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Mairi MacIver joins C+T as new Accounts and Business Support Director

We are delighted to confirm the recruitment of Mairi MacIver as Director in our Accounts and Business Support (ABS) division. She will be based at our Edinburgh headquarters. Mairi joins from Anderson Anderson & Brown LLP, where she spent the last 15 years developing extensive knowledge and experience in delivering technology-driven client services. During her […]

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 […]

Partnership promotions and further investment for our growing Inverness operation

We are delighted to confirm that Jackie Fraser and Shona Fraser, the two joint heads of its Inverness operation, are promoted to partner level. The move is part of further investment into our Highland office which has seen significant growth in clients and staff numbers since opening three years ago. Jackie Fraser became the firm’s […]

Join our Entrepreneurial Tax Team at the Ready Steady Grow 2019 Roadshow

Neil Norman and our Entrepreneurial Tax Team will be at the forthcoming Ready Steady Grow 2019 Roadshow on 8th October with The EIS Association, Seedrs, Equity Gap and lots of other experts talking all things funding, investment and growth. Ready Steady Grow! 2019 is the best opportunity for entrepreneurs, investors and business advisers to meet […]

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 […]

Emma Louden Appointed to Prominent HR Committee

Emma Louden, HR Manager at accountants Chiene + Tait, has been appointed to the Chartered Institute of Personnel and Development (CIPD) Mid Scotland Branch committee focusing on health and wellbeing, plus employee engagement in the workplace. As the professional body that has represented the HR community for over 100 years, the CIPD is at the […]

Chiene + Tait promote Michelle Fallon to Partner

Accountants Chiene + Tait (C+T) have announced the promotion of personal and business tax specialist Michelle Fallon to the role of Partner. She was initially recruited to the firm as Personal Tax Manager and promoted to Director level in 2017. Fallon has been with the firm for six years, during which C+T has experienced significant […]

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, […]

VAT: Construction Services Domestic Reverse Charge – Postponed until 2020

Following our recent articles regarding the construction services domestic reverse charge (“CSDRC”), the government has now decided to postpone the introduction of this mechanism until 1 October 2020. HMRC issued a short brief on 6 September which can be found at: https://www.gov.uk/government/publications/revenue-and-customs-brief-10-2019-domestic-reverse-charge-vat-for-construction-services-delay-in-implementation/revenue-and-customs-brief-10-2019-domestic-reverse-charge-vat-for-construction-services-delay-in-implementation#explanation-of-the-change This brief outlines that the change in implementation date has come about due […]

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 […]

What’s next for the rural sector?

In this article, Rory Kennedy, Rural Estates Partner for Chiene + Tait looks at likely upcoming regulations affecting the rural sector. The Scottish rural sector has had to weather a barrage of legislative uncertainty in recent years. While Brexit remains an obvious focus, the Scottish Government continues to add uncertainties of its own. We are […]

Chiene + Tait seeks new Chair

The Partners at Chiene + Tait are seeking to recruit a Chair. Please click here to download the information sheet for more information on the role.

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 […]

Chiene + Tait ImpaCT Day 2019

Our charity ImpaCT Day returned on 21st June, with staff volunteering with charities and charitable organisations in Edinburgh and Inverness. Charities supported Carers of West Lothian Waverley Care Upward Mobility Edinburgh Dog and Cat Home St Columba’s Hospice Eric Liddell Centre Barnardos Youth 2000 Project Ore Valley Housing Association Moray Firth Partnership We were delighted […]

Making Tax Digital – steps to sign up your business with HMRC

If your business is required to submit Making Tax Digital (MTD) compatible VAT returns, we have created a step by step guide as to how to apply for your new government gateway link. Don’t forget, if you pay VAT by direct debit, then you must sign up at least 7 working days before your first […]

Join our Entrepreneurial Team at Ready Steady Grow! 2019 Roadshow

Join Neil Norman, Entrepreneurial Tax Partner and a host of other experts at the forthcoming Ready Steady Grow! 2019 Roadshow. The Roadshow is the best opportunity for entrepreneurs, investors and business advisers to meet and share knowledge on all the exciting funding options and growth financing options for startups and SMEs. The roadshow will discuss […]

European Court Ruling may impact Charities VAT position on Investment Management fees

A recent case, in what may be one of the last UK VAT cases to be heard at the Court of Justice of the EU (CJEU), may have a significant impact on UK Charities who have investments and who have recovered any VAT on investment management services in the last 4 years. In C-316/18 – […]

Carol Flockhart comments on workplace gender equality

Chiene + Tait Managing Partner, Carol Flockhart has appeared in Scottish Business Insider Magazine discussing whether Scotland is doing enough to address workplace gender equality. Featuring in the Burning Question section, a number of key Scottish female business figures give their opinion on this question. To read the article in full, please visit the Scottish […]

Exit Readiness Masterclasses: your chance to enrol in the next round of classes

Recently, we presented the third (and final in the series) session of the Scottish Investment Bank Exit Readiness Masterclasses. The sessions were presented by our Entrepreneurial specialists in tax and corporate finance. Four companies selected by SIB participated in the series of three seminars aimed at giving their founders the information they need to drive […]

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 […]

C+T Entrepreneurial Tax Team finalists for Tax Team of the Year

We’re delighted to say that our Entrepreneurial Tax Team are finalists in the 2019 Scottish Accountancy and Financial Technology Awards. The category is ‘Tax Team of the Year’. The ETT were awarded Tax Team of the Year in the 2018, 2017 and 2016 awards. The 2019 nomination follows success for the team at the EIS […]

Chiene + Tait Office Easter Opening Times

The Chiene + Tait office will be closed on Friday 19th April for Easter and will reopen on Monday 22nd April. We hope everyone has a happy Easter.    

