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latest news, updates
& advice from Zeal |
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Newsletter Issue 22
October 2023 |
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Last month our capital allowances team assisted 24 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 is a summary of some of the cases we worked on:
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| Capital Allowances Review – Children’s Homes |
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Zeal have had a lot of success helping care businesses unlock significant tax savings from their investment in their trading properties. This month, we identified over £88,000 in unclaimed capital allowances tax relief for a residential child care services provider.
Our client had spent approx. £2m over the past couple of years to acquire properties for use as children’s homes. Zeal identified that 6 of the 9 properties bought were residential dwellings at the time of purchase . . . read more |
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| Capital Allowances Review - Commercial Property Investor |
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Zeal achieved an excellent result this month for a client that invests in commercial property. Having previously completed a case for a different client, the property investor's accountant reached out to Zeal to see if they could assist some more of their clients with capital allowances claims. The client had a portfolio of 9 commercial properties which had been acquired over the past 10 years. The properties were mainly office buildings, but . . . read more |
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| Conversion of outbuildings to Holiday Accommodation |
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As the tax partner of Sykes Holiday Cottages, Zeal help holiday let owners take advantage of unclaimed tax relief available on the purchase, construction and renovation of buildings used for holiday letting. This month we helped several holiday let owners realise tax savings they were unaware of. One in particular was a client who had spent just over £400,000 to convert two old barns to holiday accommodation in 2015. They started the holiday let business in 2016 and now have a very profitable business.
The client had never claimed any tax relief for the conversion costs. Their understanding from their accountant was that it was capital expenditure that will be set against CGT when they sell the property. This was half correct. The total cost can be set . . . read more |
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| Capital Allowances for Commercial Property Solicitors |
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Our training session for commercial property conveyancers is now live. To find out more and access the free CPD accredited training session, please click the register button.
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| Tax Avoidance Spotlight 63 |
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Last month HMRC published Tax Avoidance Spotlight 63: ‘Property business arrangements involving hybrid partnerships.’ The spotlight covers a much-publicised scheme being marketed as a tax planning option for individual property landlords which is being referred to as a ‘hybrid business model’.
The arrangements seek to avoid tax by allowing individual or joint property landlords to transfer their properties to a Limited Liability Partnership (LLP) with a corporate member, with the LLP then allocating profits to its members on a discretionary basis. The scheme providers claim that the arrangements allow landlords to . . . read more |
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| Here’s what our clients thought of us this month . . . |
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| Charlie Lingham, St Anthony's Residential Home |
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| "Was a little apprehensive at first, but after consultation with my accountant decided to go ahead. Zeal were quick and efficient and our company ended up with a substantial return from the taxman." |
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Kate Williams, Cat Safe Cattery
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| "Great service! I was dubious at first as this was a 'cold call' but I'm glad I took up their offer. They managed to secure over £12k in tax refunds for my business which I wouldn't have been able to do myself. It was all very straightforward." |
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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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