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focus on oxford


‘A distinctive and charming economy in which to work as a proven and trusted friend on exciting journeys’


“Our firm’s purpose is all about helping to shape a vibrant economy by assisting dynamic fast-growing businesses to unlock their potential for growth, and in and around Oxford we are surrounded by such businesses,”


Long-standing local knowledge and experience, professional skills, business understanding and wide-ranging Thames Valley and international connections underpin the Oxford office’s full-service ability to help tackle problems and opportunities that clients encounter, says Bishop.


“While every client’s business journey is unique, as business advisers we have gone on many similar journeys. The most powerful thing I can do is to use my sector knowledge, network and experience, our Grant Thornton skills and international links, to provide absolutely the right person or solution for my client,” said Bishop. But, he is clear that Grant Thornton will never drive the key decisions made in a client’s business. “We can take away all the complexity of tax and accounting standards and so on, but our main role is to be a trusted, knowledgeable and constructively critical friend, enabling clients to control what they can and forge their own destinies.”


CASE STUDY: Supporting a growth journey


After a highly successful research and development stage, a local, leading technology business had started commercialisation and anticipated a period of rapid global growth having already secured customers in the US and Far East.


Operating in a fast-paced environment, the client needed to make quick, informed decisions. With significant future global profits in the pipeline, it was essential to ensure that the group had the correct infrastructure in place to manage its global effective tax rate, and ensure a robust and transparent tax strategy. All while meeting international standards and ensuring they would withstand future due diligence.


Using vast technology sector experience and a holistic approach, Grant Thornton’s team worked with the group to identify the essential foundations and prioritise what would be needed later on. Transfer pricing for the US operations was a priority – an area of increasing scrutiny. The team identified a suitable policy to protect the group’s UK and US R&D reliefs, while ensuring it was ‘patent box’ ready.


Grant Thornton made sure the client always had access to its senior team in order to provide pragmatic, real-time advice, particularly important on occasions such as agreeing terms to the Far East partner. For example, a brief call identified


a potential risk that could have led to losing significant annual cash credits. The team were able to help the client arrive at an alternative well within its commercial parameters.


With ever-growing international activities, the benefit of Grant Thornton’s International member firms was invaluable in bringing together expertise from around the globe. Regular calls with the UK tax manager also meant the group’s management team could be confident that all projects were being prioritised and progressed as needed.


So, how has this helped?


Successfully managing R&D claims led to significant cash repayment in £millions. Grant Thornton leveraged its experience to advise on the most practical approach to pragmatic international tax risk management. This means the client can have confidence that it is future-ready. The team’s holistic approach meant opportunities such as transfer pricing, R&D and patent box reliefs were all considered alongside the impact on other taxes. A pro-active and responsive team prioritised advice on what was required urgently, with an understanding of what would be needed further down the line, leading to successful implementation of robust compliance across the different regions.


An innovative collaboration space for you?


Grant Thornton is inviting local organisations to come in and use its dedicated connectivity and working space. Collaboration, networking, and face-to- face meetings are important factors for innovation and creativity in any business community.


Grant Thornton’s ‘Powwow’ space is available at no cost to local business professionals to use – whether it is for an hour or a whole day, to host a meeting, make a quiet call or take a pit-stop between meetings. It is ideal to hold a sit down or standing boardroom style meeting, and there are booths available for a quick catch up. You can expect WiFi, a great cup of coffee and a warm welcome. Plus, their exclusive events provide the opportunity to connect with local networks and experts from the Grant Thornton team.


Contact the team PowWow.Oxford@uk.gt.com @GTOxford on Twitter.


THE BUSINESS MAGAZINE – MAY/JUNE 2018 businessmag.co.uk 33


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