Small Business Rate Relief
There has been a number of misleading press articles recently about the deadline for applying for the small business rate relief scheme (SBRR).
The articles have suggested that in order for businesses to claim SBRR for the 2007/08 financial year they must submit their application by 30 September of this year – this is not the case. Following a change to the SBRR legislation in October 2006 eligible businesses now have until 30 September 2010 to apply for relief covering the three years 2007/08, 2008/09 and 2009/10. They must, however, inform their local authority if their circumstances change during the period of their claim to ensure that they still qualify.
You will no doubt be aware that in 2010 a new rating list will come into force and businesses will then need to re-apply to cover the full period of that list (2010-2015), but will have until 30 September 2015 to do so. Again, they will be required to notify their local authority if their circumstances change in that period.
Please note that this change only applies from 1 April 2007, so the deadlines for financial years 2005/06 and 2006/07 have now passed.
Small businesses are encouraged to apply for the relief as it could lead to as much as a fifty per cent reduction in their rates liability.
More information on the small business rate relief scheme can be found at http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1073792393
Ratepayers should contact their local authority for details of how to apply.