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Kristian Jones, Founder, Truck Hydraulics Find out more
Capital allowances are tax reliefs available to businesses on certain types of expenditure. They're designed to provide tax relief for the wear and tear, or depreciation, of business assets over time. These assets could include machinery, equipment, vehicles, and even certain buildings.
The relief is applicable to both companies and unincorporated businesses, such as partnerships and sole traders, that incur qualifying expenditure on the remediation of contaminated land. Qualifying expenditure includes costs directly related to the cleanup, such as:
The relief allows businesses to claim a deduction of 100% of qualifying expenditure, as well as an additional 50% of that amount. This means that for every £1 spent on qualifying land remediation, businesses can potentially reduce their taxable profits by £1.50.
To qualify for Land Remediation Relief, the land in question must be in the UK and must be classified as contaminated according to specific criteria outlined in the legislation. Additionally, the cleanup activities must be undertaken as part of a qualifying trade, such as property development or investment.
It's important for businesses to carefully document their expenditure and ensure that it meets the eligibility criteria set out by HM Revenue & Customs (HMRC) to claim Land Remediation Relief successfully. Additionally, professional advice may be beneficial to navigate the complexities of the relief and ensure compliance with the relevant regulations.
You can claim back up to 33% of your eligible R&D spend, and both profitable and unprofitable companies are eligible.
For a clear and simple guide to what R&D Tax Relief are and whether your company is eligible, download our PDF.
Whatever the industry, we can help you identify and make the most of R&D Tax Relief with an expert national team that makes the process as simple and rewarding as possible.
Chartered tax accountancy firm, successfully expanding its advisory tax services with Easy R&D.
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Partnering to unlock over £150,000 of tax credits at a critical time for a historic family owned brewery.
Rewarding innovation for a global leader in innovative hardware for racing and leisure boats.
If you'd like to learn how R&D Tax Relief could support your business, our team is here to help you.
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