Direct Debit Facility available to our clients

We offer a Direct Debit facility to our clients for settlement of fees. Direct debit is one of the safest and most secure payment methods available with all transactions covered by the Direct Debit Guarantee. If you sign up to the scheme you will continue to receive fee invoices from us as normal. Payment by […]

Changes to payslips: new payroll legislation

For the first time in many years the Government will introduce new legislation which will change the reporting on employee payslips. From 6 April 2019, employers will need to issue staff with payslips that detail how the payment has been calculated in cases where the rate of pay and hours worked are variable. This government […]

Workplace pension contribution increases from 6 April 2019

The minimum contribution an employer and employee pay into an automatic enrolment workplace pension scheme will increase from 6 April 2019. Who does this apply to? All employers with employees in an automatic enrolment pension scheme. This means that all employers must ensure the minimum amounts are being paid into their employee’s pension schemes. This […]

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 […]

David Philp appointed as Head of R&D tax

David Philp has been appointed to the new role of Head of R&D tax at Chiene + Tait. Philp joined C+T in 2012. Following several years of active experience within its multiple award-winning Entrepreneurial Tax Team, he has worked with a broad range of clients supporting them on R&D tax relief applications and other forms […]

Update to R&D guidance

Towards the end of last year, HMRC updated their guidance in relation to the eligibility of software projects for Research & Development (R&D) tax relief (you can find the guidance here). The rapidly evolving nature of the software industry means it can be difficult to ascertain whether a project undertaken by the company is seeking […]

C+T once again ‘Highly Commended’ at the EISA Awards

Chiene + Tait are delighted to once again be ‘Highly Commended’ in the Best EIS/SEIS Tax Advisor category at the 2018 EIS Association Awards. This is the fourth year running we have achieved this recognition and we are the only firm in Scotland to have ever achieved this. The firm’s entrepreneurial taxes function, which supplies […]

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 […]

The 2018 Budget: changes to help your charity

Philip Hammond announced welcome reforms to charity taxes in the 2018 Budget. The Chancellor announced that from April 2019 the following changes will take effect: Small Trade Limit What has changed? The annual small trade limit has increased to a minimum of £8,000 and a maximum of £80,000 (where the charity’s total turnover exceeds £320,000). […]

Charity pensions – clock ticking for some third sector organisations

Some charitable organisations may be sleepwalking into a charity pension financial time bomb if they participate in the Local Government Pension Scheme (LGPS).  The scheme provides charity staff pension security at lower employer cost by providing economies of scale through pooled pension resources, but the defined benefit nature of these schemes carries a significant financial […]

Chiene + Tait’s Managing Partner Carol Flockhart picks up Scottish Women’s Award

Carol Flockhart, Managing Partner at accountants Chiene + Tait took honours at last night’s Scottish Women’s Awards winning the Services to Accountancy and Finance Award. Held in Glasgow, the evening acknowledged and celebrated the achievements of Scotland’s women recognising a wide range of dynamic females, including entrepreneurs, civil servants and charity workers, and their contribution. […]

Scotland’s independent schools face uncharted economic waters

Dave Roberts, Director at Chiene + Tait appears in the current edition of Business Insider Magazine talking about changes in the independent school sector: ‘Accountancy firm Chiene + Tait has been advising independent schools for more than 30 years and has seen affordability become an increasing issue. “Many parents, especially those with uncertainties about their […]

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 […]

HMRC publishes guidance outlining impact of “no-deal” Brexit for VAT-registered Businesses

The UK Government today issued a raft of guidance to prepare UK Businesses for a no-deal Brexit. The guidance stresses on various occasions that a no-deal Brexit is unlikely; however, the notices outline the key changes that will impact any business that currently trades with the EU. The main highlights of the guidance are as […]

VAT Recovery: Intermediary services to Non-EU financial services providers

HMRC have published a draft proposal to amend the legislation that currently allows insurance and financial intermediaries to recover input VAT where services are provided to financial services providers based outside the EU.  Insurance and financial intermediary services are VAT exempt so don’t normally allow for VAT recovery, however the current VAT law allows VAT […]

Carol Flockhart nominated at The Scottish Women’s Awards 2018

We are delighted to confirm that Chiene + Tait’s Managing Partner, Carol Flockhart is shortlisted as a finalist in the Services to Accounting and Finance category at the 2nd Scottish Women’s Awards. Award details The event, due to take place in Glasgow on 12th September, is a celebration of the achievements of women in Scotland […]

Changes to Childcare Vouchers

In this article, Neil Cameron in our Payroll team outlines forthcoming changes to childcare vouchers and how employers/ employees can prepare for the change. What are Childcare Vouchers? Childcare Vouchers are a Government-approved, tax-efficient way of paying for childcare. An employee can exchange part of their gross salary for Childcare Vouchers, which are tax-free and […]

Chiene + Tait ImpaCT Day

This summer the team at Chiene + Tait took part in our first ever charity ImpaCT Day, helping us make a positive social impact. Staff were given a paid half day away from work to volunteer at a series of nominated charities, or to volunteer for a cause close to their heart thereby helping a […]

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’ […]

