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R&D tax: key points in the recent consultation

This post is part of our Entrepreneurial team’s regular series of blogs. Research & Development Tax reliefs (R&D) play a key role in promoting UK investment by reducing the costs of innovation, so it’s unsurprising that the Government wants the reliefs to remain up-to-date, competitive and well-targeted. A consultation on the future of R&D Tax […]

Restricted activities: EMI can see clearly now with advance assurance

This post is part of our Entrepreneurial team’s regular series of blogs. Despite the name, legislation regarding the Enterprise Management Incentive (“EMI”) scheme, is relatively lightweight; if you are a genuine SME there are few real pinch points for qualification. However, the main stumbling block for companies is often the qualifying trading activity requirement. HMRC […]

Three interesting EIS elements to learn about

This post is part of our Entrepreneurial team’s regular series of blogs. After being in corporation tax compliance for almost 5 years, I felt it was about time I gave my wings a little stretch…so here I am, a Senior Tax Associate in the entrepreneurial tax team at Chiene + Tait (C+T). With the backdrop […]

Joining the team: beginning my career in C+T’s Entrepreneurial Tax Team

This post is part of our Entrepreneurial team’s regular series of blogs. Ever since I discovered Tax as a subject during my undergraduate degree, it has been my goal to pursue it as a career. In my 4 years at university, Taxation was my favourite course and it was the first time during my degree […]

EIS excluded activities – royalties and licence fees

This post is part of our Entrepreneurial team’s regular series of blogs. When considering whether EIS funding might be an option for your company, one of the first questions to ask is whether your company is carrying on any ‘excluded activities’. In most cases this means a quick Google search and ticking off the checklist. […]

The importance of Unrestricted and Actual Market Value for S.431 elections

This post is part of our Entrepreneurial team’s regular series of blogs. In the world of entrepreneurial tax, abbreviations are much-loved and you may have noticed two that often pop-up: AMV and UMV. These stand for actual market value (AMV) and unrestricted market value (UMV), and understanding these two terms is extremely important if you are […]

R&D tax and the impact of loans: what to look out for

In the past year we’ve seen a marked increase in the availability of loans for start-ups that focus on technical innovation. These provide favourable rates and have high acceptance levels, particularly for companies that are pre-revenue. There are also a number of “COVID loans” available, such as the Bounce Back Loan (BBL) and Coronavirus Business […]

Grants: the benefits to your business

This post is part of our Entrepreneurial team’s regular series of blogs. Grants are available on a wide range of business activities, providing funding that can enhance research and development, regional assistance, environmental aid and much more. Grants provide financial support to an entity to cover a percentage of eligible expenditure incurred on a project. […]

Identifying qualifying R&D in the field of software development

This post is part of our Entrepreneurial team’s regular series of blogs. The number of Research and Development (R&D) Tax Relief claims made in the computer science and information technology industries has rapidly increased in recent years. With that, HMRC have invested time and resources into educating their inspectors to identify qualifying and non-qualifying activities […]

How older companies can qualify for EIS

This post is part of our Entrepreneurial team’s regular series of blogs. This week I’m looking at the ways that companies can qualify for EIS despite being outside of the ‘initial investing period’. There are a few ways to do this, but there are also a number of areas to watch out for where mistakes […]

New anti-avoidance R&D tax relief measures come into force

This post is part of our Entrepreneurial team’s regular series of blogs. A new PAYE/NIC cap on SME tax credits is coming into force for accounting periods beginning on or after 1st April 2021. The cap is designed to target fraud and abuse of SME tax relief schemes. This measure has been a long time coming, […]

Tax yourself: a Friday tax quiz ahead of the Tax Day

This post is part of our Entrepreneurial team’s regular series of blogs. In anticipation of UK’s first “Tax Day” on 23 March, which will see Rishi Sunak outline upcoming consultations and medium-long term strategies, we thought that this week we’d offer a tax-themed pop quiz for a Friday afternoon… Who said: “The nation should have a […]

EMI consultation: share your views on possible expansion

This post is part of our Entrepreneurial team’s regular series of blogs. One of the somewhat unexpected outcomes of the Budget on 3 March was the announcement of a consultation into the Enterprise Management Incentive (“EMI”) scheme. The EMI scheme, as noted in previous blogs, is a key tool for high-growth companies in recruiting and retaining […]

