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Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
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Personal Tax Services
There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth.
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QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
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Download our tax brochures
The Guernsey tax team at Grant Thornton aim to provide the island with a premier tax advisory service both to private clients and the Guernsey business community including the investment management industry.
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Jersey Tax Return
A page with a link for Jersey Tax Returns
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ESG
ESG can either be seen as a risk management tool or an opportunity, either way it is imperative to your business, whatever your size and whether you are listed or not.
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Professional Services
Business and accounting support for professional services
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Finance Industry
We work with a broad range of clients and their financial stakeholders, from entrepreneurs in the early days to fast growing and established businesses to public companies competing in global markets.
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Local Businesses
Businesses come in many shapes and sizes – from innovative start-ups to long-established local businesses. But however large or small your business, the chances are you face similar challenges.
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Corporate Insolvency
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible.
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Corporate Simplification
Redundant corporate entities can over complicate group structures and waste thousands of pounds in unnecessary costs each year. 46% of the c.15,500 companies controlled by the FTSE100 are dormant and it is estimated that the average cost of administering dormant companies is between £3,500 and £5,000 per company, per year.
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Debt Advisory
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and public sector bodies in a range of sectors. Our engagements include advice on stand-alone transactions and solutions or as part of an integrated business plan, in both the project and corporate arenas.
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Exit Strategy Services
We offer a tailored methodology designed to enable a company to be reviewed in a group context to assess ways to maximise its value.
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Financial Restructuring
For companies challenged by under-performance we work with management teams, shareholders, lenders and other stakeholders to implement financial restructuring solutions creating a stable platform for business turnaround.
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Strategic performance reviews
Strategic performance reviews analyse the key drivers of performance improvement. Our specialists utilise a framework to evaluate financial and operational options and to identify solutions for businesses and their stakeholders.
Liquidity and Contingency
Ensuring your stability for the future
Being able to predict how long the pandemic is going to last is impossible, Businesses will find it difficult to remain liquid. We can be certain the situation will continue to change and develop.
Being Resilient is a key task for all businesses. The one key priority for everyone is going to be maintaining stability during a fluctuating situation. Grant Thorntons Resilience Wheel can provide a structure and process to help businesses survive.
Potential issues
Understanding future cash flow in highly uncertain circumstances and the implications for solvency and continued trading​ is vital for directors looking to lead their firm through these difficult times. Click here for more detail on Cashflow
Approaching existing and new lenders about funding needs and liquidity is essential.
Ensuring you minimise the risk of any come-back from third parties when you cannot fulfill your contractual obligations is important so you will be able to recover losses when the situation is reversed.
Claiming compensation for lost business due to a fall in demand of forced closure after the pandemic, where available, will be an issue for many.
Actions to consider
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Assess
AssessMake sure you're keeping records of losses sustained or caused and compare this to your initial predictions before the outbreak. This way, you can prove the loss happened as a result of the outbreak and nothing further could have been done to avert it. Certain types of debt facilities are more-quickly impacted by downturns in trading. This is especially so for asset-based facilities, where available funding is driven by debtor and stock levels, so careful modelling of the impact of trading on headroom levels is essential.
Check both your rights and obligations under key contracts, and your insurance coverage and notification requirements. This will ensure you know what is insured and what is not and that you're able to negotiate with counterparties to alleviate the impact of any contractual breaches.
Consider how your cash flow and prospects might affect the covenant and funding of any DB pension schemes – and what information and support might be given to scheme trustees to enable them to understand the position and consider any accommodations.
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Protect
ProtectMake sure you're taking advantage of government support during this difficult time. Review any temporary finance options, such as deferring monies due to the HMRC with a Time To Pay arrangement, and utilise any support that's available to you, including the British Business Bank’s newly announced Coronavirus Business Interruption Loan Scheme, which can offer loans of up to £5 million.
When support isn't available or sufficient, you should be pro-active in speaking to your existing lenders. Offer as much notice as you can and explain the situation to them in full, so you can obtain the flexibility you need.
Consider whether any DB pension schemes might be able to provide accommodations to help your cash flow and protect your business and its covenant.
Consider these questions
- Are changes and delays to your service going to have an impact on your cash flow, now and in six months’ time?
- Do you need to have discussions with clients or suppliers about renegotiating terms?
- Are there temporary solutions available to your liquidity issues? Can you speak to your funding suppliers about additional funds and operational covenants for the next few months?
- Do you have the forecasting tools to quickly and easily analyse the impact of changes to your business and assess the impact on your valuation(s)?