Unoccupied Property Relief and Shooting Rates

Rory Kennedy, Rural Estates Partner, reviews the potential for Unoccupied Property Relief in relation to Shooting Rates. The Land Reform (Scotland) Act 2016 heralded the reintroduction of shooting land and deer forests to the rates roll. Tax law is typically complex and the detail contained within the statue usually provides the basis on which advisers […]

Chiene + Tait welcomes AGN International to Edinburgh

The team at Chiene + Tait was delighted to welcome our fellow AGN International Association members to the European, Middle East and African Conference 2018 held in Edinburgh, in June. This year, working closely with AGN enables us to access a unique association of 193 independent accountancy firms, like Chiene + Tait, that have the […]

C+T picks up two awards at Scottish Accountancy Awards

We are delighted to report a brace of wins for Chiene + Tait at the Scottish Accountancy Awards: Large Accountancy Firm of the Year Tax Team of the Year The top award was secured after a year of progress which, according to the awards organisers, “really impressed the judges”. The Tax Team of the Year […]

Chiene + Tait launches new Digital Division

Accountants Chiene + Tait (C+T) has enhanced its business technology service offering with the launch of a new Digital Division. The service, part of the firm’s Business Support Department, caters for all types of clients, including charities and a wide range of SMEs, to help them take advantage of the efficiencies and opportunities presented by […]

Carol Flockhart appears in The Herald: Flexibility is key to keep our firm thriving

C+T’s Managing Partner Carol Flockhart appeared in The Herald talking about her journey through the ranks to the top of the firm, and about how to keep the firm focused on the future. ‘“Chiene & Tait was my first position out of Edinburgh University and I went into accountancy because all those in my business […]

Double Scottish Accountancy Awards 2018 delight for Chiene + Tait

Chartered Accountants Chiene + Tait has been nominated as a finalist in two categories at this year’s Scottish Accountancy Awards. The firm has been short-listed as Large Accountancy Firm of the Year and as Tax Team of the Year, a category it has won for the past two years for its work in the entrepreneurial […]

Chiene + Tait appear in Business Insider Accountancy Review 2018

C+T’s Managing Partner Carol Flockhart appears in Business Insider’s Accountancy Review feature. Reviewing the sector, Carol highlights ‘…in all technology advances there is a reduction in some jobs but the creation of others. Developments such as artifical intelligence will allow more repetitive book-keeping or process driven tasks to be automated and achieve efficiencies, which can […]

Carol Flockhart interview in growthbusiness.co.uk on the agility of accountancy firms

Chiene + Tait’s Managing Partner Carol Flockhart appears on GrowthBusiness.co.uk talking about the importance of accountancy firms to be as agile as the scale-up companies they serve. ‘Working with the right accountants who can advise on complex issues like tax planning is vital to a firms’ progress. Accountants may also have good contacts with investors […]

Iain Masterton appears in The Scotsman on VAT and the Customs Union

Chiene + Tait VAT Director Iain Masterton appears in The Scotsman talking about VAT and the Customs Union. Read more here.

Richard Clarke appears in Landlord Focus Magazine on tax changes for landlords

Richard Clarke, Senior Manager in the Chiene + Tait Personal Tax Team outlines key changes for residential landlords in the Spring edition of Landlord Focus Magazine. Areas discussed by Richard include: The cost of replacing furniture via the Wear and Tear Allowance Restriction in availability of tax relief on loan interest payments Transferring ownership of […]

Paul Mason appears in Business Insider Q4 Deals Round-Up

Paul Mason, Chiene + Tait’s Corporate Finance Partner appears in the current edition of Business Insider, in the Q4 deals round-up, discussing how 2018 will be the ‘year of institutional equity.’ He comments, “These are all really exciting, high-growth Scottish businesses, each of which needs several million pounds of growth capital, either to fund expansion […]

Catriona Finnie appears in The Herald on an Edinburgh boost to the Scottish film and TV sector

Catriona Finne, Chiene + Tait’s film tax expert appears in The Herald talking about how the new Edinburgh Pentland Studio could bring a much needed boost to the Scottish film and tv sector. To read the article in full, please click here.  

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 […]

Catriona Finnie comments on how new Scottish taxes raise impact on low income charity donations

Catriona Finnie, Chiene + Tait’s Gift Aid specialist appears in Scottish Financial News and Third Force News talking about how the new Scottish Rates of Income Tax could impact on donations lower rate taxpayers in Scotland would like to give to charity. To read the articles in full, click here to view Scottish Financial News […]

Scottish Rate of Income Tax Comparison

From April 2018, everyone in Scotland will pay different tax rates from the rest of the UK. Find out more about the Scottish rate of income tax compared with the rest of the UK in our infographic. To download the infographic, please click here.

Carol Flockhart appears in Scottish Financial News talking about how businesses benefit from female entrepreneurship

Carol Flockhart appears in today’s Scottish Financial News as part of International Women’s Day 2018 talking about the benefits to business of promoting female entrepreneurship. To read the article in full, visit the SFN website here.

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 […]

C+T’s Entrepreneurial Tax Team win again at the EIS Awards!