Museums and Galleries Tax Relief: extending and widening this relief will boost the UK cultural ecosystem

Museum and Galleries Tax Relief came into effect from 1 April 2017, aiming to encourage the development of new exhibitions and incentivise their touring to a wide audience. Unusually, the legislation includes a ‘sunset clause’, which allows the relief to expire in April 2022 if it is not extended by the UK Parliament. We are […]

New consultation on R&D tax relief: this looks to be far-reaching

This post is part of our Entrepreneurial team’s regular series of blogs. The R&D consultation announced at the budget is far-reaching and goes much further than last year’s, in which the Government consulted on bringing data and cloud computing costs into the scope of the reliefs as well as new SME anti-avoidance measures. This time, the […]

Employment benefits: reporting window is just around the corner

This post is part of our Entrepreneurial team’s regular series of blogs. With the end of the tax year just over one month away, it’s time for employers to consider how they’ll be reporting employment benefits. There are three options when it comes to reporting and paying the income tax and National Insurance (“NI”) due […]

EMI for start-ups: no time like the present to start-up your scheme

This post is part of our Entrepreneurial team’s regular series of blogs. With each passing year it seems that start-ups become ever more prevalent. Although the economy has been disrupted by the Covid-19 pandemic, the technology industry has experienced considerable growth. Entrepreneurs are seeing the opportunities that remote working brings and are looking to take advantage […]

EIS: alive and KICing for companies that innovate

This post is part of our Entrepreneurial team’s regular series of blogs. There have been many tweaks made to the Enterprise Investment Scheme (“EIS”) since its inception in 1993. Mostly, these have toughened qualifying conditions. However, seeking to advance its use in certain companies, HMRC introduced significant relaxation of several EIS limits. This relaxation of […]

Key points from a recent case about Research and Development tax relief

This post is part of our Entrepreneurial team’s regular series of blogs. First Tier Tribunal cases and their decisions can provide useful clarification about R&D tax relief and how HMRC expects the guidance and legislation to be applied. In this blog, I’ve summarised the facts of the Hadee Engineering Co Ltd v HMRC case from October […]

EIS: case update regarding dividend rights

This post is part of our Entrepreneurial team’s regular series of blogs. To be (a preference) or not to be (a preference): that is the question. More accurately, that was the question before the Upper Tier Tribunal (UTT) last week regarding Foojit, a company whose EIS compliance statement was rejected by HMRC. The court had to […]

Employment Related Securities: a reminder in advance of the tax year end

This post is part of our Entrepreneurial team’s regular series of blogs. This week I thought it would be a good idea to provide a very broad overview of the Employment Related Securities (ERS) regime, which rears its head following the end of the tax year (5 April 2021). This has (often confusing) annual reporting […]

Company Share Option Plans: the alternative to EMI?

This post is part of our Entrepreneurial team’s regular series of blogs. Over the past few months, as companies have been seeking alternative methods of employee incentivisation with less impact on short-term cashflow, we have seen a considerable increase in requests for share schemes and incentives. The obvious port of call is the Enterprise Management […]

Brexit is done, so roll on amendments to EIS

This post is part of our Entrepreneurial team’s regular series of blogs. Many within the investment industry have been frustrated at the restrictions placed on SEIS and EIS by virtue of compliance with EU legislation. Whatever your political persuasion – this article is deliberately apolitical – it is clear that Brexit offers an opportunity for HM […]

The cost of COVID: tax rises in the Budget?

This post is part of our Entrepreneurial team’s regular series of blogs. In seven weeks, the Chancellor will deliver a Budget to the House of Commons that is widely expected to contain tax rises. There is, as there always is, excitement as to which taxes and by how much. The majority of commentators over the […]

Top tech in 2020: gadgets that have kept me smiling

This post is part of our Entrepreneurial team’s regular series of blogs. For the Entrepreneurial Tax blog this week I’ve decided to throw a curve ball. Rather than write an informative tax piece, I want to highlight some of the technology that has kept me sane over the past year. I’ve always been interested in tech […]

Will 2021 see HMRC pursue promoters of tax avoidance, as well as higher taxes?

