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Update: Changes to VAT penalty regime deferred to January 2023

In a previous article we outlined that the VAT default surcharge regime was due to be replaced by a new regime involving late submission and payment penalties along with interest charges from 1 April 2022. Update The Government has recently announced plans to delay the introduction of this new regime for penalties for late submission […]

New COVID sick pay scheme to help employers facing staff absences

A new Statutory Sick Pay Rebate Scheme (SSPRS) has been launched by the UK Government to help small- to medium-sized employers that are experiencing increased staff absences due to coronavirus. The original scheme began in March 2020 and ceased in September 2021; a business could claim for this period up until 31 December 2021. The […]

HMRC gives extra time for self-assessment taxpayers to submit and pay their tax

Although the official deadline to file and pay any self-assessment tax liabilities is still 31 January 2022, due to the ongoing impact of the covid-19 pandemic, HMRC have extended an olive branch and has announced it will waive the initial 2020/2021 self-assessment tax return late filing and late payment penalties. HMRC have said that they […]

More trusts now required to register on the Trust Registration Service

HMRC first introduced the Trust Registration Service (TRS) in 2017 to improve transparency around the beneficial ownership of assets held in trusts. Recent legislation means that more trusts now fall under the scope of the rules, with a deadline of 1 September 2022 to register. The rules require trustees to provide details of the trust, […]

Scottish Budget 2021 Update

Scotland’s Finance Secretary Kate Forbes delivered her Scottish Budget yesterday at Holyrood. The key announcements from a personal tax perspective are as follows. Income Tax Scottish income tax rates in 2022-23 will remain unchanged; The starter and basic rate bands will increase in line with inflation; and The higher and top rates of tax will […]

Data and cloud computing costs to qualify for R&D tax relief

The most recent consultation into Research and Development (R&D) tax incentives, concluded earlier this year, resulted in the Chancellor announcing several changes that will have effect from 1 April 2023 (a Christmas present many have had on their list for a while!). One of the major updates to the Research and Development Expenditure Credit (RDEC) […]

New VAT Penalty Regime

The Government is revamping the way in which it raises penalties for late submission and late payments to make them fairer and more consistent across different taxes. These changes will initially apply to VAT. This new penalty regime for VAT defaults will come into effect for taxpayers from 1 April 2022. Late submission The new […]

Changes to VAT repayments of UK VAT for overseas traders

Non-established taxpayers (NETP) are organisations that are registered for VAT in the UK (because they are making taxable supplies in the UK), but which don’t have a business address in the UK. VAT repayments to NETPs have been an ongoing issue for some time. Current approach and problems Under the current process, where a repayment […]

VAT on Green and Energy Saving Products

Spiralling gas prices and an increase in the energy price cap have added hundreds of pounds to household energy bills, hence more people are considering investing in green efficiency products in their homes. But what VAT reliefs are available for householders? Reduced rate on energy saving materials The UK is leading the way in fighting […]

Trivial Pursuits

Providing employees with small, irregular benefits such as drinks at the pub, flowers on their birthday, or gift vouchers at Christmas is common practice. Whilst these benefits are seen as a token of generosity by employers, it is important for employers to know what is taxable and what is not. An exemption does exist; the […]

Careful reform needed with R&D tax reliefs

R&D and innovation was a key feature in Rishi Sunak’s Autumn Budget. The Chancellor underlined his aim to raise direct and indirect public support for R&D to 1.1% of GDP in 2024-25, well above the OECD average of 0.7%. The Government hopes to bounce back from the financial impact of the pandemic by focusing on […]

Autumn Budget 2021: Eligibility of data and cloud computing costs for R&D tax relief

The Autumn budget brought a number of changes to the R&D tax relief legislation. One of these was a rare change to what costs are eligible for the relief. Over the years, R&D legislation has become more outdated, failing to keep up with the ever-changing technological landscape, particularly when it comes to software development companies. […]

Budget 2021: Key Announcements

In a Budget full of announcements (although a few major ones were highlighted before the big day, such as the new Health and Social Care levy and the increase in National Minimum Wage/ National Living Wage) we review the key points here. New announcements with immediate effect 30-day reporting and payment deadline for CGT on […]

C+T Entrepreneurial Tax Team wins prestigious Enterprise Investment Scheme Award

The Chiene + Tait Entrepreneurial Tax Team was named as winner of the UK’s Best EIS/SEIS Tax Adviser at this year’s EISA (Enterprise Investment Scheme Association) Awards. The firm came out top in a category with an impressive standard of submissions which the awards judges described as demonstrating ‘extensive and committed support for their clients, […]

