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latest news, updates
& advice from Zeal |
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Newsletter Issue 17
May 2023 |
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Last month our capital allowances team assisted 26 different clients to identify claims for capital allowances, unlocking over £2.4m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £480,000!
Below summaries a few of the cases we worked on:
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| Capital Allowances Review - Holiday Lets |
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| Zeal carried out a capital allowances review of the expenditure incurred to purchase, construct and refurbish buildings used for holiday letting. Since 2017, our client had invested around £1.1m in their holiday let properties. No tax relief had previously been claimed on any . . . read more |
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Purchase of a Kennel & Cattery
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Our client had recently purchased a Kennels & Cattery and had been advised by another capital allowances firm that a claim could not be made because the purchase had completed and a capital allowances election would have been required in the purchase contract.
Zeal reviewed the contract and ownership history, which confirmed that there was no capital allowances election in the contract and also established that the site had previously . . . read more |
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Purchase of Vehicle Repair Centres
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We were referred a client who owned two vehicle repair garages. One of the sites was acquired in 2005 for £217,000 and the other in 2007 for £500,000. The properties were let to the owners limited company.
Zeal carried out site surveys on the two properties and identified that £136,235 of the total purchase consideration qualified for capital allowances. As the owners paid tax personally at the higher rate of 40%, the capital allowances will generate total income tax savings of £54,494. By making the claim in amended 2021/22 tax returns, a cash . . . read more |
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| Government responds to House of Lords report into R&D Tax |
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In January 2023, the House of Lords published a detailed report on R&D tax reliefs, posing a number of questions to the Government about how they are administered, fraud and error rates, and how the relief schemes support growth in the economy.
The Government have now released a response accepting some of the recommendations and confirming that HMRC is taking “significant operational action” with “over 200 R&D specialists deployed on R&D tax reliefs, with additional flexible resource also available” . . . read more |
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| With HMRC increasing their compliance resource, there has never been more of a focus on ensuring claims are right and defendable. If you or your client finds themselves having queries raised on an R&D claim, reach out to Zeal. In the past 12 months we have dealt with over 13 enquiries for clients who had their claim prepared elsewhere, and have a fantastic track record in settling enquiries or managing . . . read more |
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| WARNING - TFPI insurers change terms for R&D claims |
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Most of us in the tax industry are very aware of HMRC's recent change of treatment for R&D tax credit claims. Lots has been said and written about the changes, and to some degree, they were long overdue.
With HMRC cracking down on R&D claims and introducing a new information form which must include details of any agents involved in the claim, it is important to get the proper help and expertise required . . . read more |
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| Structures & Buildings Allowances – Be Aware! |
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Structures & Buildings Allowances (“SBA”) were introduced from 1 April 2020. They provide a capital allowance deduction of 3% per annum for expenditure incurred on the purchase, construction or renovation of buildings and structures. SBA’s generally relate to building or construction work that would not normally qualify for plant & machinery capital allowances e.g. the structural elements of an extension.
Whilst SBA’s can provide valuable additional tax relief, they should be claimed with caution. On sale of an asset that SBA’s have been claimed on, the SBA’s claimed are added to the disposal proceeds . . . read more |
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In April our team submitted 3 claims for overpaid Stamp Duty on the purchase of buy-to-let properties. The claims for overpayment ranged from £4,000 to £12,000. If accepted by HMRC, we will receive the repayment within 30 days of submission.
Zeal’s Stamp Duty team also helped reduce a clients SDLT charge on the purchase of a second property from £82,000 to only £23,000. As the client’s solicitor had completed the SDLT return on the basis that the property was the purchase of a second residential dwelling, the 3% surcharge . . . 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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