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Audit of annual and consolidated financial statements
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Accounting related consulting
Accounting in accordance with UGB, US-GAAP or IFRS is in constant motion. The integration of new regulations into their own accounting systems poses special challenges for companies.
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Corporate Tax
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Restructuring, Mergers & Acquisition
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International Tax
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Transfer pricing
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Private Wealth
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Real Estate Tax
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Global Mobility Services
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Bookkeeping & Financial accounting
Financial accounting is the basis for many decisions in the company. Only those who prepare their figures clearly and get a good overview of their company can recognize weak points in time and react to negative developments. The use of state-of-the-art software (BMD) allows you to access your figures at any time. Digital document management and a document management system for data archiving are a matter of course. We take care of your financial accounting.
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Preparation of annual & consolidated financial statements
Depending on the size of your company and the legal form chosen, you are obliged to prepare annual financial statements. In addition, shareholders, owners and management want to be provided with financial information on a regular basis. We support you in fulfilling your recording obligations and thus ensure that you present companies, the bank and other addressees with meaningful and reliable figures.
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Payroll Services
Payroll services are among the subject areas that are changing rapidly and constantly gaining in complexity. This is where tax law, social security law, labour law, residence law and other legal matters come together. Our experts will help your team to stay up-to-date and solve complex issues. But we are also happy to take care of your entire payroll accounting.
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Tax Compliance
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Robotic Process Automation (RPA)
Robotic Process Automation (RPA) is a software-based technology that mimics a series of activities within and between systems based on a set of instructions typically to complete a process.
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Valuation
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Forensic Services
When it comes to risks in business, our experts are on hand. We support you not only in suspicious cases or in disputes, but also develop suitable strategies in the area of prevention to avoid serious cases as far as possible. Our Cyber Security team helps you to keep your networks and applications secure and is quickly on hand in the event of a security leak.
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Transaction Support
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.
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Sustainability Services
Sustainability is no longer a trend, but the only way to create a future worth living. Our experts will support you in successfully developing your sustainability strategy and preparing your sustainability reporting in compliance with regulations.
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Restructuring & Going Concern Forecast
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Internal Audit
Internal Audit helps companies and organisations to achieve their goals by analysing and evaluating the effectiveness of risk management, controls and management and monitoring processes. Internal Audit focuses on independent and objective audit (assurance) and consulting services that improve the value creation and business activities of your company.
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Expert dispute resolution & advisory
Grant Thornton Austria offers comprehensive services in the field of business-oriented expert services with a broad range of competencies from banking to communication. The core activity of experts is the objective recording of findings and the preparation of expert opinions - regardless of all external circumstances. Our experts Gottwald Kranebitter and Georg H. Jeitler, as sworn and court-certified experts, ensure that the highest professional standards and the principle of objectivity are observed.
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Blockchain and Crypto-Asset
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Corporate & Brand Strategy
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Cyber Security
Cyber incidents, IT system failures, the resulting business interruptions and the loss of critical data are one of the greatest business risks for companies. Recent cases underline the need for strategic protection and awareness of the issue and require a holistic approach and technical expertise that takes into account all legislative, regulatory and technical aspects of cyber security to protect companies against the daily increase in cybercrime incidents.
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International Project Coordination
Our International Engagement Management team is your central point of contact for international projects in all our service lines. We take care of operational project management for you and act as a central point of contact and coordination for your projects. We support companies that start international projects from Austria as well as companies from abroad that want to gain a foothold in Austria or use Austria as a hub for their international projects, especially in the DACH (Germany, Austria and Switzerland) and CEE region.
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International Desks
As a member of the Grant Thornton network, we guarantee direct access to resources from our worldwide circle of partners. This global connection enables us to seamlessly integrate highly qualified specialists and industry experts from different countries around the world into our teams. Through our broad perspective and diverse expertise, we ensure that we can optimally meet the individual requirements of our clients in an increasingly globalised economy.
