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latest news, updates
& advice from Zeal |
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Newsletter Issue 7
July 2022 |
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June was an exciting month for the capital allowances team.
We were also delighted to be able announce our partnership with Sykes Holiday Cottages. The strategic partnership will enable Zeal to unlock significant tax savings through capital allowances for Sykes holiday let owners.
The capital allowances team completed claims for 36 different clients in June, unlocking over £4m in unclaimed tax relief. Below is a summary of three interesting cases we worked on:
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| Purchase of Building - New Record Claim! |
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| We had a new record for Zeal this month. Usually around 20% - 30% of a purchase price of a building qualifies for capital allowances. However, we completed a claim this month where 91% qualified! The light industrial building was purchased by our client direct from the developer. As a result, our client is the first . . . Read more |
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| Capital Allowances Review – Holiday Lets |
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| Zeal carried out a capital allowances review for a company that owned two high value holiday lets in Dorset. The ex-residential properties were acquired in 2019 and 2021. The first property was extended in 2020 and the new property was refurbished and a loft conversion added. Zeal reviewed the capital expenditure incurred to identify missed . . . Read more |
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| Capital Allowances Claim – Childcare Nursery |
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| As members of The National Day Nurseries Association, Zeal help owners of children’s care and nursery properties to claim capital allowances on their investments in their buildings. Last month, we achieved a fantastic result for a nursery owner. They had purchased the main nursery building 12 years ago for £322k and spent £250k a few years later to extend . . . Read more |
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Over the past month we have received the draft legislation for the finance bill that contains further detail on recently announced R&D tax changes, as well as confirming other changes.
These changes will take effect from April 2023 and include:
- All claims will need to be submitted electronically.
- Companies will have to inform HMRC within 6 months of their year end if they intend to make an R&D claim. Companies that have made an R&D claim in the previous 3 periods do not have to notify HMRC. This will mean that companies who haven’t previously claimed, will be unable to go back the usual 2 years under normal statutory rules.
- All claims must include who the agent is (if applicable) and be endorsed by a senior officer of the claimant company.
- Pure mathematics will be an eligible field of science and technology.
- Subcontracted costs will be limited to those undertaken within the UK, unless it meets certain conditions around the activity having to be undertaken overseas for geography, environmental or population reasons . . . Read more
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| Over the past year, Zeal have helped 4 companies who’s claims had been prepared elsewhere settle (with two more ongoing) their enquiries. In each of them, HMRC had initially claimed that they had undertaken no R&D whatsoever and after requesting a call with HMRC all of the R&D was approved with help from our team. This month Zeal defended . . . Read more |
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| The July 2022 review reveals the ongoing changes within the four main providers in the TFPI arena; Croner Taxwise, Markel Tax, PFP and Vantage Fee Protect. There are several other additional providers and insurers, but they collectively only insure just 11% of the primary accountancy practice market. |
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| Ongoing changes in the TFPI market |
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An interesting statistic of the market share of the main TFPI insurers shows that out of the circa 43,250 registered accountancy practices in the UK, 39,290 are VAT registered. These practices are most likely to be the primary TFPI target market. Of those, just under 30%, circa 11,550 of them, have a TFPI scheme of some sort.
It is estimated that up to 20% of the total registered accountancy practices are in the private practice sector or are dormant / semi-retired practitioners, and as such, wouldn’t be included . . . Read more
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| New Partnership Announcement |
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| Zeal are proud to announce that we have teamed up with Sykes Holiday Cottages to help their owners save tax! |
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As one of the UK’s leading independent holiday cottage rental agencies, Sykes Holiday Cottages has been serving the holiday home sector for over 30 years. Showcasing over 22,000 properties from a wide portfolio of owners throughout the UK and Ireland.
Sykes also provide their owners access to bespoke, high value services.
That’s where Zeal come in.
Zeal are offering specialist tax advice and assistance to their owners, helping them unlock hidden tax savings in their holiday let properties and ensuring they only pay the right amount of tax.
If you have clients who own a holiday let or are a Sykes Holiday Cottages Member arrange a chat with one of our team here. |
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Our team started the month by exhibiting at the Introbiz Expo in Cardiff City Stadium, meeting business owners from all industries and showcasing how they could take advantage of unclaimed tax relief to cut their July POA plus generate future tax savings to reduce their HMRC payments for years to come.
For the second year, Zeal has also entered the Fast Growth 50, aiming to once again make the list of the most rapid growing companies in Wales. Placing 7th in 2021, we hope to repeat our success and make the list - fingers crossed!
As Zeal continues to grow, so does our need for skilled professionals. To support and increase growth, we are looking to expand our team and are recruiting in our tax and sales departments. If you would like to know more about these opportunities available or know someone who is looking for their next challenge, please contact us on 01633 287898.
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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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