Can you get a Business Rate Rabate?

CLB Coopers urge small business owners to find out if they are eligible to claim relief on their business rates. Many people are unaware that since 1 April 2005 small businesses have been able to claim this relief from the Inland Revenue.

The relief applies for businesses that occupy premises whose rateable value is less than £10,000. Therefore, if a property has a rateable value of £5,000 or less you can claim 50% rate relief. For every £100 of rateable value above £5,000 the relief drops by 1%. So if, for example, the rateable value of your premises is £7,200 you would be entitled to relief at 28%.

The small business rate relief has to be claimed and is only available to rate payers with either one property, or one main property and other additional properties, providing their individual rateable value is £2,200 or less and the combined rateable value if all the properties is under £15,000. CLB Coopers tax partner Alex White says "It is vital for small business owners to be aware of and maximise their allowable reliefs in all areas of their personal and corporate tax affairs. Any amounts reclaimed can be better used within the business instead of lining the taxman’s pockets."

To find out the rateable value of your premises simply log onto www.voa.gov.uk  and enter your postcode.

For further assistance in this matter please call Alex White on 0161 245 1000 or email awhite@clbcoopers.co.uk .