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latest news, updates
& advice from Zeal |
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Newsletter Issue 21
September 2023 |
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Last month our capital allowances team assisted 29 different clients to identify claims for capital allowances, unlocking over £2.3m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £460,000!
Below is a summary of some of the cases we worked on:
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| Unlocking Capital Allowances for a Commercial Property Purchaser |
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| Our team were contacted by a firm of Chartered Accountants who regularly work with Zeal when their clients need expert capital allowances advice. As one of their clients was purchasing an office building, they asked us to investigate if there was any scope for their client to claim capital allowances tax relief on part of the purchase price. Zeal offer this service on a success fee basis, meaning if we were unable to secure any capital allowances, there would be no fee payable. Zeal carried out a free review of the contract documentation, in particular the Vendors answers to the capital allowances questions within the CPSE . . . read more |
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| Extension of a Hotel – SBA’s claimed incorrectly! |
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This month, we helped a client who had spent around £250,000 to extend their hotel building. Their accountant had advised that they had already claimed all the costs and upon inspection, our team could see that they had - however, they had claimed them incorrectly!
Structures & Buildings Allowances (SBA’s) provide an annual deduction of 3% a year of the total qualifying costs. SBA’s generally relate to structural building works that don’t qualify for a capital allowance. For example, floors, walls and ceilings etc. Although claiming SBA’s on the total project cost will give you tax relief for all . . . read more
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| Airbnb Owner Sitting on Thousands of Unclaimed Tax Relief |
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We had a fantastic result this month for a holiday letting business based in the South West. They had purchased 6 residential properties over the past 10 years, which they let as self-catering accommodation via Airbnb. The properties were a mix of city centre apartments and two new build houses on a residential estate.
In summary, we identified £248,253 of the total purchase cost as qualifying for capital allowances which will result in income tax savings of £99,300 for the owners, who are higher rate taxpayers! This was . . . read more |
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| R&D Update: AIF Launched and initial findings |
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Last month on 8th August (a week later than planned), the Additional Information Form (AIF) was made a legal requirement to be submitted before all R&D claims. The requirement has led to all R&D advisors needing to be registered with HMRC as an agent as well as providing certain information.
Most of this information was normally contained in an accompanying report, however, there are some parts that wouldn't ordinarily have previously been provided such as a company's VAT and PAYE reference number. Despite a lot of PR around the new form and that all claims would be rejected without one, it was reported that after 4 weeks . . . read more |
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| Stamp Duty Land Tax (SDLT) |
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Our SDLT specialists have been advising on a number of cases again this month. Zeal reviewed two acquisitions of large residential properties with ‘annexes’, which is essentially a self-contained dwelling. If the purchase of a site contains 2 dwellings, then the SDLT (or equivalent) payable can be significantly reduced by claiming Multiple Dwellings Relief (MDR). Whilst in both cases, the annexes had all the facilities required to eat, wash and sleep, we concluded that there was no scope to claim on the site where the annexe was . . . read more
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| Capital Allowances Training for Commercial Property Solicitors |
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Capital allowances on the sale and purchase of commercial properties is a specialist area of taxation. Solicitors generally rely on their clients’ accountants to provide the capital allowances advice required. However, in many cases, the accountants are not familiar with this tax legislation and how to apply it. As a result, claims for capital allowances are often overlooked or transacted incorrectly. This can risk clients missing out on valuable tax savings and solicitors leaving themselves open to litigation. Zeal have recorded a CPD qualifying training session for commercial property conveyancers. The session provides an overview of capital allowances, how . . . read more
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| Here’s what our clients thought of us this month . . . |
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| Byron Jones, Tredegar Tyres |
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| "When you get a call out of the blue saying the tax man owes you some money you think 'oh yeah', but in this case it was Zeal, and they knew what they were talking about. I dealt with Thomas and he explained this specialist piece of tax legislation which most accountants miss, hey presto we were a lot better off with a rebate and lower tax for several years to come. The best bit is that Zeal are no win, no fee, taking a small percentage from what is owed to you and even this is tax deductible. Winner winner, chicken dinner, thank you" |
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| Brad Melia, Rhino Property Limited |
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| "Thomas from Zeal dealt with my capital allowances claim his communication and professionalism was out of this world, my claim was processed very quickly. We managed to claim a signifcant amount which is going to be a big tax saving for us." |
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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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