Asbestos Tax Relief
As part of the governments commitment to urban regeneration it introduced 150% tax relief for businesses incurring expenditure on land remediation.
Land Remediation Relief is a relief from corporation tax only. It provides a deduction of 100%, plus an additional deduction of 50%, for qualifying expenditure incurred by companies in cleaning up land acquired from a third party in a contaminated state.
Qualifying expenditure includes the cost of establishing the level of contamination, removing the contamination or containing it so that the possibility of relevant harm is removed.
Requirements to make a claim:
- Your company should be registered in the UK.
- You must be a corporation tax payer.
- The asbestos must have been present in the building before you bought it.
Tax relief is not applicable if:
- You are a sole trader, partnership, trustee or individual.
- The cost can be accommodated by capital allowances, e.g. a panel replacement that can count as maintenance.
- On roof, wall cladding and other asbestos cement products in
environmental preservation areas.
Land Remediation Relief is available for both capital and revenue expenditure. However, the company must elect, within two years of the end of the accounting period in which the expenditure is incurred, to treat qualifying capital expenditure as a deduction in computing taxable profits.
A company that makes a loss can surrender that part of the loss that is attributable to Land Remediation Relief in return for a cash payment (a tax credit) from the Government. A claim for a Land Remediation Tax Credit must be made in a CT self-assessment or amended self-assessment.
To check whether you are eligible, talk to Asbestos Fighters and consult your accountant or tax advisor.
Asbestos Shed Removal, Hertfordshire
The process involved a comprehensive assessment of the site, meticulous planning, and the utilisation of cutting-edge equipment designed to handle asbestos abatement. Our proficient experts dismantled the shed, employing state-of-the-art techniques to prevent the dispersion of asbestos fibres into the environment.
Prioritising safety as the utmost concern, our team sealed and contained the area throughout the removal process, utilising advanced engineering controls to prevent the spread of any particulates. Rigorous decontamination procedures were followed, leaving the site entirely free from any residual traces of asbestos contamination.
Ultimately, through the dedicated efforts of our adept team, the client's property was effectively cleansed of asbestos, eliminating any potential health hazards. This accomplishment underscores our commitment to ensuring not only the successful execution of complex projects, but also the well-being of our clients and the environment.
Asbestos Insulation Board Removal, SW London
Prior to the commencement of this intricate task, a 14-day notification period was observed, as mandated by the Health and Safety Executive (HSE). This allowed for the orchestration of a meticulously calculated plan that encompassed every conceivable precaution. Our team of dedicated professionals, equipped with specialised gear and an unwavering commitment to safety, embarked on this mission.
Despite the inherent complexities of asbestos abatement, the team showcased their expertise by seamlessly completing the project within a single day. This feat not only underscored their efficiency but also exemplified the gravity of preparation and organisation involved in handling hazardous materials.
The successful execution of the Asbestos Insulation Board removal project under the confined space of an under stairs cupboard in SW London stands as a testament to the significance of meticulous planning, adherence to regulations, and the proficient execution of intricate procedures when dealing with hazardous materials.
Asbestos Cement Water Tank Removal, Buckinghamshire
We work with this company regularly - they care about the health and safety of their team and their clients - and they appreciate the quality of service they receive from us is consistent and we are reliable and get the job done quickly without delaying their own time frame.
Asbestos Insulation Board Removal & Disposal, Old Coulsdon, Croydon
Work for the asbestos insulation board removal included:
1. Several site visits and meetings to decide on the best plan of action for all parties;
2. Undertook the risk assessment for all site hazards that would or could become issues during the removal;
3. Designed our enclosures and setups;
4. Produce the site-specific RAMs, site packs;
5. Allocated the Team, ordered the materials and plant and planned the mobilisation;
6. The team and the manager met on the first morning of the project and went through the whole programme during a site walk around;
7. Then the site was set up and the works were undertaken;
8. After the air testing, we installed a new fire barrier in the loft space between the two loft spaces.