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latest news, updates
& advice from Zeal |
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Newsletter Issue 20
August 2023 |
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Last month our capital allowances team assisted 31 different clients to identify claims for capital allowances, unlocking over £4.4m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £880,000!
Below is a summary of some of the cases we worked on:
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| Capital Allowances Review - Commercial Landlord |
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| Zeal achieved an excellent result this month for a client that had a large property portfolio that they have built up over the past 20 years. The properties, which were a mix of residential and commercial property lets, were owned by three limited companies, an LLP and some personally. The properties ranged from high street retail units with flats above, to pubs, banks and commercial units. . . . read more |
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| Fast Food Restaurants - Unlocking Tax Savings Before Sale |
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We had a fantastic result last month for a client that was selling their fast-food business. By engaging Zeal during the sale process to identify any unclaimed capital allowances, our client received a corporation tax refund of over £120,000!
An accountancy practice that use Zeal to provide high value capital allowances advice to their clients identified . . . read more
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| Construction 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. This includes claiming capital allowances on the property purchase price, construction, conversion or refurbishment costs.
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 build a property for holiday letting . . . read more
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| Stamp Duty Land Tax (or equivalent) |
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Our SDLT specialist have been advising on a number of cases this month. This has included providing advise during the acquisition process or reviewing the SDLT paid on completed purchases.
In one case, a client was purchasing a new home near Kent for £1.8m. The purchase included a large detached house, which included a separate ‘granny annex’. One wing of the main house (with a separate entrance) was converted and used by the previous owners as office accommodation. The new owner will let the office accommodation on a normal commercial lease and also utile the annex as a holiday let.
Utilising the various SDLT reliefs and exemptions, Zeal were able to reduce the SDLT due by over £70,000!
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| VAT - Good New for Serviced Accommodation / Holiday Lets |
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| A recent FTT case around the use of the Tour Operators Margin Scheme (TOMS) was found in favour of the taxpayer. This will enable many suppliers of serviced accommodation using TOMS to breathe a sigh of relief (for now). However, the case is likely to create an opportunity for similar business and holiday let owners to benefit from the opportunity to significantly reduce or eliminate VAT liabilities. Click here to find out more. |
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At Zeal Tax TFPI we review the Tax Fee Protection Insurance market for clients.
In doing this, not only do we check and review the individual accountancy practice’s scheme for its performance, claims, premium cost and relevance to their clientele, we also provide a UK wide 21 page review on all the main insurers (and some others for balance), giving technical information about each scheme – their policies, cover, administration, support services and many other points … as well as actual client feedback and opinions on each provider / insurer. The process involves checking over 660 points of information between the four main insurers and the practice itself.
The client gets a personalised feedback report, which . . . read more |
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| Here’s what our clients thought of us this month . . . |
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| Jon Calder, The Durham Holiday Let |
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| "The members of Zeal we talked to were extremely helpful and explained in everyday terms exactly how the process of claiming our Embedded Capital Allowances Tax Relief would be made. We are delighted with the future tax saving outcome which exceeded Zeals initial estimate meaning we can look forward to many years of Tax Free income from our Furnished Holiday Let. We would strongly recommend Zeals services as we found what we had expected to be a long and complicated procedure to be speedy, straightforward and carried out in a cheerful positive way. They couldn't have been more helpful from start to finish." |
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| Malcolm Ruffell, Furneaux Hatch |
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| "Excellent service and communication. Did a thoroughly professional job in agreeing my tax reclaim with HMRC." |
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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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