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latest news, updates
& advice from Zeal |
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Newsletter Issue 15
March 2023 |
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February was unusually busy for the capital allowances team. In addition to liaising with HMRC to process all the claims submitted in January, our team assisted 21 different clients to identify claims for capital allowances, unlocking over £1.6m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £320,000!
Below is a summary of some of the cases we worked on:
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| Children’s Nursery – Stockton on Tees |
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Our client purchased a residential property in 2001 and changed its use to a children’s day care nursery.
- Purchase price = £267,800.
- CA’s identified = £69,457.
- Total tax savings = £29,171 (higher rate tax payer)
- Refund of £11,433
. . . See more examples
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| Landlord Portfolio Review – South Wales |
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| Zeal carried out a capital allowances review of historical property acquisitions by a landlord. The landlord's portfolio contained a mixed of standard BTL’s, commercial properties and serviced accommodation. Zeal identified 3 properties that qualified for capital allowances . . . Read more |
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| Retrospective Capital Allowances Claims |
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We are often asked how a capital allowances claim can be made now for expenditure incurred several years ago. In short, any unclaimed capital allowances can be included in the earliest open tax return for the owner. If the legal owner is an individual, the claim would be made in the earliest open self-assessment return. For companies, the claim would be made in the earliest open corporation tax return.
For individuals, the deadline to submit an amendment to a 2020/21 personal tax return passed on 31 January 2023 so retrospective claims for capital allowances will now be made . . . Read more |
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A brief R&D update from Director, Adam Spriggs, following the Spring budget announcement . . . Read more
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Following the reduction of the SME credit to 10% in November, loss making SMEs that spend at least 40% of their total expenditure will qualify for a higher tax credit of 14.5% (as it was pre November's statement) - 186% uplift x 14.5% credit - 26.97% - however this may only benefit an even smaller percentage of companies than first thought.
Whilst the credit increases start from 1 April 2023 (following legislation being passed) and will be applied to expenditure after this date, accounting periods straddling this period will still need to meet . . . Read more |
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| The proposed restriction on overseas workers that was due to come into force from 1 April 2023, has been deferred until 1 April 2024 to allow . . . Read more |
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| Following the consultation that ended earlier this week, draft legislation will be released in the summer for consultation on a proposed . . . Read more |
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| Except for a brief lull during the pandemic, the number of HMRC enquiries and inspections has been increasing for some time, thus increasing the risk of businesses being subjected to an expensive investigation . . . Read more |
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| TFPI offers financial protection as well as other substantial benefits to accountants and their clients |
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With normal trading conditions now resuming, it is expected that HMRC will further 'ramp up' enquiries as they face continued pressure to police existing tax rules stringently to reduce the huge debt incurred by the UK Government during the pandemic. HMRC also want to tackle the previous misuse of schemes introduced to help businesses through the Covid-19 pandemic. Unfortunately, even . . . Read more |
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| New Partnership Announcement |
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| Zeal are excited to announce a new working relationship with Property118 to support commercial landlords! |
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| Property 118 (in association with Cotswold Barristers) is a joint venture which aims to facilitate the sharing of best practices among UK Property Investors and their associated professional contacts. They help investors and landlords utilise all available tax breaks legislation offers, optimise their tax position and provide custom-built solutions to the challenges faced by real estate owners in the UK. . . . Read more |
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To help landlords navigate the complexities of tax planning, Property118 have produced a superb eBook entitled “The Ultimate Guide to Landlord Tax Planning” which provides clear advice so you know where you stand.
Download your free copy here! |
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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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