TotalDECOM Members Catax Introduces Fourth Service – Remediation of Contaminated Land
We have a number of webinars coming up, take a look at our upcoming events calendar. The Catax webinar is FREE to members and covers 'Tax Relief of Contaminated Land' , Wednesday 30 October 2019. 10.30am – 11.15am and will be delivered by Nigel Holmes [pictured above], Head of R&D Technical Operations at Catax Group.
This Catax webinar will explain this tax relief in more detail and summarise how the relief works and how Catax can help companies claim. Click to register.
Remediation of Contaminated Land – Catax’s New Service, by Nigel Holmes, Catax
As a result of making successful claims for this tax relief in the past, despite not advertising it as a service as such, Catax has decided to make it public knowledge that we now offer this service to companies to claim extra relief on costs for contaminated and derelict land.
As with the other services we offer, this relief will be vastly under claimed with around 1,300 claims made in 18/19.
So what is it, and how does it work?
This is a relief that is only available to companies and works in a similar way to R&D tax relief in that there is an uplift of qualifying costs and the availability to surrender a loss for cash back from HMRC.
The accounting treatment of the costs will dictate how much relief can be claimed but, ultimately, 150% is tax deductible been the original 100% spend together with an extra 50%.
Qualifying costs include staff costs, materials and subcontracted costs.
It applies to land and property owners, or leaseholders with at least seven years of a lease left to run who spend money removing or treating contaminants that they never put there in the first instance such as asbestos, radon and Japanese Knotweed. It also applies to costs incurred in bringing derelict land back into use where the land has been derelict from the earlier of 1 April 1998 and the date of acquisition.
We will help clients collate costs and summarise the details of the qualifying activity before making a claim to HMRC in order to reduce the company’s tax bill or help it receive tax back or a cash credit for loss-making entities. As with all our services, our offering is risk-free as our fees will be contingent and in proportion to the size of the claim.
So if you have spent money on something that may fit this situation in the last few years or you know a company that has, we hope to see you register and login to our webinar on 30 October 2019. 10.30am – 11.15am, where more about this service will be uncovered and any questions will happily be answered. Click to register.