Election 2019: A Conservative Government
18 Dec 2019New tax projects
A government with a large majority should provide a more certain environment for investors and inject greater confidence in markets, at least in the short term. The UK will leave the EU in seven weeks, with a harder break likely at the end of the transition period in December next year. Other changes to the business environment, including tax and employment rights, will take place too. Conservative policies may pivot towards their new constituents in towns left behind by globalisation.
Here is our initial analysis of what the election result means for the UK business environment and actions businesses and employers can take.
On 31 January 2020, the UK will leave the EU with an elevenmonth
transition period. Most arrangements will not change during the transition period, but it may have some implications for international tax from 31 January 2020. On 31 December 2020, unless the transition period is extended (which the Prime Minister has ruled out):
• the UK will be out of the single market and out of any form of customs union
• cross-border withholding tax changes may take place
• new customs processes and cross-border VAT arrangements will commence
• either a free trade agreement will be in place or Great Britain will trade on WTO terms with the EU
• special customs and VAT arrangement will apply to goods in Northern Ireland, creating a ‘softer’ Brexit there
Any businesses benefiting from EU status within domestic tax law in EU member states should urgently review implications of the UK leaving the EU on 31 January. All businesses should prepare for a hard Brexit in December 2020 and put in place arrangements and adjustments for new customs and VAT processes.
The Government has committed to a five-year taxation ‘triple lock’: no increases in income tax, national insurance or VAT. The Chancellor will set out the Government’s 2020 Budget in February or March, confirming tax rates for April 2020 as well as any additional 2020/21 spending (most 2020/21 spendingwas confirmed in September), and longer-term fiscal policies. This will include their pledge to raise the National Insurance
threshold to £9,500.
In their election manifesto the Conservatives also committed to ‘redesign the tax system so that it boosts growth, wages and investments and limits arbitrary tax advantages for the wealthiest in society’.
It will be important to map out what the changes mean for you.
Income and capital gains tax
The government has committed to review and reform Entrepreneurs’ Relief, referring to this as one of the tax measures ‘that haven’t fully delivered on their objectives’. Entrepreneurs will need to weigh up whether they need to
take any action in advance of these changes.
Non-dom taxation
No announcements have been made.
Inheritance tax
The Conservative manifesto made no new announcements concerning inheritance tax albeit it is possible that some changes might be made.
Stamp Duty Land Tax
The manifesto announced that it will bring in an additional Stamp Duty Land Tax surcharge on non-UK resident buyers. This will apply to companies as well as individuals, and to expats.
Corporate taxation
Corporation tax is to be maintained at 19%. Previous plans to reduce this to 17% have been dropped.
The Conservatives have confirmed that the Seed Enterprise Investment Scheme and Enterprise Investment Scheme will continue in the next Parliament. The manifesto proposes to increase R&D tax credits to 13% and consider broadening its scope to areas such as cloud computing and data.
In addition, the manifesto pledges to implement the Digital Services Tax from April 2020, a 2% tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users.
The new changes could have important implications for some businesses.
Tax avoidance and reliefs generally
The Government propose new measures to tackle tax evasion and reduce opportunities for aggressive tax avoidance. Changes include:
• Doubling the maximum prison term to 14 years for individual’s convicted of the most serious examples of tax fraud
• Creating a single, more resourced Anti-Tax Evasion unit in HMRC that covers all duties and taxes from individual errors to deliberate non compliance.
• Consolidating existing anti-evasion and avoidance measures and powers
• Introducing a new package of anti-evasion measures
VAT
The Conservatives have pledged not to increase VAT.
Structures and Buildings Allowance (SBA)
Their costings document mentions a further 1% increase (to3%) in the SBA for expenditure on the purchase, construction or renovation of non-residential buildings and structures.
Business rates
The Conservatives propose a fundamental review of the business rates system. For one year (2020-21), they will increase the business rate discount for small retail businesses, and extend it to local music venues, small
cinemas and pubs.
Small employers
The Conservatives will increase the Employment Allowance by £1,000 per business for small businesses.