This post is part of our Entrepreneurial team’s regular series of blogs. “A cardinal principle”. A flash of red, the sweep of a cardinal’s cassock across the page; the invocation of churches, religion, a sense of immutable, unchanging and unquestionably ‘right’ things. It was a pleasant surprise to find some colour in the HMRC document on […]

Giving an employee shares? Make sure you understand the tax implications

This post is part of our Entrepreneurial team’s regular series of blogs. Gifting an employee shares in a company is often used to incentivise and reward key employees within a business. However, doing so may result in the employee being liable to pay income tax on the award. This is because where shares are simply […]

EIS: don’t go chasing waterfalls?

This post is part of our Entrepreneurial team’s regular series of blogs. What is a waterfall? A liquidation preference, often termed a ‘waterfall’ provision, is usually put in place by third-party equity investors to minimise their downside risk. The preference works to ensure that the third-party investors receive their investment back first in the event […]

Never knowingly undersold: employee ownership tax breaks work

This post is part of our Entrepreneurial team’s regular series of blogs. Employee Ownership works. It works for the employees; it works for the previous owners; and it works for the customers. The premise is straightforward – if all employees participate in ownership, they will work harder, be more productive and share in the benefits. […]

Raising standards in the tax advice market – how do you choose a tax adviser?

This post is part of our Entrepreneurial team’s regular series of blogs. Tax advisers, their reputation and the risks to clients of making the wrong choice in selecting one, are under the spotlight like never before. HMRC have published a summary of responses to the call for evidence and next steps, in relation to the […]

EMI – A great time to agree a share valuation with HMRC

This post is part of our Entrepreneurial team’s regular series of blogs. This year, with the significant ongoing impact of Covid-19, many companies may find themselves unable to offer their employees a pay rise or bonus, instead looking for alternative means to reward and retain their workers. One excellent method of incentivising employees to stay […]

Can a director qualify for EIS relief?

This post is part of our Entrepreneurial team’s regular series of blogs. This is a frequently asked question for the Entrepreneurial team. The short answer is “yes”, provided certain conditions are met. If you are an unpaid director, then you will qualify. If you are going to become a paid director, you can still qualify […]

How to Find Financial Expertise for Your Charity

Most people on charity boards would agree that it is useful to have someone with financial expertise also on the board, so that they can deal with the ‘finance stuff’. However, charities often struggle to recruit people with any financial know-how and charities can survive without this skill set, so does it really matter? In […]

Current Position of the Scottish Investment Market

In this new blog post, Neil Norman Entrepreneurial Tax Partner at Chiene + Tait gives an overview of the current position of the Scottish investment market and the impact Covid-19 has had on investments. Trends and changes Covid-19 has triggered major changes in the Scottish investment market. We have seen many companies seeking funding, but […]

Key questions to ask a research and development tax adviser

David Philp, Head of Research & Development Tax Relief at Chiene + Tait, provides a step by step guide for businesses to use when approaching an Research & Development Tax adviser about whether a project qualifies for the relief. Whilst there are a number of good, tax-focused, R&D advisers operating within the UK, there are […]

What qualifies as ‘Research & Development’ in the eyes of HMRC?

In this blog, Head of Research & Development Tax at Chiene + Tait David Philp uses specific sector examples to outline what does and does not qualify for tax purposes. Research and Development (R&D) has a specific statutory definition for tax purposes, but what does this mean for companies that wish to apply for tax […]

Research & Development Tax Relief: ways to maximise your claim

Our team of full-time Research & Development (R&D) Tax Relief specialists has highlighted the key areas where there are opportunities to maximise your R&D claim that can be commonly missed:   Grant funding Companies often incorrectly believe that receiving grant funding means that they are not eligible to claim R&D tax relief. This is not […]

Research & Development tax relief: common mistakes we see on claims already submitted to HMRC

Here at Chiene + Tait, our team of full-time Research & Development (R&D) Tax specialists work with many different sized companies across various industries. Whilst the majority of our work is first time submissions, we also review and amend previously submitted claims. Time and again we see companies over and underclaiming their eligible relief due to […]

How can R&D tax relief help cashflow during the recession?

