Small firms are being encouraged to apply for relief on their business rates.
Under the Small Business Rate Relief (SBRR) scheme, firms in England can claim as much as 50 per cent off their rates bills provided their property has a rateable value of less than £5,000.
As the rateable value of the premises rises so the level of relief declines correspondingly on a scale of 1 per cent for every £100 of rateable value over £5,000 and up to £10,000. When the rateable value reaches £10,000, the relief is 0 per cent. Similar schemes also operate in Scotland and Wales.
But the relief is not automatic, and businesses must apply to their local authorities to benefit from it.
The date for applications this year is 30 September, and a leading business group is urging firms to take advantage of the relief.
The Forum of Private Business (FPB) said that, although eligible, many small firms are missing out because they are not aware of the scheme.
As a consequence, as much as £200 million in relief is going unclaimed each year in England alone, it has been estimated.
Nick Palin, the FPB’s finance and administration director, said: “Businesses which have not yet applied for SBRR are running out of time as the deadline for applications this year is 30 September.”
Mr Palin added: “The Government needs to do more to promote the scheme to help small firms, which, given the current economic climate, need support more than ever.”
The FPB said that research from the Local Government Association indicates that fewer than half of the 870,000 small businesses across England which qualify for the scheme have applied for it.
Businesses should contact their local authorities for details.
Date:21 August 2008
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