Massive congratulations to our Entrepreneurial Tax Team on being highly commended in the Best EIS/SEIS Tax Adviser category at the EIS Association Awards for the third year in a row! Also special congratulations to our Entrepreneurial Tax Partner Neil Norman on winning the Best Result in EIS Diploma in the UK – he is officially […]

Creative Scotland funding announcement and the importance of financial planning

Creative Scotland recently announced the recipients of its ‘Regular Funding’ for the period 2018-2021. The body distributes government and National Lottery funds to the arts sector in Scotland. Euan Morrison, Chiene + Tait’s Head of Charities, said: “There has been a degree of controversy surrounding these decisions. A number of longstanding recipients of funds from […]

Dave Roberts appears in Scottish Housing News – RSLs need to adopt new CIPFA financial code

Our social housing specialist Dave Robert appears in the current edition of Scottish Housing News talking about the new Treasury Management code due to be published shortly by CIPFA, the reasons for the changes, what the key changes are likely to be and what RSLs need to do to ensure they comply. To read the […]

Who’d be a charity trustee?

Rory Kennedy, our Rural Estates Partner, has been a charity trustee for three different charities therefore has a wealth of charity experience, and has worked with plenty more. Here he offers his thoughts on the benefits – and drawbacks – of being a trustee. I’ve had various roles (including trustee, chair, vice chair, and member […]

Turn Blue Monday into Blue-Sky Monday!

HR Manager, Fiona Galletly advises how to turn today from Blue Monday into Blue-Sky Monday! Today is apparently Blue Monday! This is a term which was coined by a lecturer at Cardiff University to describe today, as the day, statistically, that we are most likely to suffer from feeling the blues. What this can translate […]

Dave Roberts in Independent Schools report in Business Insider Magazine

Dave Roberts, Chiene + Tait Business Support Director, appears in the Independent Schools Report, in the January/ February 2018 edition of Business Insider Magazine. “The current market for international schools is challenging,” says Dave Roberts, director and independent schools sector specialist at accountants Chiene + Tait. “Pupil numbers are holding up but not increasing. Due […]

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 […]

Are you able to pivot?

The recent Barclay review of Non-Domestic Rates has again brought into focus the need for businesses to remain agile, and be able to pivot. (This article first appeared in the Winter 2017/18 edition of our Connect newsletter.) The Barclay review sought to enhance and reform the system of Business Rates collection in Scotland and, while […]

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 […]

UK and Scottish Budgets 2017: Two Coins in the Fountain

Two different finance ministers have now presented their tax plans. Moira McMillan wonders how they will work. (This article first appeared in the Winter 2017/18 edition of our Connect client newsletter.) I recently celebrated 25 years of working at Chiene + Tait. I really do not know where the years have gone since I first […]

Barry Truswell recruited to Chiene + Tait as Audit Partner

Accountancy firm Chiene + Tait has announced the appointment of Barry Truswell as one of our team of Audit Partners. With over 15 years of audit experience, he joins the firm from a senior role at Scott Moncrieff. In his new role, Barry will focus mainly on providing audit and assurance services to SME and […]

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 […]

Paul Mason in Business Insider Magazine

Paul Mason, Chiene + Tait Corporate Finance Partner, appears in the December edition of Business Insider Magazine answering the Burning Question ‘Is the increase in base rate likely to help growth in the Scottish economy?’. To view the article online click here.

Airbnb and UK Tax

Summer has now passed, but it’s still difficult to walk through the centre of Edinburgh without encountering a large number of tourists.  Edinburgh is well served by hotels and guesthouses, but according to recent figures*, an increasing number of tourists are staying in properties made available for letting by local residents.  The Airbnb sector is […]

Trustee Week 2017 – Demystifying what it takes to be a trustee!

Thinking of becoming a trustee? Curious about what the responsibilities are? Not sure what’s involved? Then look no further. Our infographic outlines step by step the function that a trustee provides to a charity. If you are thinking about becoming a trustee and not sure where to start, STEP has launched an online training course. […]

Euan Morrison in Third Force News: Charities encouraged to consider greater board diversity

Chiene + Tait’s Head of Charities, Euan Morrison, appears in Third Force News advising charities to consider having a greater diversity on their board of trustees, ‘Third sector organisations need to adopt new ways of thinking if they are serious about addressing this imbalance. More young people might be attracted to a trustee role if […]

Iain Masterton in The Scotsman: Tax implications of Brexit

Iain Masterton appears in today’s Scotsman talking about the tax implications of Brexit: ‘One worrying aspect of this plan, which has yet to be even discussed with the EU, is that it would likely become null and void should the Brexit talks end with no deal in place. In this scenario, which is far from implausible, […]

C+T Inverness: 1 year anniversary

We are delighted to celebrate the 1 year anniversary of our Inverness office! Huge congrats to the C+T Inverness team Jackie Fraser, Shona Fraser, Alex Noble and Chloe Smith on their achievements over the past year!

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 […]

Carol Flockhart in The CA Magazine: Firms raise their game

Our Managing Partner, Carol Flockhart, appears in the current edition of The CA Magazine talking about our hugely successful financial year: “turnover has increased by 14% compared with our previous financial year.” To read the article in full, please download the accountancy review report here.

Jackie Fraser in Business Insider: Opportunities in Inverness are growing again

Jackie Fraser, Director in the Chiene + Tait Inverness office comments on why Inverness is growing in Business Insider Magazine’s feature – Seven reasons why Inverness is bidding to be the UK’s fastest growing city again. To read the report in full, visit the Business Insider website here – http://www.insider.co.uk/special-reports/seven-reasons-inverness-bidding-uks-11329646?ptnr_mid=6088056&ptnr_rid=490267&icid=EM_BusinessInsider_Nletter

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 […]

Research & Development Tax Relief, and reimbursed expenses – HMRC has changed its tune…again!