In this blog, Eilidh Hobbs in our Research & Development Tax Relief team highlights how the relief can provide a lifeline for qualifying businesses during the current recession. Most, if not all, businesses have been affected in some way by Covid-19. Some have been lucky enough to see a surge in demand due to the […]

How organisations can build resilience

In this blog as part of the Future Of… series, David Shadwell Accounts and Business Support Partner outlines how organisations can build resilience during tough times. Businesses that are agile, flexible and opportunistic can thrive in a world of uncertainty. A truly resilient organisation has an ability to turn a crisis into a source of […]

Transferable skills: how an elite sporting career helped me to succeed at C+T

In this blog, Sian Morgan in the C+T Audit Department considers how her early successful sporting career helped her to build her career and thrive in the workplace. Ten years ago, I was juggling GCSEs with qualifying for the Commonwealth Games. Fast forward a decade, and, having recently passed my final exam to become a […]

Finishing university and returning to C+T: all from my bedroom

In this blog, Entrepreneurial Tax Trainee Sarah Gibbens talks through the last months of finishing university and starting her new job at Chiene + Tait – all through lock down.   Many remember their final year of university fondly; sharing the last few months with your university friends before you end up miles apart, the […]

My advice for anyone taking a remote tax exam

In this blog, C+T’s Fraser McCallum shares his experience of taking a remote tax exam to help him achieve his tax qualification, and what advice he would give others who are planning to take an exam remotely. I was due to sit my final two exams on the ATT/CTA Tax Pathway at the start of […]

Jackie Fraser blog – how Scotland’s tourism sector can reopen after lock down

Tourism is one of Scotland’s most important and fast growing sectors contributing over £11bn to the nation’s annual GDP. Last year it employed around 218,000 people accounting for more than eight per cent of total Scottish employment. In 2018 total overnight tourism trips in Scotland reached 15.5 million, a rise of three per cent from […]

Running an accountancy practice through the COVID-19, and beyond

Chiene + Tait’s new Accounts and Business Support Partner, Dave Shadwell, was delighted to recently take part in an online discussion led by MyWorkPapers, with leaders from other accountancy practices. The event focused on experiences of running a practice through the COVID-19 crisis and how, in the future, firms may work differently. Here, Dave talks […]

Farmers and consumers need post-Brexit protection

The UK Agriculture Bill had its second reading in the House of Lords last week, with growing concerns raised about the lack of amendments to protect UK farmers and producers from lower quality imports in post-Brexit Britain. The Bill will replace the EU subsidy system where an average of £2.88 billion was paid out annually […]

New COVID-19 advice video – fraud risk

In his second video, David Shadwell, Accounts and Business Support Partner, looks at fraud risk for businesses – the conditions that increase the likelihood of fraud being committed and the practical steps to take to minimise your risk. A transcript of the video can be found below. If you have a question about cyber crime […]

New COVID-19 advice video – cyber crime

David Shadwell, Accounts and Business Support Partner, has recorded a series of videos looking at aspects that UK businesses should keep in mind as we navigate out of the COVID-19 lockdown. The first video looks at cyber crime and how businesses can take simple steps to protect themselves. A transcript of the video can be […]

The top 5 post-lockdown lessons for UK businesses from New Zealand

In his second blog on lessons learnt from New Zealand and moving forward from the COVID-19 lockdown, our newest Partner David Shadwell looks at what lessons UK businesses can learn from NZ and how to prepare in small steps to return to normal. 1. Develop a COVID-19 plan so your business operates safely Under the […]

Does New Zealand provide the UK with post-lockdown hope?

In his first blog, David Shadwell (who recently moved from New Zealand to join Chiene + Tait as our newest Partner) considers how the UK can learn from the NZ approach to removing the lockdown and how we can take some confidence that there is a light at the end of the current COVID-19 tunnel. […]

Leap year – an opportunity to jump ahead on life admin

In this blog, Keith Brown in our Accounts and Business Support Team advises what you should do with the extra leap day this year and get ahead of life admin. Leap years are special. As a day that only happens once every 4 years, 29 February always feels like bonus time; all the more so […]

Business must prepare for R&D tax relief crackdown

In this blog, Dave Philp Head of R&D at Chiene + Tait outlines the implications of a potential clampdown on spurious research and development claims to HMRC. R&D (Research and Development) Tax Relief, introduced in 2000 to encourage more company investment into innovation, is more popular than ever. In 2017-18, UK companies submitted over 48,000 […]

EIS: The Current Landscape and Future Trends

The Enterprise Investment Scheme (EIS) has seen a lot of changes in recent years with the main focus of concentrating the scheme on high-growth companies, thereby re-positioning the market towards greater risk. The move from capital preservation to more organic high-growth companies has been driven by the new risk to capital condition. This has seen […]

A guide to the Construction Industry Scheme

Companies and individuals that operate in the construction industry must be compliant with the requirements of HMRC’s Construction Industry Scheme (CIS). In this detailed guide, Neill McKillop runs through the parameters of the CIS and outlines the definitions used by HMRC to enforce the rules. What is CIS? CIS was introduced to reduce tax fraud […]

Quick investment required? Could ASA save the day?

