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TALKING TAX:
latest news, updates
& advice from Zeal
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Newsletter Issue 3
March 2022
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The extension of the tax return filing deadline meant our capital allowances team were busier than usual in February. In total, we assisted 28 different clients identify claims for capital allowances, unlocking over £3.7m in unclaimed tax relief. Below is a summary of interesting cases we worked on:
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| Capex Review of Caravan Parks in West Scotland |
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| Zeal was referred a client from an accountancy firm we work with in Scotland. The client owned several caravan parks in Argyl, West Scotland. Zeal carried out a capital allowances review of the capital expenditure incurred by the business over the past 15 years. Entitlement to claim capital allowances on embedded fixtures purchased with 2 parks was established. . . . Read more |
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| Modern Office Building Tyne & Wear |
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| Having worked with a commercial property conveyancer in 2021 on a mutual client, they contacted Zeal in December 2021 to review the capital allowances position for their client on the purchase of a multi-million pound acquisition of a modern office building, in the North East. The capital allowances section within the CPSE (Commercial Property Standard Enquires document) was . . . Read more |
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As partners for business with the National Day Nurseries Association, Zeal have helped hundreds of nursery owners unlock the tax savings in their nursery buildings. Last month, we helped two nursery owners identify claims for capital allowances on the purchase of their buildings . . . Read more
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| Article: What to do in the event of an HMRC Enquiry |
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| Receiving a HMRC enquiry can be daunting, whether its regarding your personal or company affairs, and receiving a R&D Tax enquiry is no different. As with any tax return submitted to HMRC there will always be a chance you may be randomly selected for an enquiry and beyond that your risk decreases with . . . Read more |
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As HMRC step up their compliance and investigations regime, having the right TFPI policy works in favour of better client relationships by providing cover for costs incurred by unexpected tax enquiries.
With very few independent TFPI consultants in the UK, accountancy firms of all sizes are often left with a myriad of biased options . . . Read more |
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| Market review reinvigorates existing cover |
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| A large accountancy practice based in Hampshire undertakes a review of their TFPI scheme every year using Zeal. This is done to ensure that they have the best possible deal in respect of cover and services for their clients. A primary motivation is also the cost of the policy, which directly affects the profitability of the scheme for the practice when sold on to clients . . . Read more |
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| Article: Regulated vs Non-Regulated schemes |
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| There is a fundamental difference in the way an Accounting Practice is permitted to operate a Tax Fee Protection Insurance scheme. Primarily it depends on the FCA Regulation status of the practice. Being “Regulated” is either by having a full FCA licence to market and consult within . . . Read more |
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Sometimes what may seem a simple calculation, is often not the case when it comes to Capital Gains Tax on the sale of a B&B.
As Zeal have helped a wealth of B&B owners around the UK save tax via capital allowances, we have a strong understanding of the various taxes and tax planning opportunities applicable to these businesses. CGT on sale of a B&B is not straight forward and is often overpaid.
This month we were approached by an ex-client to review the CGT calculation on sale of their B&B. They had made a significant profit and were facing a CGT bill of over £20,000. The calculation was complicated by the fact the property had been used for a business, let out to tenants and been the owners home during the period of ownership. Zeal reviewed the calculation and drew up a timeline of the ownership and business history. By applying the legislation to the facts of the case, the CGT liability was reduced to just over £3,000.
Principle Private Residence Relief (PPR) was available to exempt the gain for periods it was their main residence (home). It was also available during the period the property was used as a business, but restricted for areas of the property that were used ‘exclusively’ for business purposes. In a B&B, this would be the bedrooms used for the business only. All communal areas, still qualify for PPR relief. A just and reasonable estimate of the percentage of the floor area was assessed and used to calculate the restriction to the PPR relief. To further reduce the gain, lettings relief was also claimed. |
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In March, Zeal were thrilled to be shortlisted for an FSB Wales Celebrating Small Business Award in the 'High Growth Business of the Year' category. The business has grown over 300% since 2017 and last year, we identified almost £50m in unclaimed capital allowances for businesses (400% increase from £10m in year 1) unlocking £12m in tax savings and cash rebates for clients.
A few months ago, Zeal were also named as the 7th most rapidly growing company in Wales in the Fast Growth 50 List.
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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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