Is Your Business Eligible for Small Business Rate Relief? – Act Now
Do you know if your
business premises are eligible for Small
Business Rate Relief? If not, you need to
find out and act now, as the deadline for
applications for the 2006/2007 financial
year is extremely close.
If your business
property has a rateable value of less than
£15,000 (£21,500 in London) then you are
probably eligible. If you have multiple
properties, each of which has a rateable
value below £2,200; which add up to a total
of less than the above thresholds, then you
are also likely to be eligible.
However, the Forum of
Private Business (FPB) has warned that
although in the past, you could apply for
the relief every year, the upcoming deadline
of 30th September 2007 (six
months after the end of the 2006/2007
financial year), is the last until September
2010.
The rate relief means
that businesses with a rateable value under
£5000 will get 50% rate relief, which
reduces gradually up to rateable values of
£10,000. In addition, eligible businesses
with rates between £10,000 and £14,999
(between £10,000 and £21,499 in London) will
have their liability calculated using a
‘small business multiplier, which is lower
than the standard rate multiplier.
Small business rate
relief can provide a useful saving on the
cost of your business rates, and if you are
unsure or yet to act you should do so
immediately to avoid missing out on benefits
you could be entitled to.
For More Information on Taxation Issues
visit our Accounting Portal.
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