If you are looking to plug a funding gap quickly and easily, whilst ensuring EIS tax relief for your investors, there are few options available. A funding round from new or existing investors can be a lengthy process, requiring due diligence, valuation agreement and long-form legal documents. A convertible loan note sometimes causes problems under the […]

Money and death: the essentials of succession planning

Succession planning is crucial if a family’s business and personal wealth is to continue to grow from one generation to the next. Finding the right time to bring up the subject of money and death can be hard; there are often hurdles to be overcome and difficult decisions to be made. The main issues that […]

Maximise Your Charity’s Income This Christmas

The Christmas season is in full swing and many charities will have started work on their Christmas appeals. But how to you make sure that your charity is making the most of its Christmas appeal income? The short answer is Gift Aid! How Will Gift Aid Benefit My Charity? When your charity successfully submits a […]

Three things in corporate tax this week

What do all these have in common? They are three things we’ve been thinking about this month as we’ve been: Advising on when HMRC can be bound to act as promised – the starting point to establish a “legitimate expectation” being that the taxpayer has put all their cards “face upwards on the table” and […]

Do Charities Have to Submit a Tax Return?

It is a common misconception that charities don’t pay tax and so don’t need to prepare and submit tax returns to HM Revenue & Customs (HMRC). This means some charities may get a shock when they receive a letter from HMRC asking them to submit a tax return – a situation which seems to be […]

Charity Commission recommends overhaul of UK charity tax system – Pt 3

In this blog series, Catriona Finnie, charity tax expert at Chiene + Tait outlines the key findings of the Charity Tax Commission report into the current charity tax system and outlines how the recommendations could impact charities in the future. In this third, and last part, of her series, Catriona reviews the other recommendations highlighted […]

Charity Commission recommends overhaul of UK charity tax system – Pt 2

In this blog series, Catriona Finnie, charity tax expert at Chiene + Tait outlines the key findings of the Charity Tax Commission report into the current charity tax system and outlines how the recommendations could impact charities in the future. In this second part of her series, Catriona outlines the proposed changes to VAT and […]

How (a background in) sport has helped me settle in at C+T

Playing sports has always played a huge role in my life, filling the majority of free time I have. I feel the experiences I have encountered through playing sport have allowed me to begin developing the skills necessary to be successful in my professional career. However, in order to develop my skills further, I needed […]

Charity Commission recommends overhaul of UK charity tax system

In this blog series, Catriona Finnie, charity tax expert at Chiene + Tait outlines the key findings of the Charity Tax Commission report into the current charity tax system and outlines how the recommendations could impact charities in the future. Blog 1 – Gift Aid and Business Rates Relief The Charity Tax Commission has published […]

Work experience with C+T – all the way from the US

As an American high school student, whose only experience with work so far has been on a construction site, I found myself filled with apprehension at the idea of spending a month working at an accountancy firm in Edinburgh. Although I’m British, I have lived almost my entire life in Lake Tahoe, a small mountain […]

New blog: my time working in the Entrepreneurial Tax Team

Mid-way through my third year at university, summer internships seemed to be on everyone’s mind. Most people I knew were talking about the roles that they had applied for and how important internships were for putting you in a good starting position post-university. Doing an internship seemed like a great idea, it would provide me […]

R&D tax relief: possible pitfalls and top tips

Research and Development (R&D) tax relief was initially introduced by the government in 2000 with the aim of encouraging greater spending on R&D and increasing investment in innovation. There are two schemes for claiming relief; the Small or Medium-sized Enterprise (“SME”) scheme and the Research and Development Expenditure Credits (“RDEC”) scheme. Relief can either reduce […]

Becoming a tax expert without a finance background

I joined the entrepreneurial tax team as a trainee around six weeks ago, after graduating with a degree in History. I thought it might be interesting to give the perspective of someone starting a career in tax without any kind of background in finance. I was initially nervous coming into this job. I hadn’t done […]

HMRC Clarify Import VAT Treatment for Distributors

Businesses who regularly import goods into the UK will be aware of the customs procedure that allows the “importer of record” of the goods to recover the import VAT charged once they have received the corresponding C79 “Import VAT Statement” from HM Revenue & Customs (“HMRC”). HMRC recently published Brief 2/19 “Import VAT deducted as […]

M&A transactions: 10 problems when you don’t get tax advice

Tax directly – and significantly – changes the price and return from M&A transactions, so it’s surprising that often it isn’t given earlier expert consideration. We often get called to fix a problem with a deal, but retrospective action can be too late. If you want a smooth no-surprises transaction, it’s best to get the […]

When cash is running out, who will help the regulators to regulate?

