Latest News
The Seed Enterprise Investment Scheme (SEIS)
A generous tax saving incentive is on its way. HMRC are introducing an incentive called SEIS (Seed Enterprise Investment Scheme) in the 2012/13 tax year, which is designed to help small newly formed companies raise much needed external finance. The scheme provides for up to 78% tax saving (and in certain circumstances, up to 103%!) and offers advantages in respect of both income and capital gains tax.
11 May 2012
VAT Returns – Best Practice Guidance
VAT is a complex area to understand and, as we reported in our last newsletter, if you get it wrong the consequences may be serious. Here are some tips to help you with your VAT Returns.
11 May 2012
HMRC Targets Tradesmen
HMRC has announced that later this year it will target tradesmen across the UK within the following categories: plumbers, electricians, roofers, window fitters, bricklayers, carpenters and 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 over £4m for HMRC and at least ten arrests, with over 1,000 civil cases being prepared by HMRC lawyers.
11 May 2012
HMRC Admits Sending 12,000 Wrong Penalty Letters
HMRC has sent daily penalty letters to 12,000 taxpayers, demanding immediate payment of outstanding tax, even though they had agreed with the individuals earlier in the year that they did not have to complete self-assessment forms. The letters state that taxpayers need to pay up, or will be liable for the punitive daily penalty scheme.
30 April 2012
Charitable Giving and other Loss Reliefs to be Capped
The Government is proposing to cap the amount of income tax relief an individual can claim in a tax year because it believes that currently, some individuals on very high incomes are able to pay little or no tax. If the proposal goes ahead the change will take effect from 6 April 2013.
26 April 2012
VAT Cost Sharing Exemption Alert
The UK Government has confirmed its intention to implement a cost-sharing VAT exemption for organisations with exempt/non business activities.
Draft legislation and results from the consultation process were released in December 2011 and legal implementation will occur when the Finance Bill 2012 receives Royal Assent.
22 March 2012
Gift Aid Changes Alert
HMRC has recently updated their guidance on Gift Aid declarations and identified an error in their Gift Aid record keeping guidelines. Find out more here.
22 March 2012
Budget 2012 Summary and Tax Information
The Chancellor declared it a “budget for working people”, but Labour leader Ed Miliband’s view was that it is a “millionaire’s budget” and the media headlines dominated by "grannytax" and "unabashed pro-business", the Budget 2013 certainly provided some surprises.
22 March 2012
National Minimum Wage Rise Announced
The government has announced that in October 2012, the national minimum wage will rise by 11p to £6.19 an hour. The rise of 1.8% from the current level is lower than the current inflation rate.
20 March 2012
Chiene + Tait Year End Tax Review 2011 - 2012
In a time of uncertainty, the only things that seem certain at the moment are tax increases and reductions in public spending. Whilst governments are running out of cash and would like us all to contribute more – all taxpayers have to take extra care to avoid paying more than they need to.
27 February 2012
Real Time Information - Update February 2012
Under the new proposed Real Time Information (RTI) rules, HMRC originally proposed that the P45 form would be replaced with a leaver statement. Currently a P45 form is given to workers when they move to a new employer or lose a job. By law a P45 has to be issued, recording pay and tax deducted in the year so far.
10 February 2012
Be Prepared for Real Time Information (RTI)
Are you aware of the major changes coming soon with the PAYE system? If not, you are not alone, in a Sage survey from 2011 76% of small firms admitted to having no knowledge of the forthcoming alterations.
7 February 2012
HMRC Vows to Show Tax Deadline “Leniency” Due to Impending Strike
HMRC has 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 isn’t enough staff to answer last-minute queries, people may decide they are unable to complete their forms and face a £100 penalty.
26 January 2012
New Edition of C+T Client Newsletter - Winter Connect
Chiene + Tait's newest edition of our client newsletter, Connect, is now available to download from our website here.
This edition reviews a number of areas of potential concern for clients including year end tax planning tips from our tax team...
4 January 2012
Here to help with online VAT filing
VAT affects transactions undertaken by individuals, partnerships, companies, trusts, charities and housing associations; each of these entities can find themselves considering wide ranging VAT issues and having to comply with various regulatory obligations.
15 December 2011
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.
13 December 2011
VAT Cost Sharing Exemption
The UK Government has confirmed its intention to implement a cost-sharing VAT exemption for organisations such as charities, universities, housing associations and financial institutions. A consultation process has taken place which invited contributions from charities and other affected groups and the legislation will be introduced by the Finance Bill 2012. Draft legislation and the responses document will be released on 6th December, however legal implementation will occur when the Finance Bil
2 December 2011
More Waiting on the Tee for Golf Clubs in VAT Case
The First Tier Tax Tribunal in the Bridport & West Dorset Golf Club VAT case released its decision in June this year.
