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latest news, updates
& advice from Zeal |
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Newsletter Issue 8
August 2022 |
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July was another busy month for the capital allowances team. We completed claims for 26 different clients, unlocking over £3.6m in unclaimed tax relief. Below is a summary of three interesting cases we worked on:
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| Capital Allowances Review – Care & Education Business |
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| Zeal carried out the annual capital allowances review for a company that provides care and education for children and young adults with specialist needs associated with autism. As the business incurs significant expenditure every year to purchase, build and refurbish their buildings . . . Read more |
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| Capital Allowances Claim - New Building Purchase |
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| Zeal was contacted by one of our accountant partners about a client in the process of purchasing a commercial property. Due to the changes in legislation introduced from 1 April 2014, capital allowances claims generally rest with the owner of the property, prior to 1 April 2014. For the Purchaser to be able to claim capital allowances, the property would need . . . Read more |
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| Following our new partnership with Sykes Holiday Cottages, Zeal is fast becoming the experts in Furnished Holiday Letting (includes Serviced Accommodation). Last month we completed 14 claims for holiday let clients. The majority related to the purchase of the buildings, but we also completed a claim on the construction . . . Read more |
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It has been another busy month for the R&D team filled with success!
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| Success at Alternative Dispute Resolution |
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As part of working with more companies stuck within a HMRC enquiry, we have recently represented a company in an Alternative Dispute Resolution discussing the eligibility of projects as well as the legalities of two discovery assessments that were raised in earlier years.
In what was a great result for the company, HMRC conceded one discovery was raised in error as no grounds for a an accusation of carelessness had not been established on . . . Read more |
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| In last month’s newsletter we briefly mentioned the inevitable increase in HMRC enquiries and investigations. Let’s have a further look at the situation. |
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| Increased enquires and resulting TFPI claims |
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First of all, HMRC have bolstered their manpower in the enquiries and compliance departments. Before anyone comments on the ongoing insufficient service by HMRC in general … this is a known issue that just compounds the need for resilient accountants and well protected clients as over 50% of all enquiries still end up with a nil additional tax as a result.
Back to the expanded HMRC staffing matter – their recent (2020/21) allocation of £100m additional task oriented funding, and the employment of 1,265 additional tax inspectors, will no doubt have a huge impact on both the frequency and focus . . . Read more |
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| New Partnership Announcement |
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| Zeal are proud to announce our new partnership with Sell My Group! |
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As the UK’s number one specialist property portal for buying and selling both new and pre-loved park homes, lodges, holiday homes and static caravans, Sell My Group helps thousands of people buy park homes and holiday homes in desirable and prime locations across the UK, from coast to country.
The trusted Sell My Group brand comprises of four entities including; Sell My Park Home, Sell My Lodge, Sell My Caravan and Sell My Holiday Home which serve the park and holiday home industry. Like Zeal, Sell My Group are also members of the British Holiday & Home Parks Association (BH&HPA) and aim to provide a first-class service to anyone operating in the sector.
Zeal are working together with Sell My Group to help their clients, whether private sellers/buyers or park operators, unlock hidden tax savings in their properties which most holiday and park home owners are completely unaware they are entitled to.
If you have clients who own a holiday let or park arrange a chat with one of our team here.
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Our team have been preparing for two prestigious events which we will be attending in September – The FinTech Awards Wales and The Cardiff & District Law Society (CDLS) Annual Dinner.
The FinTech Awards Wales recognises the achievements of the thriving FinTech sector across the country, bringing Wales’ leading innovators and digital experts together in an evening of celebration. In addition to attending, Zeal are also proud to be sponsoring the ‘Team of the Year’ category. Shortlisted for the award are Admiral, Wagonex and Comparison Creator. We’d like to wish all finalists congratulations and good luck prior to the event!
Returning after three years, The CDLS Annual Dinner will be an exciting opportunity to network with other members and legal professionals, as well as hear from Olympian, Eddie ‘The Eagle’ Edwards.
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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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