HMRC’s Family Investment Company Unit Closed

It was announced last week that HMRC has closed down its dedicated Family Investment Company (‘FIC’) Unit after finding no evidence of any link between the use of FICs and non-compliant behaviour. The FIC Unit was established by HMRC in 2019 to explore the tax avoidance risks associated with FICs, which have become increasingly popular […]

Reform of tax ‘Basis Period’ announced by HMRC

The Government has this week announced a consultation concerning a potential reform of the basis on which trading profits arising to the self-employed (including members of partnerships) are subject to income tax. Should the proposed changes go ahead they will impact the self-employed who carry on a trade for UK tax purposes and do not […]

C+T team on hand to help recipients of the Early Stage Growth Challenge Fund

One requirement of receiving funding under the Early Stage Growth Challenge Fund is that – throughout the duration of the loan or whilst Scottish Enterprise (‘SE’) holds shares in your company – you must provide an annual report which sets out how the funding has been spent. The report must be prepared by an independent firm […]

Lisa Travers appointed as new Personal Tax Partner

Accountancy firm Chiene + Tait (C+T) has appointed a new Partner within its expanding Personal Tax team. Lisa Travers joins from RSM’s Glasgow office where she worked within its private client practice.  Prior that that she spent the first nine years of her career at KPMG before moving to Deloitte, where she was an Associate […]

VAT changes for UK businesses selling to EU consumers from 1 July

As of 1 July 2021, new EU VAT rules for business to consumer (B2C) sales will be introduced. These new rules will affect UK suppliers selling goods to EU consumers online. Why are new rules being introduced? The new rules are being introduced to facilitate with EU cross-border trade, to ensure a fair competition for […]

Chiene + Tait announces private client team promotions

Accountancy firm Chiene + Tait (C+T) has announced promotions within its Edinburgh-based private client team. Partner Michelle Fallon has been named as the firm’s new Head of Private Client Tax, leading the 20-strong team, while her colleague Alan Dean has been promoted to the role of Director. Michelle joined the firm in 2013 as Personal […]

VAT refund opportunity for partially exempt organisations affected by COVID-19

HMRC has provided some additional flexibility that partially exempt organisations may well wish to take advantage of for their VAT accounting. This is because COVID-19 restrictions over the last 12 months may have had an adverse impact on partially exempt organisations. HMRC has released a Business Brief which might offer assistance to partially exempt organisations […]

HMRC announces new Brexit Support Fund for SMEs involved in imports or exports

HMRC has recently announced an SME Brexit Support Fund which can provide funds of up to £2,000 to assist with professional advice and/or training for the business. To qualify for this grant the business must: Have up to 500 employees Have no more than £100 million in annual turnover Be established in the UK Have […]

Budget 2021: VAT Extension for Tourism & Hospitality Businesses

On 3 March 2021, the Chancellor announced the annual UK Budget for the coming year in an effort to kick start the economy following the restrictions imposed as a result of the Coronavirus pandemic. Amongst the package of financial support and assistance during 2021/22, the Chancellor confirmed further assistance for the tourism and hospitality sector […]

Corporation tax: Budget 2021 updates

The Chancellor said that this would be a Budget that “meets the moment” and, as most commentators predicted, it included corporation tax rises designed to start bringing down the debt the Government has incurred during the pandemic. However, it was not all bad news for companies as some tax giveaways were also announced. Corporation tax […]

The Budget: key points from today’s Budget speech

Much of the content of today’s Budget was trailed in advance, so there were few surprises. Indeed, the shift in news consumption (not to mention the demands of the pandemic) may mean that we say goodbye to the traditional big announcements on one day in favour of smaller piecemeal policies. We also need to consider […]

HMRC announces grant support for SMEs requiring VAT & customs assistance

HMRC has announced that it has set up an SME Brexit Support Fund which can fund up to £2,000 to help with training or professional advice, if your business has up to 500 employees and no more than £100 million annual turnover. The grant can be used for training on: How to complete customs declarations […]

New HMRC VAT Deferral Scheme – Update

If your business deferred VAT payments for the February, March or April 2020 VAT returns, HMRC has issued updated guidance in relation to the repayment of these outstanding amounts. If the business has outstanding VAT to pay, the business can either: Pay the deferred VAT in full, on or before 31 March 2021; or Join […]

Paying your fees by direct debit

Direct debit is one of the easiest, quickest and most secure payment methods available, and all transactions are covered by the Direct Debit Guarantee. If you would like to reduce your admin time and settle your fees by direct debit, please complete, sign and return a Direct Debit mandate. You can submit the signed form […]

New Trade Agreement reached between the EU and UK: VAT and imports

A new “Trade and Cooperation Agreement” was reached in principle between the UK and EU on 24 December 2020. The deal will cover the future UK-EU relationship, with the two parties aiming to implement it in time for the end of the Brexit transition period on 31 December. What impact does this have on the […]

