Asbestos Removal Tax Relief – Does It Qualify? When it comes to removing materials, which contain asbestos from a property, the expenses which can occur as a result of the asbestos removal can be extremely worrying for a company. However, what most people do not realise is that they can actually get some of that money back as part of tax relief. We’ve put together some information on the subject for you, so you can educate yourself on the rules and how you can benefit.
What is asbestos?
In order for you to properly understand how the asbestos removal tax relief can benefit you, it is important to understand what asbestos is. Asbestos is a set of naturally occurring fibrous materials which can be smaller than the human eye can see. Due to being much stronger than some other materials, and resistant to heat, they were used in building materials for a long time, until they were removed and banned due to being toxic to the human system, causing lung and respiratory-related diseases and problems.
So does asbestos removal qualify for tax relief?
Following an act which was introduced in 2001, it has been the law that all Asbestos Containing Materials (ACM’s) which have been removed from a building site or any type of dwelling are entitled to a 150% tax rebate. This was put into place to encourage the removal of these types of materials from public dwellings and covers any expenses which were created as a result of moving the materials. To give a simplistic example, if a company spent £10,000 as part of their asbestos removal process, they could then subtract £15,000 from their taxable income.
So how does this help?
This is helpful for a business who are worried about losing profit because they need to remove the asbestos from the property. The tax relief that is available for removing these types of materials is sufficient enough that people can get their expenses back again, and even in some cases make a profit and avoid a loss. However, it is also worth noting that this asbestos removal tax relief only applies to companies which are registered in the UK, and you also can not get the tax rebate if the land or the building which contains the asbestos was owned by your company when the asbestos was originally imported and placed into the property.
Overall, the asbestos removal tax relief which is offered for companies which remove asbestos can be extremely helpful in avoiding a loss, especially when you look at the expenses for removing these types of materials. If you need to have asbestos removed, then Acorn is able to provide you with a solution which can be extremely beneficial to you. Our team of trained professionals can carry out surveys if you worry that you do have asbestos in your property, and they can also help remove it for you in an efficient and cost-effective way, ensuring that you can have the best possible service at all times while we deal with your asbestos situation.
Have you got asbestos?
If you are carrying out any major building work and think you have discovered asbestos, it is important you have it surveyed. Click here to contact the Acorn Asbestos team for your free consultation.