In our day to day lives, most people make the assumption that various regulatory bodies exist to help protect our best wishes and therefore their presence is essential. OFGEM regulates the gas and electricity industry, FCA regulates the financial industry and Food Standards Agency protects public health in relation to food (a full list can […]

The top four misconceptions on R&D tax relief

There are several big misconceptions surrounding R&D tax relief – we come across them on a near-daily basis. Despite it being one of the most generous corporation tax breaks available, many people rule themselves out without looking into it in greater detail. But if you do look into it, you might be surprised at what […]

A blog from the dog at the Scottish Game Fair

Here Alison Lawton in our Personal Tax team gives a pup’s point of view of this year’s Scottish Game Fair, Scone. What does a gundog do on his/her day off? A visit to the Scottish Game Fair at Scone would fit the bill as a guest of pawfessional advisers “Chien + Tait”.  As the rest […]

VAT reverse charge on construction services

Update September 2019: the Construction Services Domestic Reverse Charge has been postponed until 2020. Iain Masterton, Chiene + Tait’s VAT Director, highlights a change to VAT for the construction industry – the VAT reverse charge. The following article outlines what the changes will mean. The UK Government recently announced a new measure designed to reduce […]

Non-Resident CGT regime continues to cause a headache for taxpayers (and HMRC!)

Stephen Baker in our Personal Tax team outlines that the lack of publicity for the Non-Resident Capital Gains Tax return has seen a huge rise in individuals falling foul of the filing requirement. Since 6 April 2015, non-resident individuals are liable to UK Capital Gains Tax on the disposal of UK residential property. Such disposals […]

My Week of Work Experience at C+T

Even though I have always been good at maths, I had never thought of being an accountant. I was told by my school to get a work experience placement to see what path I wanted to take in life. Last year I chose to work in my old primary school since I wanted to be […]

Charity Printing: Interesting page-turner in VAT printing case

In 2014 HMRC ‘clarified’ its policy on the treatment of printing companies supplying and delivering mailings, to confirm that they regarded the entire service as a direct mailing/marketing service which would be subject to 20% VAT, rather than wholly or partly zero rated (as the supply of most printed matter products is not subject to […]

Understanding the tax treatment of Bitcoin

Cryptocurrencies are currently something that everyone is talking about. In this blog, Richard Clarke in the Personal Tax team looks at the tax treatment of virtual currency Bitcoin. What is Bitcoin? For many, cryptocurrencies are simply a volatile bubble that will burst in the next few years but for others, it is the currency of […]

Construction Firms Missing Out on R&D Tax Relief

Construction firms are missing out on millions in available tax incentives. A recent HMRC study showed that there has been a lower-than-expected take up of Research & Development Tax Relief (R&D) in the sector. R&D tax relief (further info can be found here) is one of the most generous corporation tax breaks available, designed to […]

News Corp v HMRC

In this blog, VAT Director Iain Masterton looks at the history of the tax treatment of newspapers and books and how VAT legislation hasn’t moved with the times. A recent VAT case has highlighted how VAT legislation drafted in the 1970s and 1990s has not easily translated into the modern age. VAT zero rating is […]

Understanding Investment

In this blog, Kirsty in the Chiene + Tait Entrepreneurial Tax Team outlines the different types of investment available to entrepreneurs and how to access funds. What is investment? Investment is a two-way funding street – an investor will fund a business idea in order to help an entrepreneur on their journey in the hope […]

Are you missing out on Research & Development Tax Relief?

In this blog, David in the Chiene + Tait Entrepreneurial Tax Team highlights Research & Development Tax Relief and asks – are you missing out? Scottish companies received over £165 million in Research & Development (R&D) tax credits last year. Yet a recent HMRC study showed a number of industries are still failing to claim […]

Life as an apprentice at C+T

As my time at High School came to an end, I realised that like many others in my situation, I was unsure what to do. I pondered if I should get a job or go to college for a year, I chose the latter. I enrolled at Edinburgh College to study for a HNC in […]

HMRC’s behind you (if you are planning to claim inheritance tax reliefs)!