Tour Operator Margin Scheme (TOMS) VAT update

We understand that HMRC has confirmed that once the Brexit transition period ends on 1 January 2021, the VAT charged on package tours and holidays through the Tour Operator Margin Scheme (TOMS) on travel outside of the UK will be zero rated. The announcement comes after discussions between ABTA and HMRC and removes a crucial […]

Tax planning ahead of Spring 2021 Budget

As we approach the end of 2020 we can reflect on a tumultuous year as a result of the Covid-19 pandemic. As seen recently in the financial press, there are a number of speculative discussions about possible future tax increases. While tax increases are possible, it is also clear that the Government will need to take […]

Do you import goods? Do you need to sign up for CDS?

It has recently been announced by the UK Government that businesses importing goods into the UK from anywhere outside of the UK from 1 January 2021 will have to register for access to the new Customs Declaration Service (CDS). The CD, initially introduced in 2018, is due to be the long-term replacement for the current […]

Brexit: EORI Numbers – not one but two!

If your business will be selling goods to consumers between the UK and EU from 1 January 2021, it will need to ensure it has the appropriate EORI numbers to avoid goods being held by customs in the UK or EU. What is an EORI? EORI stands for “Economic Operators Registration and Identification Number” Businesses […]

Brexit: Digital Supplies & MOSS

The end of the Brexit transition period on 1 January 2021 will bring new changes that will impact any business that currently trades with the EU. Digital Supplies & MOSS Brexit will have a major impact on digital businesses both in the UK and outside, particularly when it comes to accounting for and reporting VAT. […]

Post Brexit: New trade rules

With the end of the transition period nearing, businesses need to consider the new rules that will come into force from 1 January 2021 in relation to trade with EU countries. From 1 January 2021, there will be changes in the way indirect taxes are accounted for when importing into the UK. New processes for […]

Brexit – Are you Ready?

The UK left the European Union on 31 January 2020. A transitional period for Brexit is now in place which will last until at least the 31 December 2020 where existing EU VAT Regulations and Directives will continue to apply, including those relating to VAT and Customs. Up until the onset of the COVID-19 crisis, […]

Post Brexit: Trading in Goods

From 1 January 2021, there will be major changes once the Brexit transitional period ends.  New VAT procedures will apply to goods imported into the UK.  The new procedures differ according to whether the value of the goods arriving in the UK exceed £135. Find out more here about how trading in goods post Brexit […]

Post Brexit: Customs Special Procedures

After 1 January 2021 when the Brexit transition period ends, UK business should consider a number of Customs Special procedures and other import facilitation measures when goods come into the UK. Not all of these reliefs are necessary and will depend on the type of business involved. Businesses can use Customs Special Procedures to suspend, […]

Chiene + Tait Statement: Neil Cameron

It is with great sadness that we share the devastating news of the sudden passing of our friend and highly respected colleague Neil Cameron. Throughout his 13 years of service with the firm, Neil led our payroll department with passion and professionalism and was held in the highest regard by all who knew him. He […]

Extension to Annual Investment Allowance announced

The UK Government has announced that planned reduction to the amount of relief available under the Annual Investment Allowance (AIA) will be delayed.  The AIA is a tax incentive for businesses to promote investment. Generally, it can be claimed against most types of plant and machinery (but not cars), including fixtures and fittings. The relief enables businesses to claim […]

New draft legislation affecting R&D tax credit claims

HMRC has published draft legislation that introduces a PAYE/NIC cap on the payable tax credit available for R&D claims under the SME scheme. A cap has been discussed for a number of years in order to help prevent abuse of the SME scheme and there is already a similar cap under the RDEC scheme.  There was, […]

Trustees’ Week 2020

This year’s Trustees’ Week runs from 2-6 November 2020. Each year, Trustees’ Week highlights the work that trustees do for their charities; and shares and promotes the role that trustees play. If you are thinking of becoming a trustee, find our more here. Read more here: Follow on Twitter here: Chiene + Tait […]

Auditing remotely: how we delivered audits during lockdown

In this post, Stuart Beattie looks at auditing remotely. But, while this post is specific to audits, we have used similar tools and processes for all of our client work done remotely this year. October heralds the end of the busiest time for the audit department. Looking back on a busy season that has been […]

Extra support offered to businesses in local lockdown areas

The UK Government has announced extra support to businesses based in all UK areas with local lockdowns that must close to combat a rise in coronavirus infection cases. Businesses will be offered two-thirds of workers’ wages in the form of a grant from 1 November for six months, with a review in January. With the […]

