This week we’re celebrating Johnston Carmichael! In Part 2 of their blog, find out more about their crucial business support and the firm’s Outsourced Finance Services specialists.
Current challenges
Business is never without its challenges and supporting clients through these is what we’re here to do. One of our specialist sectors is Rural, and a key challenge for our clients here is the proposed change to Inheritance Tax (IHT) announced in the 2024 Autumn Budget. Effective from April 2026, Agricultural Property Relief will be restricted to £1m per individual and as a result a considerable number of farming businesses will be brought into the scope of IHT. As a member of the Rural Accountancy Group (RAG), we contributed to the RAG’s recent report on this highlighting the impact this will have on our clients and the wider rural community.
Our experts in Tax and in the Rural sector – many of whom come from rural backgrounds – are working closely with clients to help them manage these changes and make the right decisions for now and the future.
Our Budget Hub analyses the key announcements from each UK and Scottish Budget, so you can always keep up to date with the latest changes here.
What is our Outsourced Finance Services offering?
Our Outsourced Finance Service provides businesses with a flexible, cost-effective solution for managing their financial operations. Our team can provide all of the services you’d expect from an in-house finance department – from bookkeeping to management reporting and attendance at board meetings. We also provide lead finance support such as stepping in to a Finance Director role, as part of our Fractional CFO service.
We tailor our support to meet the needs of each of our clients, and the size of our team means we can flex our support as your business grows.
Through the experience of our team combined with our knowledge of the latest technology, we help businesses improve the efficiency of their operations, have better oversight of their finances, and ensure they’re compliant with the various accounting and tax regulations and deadlines. Whether acting as an extension of an in-house team or providing a fully outsourced finance function, we give business owners peace of mind that their finances are in hand so they can focus their time on growth.
Driving economic growth with Inverness & Cromarty Firth Green Freeport
We were proud to be selected as the Outsourced Finance Services provider for Inverness & Cromarty Firth Green Freeport, a transformative project in the Highlands and Islands. As one of the most significant regional initiatives in decades, the Freeport aims to create up to 11,300 new jobs and attract £6.5 billion in investment over the next 25 years.
When appointed, we recognised the vast scope of work ahead. As a fresh start-up, the Freeport required comprehensive financial setup, including tax registrations, selection of accounting software, and development of internal financial controls. Our expertise allowed us to establish a robust foundation for their financial management.
Beyond day-to-day outsourced finance support, our close collaboration has enabled us to anticipate and address emerging financial needs, such as specialist VAT advice and additional guidance from our Financial Reporting Advisory team. The Freeport passed its first major milestone – the introduction of the Statutory Instrument (a form of legislation) granting tax relief in April 2024, and we remain committed to ensuring smooth financial operations for its continued success.
“Due to the size and nature of the ICF Green Freeport, we required a partner to whom we could outsource our day-to-day financial management. After a competitive process, Johnston Carmichael was successful and has proved to be an excellent partner, providing a reliable and professional service with strong communication established between our teams. We would highly recommend Johnston Carmichael as a trusted financial partner.” – Calum MacPherson, Managing Director, Inverness & Cromarty Firth Green Freeport
A collaborative effort
At the heart of our Outsourced Finance Services offering is the same ethos that runs through our whole firm – a passion for helping our clients build their success story. We work closely with the wider firm to support clients with any additional requirements, such as R&D tax relief claims or business valuations, ensuring that everything is joined up and working in sync.
We’re proud to act as trusted advisers to so many businesses that are key to the growth of Inverness, and we’re committed to continuing to help create an enduring impact in the region.