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 four years, the only firm in Scotland to have ever achieved this Tickets for the Awards ceremony can be found here: https://bit.ly/2EXu4eg

EISA Awards Nomination 2020

Current Position of the Scottish Investment Market

In this new blog post, Neil Norman Entrepreneurial Tax Partner at Chiene + Tait gives an overview of the current position of the Scottish investment market and the impact Covid-19 has had on investments.

Trends and changes

Covid-19 has triggered major changes in the Scottish investment market. We have seen many companies seeking funding, but fewer new investments made. Rather, the observed trend has been for investors to first seek to ensure that their existing portfolio companies continue to be supported. There is also a second trend – many of the investments made into existing investee companies are being tranched. For example, a company seeking £2m follow-on investment, may need to accept that it can receive £750k now and the balance in, perhaps, 6-12 months. This strategy, whilst sometimes frustrating for the recipient, appears sensible as investors seek to mitigate their exposure to the risk of a loss in an uncertain, macro-economic market. Whether the lack of certainty or ‘runway’ will adversely affect the fortunes of the investees remains to be seen, but those companies I have spoken to in this situation seem accepting of the investor’s logic and not overly concerned.

Valuations

In the early days of lock-down, we noted a significant shift in valuations being offered by some investors. However, anecdotally expressed concerns that this was the start of an era of opportunism appear to have been unfounded. Rather, so long as the investees are able to carry on relatively unabated with their plans to develop their intellectual property, their investors have been supportive with valuations that typically mirror those seen in the pre-Covid world. This is testament to the strength of the Scottish investment market and the integrity of those operating within it.

Support for Entrepreneurs

Support for entrepreneurs in Scotland remains amongst the best in the world; we have the most mature and one the most advanced early-stage investment markets. Since Archangels commenced investing in the early 1990s, there are now over 20 active angel syndicates and many funds operating here. Then, add in the support offered by LINC Scotland to the investor groups (including our EIS Helpdesk), the availability of match funding from the Scottish Investment Bank, the Covid-support measures introduced by the Scottish Government which are widely accepted as being better than the UK Government’s offerings, and the plethora of investment opportunities, many of which have come from world-leading research institutions, and it is clear that Scotland remains an extraordinary location for investment activity.

Author – Neil Norman, Entrepreneurial Tax Partner, Chiene + Tait

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 post-exam celebrations, and travelling the world before you start work with the prospect of being a real adult. Sadly, for me, and all other 2020 graduates, this was not the case. I didn’t realise that my last, physical day at university was in fact my last. Coronavirus was certainly around at that time, but the world was yet to descend into full lock down. And so, as we broke up for Easter break I assured my friends that I would be back in town come a week or two, and made plans for our return. We didn’t realise quite how much the world was about to change.

It was almost like a dystopian dream when the PM appeared on our television screens to announce lock down, I’m sure many of you felt the same. Universities subsequently began to scramble to get us all online so that we could finish our degrees. Thankfully, the end of my degree wasn’t as stressful as it was for others. Unlike most other people, I’m still not sick of my dissertation topic (the benefits of being a modern history student mean that you get to choose topics such as the Kennedy brothers’ involvement in the plots to assassinate Castro) and my final economics exam was replaced by an essay that was shockingly also very interesting.

However, the end to my degree was still anticlimactic. Clicking submit on ‘Turn-it-in’ doesn’t quite have the same satisfaction levels as handing in a bound copy of your dissertation or leaving the exam hall for the last time and finding your friends waiting to soak you with water, as is university tradition at St. Andrews. For the months I had before starting at Chiene + Tait, I had this strange feeling that I hadn’t actually finished at university.

Coming back to C+T was something I had been looking forward to ever since receiving my job offer, after my internship last summer. Everyone in the team had been so friendly and the work in Entrepreneurial Tax had been incredibly interesting. The knowledge that I already got on well with the team, and enjoyed the work made my last year at university somewhat more relaxing, as I didn’t face the pressure my peers were under, not just to find a job but to find one that I liked as well.

As the world pandemic developed and the weeks turned into months, my start date for C+T began to quickly approach but lock down remained firmly in place. This made me somewhat apprehensive about starting. Many of my friends had their jobs postponed until next year, but thankfully C+T emailed to let me know that I’d be starting from home remotely. This again left me with many questions, however, as I had no idea what it would be like to start a new job from my bedroom.

However, beginning my new job at the firm has helped to make it feel like my life is moving forward once again. Although it has only been a few days, the remote start to my work has been an easy and enjoyable process.  Everyone at C+T has been extremely helpful and welcoming, and I already feel part of the team. I’ll admit it is odd working from home, especially when my flatmates aren’t in full-time work, meaning that I seem to be living in a  different time zone to them when it comes to our waking hours, but having my morning commute reduced to from one side of the room to the other is definitely something that I could get used to!

As I continue my career at C+T, I’m looking forward to developing my knowledge of Entrepreneurial Tax and working towards my tax qualifications. As much as I am so far enjoying working from home, I am also excited for when the world starts to return to some semblance of normality and I can meet my colleagues properly, rather than through a grainy camera screen. It’s uncertain when that will be possible, however, so for the moment we’ll have to wait until we can see each other in HD once again.

Sarah Gibbens, Chiene + Tait Entrepreneurial Tax Trainee