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latest news, updates & advice from Zeal |
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Newsletter Issue 19 July 2023 |
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Last month our capital allowances team assisted 35 different clients to identify claims for capital allowances, unlocking over £2.9m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £680,000!
Below is a summary of some of the cases we worked on:
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Purchase of a Care Facility |
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An accountant Zeal has previously worked with referred a client who had purchased a brand new apartment block in Bolton. Although the original intention was for the apartments to be for residential use, they were purchased by an assisted living care business.
The property was purchased in 2021 for £2,695,000. As our client was the first owner of the building's fixtures, they had full entitlement to . . . read more |
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Construction of a Medical Centre |
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Zeal achieved a great result last month for a medical centre in South Wales. The GP practice constructed a purpose-built medical centre in 2008 at a cost of £875,000. Following discussions with the clients' accountants and a review of the tax computations in the tax year the property was constructed, it was established that no tax relief had been claimed on the construction costs. As expected, capital allowances had only been claimed on the fit out costs, such as furniture and medical equipment . . . read more |
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Refurbishment of a Holiday Let |
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Zeal’s partnership with Sykes Holiday Cottages and its sister brands means we regularly assist holiday let owners to maximise the tax relief on the capital investment in their holiday let properties. Last month we helped several holiday let owners generate valuable tax savings.
One stand out case, however, was the costs a holiday let owner had incurred to convert a residential property for holiday letting. In 2018, the client incurred £335,352 of expenditure to refurbish and extend the property. This included installing new heating and electrical systems, adding a new kitchen and en-suite bathrooms, plus . . . read more |
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R&D update: Non-compliance, legislation changes and delays |
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Last week HMRC released a report into non-compliance that cited 24.4% of SME claims contained non-compliance costing £1.04bn.
Whilst this figure would include genuine error and misunderstanding, it would also include companies settling for commercial reasons as well as those caught by the subcontracted and subsidised interpretations - which ultimately may be found to be incorrect. Proposed legislation has also been released (due to come into force April 2024), that would see . . . read more |
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Zeal has just finalised a second R&D claim for a software company client. Our team initially began working with the client 2 months into the project in their last accounting period and from very early on tracked the information we would need to complete the claim. This made the claim preparation process much easier and more straightforward. With HMRC's increased scrutiny, the evidence of real time data capture . . . read more |
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Why have a specialist consultancy? |
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When an accountancy practice appoints Zeal as their TFPI consultants, they get a variety of services relating to the industry as a whole, as well as practice specific information. The principal reason is to ensure that the client receives up-to-date information which is relevant to their practice and to save time, money and effort.
Inevitably, when a practice has a TFPI scheme, there will be several insurers approaching the practice directly in order to ply their wares. Each insurer will always present their product as “the best”, which is normal, albeit sometimes (quite often actually), very misguided . . . read more |
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Here’s what our clients thought of us this month . . . |
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Neena Varma, Brindley House |
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"From my initial communication I found Zeal to be very polite and lovely and their advice was excellent, all my questions were answered promptly with patience and understanding. Zeal responded to all my emails and phone calls promptly and explained the methodology and process they use very clearly which other accountants and advisors I’ve spoken to have never been able to provide me with clear, confident advice that I needed to help my FHL. I couldn’t praise Zeal enough who’s information and advice were tailored to exactly what I required, I would definitely recommend this company if you want to see how they could save you thousands . . ." |
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Jo Helsdon, Tricker's Cottage & The Long Barn
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"I was referred to Zeal by my holiday letting agent for a Capital Allowance Claim. Everything was explained simply and they kept me informed at every step. The claim was made quickly and I am very happy with the result. I would highly recommended their services and now plan to use them for my tax returns". |
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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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