Chiene + Tait Alumni Newsletter – Spring 2021

We are delighted to publish the next edition of the Chiene + Tait alumni newsletter.

This Spring 2021 edition features articles on:

  • C+T alumni Jeremy Harper,
  • Welcome to our newest Partner, David Shadwell,
  • Going Concern issues during the pandemic,
  • Our new Future Of… series launched, and
  • Keeping a positive mindset – Dr Lena Wilson, C+T Chair gives some insight into developing a positive mindset during times of economic turmoil.

To download the newsletter, please click the link below.

If you have any queries about the newsletter, or event, or to be added to the mailing list to receive the newsletter automatically, please send your contact details to alumni@chiene.co.uk.

2021/2022 Payroll Calendar

Chiene + Tait has released our 2021/2022 payroll calendar detailing all the key dates you need to know. The calendar includes:

  • Bank and Public Holidays
  • PAYE and NI deadlines
  • P60, P9D and P11D dates
  • Self assessment tax return deadlines

Direct Debit Mandate

Download and complete to instruct to your bank or building society to pay by direct debit.

Covid-19 Self-employment Income Support Scheme Grant Extension – Update

The UK Government has agreed to extend the support offered to self-employed workers via the Self-Employed Income Support Scheme Grant with an extension in the form of two grants for the three month periods November 2020 – January 2021 and February 2021 to April 2021. Further details about the extension, updated on 06/11/20 can be found in this briefing.

Covid-19 Self-employment Income Support Scheme Grant Extension

The UK Government has agreed to extend the support offered to self-employed workers via the Self-Employed Income Support Scheme Grant with an extension in the form of two grants for the three month periods November 2020 – January 2021 and February 2021 to April 2021. Details can be found in this briefing.

VAT Rate Cut Factsheet

The Chancellor Rishi Sunak has announced a temporary 5% VAT rate which will come into effect from 15 July to 12 January 2021. Find out the details in our free factsheet here.

C+T COVID assistance

In times like these it’s important that we all pull together to help the business community.

We are offering free diagnostic reviews to help organisations test their preparedness for this crisis, and to assist with obtaining the various funding that is being made available.

Download our flyer for more information. Also check our guidance page for additional available support.

The Budget 2020

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

IR35 and off-payroll to on-payroll: changes from 6 April 2021

From 6 April 2021 (previously postponed from 6 April 2020) the new Off-Payroll Working Rules will come into effect. Where workers are engaged through intermediaries (most commonly, personal service companies) will result in organisations undertaking greater administrative burden and potential financial risk to establish the employment status and payroll requirements. This is reform to the existing IR35 rules for the private sector which were introduced in the public sector in April 2017.

In summary, clients engaging via such intermediaries must decide whether the worker is akin to an employee (or office holder) if the intermediary was ignored. Where the worker is considered an employee, income tax and both employer’s and employee’s National Insurance (as well as apprenticeship levy) must be accounted for on the payments made to the intermediary. The introduction of these new rules pass the burden of ensuring the worker’s employment status is correct and accounting for any income tax and National Insurance due, to the organisation engaging where the obligation was previously that of the worker and the intermediary.

The legislation is still to be enacted but these changes are on course to apply to payments made from 6 April 2021.

To assist you and your business with these changes, our detailed guidance note is available by clicking the download button:

VAT Matters – Autumn 2019

The Autumn 2019 edition of our VAT Matters newsletter is now available to download, featuring:

  • Cafe & Restaurant – Separate Businesses?
  • Church wins FTT case against HMRC
  • What is Crowdfunding?
  • Zero rating for charity advertising online

If you have any comments or feedback about VAT Matters, please speak to Iain Masterton, VAT Director on vat@chiene.co.uk or call 0131 558 5800. If you would like to be added to our mailing list to receive a copy direct to your door or email inbox please contact marketing@chiene.co.uk.

VAT Matters – Summer 2019

The Summer 2019 edition of our VAT Matters newsletter is now available to download, featuring:

  • Reduced VAT rating for energy saving materials
  • Sale & leasebacks – a tale of two courts
  • How should I claim VAT on fuel?
  • VAT recovery of employee legal fees

If you have any comments or feedback about VAT Matters, please speak to Iain Masterton, VAT Director on vat@chiene.co.uk or call 0131 558 5800. If you would like to be added to our mailing list to receive a copy direct to your door or email inbox please contact marketing@chiene.co.uk.

