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latest news, updates
& advice from Zeal |
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Newsletter Issue 5
May 2022 |
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With April seeing the start of a new tax year, it is usually a relatively quiet month for Zeal’s capital allowances team. However, we still managed to assist 28 different clients to identify claims for capital allowances, unlocking over £2.2m in unclaimed tax relief. Below is a summary of two interesting cases we worked on:
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| Capital Allowances Review – Private Landlord |
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| Zeal carried out a capital allowances review of a landlord’s property portfolio. The client has been acquiring a mix of commercial and residential properties over the past 20 years and pays a significant amount of tax. Zeal identified five commercial property purchases that qualified . . . Read more |
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| We were contacted by an accountant who was dealing with the sale of a Hotel in Exeter for a private client. They had been asked to provide responses to the capital allowances questions in the Commercial Property Standard Enquiries (CPSE) document. There is a section within a CPSE that the Vendor of a commercial property must complete . . . Read more |
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| Do you have clients who own a Furnished Holiday Let? |
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| The UK has seen a boom in ‘staycations’, driven initially by online letting agencies like Air B&B and then by travel restrictions due to Covid-19. This has resulted in a rise in people letting properties as self-catering accommodation. If a property is let furnished, is available for let for 210 days of the year, is actually let for 105 days and is not let consecutively to the same person for more than 30 days, they qualify as a Furnished Holiday Let’ (FHL). There are special tax rules for FHL’s. The most advantageous is the ability to claim capital allowances . . . Read more |
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| As the year moves on, we are still awaiting an update from HMRC on how, and what form, companies will need to pre-apply/notify of their R&D claims for accounting periods starting after 1 April 2023 that was announced in the last budget. Discussions have been ongoing between HMRC and agent representatives as to how this is structured. HMRC have also recently announced a delay in processing tax credit claims as they check ‘irregular claims’, causing HMRC to miss their . . . Read more |
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| The article below offers some guidance as to things to consider if faced with an 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 . . . Read more |
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There are several TFPI providers in the accountancy practice market. Even within the four main insurers, the variety of cover and services vary, sometimes quite dramatically, especially to the trained eye. This is where Zeal TFPI comes in . . . Read more |
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| What constitutes a “good” TFPI scheme? |
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| Tax Fee Protection Insurance (TFPI) is something all accountants should have in place to protect their practice and their clients … but what constitutes a “good” scheme in the first place? Let us first just summarise the reasons to have a scheme: . . . Read more |
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Our team traveled to Glasgow in May for the FSB Celebrating Small Business Awards UK Finals 2022. As one of the Welsh regional winners, we represented Wales in the High Growth Business of the Year category. Although we didn’t bring home the trophy this time, we are still immensely proud to have made it to the UK finals.
The upcoming month of June is set to be an extremely busy month for Zeal, with several exhibition shows and association events including ChildCare Expo, The World Park & Leisure Home Show. We will also be preparing and submitting several more cases in readiness to reduce our client's July POA.
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| New Partnership Announcement |
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| We are pleased to announce our new partnership with Cornerstone Finance Group. |
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The Cornerstone Finance Group brings together industry experts from across the financial sector, all under one roof. Whether you’re looking for business or personal support for you or your clients, Cornerstone provide unrivalled service, offering solutions on a range of affairs, including:
- Commercial finance
- Business Finance: secured and unsecured loans, invoice finance and asset finance.
- Property Finance: commercial mortgages, bridging loans, property development and investment.
- Commercial insurance
- Property Owners, Trades and Contracting, Manufacturing, Retail, Motor Trade, Offices & Surgeries, and Leisure risks.
- International
- Payments: no matter the size of your business, Cornerstone can help you find the right money-transfer solution.
- Finance: whether you’re importing goods and looking to improve cash flow or finance an overseas project, their team of international finance experts can help.
- Capital
- Fast, flexible bridging for property professionals starting from 0.5%pm.
- Wealth
- Financial advice and wealth management services are available through Cornerstone’s partner, Imperial Chartered.
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| To find out more, give us a call on 01264 726946. |
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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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