Reimbursed expenses forming part of a Research & Development (R&D) tax claim have always been a tricky subject. Initially, reimbursed expenses were allowed and explicitly included in R&D tax legislation. HMRC then issued guidance in 2014 contradicting this, stating that staffing costs were intended to cover contractual costs only. There has been much to-ing and […]

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 […]

Scottish Rural Awards 2018 – Nominations Open!

Nominations for the Scottish Rural Awards 2018, celebrating the best rural Scottish business, are now open. The awards represent a benchmark of excellence in Scotland’s countryside – a celebration of the enterprise, innovation, dedication and community spirit of those who live in rural Scotland. Now in their fourth year, the Scottish Rural Awards, partnered by […]

Important changes to your payroll in 2017

Neil Cameron, who leads the C+T Payroll Team, looks at the three main changes to running a payroll for the year ahead. 1.The Apprenticeship Levy Affecting: all employers with a pay bill of more than £250,000 per month The Apprenticeship Levy is a new cost for employers from April 2017. This charge is based on […]

Making Tax Digital: software causes hard issues

Making Tax Digital continues to move towards implementation, despite a delay. Time to consider the software implications, says Daniel Braidwood in our Business Support Department During the 2015 budget, the Government announced their intention to overhaul the way in which we, the tax payers, submit our returns. The sea change was given the suitably on-trend […]

Jeremy Chittleburgh in Business Insider Magazine: Independent Schools Report

C+T’s Jeremy Chittleburgh is featured in Business Insider Independent Schools Report talking about the different choices available to parents ‘Independent schools are still financially viable, but don’t carry as much surplus as previous years. “The significant opportunity for independent schools at present is the potential to attract more overseas students because of the current low […]

Dave Roberts in Scottish Housing News: Good governance can help registered social landlords avoid being in high regulation

Dave Roberts, C+T’s Director of Business Support and Social Housing Group member is featured in Scottish Housing News talking about how good governance can help registered social landlords (RSLs) to avoid being in high regulation. To read the blog, visit the Scottish Housing News website here.

Neil Norman in Business Insider Magazine: Why Brexit could be a huge blessing for Scotland’s entrepreneurs

Neil Norman, C+T’s Head of Entrepreneurial Tax is featured in Business Insider talking about why Brexit may provide opportunities for entrepreneurs in Scotland. To read the opinion article, visit the Business Insider website here.

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 […]

Rory Kennedy article in The Scotsman: Benefits of field sports go far beyond tourism

Scotland’s field sports undoubtedly deliver significant tourism spend to our rural communities. However, this is often the sole argument used against its detractors in public debate. Importantly, it can also prove a vital contribution to all three pillars of rural sustainability: environment, economy and culture, and this needs to be better recognised in government policy. […]

Scottish Game Fair Seminar – Podcast Available

The Chiene + Tait rural team recently held a seminar at the Scottish Game Fair that looked at Scotland’s country sports – perspectives in community benefit and community resource. Rory Kennedy, Chiene + Tait’s Rural Estates Partner interviewed our two guest speakers from: Gallanch Lodge, Isle of Muck, and North Harris Community Trust And then […]

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. […]

Start date for Making Tax Digital delayed until 2020 (except for VAT)

After months of pressure from MPs and the Government’s Treasury Committee, HMRC have confirmed that Making Tax Digital (MTD) reporting will not start until April 2019, and then only for VAT purposes. MTD reporting for other taxes, will not start before ‘at least 2020’ to enable a reappraisal of the plans. HMRC and software providers […]

Museums and Galleries Tax Relief: back on track

We received confirmation yesterday that the government will publish a Finance Bill after the summer parliamentary recess, signalling that Museums and Galleries Tax Relief is back on track for launch this year. This new Finance Bill will re-introduce all of the provisions previously withdrawn from the Finance Act 2017, which was significantly slimmed down owing […]

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 […]

C+T Entrepreneurial Tax Team are 2017 Scottish Accountancy Awards ‘Tax Team of the Year’ finalists

We are delighted to confirm that our Entrepreneurial Tax Team are finalists in the 2017 Scottish Accountancy & Finance Awards ‘Tax Team of the Year’. We won last year and now nominated again – congratulations and well done to the team! For more information about the awards, visit their website here.  

Inverness Charity Seminar

We would be delighted if you would join us at our charity seminar with guest speakers Standard Life Wealth and Harper Macleod LLP. The event takes place on Wednesday 14th June at Tulloch Caledonian Stadium, Inverness. Doors open at 4pm, and we anticipate the event will close at 6:30pm. Topics that will be covered include […]

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 […]

New Webinar: Common Reporting Standard

Euan Morrison, Head of Charities at Chiene + Tait, discusses the Common Reporting Standard in this webinar. Euan covers what the Common Reporting Standard is, the circumstances where it might apply to charities, and if it does apply what the implications may be. You can watch the webinar here: You can also watch it on […]

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 […]

New webinar: Payroll Update 2017

This Spring Chiene + Tait’s Head of Payroll, Neil Cameron, delivered a Payroll Update 2017 webinar covering important changes and developments that affect all employers. Neil covered the Apprenticeship Levy, pension auto re-enrolment, gender pay gap regulations, and the new National Living and Minimum Wage rates. There were also some submitted questions which Neil answered […]

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 […]

Blog – Top Tips for Tax-Efficient Angel Investing

As part of our support of the Investing Women Ambition & Growth Conference, Chiene + Tait Entrepreneurial Tax Team member, Kirsty Paton, has recorded a special webinar looking at top tips for tax-efficient angel investing. To read the blog post and also watch the associated webinar, please visit the Investing Women website here. If you […]