Job Retention Scheme Bonus Details Announced

Further information about the Job Retention Scheme Bonus was released this month by HMRC. Please find below key points related to the Bonus and where to source further information. What is the Job Retention Scheme Bonus? The bonus is a £1,000 one-off taxable payment to the employer, for each eligible employee that was furloughed and […]

C+T nominated for Best EIS/ SEIS Tax Adviser award

We are delighted to announce that Chiene + Tait has been nominated for the Best EIS/SEIS Tax Adviser award at the EISA Awards 2020, the annual celebration of the #EIS, #VCT and tax efficient investment industry and community. This will be the fifth year the firm is nominated, having been ‘Highly Commended’ for the last […]

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 […]

Self-Assessment Taxpayers get additional help through HMRC Time To Pay

UK taxpayers can now apply online for additional support from HMRC to help spread the cost of their self-assessment tax bill from an annual payment to smaller monthly payments. In his Winter Economy Plan, Chancellor Rishi Sunak announced that taxpayers could pay amounts due on 31 January 2021 (including any deferred payment on account from […]

Welcome to our Research & Development week!

This week we will focus on the work of our Research & Development Tax team, highlighting the work they do for clients; sharing hints, tips and advice on how to utilise R&D Tax relief; and hearing directly from clients themselves on how they have found working with us. One of the most generous corporation tax […]

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 […]

Research & Development Tax Relief: common misconceptions

There are several big misconceptions surrounding Research & Development 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 […]

Chiene + Tait’s Future Of… series launched

Chiene + Tait has launched a new LinkedIn group aimed at providing a discussion forum to support Scottish businesses in a post-pandemic world. The Future Of… group will bring together experts from across the Scottish and UK business community and will focus on key economic challenges being faced, and how these could be overcome by […]

Second round of Self-Employment Income Support Scheme now open

Self-employed people whose trade has been hit by Coronavirus can now apply for a second, and final, Self-Employment Income Support Scheme (SEISS) grant of up to £6,750 from the government. The online claims service on GOV.UK opened on 17 August and the deadline for claiming the second grant is 19 October. The claims window is […]

Chiene + Tait launch Just for Jess Challenge

In the summer of 2019 our beloved colleague Jessica Welsby tragically passed away whilst on secondment in Australia. In her memory, at the end of August, Jess’ family will undertake the Just for Jess Challenge and cycle from her home in St Helens to Edinburgh, a total of 230 miles in aid of SADS UK. […]

COVID-19 Redundancy Pay Level Protected

The UK Government has confirmed that in the event of redundancy, workers’ wages will be protected regardless of being on furlough. In response to a minority of firms taking advantage of the current COVID-19 pandemic to pay a lower rate of redundancy, any furloughed workers that lose their jobs will now be eligible for redundancy […]

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 […]

What businesses should focus on ahead of Brexit

The UK Government is pressing ahead with its post-Brexit planning, with the release of a Border Operating Model following engagement with businesses. The 206 page document is designed to give guidance to industries on how border issues will work after the transition period ends on 31 December and the actions that traders, hauliers, ports and […]

VAT Rate Cut

The Chancellor Rishi Sunak has announced a temporary 5% VAT rate which will come into effect from 15 July to 12 January 2021. The main areas which will be affected are: Sales of Food and non-alcoholic drink in restaurants, pubs, bars, cafes and similar premises; Hot takeaway food and non-alcoholic beverages; Sleeping accommodation in hotels, […]

Summer Statement 2020: Main Points

Chancellor Rishi Sunak today outlined a series of measures aimed at restarting the economy after the recent impact of the COVID-19 pandemic. Key points delivered in his speech were: Stamp Duty holiday – a temporary holiday on stamp duty, on the first £500,000 of all property sales in England and Northern Ireland, effective immediately. The […]

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 […]

Gift Aid Emergency Relief Package for Charities

Whilst HM Revenue & Customs (HMRC) have provided a vast amount of support to individuals and organisations throughout the COVID-19 pandemic, a coalition of organisations in the charity sector are highlighting that more can, and should, be done to support the third sector. During the pandemic, many organisations in the third sector have been stepping […]

Further delay in implementation of Construction Services Domestic Reverse Charge

HMRC has issued a short brief, which outlines that the introduction of the domestic reverse charge for construction services will be delayed a further 5 months until 1 March 2021, due to the impact of the Coronavirus pandemic on the construction sector. The domestic reverse charge for building and construction services was originally planned to […]

