£400 million of unclaimed Small Business Rate Relief - Is some
of this yours?
Small Business Rate Relief (SBRR) was introduced back in April
2005 with the aim of helping small businesses occupy non-domestic
premises. This relief has helped many firms along the way who
without it, may still be struggling to get their feet off the
ground. Despite this however, one accountancy firm has
indicated that a whopping £400 million is being unclaimed each
year! It would appear that businesses are unaware of this
relief and could therefore be missing out.
Businesses applying for SBRR must meet certain requirements and
more information on this can be found here however
essentially, if the rateable value of your premises is below
£12,000, you are entitled to it. There are also special rules
that apply for those businesses that own more than one property but
with a total rateable value of below £12,000.
For businesses with a rateable value of up to £6,000 they will
not be subject to business rates and this benefit has now also been
extended until September 2012. Prior to this, businesses were
receiving 50% relief on properties up to £6,000 however with they
will now be continuing to receive 100% until September 2012.
The relief will be tapered for properties between £6,000 and 12,000
from 100% to 0%.
You will not be reminded of the relief or told to apply so it is
up to you entirely to ensure you apply within the time
limits. This is probably one of the main reasons why so many
businesses have not claimed. (You can apply no less than six
months prior to the end of the financial year in which the relief
applies.)
So, if you believe that you are eligible for Small Business Rate
Relief, you will need to make a claim via your local council or
alternatively, click here
for more details.