Apprenticeship Levy will affect employers from April 2017

The Apprenticeship Levy will introduce a new cost for employers from April 2017. It is a charge based on the total employee earnings subject to Class 1 Secondary National Insurance Contributions (NIC’s). Why is it being introduced? It is a change in the way that apprenticeship schemes are funded. The money raised will go into […]

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 […]

Scottish Rate of Income Tax Update

Hazel Gough, Chiene + Tait’s Director of Personal and Business Tax outlines proposed changes to the Scottish Rate of Income Tax in advance of the Scottish Budget on 15th December 2016. From next April increased income tax powers will transfer to Scotland. The Scottish Parliament will be able to set income tax rates, thresholds and […]

Autumn Statement 2016: Impact on Entrepreneurs

The Chiene + Tait Entrepreneur Team has read through the information released following the Autumn Statement this week and identified three key areas: 1. Research & Development Strong focus on facilitating growth for research and development and innovative companies: Additional £4.7 billon funding by 2020-21 in R&D funding, New Industrial Strategy Challenge Fund – support […]

Museums and galleries tax relief: consultation and update

Timing The consultation first mentioned in the 2016 Budget has now concluded. Draft legislation will be published in Autumn 2016. The tax relief will be available from 1 April 2017. Relief rates The rates have not yet been published; we expect them to be similar to theatre tax relief rates (20% tax credit for non-touring, […]

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 […]

Our Guide to Brexit

We have produced a variety of Brexit briefing notes to help our clients understand the fundamental changes the country will go through and what they will mean for them. Our first briefing note, issued by our Chairman, discusses the possible routes the UK could take moving forward and what businesses can be doing at this […]

Brexit Briefing Note

Over the coming months, we will issue on our website regular briefing notes to help our clients understand the fundamental changes the country will go through and what they will mean for them. The Political Hokey Cokey Businesses like stability and a degree of certainty, and a secure economic and fiscal regime. It allows them […]

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 […]

Orchestra Tax Relief

Orchestra Tax Relief (OTR) is a new creative industry tax relief which was introduced on 1 April 2016 and is designed to encourage and support orchestras throughout the UK. As with other creative industry tax reliefs, OTR increases the level of deductible expenditure available for corporation tax purposes. Should this result in a taxable loss, […]

The Buck Stops Here: landowners and vicarious liability

For landowners, the Wildlife and Natural Environment (Scotland) Act 2011 act saw a significant shift of emphasis on the burden of proof in relation to raptor crime by introducing vicarious liability, a situation in which one party is held responsible for the unlawful actions of a third party. Relevant crimes include killing, taking or disturbing […]

Watch out for higher tax rates for capital distributions from MVLs

From 6 April 2016 the Government is proposing making major changes to the way in which capital distributions from members’ voluntary liquidations (MVL) will be taxed. This could result in significantly increasing the tax payable by shareholders of companies entering into MVLs. To read more, download our Comment On factsheet (pdf) outlining the changes. If you […]

Charities SORPs Update

Following a public consultation in 2015, the charity SORP making body issued in February 2016 ‘Update Bulletin 1’ which amends the Charities SORP (FRS102) in a number of areas that were highlighted as part of the consultation process. The areas updated include: Amendments to how stock held for distribution to beneficiaries should be valued Changes […]

Scottish Charity Regulator – Hitting the Target

OSCR (The Office of the Scottish Charity Regulator) has formally announced the next steps in its drive to increase accountability among Scottish charities and amend and enhance its monitoring of the sector. From 1 April 2016, on a rolling basis, the Regulator will be making the accounts of larger charities and Scottish Charitable Incorporated Organisations […]

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 […]

Scottish Income Tax – Comment On

It answers questions such as: – When will the Scottish income tax apply? – What income will it apply to? – Who will be liable to pay it? – Will HMRC consider you as a Scottish taxpayer? Click here to download our Comment On… Scottish income tax.     

Micro Entities: Ready, Set, Switch

Are you ready for the switch? The micro entities regime will allow small companies to file accounts following the requirements set out in FRS 105 (Financial Reporting Standard 105) instead of using FRS 102. It avoids the more complicated recognition and measurement requirements of FRS 102. There is much less disclosure, especially regarding related parties, […]

Farming and Estate Diversification – VAT Issues

The last 10 years saw a marked change in the approach taken by HM Revenue & Customs (HMRC) to review businesses. Gone are the days where each farm business had a dedicated HMRC contact who knew the business and visited every couple of years. Whilst many regard this as a blessing, less regular reviews can […]

Chiene + Tait tax promotion helps Scottish start-ups access high level entrepreneurial advice

Over 15,000 start-up businesses were created in Edinburgh and Glasgow in 2014. Many of these Scottish entrepreneurs will soon look for investment to take their venture to the next level. High level, specialist, entrepreneurial tax advice is now available in Scotland to support further growth. Tax reliefs help entrepreneurs obtain money to invest in their […]

Facing a skills gap in your finance team?