How COVID-19 reliefs impact Research & Development Tax claims – update

HMRC have sent us further details clarifying their stance on certain COVID-19 reliefs. The Bounce Back Loans (BBL) Scheme HMRC has confirmed that this has been notified as a state aid, following similar notification of the Coronavirus Business Interruption Loan Scheme (CBILS). Being in receipt of the BBL or CBILS could impact a potential R&D […]

How COVID-19 reliefs impact Research & Development Tax claims

The Chiene + Tait team has been inundated with queries regarding the various new COVID-19 reliefs that are available for businesses. Whilst cash has always been ‘king’ for businesses, there has never been a more important time to have sufficient reserves. Research & Development (R&D) Tax Relief has been the ‘go-to’ cash relief for innovative […]

COVID-19 – Charity financial management and reporting considerations

The economic effect of COVID-19 has, of course, been far reaching for the charity sector, whether due to dramatic falls in donations and trading activities, uncertainty over current or future funding, reduction in investment values and returns, not to mention increased demand for many services. The significance of this does require trustees and management to […]

COVID-19 – Resources available to the charity sector

Just a reminder that there are a number of different resources that have arisen associated with COVID 19, to assist the voluntary sector. Generally, these comprise grants, loans, and in some cases tax reliefs. Grant funding As access to grants is changing on a regular basis, the best sources of information are representative bodies, membership [...]

COVID-19 – Ways charities can use tax to ease cash flow

Whilst the UK Government announced a package of support for the third sector to assist it through the current crisis, many in the sector have still been left disappointed by the support offered. However, charities can look to established tax benefits to help ease their cash flows and assist them through the current crisis. 1. […]

COVID-19 Pivotal Enterprise Resilience Fund Reopens but with strings attached

Breaking news – the Scottish Government has announced that they plan to reopen the Pivotal Enterprise Resilience Fund next week (w/c 11th May, final details to follow) after they were inundated with applications over the first weekend of applications. The pot will swell by another £45m (£90m allocated to the fund in total) for businesses […]

UK Government confirms VAT Zero rating for PPE

The UK Government has confirmed that from 1 May 2020, personal protective equipment (‘PPE’) purchased by care homes, businesses, charities and individuals to protect against Coronavirus will be zero rated for three-month period. This will be particularly beneficial for care homes, charities and individuals for whom VAT would be a cost.  The Government estimates that […]

VAT Zero Rating on E-publications Announced

The zero rate of VAT will now apply to all e-publications from 1 May 2020. In the recent Budget this measure was due to come into force in December, however the Chancellor Rishi Sunak has brought the measure forward. Digital publications have previously been taxed at 20% in the UK whereas printed publications have been […]

Tax relief on home working costs during COVID-19 lock down

Given the Coronavirus outbreak, many employers will be considering providing their employees with additional support for working from home. If so, they will need to consider the tax implications of the payments. HMRC guidelines permit employers to pay their workers who regularly work from home under an agreed arrangement, a tax-free payment of up to […]

David Shadwell joins us as Accounts and Business Support Partner

David Shadwell, an experienced financial services sector and SME business adviser, has been appointed as Partner within Chiene + Tait’s (C+T) Accounts and Business Support team. A University of Edinburgh graduate, he returns to the UK after a nine year spell in New Zealand. David initially trained and qualified with a Big 4 firm in […]

Residential Property – 30 Day Capital Gains Tax Returns

New rules requiring taxpayers to submit Capital Gains Tax (CGT) returns to report the sale of residential properties came into force on 6 April 2020.  These rules require taxpayers selling such properties to file a CGT Tax Return with HMRC and pay the tax due within 30 days of completion.  This will particularly affect those […]

Making Tax Digital ‘digital links’ requirement delayed

In response to the COVID-19 crisis, HMRC has confirmed that any businesses undertaking Making Tax Digital (MTD) for VAT now have an extension to 1 April 2021 (previous deadline 1 April or 1 October 2020) to meet the ‘digital links’ requirement related to their recordkeeping systems. To be MTD for VAT compliant, the digital links […]

COVID-19 – Chiene + Tait: Business Continuity Plans

A statement from our Managing Partner, Carol Flockhart: 24 March 2020 This is an unprecedented time, with significant challenges both in people’s personal and work lives and the economy. We would like to reassure you that the safety of our people and the importance of continued client service are our two current operational focuses which […]

Budget 2020

Read our summary of the Budget 2020, delivered by Chancellor of the Exchequer Rishi Sunak on 11 March 2020.

