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Simplified Access to Small Business Rate Relief
 If
your business is eligible for small business
rate relief then new government action will
make it easier to claim the relief from the
next financial year (2007/08). If your
circumstances do not change, then you will
no longer need to apply for the relief every
year; you can apply once for a period of up
to five years.
There are two situations where you will need
to update the local authority:
1. Where the rateable value of any property
they occupy in another billing authority
area increases. The notification should be
in writing.
2. Where a recipient of the relief occupies
a new property. Notification should be made
by way of a new application to the relevant
billing authority.
About small business rate relief:
If your business is run from a single
property and has a rateable value of under
£10,000 then you are entitled to claim small
business rates relief. Businesses with a
rateable value of under £5000 will get 50%
relief, this rate decreases on a sliding
scale to 1%. However, you need to remember
that rate relief is not
deducted automatically; eligible businesses
must apply for it.
Don’t forget that other forms of rate relief
may be available; these are at the
discretion of your local authority. These
forms of relief include transitional relief,
discretionary relief, former agricultural
premises relief, small unoccupied premises
relief, and qualifying rural relief.
For More Information on Taxation Issues
visit our Accounting Portal.
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