Small businesses are losing out on millions of pounds in business rate relief, according to the Federation of Small Businesses. They found that 22% of businesses in the UK have not applied for a reduction in their business rate bills, despite being eligible for them. Under the Small Business Rate Relief Scheme introduced in April this year, eligible businesses with rateable business values of below £5,000 will get 50% relief on their liability. This relief will decrease on a sliding scale by an estimated 1% for every £100 of rateable value over £5,000, up to £10,000. It is available to ratepayers with either one or more properties, providing the additional properties do not have individual rateable values of more than £2,200, and the combined rateable value of all the properties is under £15,000 or £21,500 in London.
Our view
We have helped a number of businesses get their rates reduced. If you are entitled - claim!