Unexpected resignations, maternity leave or staff illness can leave you with a resource shortage in your team. We can supplement your existing finance team by providing an extra pair of hands at any level with a Chiene + Tait member of staff. Here, two Chiene + Tait team members give details of their secondment experience. […]

VAT treatment of third sector “Friends” schemes

A recent VAT Tribunal decision Serpentine Trust Limited (TC03992) has cast some doubt on the established practice, for charities to treat income received from “friends” packages as a donation and therefore outside the scope of VAT. In this tribunal, the appellant ran an art gallery and offered 5 levels of membership to its supporters.  Each […]

Change to place of supply of digital services & new MOSS scheme

On 1 January 2015 the VAT place of supply rules for business to consumer supplies of telecommunications, broadcasting and e-services will change from the member state where the supplier belongs to the member state in which the consumer resides.  The current VAT rule for business to business supplies is unaffected under this change. Background Legislation […]

Chiene + Tait agree partnership with LINC Scotland

Chiene + Tait, one of Scotland’s leading accountancy firms, has forged a new and unique relationship with LINC Scotland, the national association for business angels in Scotland, to provide specialist tax relief advice to members.  The service will provide both new and experienced investors technical and helpful solutions to investment queries, enabling greater growth in […]

Pension auto-enrolment, changes and challenges

We are living longer and healthier lives, with the likelihood of spending more than 20 years in retirement. The government has indicated that millions of people are under-saving for their retirement. There are currently four people of working age for each pensioner in the UK. In 2050, the ratio will have fallen to 2 for […]

HMRC’s rising power to recover debt

The government has proposed to give HM Revenue & Customs (HMRC) powers to recover outstanding tax direct from bank accounts including Individual Savings Accounts (ISA s). This recent revelation has attracted much criticism in the press. HMRC claim 10% of taxpayers do not pay their tax on time and that it is only fair that […]

Boost Your Savings with NISAs

Your ISAs (Individual Savings Account) are now a more efficient savings tool. ISAs have been re-named New Individual Savings Accounts (NISAs) and the move from ISA to NISA results in two main changes: an increase in savings limits and more flexibility between cash / stocks and shares. Their purpose has always been to help individuals […]

Housing SORP Consultation – Revised Guidance Update

Following its review of the responses to the consultation on the Exposure Draft of the SORP, the SORP Working Party has revised the impairment section of the proposed SORP and has issued this revised section for further consultation. The consultation closes on 4 June 2014 and necessarily delays the publication of the final SORP until […]

RSLs – Governance Matters

Over the last twelve months the Scottish Housing Regulator has issued a series of reports entitled Governance Matters, which look at how poor corporate governance can affect a Registered Social Landlord (RSL). Each report includes one or more real life (but anonymous) case studies that serve to illustrate what can happen when there are governance […]

C+T Featured in Scrum Magazine – Prepare for your Next Career Move

Helen Mackenzie, Rory Kennedy and Neil Norman are featured in the current issue (57) of Scrum Magazine in an article highlighting how rugby players can prepare for their next career move.  As Helen outlines: “When players start making a career out of sport at a young age and things start going well they don’t often think about […]

Year End Tax Planning for Your Business

As we approach the end of the tax year it is advisable to review opportunities now and look at longer term planning for next year. Shareholders and employees of family companies should consider whether dividends or bonuses are to be paid prior to 5 April 2014 or deferred. Where income exceeds £100,000 the personal allowance […]

Comment on Devolving Scottish Taxes

Few, particularly in Scotland, will be unaware of the 18 September 2014 date for the Scottish independence referendum. What may be less well-known is that regardless of the outcome of the referendum, tax changes are on their way in Scotland. Moira McMillan, Tax Director at Chiene + Tait, outlines what this means for businesses and […]

Tax Efficient Pension Tips

The economic climate has seen large numbers of pension savers draw pension tax-free cash early, whilst continuing to work and electing to leave their balance pension fund invested until retirement. Where savers continue to work and do not require additional income, it would seem to make sense to leave pension funds intact for the future […]

Risky Business? How SEIS and EIS tax relief can help

Neil Norman, Entrepreneurial Tax Partner has highlighted how SEIS and EIS Tax relief can mitigate a substantial amount of the risk associated with investing in early stage high-growth companies in an article on ShareIn. ShareIn is a website that connects individual investors to companies who need equity funding. Investors discover innovative companies and share in their future […]

Funding for Lending Scheme Extended

The Bank of England and HM Treasury have announced that the Funding for Lending Scheme (FLS) introduced in August 2012 is to be extended. They have said this is ‘in order to support the supply of credit to the UK economy’. The FLS was launched to encourage banks to lend more. The extension has three […]

Extension of CGT Reinvestment Relief for SEIS Investors

There was good news for SEIS investors announced in yesterday’s budget – Capital Gains Tax (CGT) reinvestment relief is being extended for a further tax year.  This extension means that CGT due on chargeable gains made in the 2013 – 14 tax year can be reduced, but at a less generous rate as was available […]

C+T Highlight HMRC Start Up Re-Investment Relief Position

HMRC has recently clarified the position on the Capital Gains Tax (CGT) re-investment relief available under the Seed Enterprise Investment Scheme (SEIS). Here Neil Norman, Entrepreneurial Tax Partner at Chiene + Tait, outlines the position and recommended next steps to take. Background to SEIS SEIS provides investors with 50% income tax relief on their investment […]

Spotlight on….the new Funding for Lending Scheme

The new Funding for Lending Scheme (FLS) was launched by HM Treasury and the Bank of England in August 2012. It aims to boost lending from banks and building societies to UK households and non financial companies. Why is the scheme being launched? Continued turbulence in the Eurozone has revealed severe vulnerabilities in the European […]

Spotlight on… High Income Child Benefit Charge

When does this start? The new tax charge applies to child benefit payments received from 7 January 2013. Will it affect me? Yes, if you or your partner is claiming child benefit and either of you has adjusted net income of over £50,000. It can also apply where you have a child living with you […]

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. […]

Fleet Matters – The Benefits of “Green”

Whether your fleet is large or small, now more than ever is the time to think about making it into as green a fleet as possible. If you have pooled vehicles and vans which undertake local journeys, consider electric. If, on average, you travel medium-range distances, consider hybrid. For long distance travellers, bring in vehicles […]

Do you tick this (Patent) Box?