Scottish Residential Property – Main Tax Issues to Consider for Overseas Buyers

Scotland remains an attractive place for the overseas buyer to purchase a residential property. For many, they will be looking for a property as an investment. However, other overseas buyers could be looking for a second home or a base to do business. The demand for residential properties to rent in Scotland remains strong with […]

R&D Tax credits and Grants – how to maximise relief

Grants are an essential tool for growing a business, but did you know that by receiving a grant, it could restrict your company’s ability to claim further Research & Development (R&D) tax reliefs and incentives? In this article, Dave Philp Chiene + Tait’s Head of Research & Development Tax outlines the implications of receiving a […]

Neil Norman appointed to board of international accountancy body

Neil Norman, the head of Chiene + Tait’s (C+T) Entrepreneurial Tax Team, has been appointed to the board of the global accountancy association AGN. Representing 200 separate and independent accounting and advisory businesses in over 80 countries, AGN promotes worldwide expertise, best practice and new developments to improve the quality of accountancy services and support […]

The Employment Allowance is changing

What is the Employment Allowance? The UK Government provides an annual allowance of £3,000 to employers, which they can off-set against their employers’ (secondary) Class 1 National Insurance Contributions (NICs).  It was introduced as an incentive for organisations to help recruit their first employees or expand existing work forces in addition to providing a restriction […]

Digital Newspapers: Zero-rating win for The Times in Upper Tribunal

News Corp (that own the Times and Sunday Times) previously lost a VAT Tribunal in 2018 where they tried to argue that their online digital newspapers should benefit from the same VAT treatment as printed editions. At the Upper Tribunal, the judge found in favour of News Corp stating ‘that item did not exist in […]

Lena Wilson appointed as Chiene + Tait’s new Chair

Dr Lena Wilson CBE, one of Scotland’s most prolific and experienced business leaders, has been appointed as the new Chair at Chiene + Tait. Dr Wilson has over 30 years’ business experience across more than 40 countries. She spent eight years as the highly-regarded CEO of Scottish Enterprise before stepping down in 2017. She is […]

Charity online advertising and VAT zero rating

We published a news item earlier this year confirming that charities have been contacted by HMRC in relation to advertising on social media.  Most advertising for charities is zero rated, however HMRC have been clarifying their interpretation on specific situations and contacting charities whom they believe may be receiving zero rating in error. HMRC has […]

Chiene + Tait Statement: Jessica Welsby

We are extremely saddened to share the tragic news of the sudden passing of our friend and colleague Jessica Welsby. Jess was a bubbly member of the Chiene + Tait team, with friends throughout the firm. She received glowing feedback from her clients and she made a positive impact with all those she met. Jess […]

Land Promotion Agreements and hidden VAT charges – Iain Masterton discusses

Chiene + Tait VAT Director Iain Masterton is featured in the most recent LandBusiness magazine discussing the VAT treatment of Land Promotion Agreements (LPAs). Iain conveys the attractiveness of rural land development to property developers – and how, in turn, this enables landowners to enter into LPAs with promoters when they wish to maximise their […]

Chiene + Tait confirmed as Living Wage employer

Chiene + Tait has confirmed its commitment to paying all staff a fair wage by achieving our Living Wage accreditation. Our commitment will see everyone working at the firm receive a minimum hourly wage of £9.00 in the UK or £10.55 in London. Both rates are significantly higher than the government minimum for over 25s, […]

Construction Services Domestic Reverse Charge

Update September 2019: the Construction Services Domestic Reverse Charge has been postponed until 2020. HMRC has now issued new guidance in relation to the VAT reverse charge for building and construction services which will be introduced from 1 October 2019.  This new guidance supplements and expands upon the guidance note published in November 2019.  The […]

Case Study: DIY Home Builders VAT Reclaim

The DIY House Builders VAT scheme is available for people who build their own homes to reclaim the VAT incurred on their building costs. This scheme puts self-builders in the same position as people who buy new houses from housebuilders in that the costs are zero rated for VAT. In its guidance to applicants HMRC […]

Reduced Rating for Energy Saving Materials including Solar Panels – VAT Update

In 2015 the European Commission challenged the UK’s treatment of the installation of energy saving materials. The UK treats the supply and installation of energy saving materials to residential properties as subject to 5% VAT. This includes all the costs under a contract assuming the materials meet the tests in the legislation. Energy saving materials […]

Heritage Projects: 5 expert tips on getting your project’s finances right from the outset

Recently we hosted a workshop on VAT at the Heritage Trust Network Conference, which brings together charities involved in restoration and heritage projects from across the UK. We work with many charities, from smaller local trusts dedicated to one building through to established charities planning capital projects, with accounting advice that helps them to keep […]

HMRC Policy Change: VAT to be charged on all non-refundable deposits

HMRC has confirmed a new policy in a recent Business Brief (13/2018) that VAT should be accounted for on deposits even in circumstances where the customer does not use the goods or services they have paid for. This policy is effective from 1 March and it overrides a previous HMRC policy which allowed some non-refundable […]