Many golf clubs have already submitted sizeable protective claims (some going back to VAT periods in 1990) so the fact that the Tribunal found in the golf club’s favour that visiting non members’ green fees were VAT exempt was greeted with some optimism.
2 December 2011
Autumn Statement - Key Points
On Tuesday 29 November, Chancellor George Osborne presented his Autumn Statement to the House. Here, Chiene + Tait outline the key points from his speech.
29 November 2011
Government Confirms Isles Fuel Price Cut
The UK government today confirmed that a motor fuel duty discount pilot scheme for island communities will start from 1 March 2012. Applying to the Inner and Outer Hebrides, the Northern Isles, the islands in the Clyde and the Isles of Scilly, the 5p per litre tax discount will apply to fuel on the islands.
25 November 2011
Time for an employer health check?
How compliant is your business when it comes to employment taxes? Have you ever thought about having a health check to ensure you are not running any risks?
Many employers don’t realise that HMRC now operates a risk strategy for all taxpayers.
17 November 2011
Pensions auto-enrolment – 5 months to go
As lots of employers are finding out, there are many considerations to be tackled in light of the new regulations which impose a responsibility on all employers to auto-enrol their employees into a qualifying pension scheme before the employer-specific “staging date”, which will fall between 2012 and 2016.
17 November 2011
Special Report - Tax and Wealth Planning Tips 2011-2012
Changes to tax and updates from HM Revenue & Customs occur more frequent than many would like. After each new update, a review of your personal financial situation to ensure you make the most of your reliefs and allowances should be undertaken.
21 October 2011
HMRC Issues Record Number of Fines for Late Tax Returns
New figures have shown that HM Revenue & Customs (HMRC) has issues a record number of fines for late tax returns. HMRC has fined 1.5 million for filing late self-assessment returns since January, up 8% from the previous year and 56% from five years ago.
17 October 2011
Complete our Client Feedback Survey
Chiene + Tait conducted a client feedback survey throughout the months of June and July, to understand our strengths and weaknesses in delivering services to clients.
28 September 2011
Tax and Cars - Smarter Fleets Save Money
VAT rises at the beginning of 2011 together with fuel price fluctuations make it ever more difficult to forecast fleet cost: benefit ratios. In the race to reduce overheads to keep businesses profitable, the vehicle fleet has to be a starting point. What can employers do to reduce costs both to themselves and to their driver workforce? Our experienced tax team has some suggestions.
6 September 2011
HMRC VAT Amnesty Alert
Chiene + Tait today issued an alert to all businesses regarding VAT registration. HMRC has a 30th September deadline for all businesses that should be VAT registered to notify them, otherwise the full weight of penalties will be issued.
23 August 2011
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.
11 August 2011
Agricultural Crimes Are On The Rise
It was reported today that theft is estimated to have cost the UK farming industry £49.7m in 2010. NFU Mutual said "agri-crime" on Britain's farms has risen from £41m in 2009, with power tools the most stolen item in 2010. Thieves were most likely to strike at night and raid outbuildings, it said.
8 August 2011
Harnessing the "Renewables Revolution"
Rural Affairs Secretary and MSP Richard Lochhead has encouraged farmers and landowners to take part in Scotland's "renewables revolution".
4 August 2011
NIC and Income Tax Merge
Any employer will tell you the frustrations caused by having to administer PAYE and NI (National Insurance) deductions. This is complicated by the fact that two sets of legislation have to be complied with and this legislation has evolved from different government departments. However, it looks as if all that is set to change - the Chancellor announced in his last Budget that NI and income tax will be merged.
20 July 2011
Chiene + Tait Accounting Secondments
We recognise that our clients may face skills gaps in their 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 we can supplement your existing finance team by providing an extra resource at any level.
13 July 2011
Is your business prepared for new rules on temps?
A recent report has suggested that businesses, which use workers hired on a temporary basis, have done no or very little preparation to address new rules on the rights of such staff, even though the rules are due to come into force in less than four months' time.
28 June 2011
HMRC Launch Consultation Paper on Residence Issues
HM Revenue & Customs have released two consultation papers on the Statutory Definition of Non-residence for Taxation Purposes and the Taxation of Non-Domiciled Individuals residing in the UK.
17 June 2011
The Scotland Bill, What Is It?
It’s been described by the coalition as the “biggest transfer of fiscal power to Scotland since the creation of the United Kingdom”. The legislation is aimed at transferring control of some powers from Westminster to Holyrood, including some tax changing authority.
16 June 2011
Government Announces Charitable Legacies Review
A consultation on the government's plan to boost charitable legacies was announced today.
Chancellor George Osborne used the Budget to launch a 10% inheritance tax reduction for those who leave at least one-tenth of their estate to charity, with the aim of encouraging higher legacy giving.
13 June 2011