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latest news, updates
& advice from Zeal |
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Newsletter Issue 16
April 2023 |
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March was another busy month for our capital allowances team. This was driven mainly by companies that needed to submit claims for tax relief before the 31 March deadline. In summary, last month our team assisted 28 different clients to identify claims for capital allowances, unlocking over £3.9m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £780,000!
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| Capital Allowances Review |
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Below is a summary of some of the cases we worked on:
Shop Fit-Outs
Zeal carried out a capital allowances review of the expenditure incurred to refurbish and fit-out coffee shops/restaurants. In summary, of the £1.5m expenditure incurred, our review identified £544,640 qualifying for capital allowances. This will equate to total corporation tax savings of at least £103,481 . . . See more examples |
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Claiming capital allowances on the purchase of a property used for business purposes can generate significant tax savings. As these claims require the skills of Quantity Surveyors as well as capital allowances specialists, claims are often missed. In addition, there are many misconceptions from professional advisors. These include . . . Read more
Here are some examples of some purchase claims our team completed:
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Purchase of Pub in Exeter
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- Purchase price = £769,600 (July 2006).
- CA’s identified = £253,014.
- Refund of £14,113.
- Future tax savings = £57,449 . . . See more examples
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Spring Budget – Full Expending of Capital Expenditure
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The Spring Budget announced a major change to capital allowances, with the headline ‘Full expensing of Capital Expenditure’! The headline sounds exciting for tax advisors, but once you get into the detail, it may not be as it seems!
Zeal have reviewed the draft legislation that has now been published and prepared a summary of the key points . . . Read more |
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HMRC recently revised a lot of their general R&D guidance.
Most of it was straight forward and not necessarily ‘news worthy’, but there were some aspects that people should be aware of read on for more . . . |
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One very welcome change is the listing of sectors that are "rarely eligible" to make claims. After hearing of many companies in these sectors claiming and advisors advocating their eligibility, it's great HMRC are doing more to provide clarity on these sectors, which include:
- Care Homes
- Childcare Providers
- Personal Trainers
- Wholesalers and retailers
- Pubs
- Restaurants
Whilst these sectors can make claims, it is highly unlikely that their day to day business activities would meet the . . . Read more
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| As HMRC continue steps to crack down on the perceived abuse of the scheme in recent years, a new information form has been introduced which will need to accompany all R&D claims submitted from 1 August 2023, irrespective of the accounting year end. This form includes basic info such as PAYE and VAT numbers as well as . . . Read more |
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| With high HMRC activity in numerous tax areas, it is an appropriate time to provide a reminder of the benefits to having a “good” TFPI (Tax Fee Protection Insurance) scheme! First of all, TFPI is something all accountants should have in place to protect their practice and their clients … but what constitutes a “good” scheme? Let us first summarise the reasons to have a scheme |
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| What constitutes a "good" scheme? |
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There are several parts that make up a scheme, including cover provisions, administration, marketing support, technical helplines and yes, perhaps most importantly, the premium cost.
Let us tackle the last point first - Premium Cost.
Whilst the old adage of 'you get what you pay for' is very often the case with consumable products, it is not always the case with insurance providers. It depends very much on . . . Read more |
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| New Partnership Announcement |
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Zeal have partnered with Cornish Gems!
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| Cornish Gems showcase the best hand-selected, luxury self-catering holiday homes, cottages and apartments in prime locations throughout Cornwall. With a portfolio of over 200+ exceptional properties, Cornish Gems are an award-winning property management team. By working with Zeal, Cornish Gems can help their owners take advantage of the unclaimed tax relief within their holiday lets! |
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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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