Paul Houston in our Personal and Business Tax Department reviews the long-awaited HMRC commissioned research into whether Inheritance Tax is being abused. Inheritance tax (IHT) is an important source of revenue for the Treasury, with total income for the 2016/2017 tax year reaching close to £5bn*. Faced with the prospect of this golden goose laying […]

The art of corporate finance negotiation (Part 5)

This is the fifth and final blog of the series that our Partner and Head of Corporate Finance, Paul Mason, has written, based on his experience of negotiating deals successfully over many years. Part 1 (Every conversation is part of the negotiation) can be found here. Part 2 (Negotiate the ‘Heads’) can be found here. […]

The art of corporate finance negotiation (Part 4)

This is the fourth blog in a series of 5 that our Partner and Head of Corporate Finance, Paul Mason, has written, based on his experience of negotiating deals successfully over many years. Part 1 (Every conversation is part of the negotiation) can be found here. Part 2 (Negotiate the ‘Heads’) can be found here. […]

The art of corporate finance negotiation (Part 3)

This is the third blog in a series of 5 that our Partner and Head of Corporate Finance, Paul Mason, has written, based on his experience of negotiating deals successfully over many years. Part 1 (Every conversation is part of the negotiation) can be found here. Part 2 (Negotiate the ‘Heads’) can be found here. […]

The art of corporate finance negotiation (Part 2)

This is the second blog in a series of 5 that our Partner and Head of Corporate Finance, Paul Mason, has written, based on his experience of negotiating deals successfully over many years. Part 1 (Every conversation is part of the negotiation) can be found here. Negotiate the ‘Heads’ (Part 2) Irrespective of how amicable […]

The art of corporate finance negotiation (Part 1)

Turning a blank canvas into a masterpiece (Part 1) This is the first blog in a series of 5 that our Partner and Head of Corporate Finance, Paul Mason, has written, based on his experience of negotiating deals successfully over many years. As corporate financiers, we advise companies, owners and directors on acquisitions and disposals […]

The Trustees’ Report: tips and key points when drafting, part two

My first blog on this subject covered general pointers on the drafting of the annual Trustees’ Report for the statutory financial statements. For this second instalment, I will go into some of the specific requirements of the Financial Review section of the Trustees’ Report for charities with more than £500,000 of income that are often […]

“Millennials can be charity trustees too”, says a young trustee

This blog was written by Angus Hannah, a CA Trainee and trustee. Hi Guys, There is an issue bubbling away, affecting society in ways that most of us young ‘uns either don’t know about, care about, or feel helpless to change: a bit like Brexit. The issue is that, as shown by Charity Commission research, […]

The Trustees’ Report: tips and key points when drafting, part one

In my experience of producing or auditing annual accounts for charities, it is not unusual for the trustees’ report or directors’ report to be left to the end of the process. Often the mere mention of the report as an outstanding item can elicit a sigh and a level of enthusiasm usually deployed during dental […]

The Bond Between Staff – The Best Way for a Business to Succeed?

I think anyone would hopefully agree that working in a thoroughly sociable firm is definitely not a challenge. At Chiene + Tait we are lucky to have so many opportunities outside of the office to find out more about our colleagues in a social environment to help build bonds, which ultimately benefits our clients – […]

C+T’s back office experts: ‘like a team of drummers with a hundred drum kits’*

One of the challenges about being a member of Chiene + Tait’s Business Support Department is explaining, succinctly, exactly what we do. That’s because we do a bit of everything. There aren’t many tasks we haven’t seen or experienced, or requests that we can’t accommodate – even if it’s just to refer to the right […]

Grants v R&D tax credits – How to have your cake and eat it too!

In this blog David Philp in our Entrepreneurial Tax Team highlights how receiving grants can restrict a company’s ability to claim other tax reliefs such as R&D tax credits.   Grants form a vital part in the startup lifecycle, providing critical financial support to innovative companies. They give companies cash at a time when they […]

Brexit Opportunity to Strengthen Entrepreneur and Investor Tax Reliefs

EIS is an extraordinarily generous tax relief, designed to incentivise high net worth individuals to invest in companies. There are many examples of companies that have used EIS effectively and catapulted their status from ‘struggling’ to ‘high-growth’, deploying funds on the development of intellectual property, sales & marketing and employing additional staff. C+T has supported […]

Disbursement: are landlords and their managers missing a VAT trick?

