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latest news, updates
& advice from Zeal |
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Newsletter Issue 13
January 2023 |
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After a busy 2022, our capital allowances team were expecting to wind down in December, before the Christmas period. However, this was not the case!
On 5 December we were instructed to carry out a capital allowances review for the largest independent residential park owners in the UK. The only catch was that we needed to complete the review and submit the claims to HMRC before 31 December 2022. Fortunately, Zeal love a challenge!
Our team successfully completed the review and submitted everything to HMRC before we broke for the Christmas period. The claim wielded amazing results! In total, last month our capital allowances team assisted 21 different clients to identify claims for capital allowances, unlocking over £9.5m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £1.9m!
Below is a summary of some of the cases we worked on:
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| Capital Allowances Review – Residential Home Parks |
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Having previously worked with this client in 2019 and with our wealth of experience in this sector, Zeal were ideally placed to review the park acquisitions and identify missed claims for capital allowances. The claims relate to electrical, water and gas services within the park that serve the mobile homes. The value of these fixtures are typically overlooked by park owners and their advisors.
Zeal carried out a review on a total of 98 park acquisitions to identify those that would qualify for a capital allowances claim. In summary, we identified entitlement to claim on 27 parks. We then put our survey team into action! Within a week all the parks . . . Read more |
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| Purchase of a Assisted Living Care Facilities |
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| Our client, based in South Wales, provides assisted living care and recently purchased two adjacent properties to be used as care facilities. Although the properties were in residential use when purchased, they qualify for a capital allowances claim as they will be used for the purpose of a trading activity. The fact the properties were previously in residential use was actually a big tax benefit for our client as they are the first relevant . . . Read more |
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| Capital Allowances Review – Residential Home Parks |
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An accountancy firm referred a client that owned a children’s day care nursery. Having carried out an entitlement review, our team established that no claim could be made on the purchase of the property which was acquired in 2015. However, following purchase, the owners had spent around £300k to extend and refurbish the property.
The expenditure was capitalised as property improvements in the company accounts, but no tax relief claimed. We understand this was because the profits were low at the time the expenditure was incurred and there was also a misconception that the capital expenditure was . . . Read more |
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Despite January usually being a comparably quiet month for submitting R&D claims, the R&D team have submitted a number of claims in the software industry as well kick starting a claim for an existing client. Our new clients however, came from different ‘awareness background’.
Some were advised to seek out an R&D advisor or knew of the scheme before they even established their business whilst others had worked within regulatory sciences, running research studies for multiple years but were completely unaware of the scheme . . . Read more |
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| Other News: Single Scheme Launch |
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| This month, HMRC launched another consultation to seek feedback on the merging of the two R&D schemes into one. This has been a long time coming and somewhat inevitable following the UK leaving the EU, and with the two net benefits leveling out after November's Budget, it will be interesting to see what measures are kept/discarded from each scheme. Whilst SMEs are going to lose out and large companies will benefit initially, ultimately it should help improve the certainty of . . . Read more |
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Oft is the case where a taxpayer, of whatever size or description, has a run in with HMRC. It could be about an item on their tax return, or a missing tax return, or a dispute about the tax liability on their declared profit.
The reasons are many and sometimes quite obscure, especially from the taxpayers’ point of view. Having the relevant expertise to deal with HMRC is imperative, especially nowadays with their ever increasing attention to collecting what they deem as outstanding . . . Read more |
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| New Partner: Claritas Tax |
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| Seeing the need to facilitate expertise beyond that which the TFPI insurers provide for our clients (and their clients more to the point), Zeal TFPI has partnered up with Claritas Tax. Claritas is a UK leading full service tax advisory and compliance practice, focusing primarily on entrepreneurial businesses and individuals. They provide advisory services to TFPI insurers, investment banks and corporate finance boutiques, law firms, venture capitalists and multi-level accountancy practices on . . . Read more |
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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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