Is Asbestos Removal Capital Expenditure in Hampshire?

Asbestos is a dangerous material that was widely used in buildings before it was banned in the UK in 1999. If you own a property that contains asbestos, you may want to remove it for health and safety reasons. But is asbestos removal capital expenditure in Hampshire?

Affordable Asbestos Removal Hampshire

At Affordable Asbestos Removal Hampshire, we are a leading asbestos removal company in Hampshire. We have over 20 years of experience in the industry and are fully licensed and insured to carry out asbestos removal work.

We provide a range of asbestos removal services, including surveys, testing, and removal. We use the latest technology and equipment to ensure that we remove asbestos safely and efficiently. Our team of experts are highly trained and experienced in dealing with asbestos and comply with all health and safety regulations.

If you have asbestos in your property and require affordable and reliable removal services in Hampshire, please contact us on 01962 458066 or email us at [email protected].

Expenditure

When it comes to asbestos removal, the cost of the work is usually considered to be capital expenditure, as it involves improving or enhancing your property. This means that the cost of asbestos removal cannot be deducted as a revenue expense in the year that it is incurred.

Capital expenditures can be claimed as allowances for capital expenditure, such as land remediation relief (LRR) or capital allowances (CA). These allowances allow you to reduce the taxable profits of your business and offset the cost of capital expenditure against your tax bill.

Land Remediation Relief

Land remediation relief is a form of tax relief that is available to companies that incur expenditure on cleaning up contaminated land. Asbestos removal falls under this category as removing asbestos from a property can be considered as cleaning up contaminated land.

LRR provides a deduction of 150% of the qualifying expenditure, which can be set against the taxable profits of your business. This means that you can reduce your tax bill by up to 50% of the cost of asbestos removal.

Capital Allowances

Capital allowances are a tax relief that allow you to deduct the cost of certain capital expenditure, such as buildings or equipment, from your taxable profits. Asbestos removal could potentially qualify for capital allowances if it was incurred as a result of the acquisition of a property.

Investors and Developers

If you are an investor or developer looking to purchase a property containing asbestos, it is important to consider the potential costs of asbestos removal. Asbestos removal can be a significant expense, and it is important to take this into account when considering the profitability of your investment.

Fortunately, there are tax relief options available for capital expenditure incurred by companies. If you incur capital expenditure on asbestos removal in Hampshire, you may be eligible for LRR or capital allowances, which can help to reduce your tax bill.

Conclusion

In summary, asbestos removal can be considered capital expenditure in Hampshire, and the cost of the work cannot be deducted as a revenue expense. However, there are tax relief options available for capital expenditure, including LRR and capital allowances, which can help to reduce your tax bill.

At Affordable Asbestos Removal Hampshire, we provide affordable and reliable asbestos removal services in Hampshire and South East England. We are a fully licensed and insured company with over 20 years of experience in the industry. To find out more about our services, please visit our website at affordable-asbestos-removal-hampshire.co.uk or call us on 01962 458066.

Don't risk your health and safety by leaving asbestos in your property. Contact us today to speak to our team of experts about safe and efficient asbestos removal solutions. It only takes a few minutes to fill out the contact form on our website or send us an email at [email protected]. Don't hesitate to get in touch if you have any questions about asbestos removal capital expenditure in Hampshire.