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latest news, updates
& advice from Zeal |
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Newsletter Issue 6
June 2022 |
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May was a busy month for the capital allowances team. Although we had a key member of the team away for most of the month sitting their Chartered Tax Advisor exams, we still managed to assist 31 different clients to identify claims for capital allowances, unlocking over £3.8m in unclaimed tax relief. We have also commenced several large projects for care and education companies, a public company that has invested in constructing commercial property and a multi-site self-storage business.
Below is a summary of two interesting cases we worked on:
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| Capital Allowances Review – Wedding Venues |
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| Zeal carried out a capital allowances review for a company that owned wedding venues, hotels, restaurants and holiday lets in South Wales. The company, which are owner operators, had built up a large portfolio of property assets over the past 25 years. Zeal reviewed the capital expenditure incurred to identify missed . . . Read more |
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| Purchase of Office Building |
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| We were contacted by an accountant that Zeal works with to provide high value tax services to their clients. One of their clients had purchased an office building during their last accounting period and they asked Zeal whether any capital allowances would be available. Zeal carried out a free entitlement review to establish if there was scope to claim . . . Read more |
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| Commercial Property Agents |
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| The capital allowances team recently delivered a CPD training session on capital allowances for commercial property, to Cooke & Arkwright, Wales’s leading independent commercial property advisor. It was great for the team to get back to doing these sessions in person, a feeling that was echoed by C&A’s team. Zeal provided an overview of capital allowances tax relief, the rules for claiming capital allowances on commercial property, case studies and opportunities to be aware of for their . . . Read more |
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| If you are commercial property agent, Zeal offer a free 30 minute CBD training session. We also have excellent introducer opportunities, enabling commercial agents to add value to their existing client services and earn additional fee income. For more information download our Guide for Commercial Property Agents here. |
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| Zeal are currently aiding another company through an enquiry with a technical call scheduled for the end of June to agree that R&D has taken place. Often during enquiries, understanding of technical points that a company has undertaken or overcoming a preconception of an inspectors interpretation can be difficult over letters, and this process often drags on with time between responses. Our process is to always request a call as early as possible. This call is the fourth . . . Read more |
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| Over the past month, HMRC have increased their targeted processing times for Tax Credit claims from 28 to 40 days as they investigated an increase in irregular claims. The industry, over the past week, has seen the result of this investigation with a number of SMEs receiving enquiry notices. Early indication is that the focus is on software claims for under £50,000 of benefit; a threshold that HMRC statistics over the past few years has shown . . . Read more |
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Having recently read several articles by various TFPI providers, a few consistent themes come across, dependent on the insurer’s point of view about the market. |
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| These can be broken into four main areas: |
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1. The increasing HMRC enquiry activity.
2. The increasing need for technical tax support.
3. The squeeze on competitive premiums. 4. Quality cover should be more expensive.
At Zeal TFPI we sit between the insurers and accountancy practice clients, providing unbiased data and real life opinion on the TFPI market. Our job is to sort out the wheat from the chaff for our clients. We agree with the first three points above, but definitely not the last. . . . Read more
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Zeal proudly sponsored and attended the prestegious Finance Awards Wales 2022 last Friday, which celebrated and recognised the talented finance professionals working in Wales. As the sponsor of the Chief Financial Officer / Financial Director of the Year category, Zeal Director, Rhodri Taylor, presented the award alongside Wynne Evans. Congratulations to the winner Wyn Innes from Ogi! A big well done to all other shortlisted parties and award winners too.
Our team also traveled around the UK to various exhibitions and events throughout June from The Welsh Business Show (Carmarthenshire) to the Association of Scotland's Self-Caterers (ASSC) Regional Get Together at Inveraray Castle (Scotland), the Annual World of Park & Leisure Homes Show (Warwickshire) and the Childcare & Education Expo North (Bolton). As face-to-face events start back, enlightening business owners from all industries about unclaimed tax savings in their properties remains a top priority for Zeal.
With July 31 fast approaching, you can help your clients reduce or even eliminate their July tax bill and generate thousands in future tax savings by making an 'embedded fixtures' claim on their business property. Introduce them to Zeal and we'll do the rest. There is no risk to you or your client as we charge no upfront costs and work on a success-fee basis. We also offer a free review and property survey to identify all qualifying items.
For each client you introduce, we'll also give you a generous referral fee which you can choose to keep or pass on as a discount to your clients. As there are limited property survey slots remaining for July, contact Zeal today to ensure your clients secure their savings before the payment deadline.
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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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