Many residential landlords use property managers to manage their properties, which can remove a great deal of administrative stress and burden for a small cost. But many may wish to check that their arrangements with managing agents are VAT efficient, as they may be paying too much VAT: disbursement could be a better way to […]

Mortgage Interest Relief for Residential Landlords

Measures announced in the April 2015 Budget which impact on residential landlords took effect from 6 April 2017.  Previously, relief for finance costs, primarily mortgage interest, was deducted in full from property income to arrive at the level of taxable rental profit. Under the new rules, a basic rate reduction, equal to 20% of the […]

Giving your bonus to charity – the tax benefits of philanthropy

The philanthropy of high profile sporting and business people often hits the press, most recently with Real Madrid superstar Cristiano Ronaldo donating his Champions League win bonus to charity.  Now hailed as “the most charitable athlete in the world”, Ronaldo’s donation of £456,000 is undoubtedly philanthropic, but pales in comparison to the annual earnings of […]

It Pays to be Nice

“Nice” is a funny word. Use it in a business context and it feels as if you are damning with faint praise. A sort of trite, pseudo-compliment which says more because it is used in place of a “proper” adjective with guts. But it shouldn’t be like this.  In so many (if not all) aspects of […]

Converting a building to capitalise on ‘holiday staycations’? Read our VAT advice first!

Help for Furnished Holiday Let (FHL) owners with how to avoid an unexpected VAT bill. With the pound in our pockets stretching less than it previously did against other currencies, many families are looking closer to home for their much-needed breaks. This has led to diversification in the UK holiday accommodation market with holiday lettings […]

European Court VAT blow for not-for-profit cinemas

In what could be one of the last high profile UK VAT cases to be heard in a European Court, the Advocate General’s Opinion was published in the case of British Film Institute (C-592/15). The Court of Appeal referred this case to the European Court of Justice (“CJEU”) to consider whether the BFI’s main source […]

How to play the pension re-enrolment roundabout

As part of your ongoing auto enrolment duties, you are responsible for automatically re-enrolling all eligible job holders who are not active pension members back into your organisation’s pension scheme every three years following your initial auto enrolment staging date. This is known as statutory pension auto re-enrolment (sometimes named “cyclical re-enrolment”). Planning ahead for […]

Brexit, tax and its effect on technology start-ups

Following the EU referendum, there is significant uncertainty surrounding its effect on future tax reliefs, incentives and funding for start-up companies. Obviously it is impossible to cover every issue here, however, below are initial thoughts on key areas for technology start-ups that may be affected by Brexit. Don’t panic…yet Firstly, nothing has changed since the […]

From Lake Tahoe to Lake of Menteith

When I first found out that I was going to be doing a month of work experience at Chiene + Tait in Edinburgh I had two very conflicting feelings: firstly, wow, what a fantastic experience it would be to work in Edinburgh for a month! On the other hand, after a hard Junior year in […]

VAT Brexit Briefing Note

The recent referendum in favour of the UK leaving the EU will mean that UK VAT registered organisations may face greater VAT compliance. This briefing note highlights some of the potential issues that may arise for VAT registered organisations, should the UK follow the referendum result and implement Article 50 of the Lisbon Treaty. Once […]

Murky waters for VAT treatment of charitable buildings

An ongoing charity VAT case could have important implications regarding recent and future capital projects. The case of Longridge on the Thames [2014] UKUT 504 is currently with the Court of Appeal and we’re awaiting the (imminent) ruling. In the current economic climate charities are feeling the pinch and funds are being stretched, particularly when […]

Temp agency case muddies the VAT waters

Organisations using employment agencies to source their temporary workers will have to continue to pay VAT on agency charges, a recent VAT Tribunal found. The case of ‘Adecco’ found that VAT remains payable on both the value of the wages and the agency’s commission. The Tribunal found that, as there was no contract between the […]

DrawnTo…Being a female Business Angel

By Jackie Forbes; originally posted on LinkedIn Pulse. Here is a subject women don’t often discuss so let’s begin with a startling statistic. Did you know that out of regular investors in the UK, current estimates are that only 5% are women? This is at a time when we see women generating more wealth than […]