- Confirmation of the scale and complexity of the ‘as-is’ position and assess the potential past, present and future risk to your business
- Employment tax analysis of the IR35 and cost implications of your labour supply chain, communications to affected parties
- Training for key stakeholders
- Updates to engagement processes including appeals to the SDS
In addition, we have developed a market-leading tool to monitor and assess contractors. Our Employment Status Intelligence Platform (ESIP) provides an assessment outcome every time and:
- Collects the information required to enable status assessments of your workers to be performed in less time and with greater consistency.
- Provides a database to store and monitor new and existing OPW population, including a risk rating in all cases, highlighting how often each OPW should be reassessed while they continue to be engaged
- This can extend to stakeholder communications and can also include functionality to manage appeals from contractors in line with legislation
Based on our experience supporting our clients with the implementation of IR35, businesses should consider their position as soon as possible to allow time for all the necessary stages to effectively manage the change and to properly assess the impact of the new rules.
If you would like to book a demo of ESIP you can do so here and one of our team will get back to you.