All companies that receive income from patented products or Intellectual Property should consider whether it can pay corporation tax at a reduced rate of 10% thanks to a new tax initiative, Patent Box. Why is Patent Box being introduced? The government wants to “encourage companies to locate the high-value jobs and activity associated with the […]

Foreign Currency Bank Accounts

Cash is generally not a chargeable asset for capital gains tax (CGT) purposes. Historically, the exception to this rule has been currency held in a bank account denominated in a currency other than sterling unless the cash was held for personal use such as for overseas holidays or the maintenance of an overseas holiday home. […]

Government IR35 Crackdown – Doomed to Failure?

The “IR35” rules are designed to prevent the avoidance of tax and National Insurance Contributions, through the use of personal service companies and partnerships – an issue that is highly topical in the press at the moment. Recently in the press, HMRC itself have come under scrutiny after it was revealed that at least 2,000 […]

Zero VAT Rating for Approved Alterations to Listed Buildings

HMRC have, disappointingly, confirmed that the proposed VAT changes to remove zero rating for approved alterations to listed buildings, is to be implemented with effect from 1 October 2012. The transitional period within which zero rating will continue to apply has however been extended. This means that projects which have applied for listed building consent, or […]

Tax Relief for Household Expenses – Update

If you have to work at or from home you can get tax relief for the extra household expenses that you have to pay. Typically these extra expenses include: The extra cost of gas and electricity to heat and light your work area Business telephone calls You won’t be able to get relief on domestic […]

P11D Time Is Here Again

John Rodger, Corporate Tax Partner is available to offer P11D dispensation advice – if you would like Chiene + Tait to assist your P11D submission to HMRC and you hold a dispensation document, please read on or contact our team of specialists. P11D Dispensation – if you hold such a document we would appreciate it […]

HMRC Targets Tradesmen

HMRC have announced that later this year they will target tradesmen across the UK within a number of categories. These include: Plumbers Electricians Roofers Window fitters Bricklayers Carpenters Joiners In fact, anyone who carries out a traditional tradesman’s job. This is an extension of the “plumbers’ amnesty” of 2010/11, which resulted in tax recoveries of […]

HMRC Vows to Show Tax Deadline “Leniency” Due to Impending Strike

HMRC have conceded that it will have to deal leniently with taxpayers who face fines, owing to a planned strike by their staff. Approximately 2.7 million people still have to file their self-assessment tax returns online by the deadline of 31 January, but some HMRC staff plan to strike on the deadline day. If there […]

Furnished Holiday Lettings – Do you know the latest rules?

Furnished Holiday Lettings (FHLs) have come under the spotlight in recent years, with successive governments vowing to reform the rules on the tax treatment of such properties. Please find here our guide to the current and future rules on FHLs. Different tax rules apply to income from letting property, which is generally taxed under the […]

Lord of the Manor: Changes to ‘overriding interests’

The rules relating to manorial rights in England and Wales are changing from 12 October 2013.  From this date those holding a title as lord or lady of the manor will no longer have an ‘overriding interest’ in mineral and sporting rights on the land to which their title relates. To protect such rights moving […]

Chiene + Tait Accounting Secondments

We understand you may face a skills gaps in tyour finance team at certain times through unexpected resignations, maternity leave or staff illness. Should you have a short to medium term need for cover then members of our Business Support Team can supplement your existing finance team by providing an extra resource at any level. […]

Another Contractor Wins IR35 Case

Another contractor recently won an IR35 case. The case in point was where an IT contractor, trading as a consultant, emerged victorious from a case that could have cost her £50,000. In the ruling, judges concluded that “It’s clear to us that (the consultant has) a genuine business and there (is) not a target of […]

P11D Dispensation Advice

John Rodger, Chiene + Tait’s Corporate Tax Partner is available to offer P11D dispensation advice – if you would like Chiene + Tait to assist your P11D submission to HM Revenue and Customs and you hold a Dispensation document, please read on or contact our team of specialists. P11D Dispensation If you hold such a […]

P11D – Returns of Expenses Payments and Benefits

Chiene + Tait Corporate Tax Partner, John Rodger gives advice to businesses currently preparing their P11D information (P11d is the returns of expenses payments and benefits) to HM Revenue & Customs (HMRC). Key information Submission deadline: 6 July each year Penalty for non submission of P11D forms: up to £300 + £60 per day for […]

Chiene + Tait Update on Company Secretarial Services

Companies House requirements are complicated and time consuming for company directors.  With an increase in regulations and subsequent requirements such as Persons Of Significant Control, it’s important to ensure that you keep your records up to date. The Chiene + Tait experts provide a comprehensive company secretarial service that assists clients with: Provide Registered Office […]

Charities and Benevolent Fundraising Regulations

The Charities and Benevolent Fundraising Regulations (Scotland) 2009 came into force for charities and benevolent bodies on 1 July 2009. What are the regulations? The Regulations require that charities and/or benevolent organisations, which utilise the services of professional fundraisers and “commercial participators”, must formalise this arrangement through a signed written agreement. The guidance does not cover […]