2019/2020 Payroll calendar

Chiene + Tait has released our 2019/2020 payroll calendar detailing all the key dates you need to know. The calendar includes:

  • Bank and Public Holidays
  • PAYE and NI deadlines
  • P60, P9D and P11D dates
  • Self assessment tax return deadlines

Entrepreneurial Tax Services

The Chiene + Tait Entrepreneurial Tax team assists companies and investors on corporate transactions throughout the life-cycle of a company. Click the download button to find out if we could help you.

VAT Matters – Spring 2019

The Spring 2019 edition of our VAT Matters newsletter is now available to download, featuring:

  • Revised VAT accounting for the construction industry
  • Making Tax Digital: are you ready?
  • News Corp vs HMRC: an update
  • Sports clubs and zero-rating on new charitable buildings
  • An Option to Tax in the UK

We hope you enjoy it!

If you have any comments or feedback about VAT Matters, please speak to Iain Masterton, VAT Director on vat@chiene.co.uk or call 0131 558 5800. If you would like to be added to our mailing list to receive a copy direct to your door or email inbox please contact marketing@chiene.co.uk.

VAT Matters – Autumn 2018

The second edition of our new VAT Matters newsletter is available to download, featuring:

  • Dwelling vs Relevant Residential Purpose (RRP) – Case law summary
  • VAT Return: what goes where
  • VAT in the news – Brexit & MTD
  • VAT treatment of sports clubs
  • Case law studies – Recent cases which illustrate that VAT law is struggling to keep up with modern times

We hope you enjoy it!

If you have any comments or feedback about VAT matters speak to Iain Masterton, VAT Director on vat@chiene.co.uk or call 0131 558 5800. If you would like to be added to our mailing list to receive a copy direct to your door or email inbox please contact marketing@chiene.co.uk.

Summer 2018 Rural Newsletter

Our Summer 2018 Rural Newsletter is now available to download. Covering a range of topics related to the rural business sector, this edition features:

  • How Unoccupied Property Relief affects Shooting Rates
  • The C+T Scottish Game Fair debate on the ethical commercial shoot
  • Making Tax Digital: what actions to take now
  • C+T’s charity fishing competition: register today
  • VAT cases in the rural sector
  • Scottish Rural Awards

If you have a rural business query, contact Rory Kennedy our Rural Estates Partner today at rural@chiene.co.uk or call 0131 558 5800. To find out more about how we work with Rural Businesses, click here.

Making Tax Digital: actions to take now

Making Tax Digital (MTD) for VAT is coming – and simply submitting VAT returns online isn’t enough to comply. All organisations with a taxable turnover over the VATthreshold will need to use MTD to report on their VAT from April 2019.

Find out more about the actions you need to take now in our flyer – click the button below to download.

To check whether you’ll need to comply by March 2019, click here to complete our short diagnostic questionnaire.

Land & Buildings Transaction Tax (LBTT) – Tenants Take Note!

On 1 April 2015 Land & Buildings Transaction Tax (‘LBTT’) replaced Stamp Duty Land Tax (‘SDLT’) in Scotland.  A major difference between LBTT and SDLT is that under LBTT tenants of commercial leases need to submit subsequent LBTT returns to Revenue Scotland every third anniversary of the lease.  This means that the first three-yearly returns for leases will come into effect from 1 April 2018.

There is a simple rationale behind these three-yearly returns: in many cases commercial leases last long periods of time and their terms, such as rent payable can be subject to periodic review or may be turnover or index- linked.  Increase in rents will increase the LBTT payable and this must be paid when the three-yearly return is submitted.  In some cases tenants may find that LBTT has been overpaid and following their three-yearly return a repayment will be issued by Revenue Scotland.

Find out more here.

Is your sector missing out on Research & Development Tax Relief?

Scottish companies received over £165m in Research & Development (R&D) tax credits last year. Yet, a recent HMRC study found that a number of sectors are still failing to claim, even though they are eligible. R&D tax relief is one of the most generous incentives available. For £100k worth of qualifying expenditure, companies can receive up to:

  • £230k worth of enhanced losses (worth £44k @19% tax rate), or
  • A £33.35k tax credit (cash in hand)

Dave Philp in our Entrepreneurial Tax Team outlines the sectors that could apply for the relief but traditionally don’t. Find out more here.