Sign up for rates relief

Small firms are being urged to ensure they benefit from a government tax relief initiative with just a month to go until the application deadline.

Many Small to Medium sized Enterprises (SMEs) are in danger of missing out from crucial savings a result of Small Business Rate Relief (SBRR).

Under the scheme introduced in April 2005, each business that has premises with low rateable value can claim relief from their business rates.

Businesses with rateable values of below £5,000 are entitled to 50% rate relief. The relief decreases on a sliding scale by 1% for every £100 of rateable value over £5,000, up to £10,000.

But despite the savings, the take up has been slow so far. There are many firms who are either unaware of SBRR, or who do not realise they qualify for it.

Earlier this year, a survey by the Local Government Association suggested that less than half of the 870,000 small businesses across England which qualify for the scheme, had applied for it.

SBRR applications must be received by local authorities within six months of the end of the financial year in question. The deadline for 2005/06 is 30 September. So get those claims in fast !

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