Informed Trustee Certificate Launched

Chiene + Tait’s Head of Charities Euan Morrison has supported the development of an online certificate for current and future trustees. The Informed Trustee course, run by The Society of Trust and Estate Practitioners (STEP), aims to equip current and aspiring trustees with the knowledge they need to be successful charity board members. The majority of […]

Changes to VAT Grouping Eligibility

Here, Andrew Young in our VAT team highlights proposed changes to VAT Groups, what they are and what entities are impacted. Background A VAT group is where a group of eligible businesses is treated as 1 taxable entity, rather than separate entities. In July 2018, the UK Government published draft legislation amending the eligibility criteria […]

Recent VAT cases for Rural Businesses

Chiene + Tait’s VAT Director Iain Masterton runs through some recent VAT cases that impact on the rural business sector. If you have a query about VAT, please feel free to contact us today. Brexit The implications of Brexit are still being debated and nothing is yet certain, though it seems that VAT, the ‘European’ […]

Charity SORP Changes

The SORP making body has recently confirmed, in its Invitation to Comment on Draft Update Bulletin 2 issued in February 2018, that it will not be issuing an updated SORP, and instead the December 2017 amendments to FRS 102 will be brought into charity accounting by issuing a second Update Bulletin. The Charity SORP Changes […]

Annual Tax on Enveloped Dwellings (ATED) Deadline Approaching

Are you aware of the upcoming 30 April 2018 Annual Tax on Enveloped Dwellings (ATED) deadline? If you are affected, you will need to calculate any ATED payable based on property valuations as at 1 April 2017. If you think that this could apply to you, please download our Comment On here. Please do not […]

New AGN International report: Cyber Security: Bitcoin or bust?

Only 12 months ago you could buy a Bitcoin for about $600; now the same thing would cost you around $12,000. In December, that figure was $17,000. Bitcoin is one of the so-called ‘cryptocurrencies’ but the most successful by far: its market value has at times been greater than that of Disney or IBM. In […]

Do drivers dream of electric cars?

(This article on electric cars first appeared in the Winter 2017/18 edition of our Connect newsletter.) It will now cost you £21.50 to drive into central London if your car is more than 10 years old. If it’s a diesel, by next April it could cost you £24. Edinburgh and Glasgow councils are considering their […]

Creative industries tax reliefs

Museums and galleries tax relief became the latest addition to the Government’s suite of incentives for the creative industries, which can make arts and media projects affordable. Catriona Finnie, who heads up our Creative Industries Tax Relief offering, looks at a selection of reliefs most relevant to our clients. (This article first appeared in the […]

Automating your bookkeeping

Taking advantage of new software can save you time and money. (This article first appeared in the Winter 2017/18 edition of our Connect newsletter.) As technology advances, so too do the opportunities to improve processes. For bookkeeping, that can be automating data entry, whether it be sales, purchases or bank transactions. This enables accurate and […]

Pensions and divorce

The pension pot should be part of any divorce discussions, says Mark Dobson of Chiene + Tait Financial Planning. (This article first appeared in the Winter 2017/18 edition of our Connect newsletter.) For many couples, the two most valuable assets they own will be the family home and the combined value of their pension pots. […]

Independent schools to lose rates relief?

(This article first appeared in the Winter 2017/18 edition of our Connect client newsletter.) The Scottish Budget announced measures to scrap the business rates relief that independent schools receive as charities. This was the result of the Barclay Review, which thought it “unfair” that independent schools receive rates relief, whereas state schools do not. However, critics […]

New AGN International report: Cyber Security: The international threat to business continuity

The largest and arguably most powerful ransomware attack the world has seen started to infect IT systems on Friday 12 May. The ‘WannaCry’ virus threw organisations in the UK, US, Russia, Germany, China and more into meltdown: 157 countries were involved in the attack. We’ve since seen additional ransomware attacks at the end of June […]

How to plan for the future in turbulent times

Moira McMillan, Chiene + Tait Tax Director, writes about how to plan for the future in turbulent times. When the news is dominated by turbulent events, it becomes harder to plan for the future. I remember writing an article for Connect newsletter just before the Scottish independence referendum in September 2014 which mentioned the famous […]

Heading for the exit door

Paul Mason, Corporate Finance Partner, has analysed the market and identified key trends. Here he reports on the exit market post-financial crisis, and the implications for business owners. Pre-2008, there was a bull run. Businesses were being bought and sold at a fast pace. There was significant liquidity available from debt and equity investors; this […]

Catriona Finnie in Scottish Financial News: Chiene + Tait charity tax specialist appointed to UK Gift Aid group

