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latest news, updates
& advice from Zeal |
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Newsletter Issue 12
December 2022 |
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Last month our team assisted 27 different clients to identify claims for capital allowances, unlocking over £2.6m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £520,000!
Below is a summary of some of the cases we worked on: |
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| Purchase & Refurbishment of Holiday lets in the South West |
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| Our client purchased two residential properties that were converted to holiday lets. Almost £700k was spent to acquire the properties and carry out refurbishment work between 2017 and 2020 . . . Read more |
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- Identified £187,632 as qualifying for capital allowances.
- Total income tax savings £75,052 (higher rate taxpayers).
- Cash repayment £25,889
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| Purchase of a Caravan Park in Lincolnshire |
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| Through our membership with the British Holiday & Home Park Association (BH&HPA), we were contacted by a caravan park owner in Lincolnshire. They had become aware of the opportunity to save tax by claiming capital allowances on their park which they had purchased in 2011. . . . Read more |
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- Identified £197,831 as qualifying for capital allowances.
- Total income tax & NI savings £83,089
- Cash repayment £14,692
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| Refurbishment of a Cinema |
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| Our team was contacted by an accountancy firm we frequently work with to provide advice on the refurbishment of a cinema room for a charity. Several grants had been received towards the refurbishment works so they were unsure how to treat them for tax purposes and if there would be an impact on any capital allowances claim. Zeal reviewed all the grant paperwork and refurbishment costs and . . . Read more |
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- Identified £110,346 as qualifying for capital allowances (net of grant income).
- Total corporation tax savings £20,965
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November has been another busy month for the R&D team. One case that stood out was a new software client who had discovered their R&D claim had no technical backup to defend the submitted figures if the claim was subjected to a HMRC enquiry.
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| Zeal have just finished working with a new software client who had 'previously claimed' R&D tax credits, however, the client had recently discovered the extent of their prior claim was simply a figure in their tax return. No technical backup nor breakdown of what costs made that figure up was included. Had HMRC enquired into this claim, it would have been extremely difficult to defend. What’s most concerning is that the claim . . . Read more |
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| To quote the words of George Orwell in his epic Animal Farm: “All animals are equal, but some are more equal than others.” This couldn’t be truer when reviewing the Tax Fee Protection Insurance market. |
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| Some are more equal than others |
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When one looks at the various insurers’ adverts and marketing materials, on any platform, it is easy to notice that each one claims to be “the market leader”, or “unbeatable”, or such like statements. To be blunt, they’re all wrong. Every single one of them.
Yes, there are noticeable leaders amongst the 'Big 4' insurers, but even those at the top of the pile have occasional issues or sometimes recurring instances where they are not the best in certain areas. Not one gives a complete 5 star performance across all areas of policy coverage, helplines, marketing or admin support services. This is especially true when it comes to technical tax and VAT advisory, despite what they claim . . . Read more |
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Merry Christmas
from Team Zeal! |
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2022 has been a prosperous year for Zeal, and that's all thanks to our hardworking team. This year we have successfully unlocked almost £50m in unclaimed allowances for our clients, generating millions in tax savings and cash rebates. In these recent difficult economic times, this has proved to be a lifeline to many businesses.
As the year draws to a close, we look forward to helping even more business owners in 2023 and will be raring to go in January to help clients reduce their upcoming tax payments.
Our offices will be closed from Thursday 22nd December for the Christmas period and will re-open business as usual on Tuesday 3rd January.
From all the team at Zeal, we'd like to wish you a Merry Christmas and a Happy New Year! |
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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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