Accountancy firm Chiene + Tait has announced a partnership with Scotland’s business angel association, LINC Scotland, aimed at supporting its members and enhancing the level of investment into Scottish SMEs with strong growth potential.
Chiene + Tait will service a dedicated Business Angel Helpline, providing advice to Scottish angel syndicates on how they can best structure any potential investments and maximise available tax reliefs. For the last year, the accountancy firm ran an initial helpline trial where they assisted LINC’s members on a range of matters including pre-deal structuring questions, advice on EIS (Enterprise Investment Scheme) and SEIS (Seed Enterprise Investment Scheme) and assistance on other HMRC matters relating to potential angel investments.
Going forward the Helpline will remain focused on ‘de-mystifying’ the whole process of becoming a business angel by promoting the tax advantages that come through this form of investment. Angel investment syndicates will be able to contact the service where they will get direct advice from Chiene + Tait tax experts.
The aim of this approach is to promote wider economic growth in Scotland by supporting and encouraging more high net worth individuals to invest in SMEs with strong growth potential.
Chiene + Tait Entrepreneurial Partner Neil Norman said: “We are delighted to formally launch the Business Angel Helpline to support LINC’s members and help demystify the process of maximising tax efficiency around business angel investing. In the initial trial of the Helpline, we were contacted by over 50 per cent of Scottish-based angel syndicates who successfully accessed valuable tax advice and other important information to enable them to maximise their investment.
“This support vehicle is helpful to business angels and is also beneficial in encouraging more investment into Scotland’s SMEs. A UK Business Angels Association highlighted that 90 per cent of angel investors utilise EIS or SEIS tax relief schemes. By offering a service which draws on our experience to help investment deals complete smoothly with maximum tax reliefs, we can support the existing business angel community in Scotland and also promote this form of investment to other high net worth individuals.
“This is a positive development which has real scope to benefit the growth of Scottish SMEs and help entrepreneurs punch above their weight by encouraging more activity within the business angel investment community.”
David Grahame, Executive Director of LINC Scotland said: “The Business Angel Helpline has provided a valuable resource for our membership. We are therefore delighted to have Chiene + Tait’s support in extending the service in the longer term where members will continue to have access to their tax expertise when considering investments into Scottish SMEs. The firm has been extremely supportive towards our members over last year’s helpline trial and their on-going involvement will help enhance the work of our current members and help promote both the financial and economic benefits of angel investing.”