Catriona Finnie, a key member of the Charities and Education Group at Edinburgh accountancy firm Chiene + Tait (C+T), has joined HMRC’s newly-formed working group, set up to consider increasing the effectiveness of UK Gift Aid relief. The assistant tax manager becomes one of the first Scottish-based members to join the group, while C+T is […]

Iain Masterton in Business Insider Magazine: Crowdfunding is a grey area for HMRC

‘Iain Masterton, director of VAT and indirect tax at Chiene + Tait , says that businesses looking to raise finance via the crowdfunding route should carefully consider the VAT implications before going ahead. He says that if the crowdfunding pitch includes the funders getting a product in exchange for their funds then the business might […]

Charity Accounts Update (SORP FRS 102 Information Sheet 1: Implementation Issues)

In the past the Charity SORP making body has produced “information sheets” which “seek to clarify the application of the SORP or particular recommendations contained within the SORP”. Information Sheets are advisory in nature and do not form part of the SORP, however, they are considered ‘best practice’ in terms of application of the SORP. […]

The Common Reporting Standard (CRS)

The Common Reporting Standard (CRS) is a new initiative designed to increase tax transparency. Though primarily aimed at financial institutions such as banks, it has ramifications for many types of organisations. The regulations imposed by CRS are onerous and complex. We have produced Comment On factsheets showing the impact CRS will have on: Charities Trusts […]

Non-Resident Capital Gains Tax Returns

With effect from 6 April 2015, the UK capital gains tax (CGT) regime was extended to bring into charge non-residents disposing of UK residential property. Before this date, CGT did not apply to non-residents, other than those carrying on a trade in the UK, and since 6 April 2013, companies subject to the annual tax […]

Tax Changes to Buy To Let Property Rules for Landlords

Recent changes to the taxation of buy to let properties will have a substantial impact on landlords. Land and Buildings Transaction Tax (LBTT) From 1 April 2016, the Additional Dwelling Supplement imposes an additional 3% ‘slab tax’ on the acquisition of residential property which is not the purchaser’s main residence. Restriction to Income Tax Relief […]

Common Reporting Standard – preparing your charity

The Common Reporting Standard (CRS) is a new HMRC reporting initiative aimed at increasing tax transparency and may affect your charity if you have investments, and particularly if you are a grant-giving organisation. Each year, charities judged to be ‘financial institutions’ will have to identify, perform due diligence and report on certain people who have […]

C+T Partnership aims to boost business angel investment

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 […]

VAT: Another single/multiple supply case caught in the net

This article first appeared in our Summer 2016 Rural Business Update. Download the full publication here. A recent VAT tribunal involving a trout fishery has thrown more light upon the VAT liability of multiple supplies, a complex area of VAT law. Stocks Fly Fishery, in Lancashire, argued that they were supplying a multiple offer of […]

VAT’s what SMEs need to know

Iain Masterton, our VAT Senior Manager, looks as VAT for SMEs. Dealing with Value Added Tax (VAT) is, for many SMEs, one of many ‘necessary evils’ that accompanies running a business. Although it might make your head hurt, a decent understanding is essential in both compliance and financial terms. VAT accounts for around 22 per […]

The Common Reporting Standard for Financial Institutions – impact on charities

The Common Reporting Standard (CRS) could affect charities that have large endowment funds. The CRS was implemented into UK law in 2015, via the International Tax Compliance Regulations 2015, and is part of a wider drive to prevent the global use of off-shore structures to evade tax. How does the CRS affect charities? All UK […]

Tapering of Annual Allowance

From 6 April 2016, individuals who have taxable income greater than £150,000 will have their annual allowance for that year restricted. The standard £40,000 allowance level will reduce by £1 for every £2 of income over £150,000. The maximum reduction will be £30,000, so an individual with taxable income of £210,000 or more will have […]

OSCR Announces New Charity “Notifiable Events” Requirement

To prevent problems from happening, reoccurring or affecting public confidence in the charity sector, from 1st April 2016 the Office of the Scottish Charity Regulator (OSCR) will ask charities who have, or have had, a serious problem to notify them. OSCR has brought in this new guidance in order to “encourage charities to deal with […]

What is Theatre Tax Relief and who qualifies?

Theatre Tax Relief (TTR) is a generous relief, which was introduced on 1 September 2014 to recognise the cultural and economic significance of theatres in the UK. The Government hopes the relief will encourage and support UK theatre producers. TTR is available to any business within the charge to corporation tax, including not for profit […]

Child Benefit: Is Yours Safe?

I have to admit that my heart sinks every time I have to look at the rules for entitlement to tax credits such as child tax credit or working tax credit. Why? The answer is that these are really social security benefits and having “tax” in the title is a bit of a red herring. […]