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TALKING TAX:
latest news, updates
& advice from Zeal
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Newsletter Issue 1
January 2022
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The capital allowances team had a busy end to 2021. This was driven mainly by companies with 31 December year ends. In total, we assisted 22 different clients identify claims for capital allowances, unlocking over £5.4m in unclaimed capital allowances. Below is a summary of three interesting cases we worked on:
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| Holiday Homes & Luxury Lodges |
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| Zeal carried out a capital allowances review for a company that owned a site containing luxury lodges and a selection of holiday let properties. Zeal identified unclaimed allowances on the c.£600k refurbishment costs . . . Read more |
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| We were very pleased to complete our annual capital allowances review for a long-standing client in the residential care sector last month. This year included the purchase and refurbishment of a 90 bed care . . . Read more |
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| Commercial Property Landlord |
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Following a referral from one of our accountancy firm partners, Zeal carried out a capital allowances review of a portfolio of commercial property acquisitions for an independent landlord . . . Read more
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Very interesting past few months in the world of R&D tax. Following the release of the Quinn FTT decision, in which HMRC’s policy regarding what is classed as subsidised R&D was rejected, HMRC have confirmed that they will not be appealing this decision however, they will stand by their position. In addition to this, they have updated their CIRD guidance on both subsidised and subcontracted R&D. It is important, more so now than ever, to ensure that clients are properly assessed and aware of any risks to their claim, if claiming under the SME scheme is being caught by this.
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| Zeal completed a claim for a small engineering firm who appreciably improved an existing product from their range as well as developing a new modular testing rig . . . Read more |
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| Zeal completed another year’s claim for a £20m+ turnover manufacturing business. The business conducts R&D in a range of areas . . . Read more |
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TFPI Market Update for January 2022: The expected increase in claims is starting to come through the insurers as a matter of process by pushing their HMRC compliance and enquiry regimes, especially in light of the governments need to recoup some of the various £350bn+ Covid business and taxpayer assistance schemes, many erroneously granted in the first instance, if the latest media reports are to be believed.
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| Cover Expanded for Excluded Clients |
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| The practice, a large accountancy firm based in Devon, was experiencing problems with a section of clients being excluded from their TFPI policy on the grounds of being consultancy-only clients as opposed to appointed general tax agent clients. Premiums being levied were also exceptionally high . . . Read more |
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Covid has proved to be a catalyst for business owners and investors to ensure they have the most tax efficient structure for their business now, on retirement and death. Zeal have been assisting several property investors transfer properties to a corporate structure. This results in significant annual tax savings, reduces future capital gains liabilities, and provides greater flexibility for IHT planning.
Succession planning has also been a hot topic in 2021. We are currently working on a project for a wealthy farming client that is looking at tax efficient ways of splitting out the various businesses and property assets between their three sons. With our experience of dealing with these types of cases, the tax advice is often the simplest part, getting all the family members to agree to the changes is where it gets complicated!
If you have any complex tax issues that you need support with, Go Zeal!
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January is the busiest month of the year for the capital allowances team due to the deadline for filing amended 2019/20 self-assessment tax returns at the end of the month. By realising a missed claim for capital allowances on property owned personally in January, our clients are able to reclaim tax paid for last year and reduce tax bills due for 2020/21. We will be working with a range of clients this month, from Hotels, Holiday Lets, B&B’s, Caravan Parks, Pubs and Restaurants to Children’s Nurseries, Care Homes and Offices.
If you own a business property or have clients that do, get in touch with the team to see if they can save tax this month. |
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Speak with one of our tax specialists Now!
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Our experts help businesses across the UK tackle challenging tax
issues. If you find yourself in a position of needing specialist tax advice
we're on hand to help. Let us know when would be a good time for
a chat, and we will call you back.
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As a member of the Chartered Institute of Taxation, and with our own in-house tax specialists, Zeal are ideally placed to support you in providing a complete tax service to your clients. We deliver our services all over the UK, no matter the size of your practice or clients.
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