Are you eligble for Small Business Rates Relief?

If your business occupies premises with a rateable value of below £15,000 (or £21,500 in London), you have until 30^th September 2007 to submit an application for Small Business Rate Relief (SBRR) for the 2006/2007 financial year. 

SBRR came into effect on 1^st April 2005, and is applicable to ratepayers who occupy single properties with rateable values below £15,000 (or £21,500 in London).

Eligible businesses with rateable values of below £5,000 are entitled to a 50% rate relief on their liability, and this relief decreases on a sliding scale by 1% for every £100 of rateable value over £5,000, up to £10,000.

Businesses with rateable values of between £10,000 and £14,999 (or between £10,000 and £21,499 in London) will have their liability calculated using the small business multiplier.  This determines the percentage (expressed as pence in the pound) of the rateable value of a property that the occupier will pay in business rates.

Since 1^st April 2007, eligible ratepayers need only apply once during the revaluation period for relief, and an application must be submitted to your local authority within six months of the end of the financial year to which it relates.  For the 2006/07 financial year, the last date for applications will be 30^th September 2007.

If you have never checked to see if you are eligible for SBRR, you could be paying too much for your business rates.  If you are unsure, you should contact your local authority for further advice.

Information is also available at www.mybusinessrates.gov.uk, which offers businesses in England step by step guidance and advice on business rates.

Ratepayers in Wales can visit www.mybusinessrates.gov.uk/wales, while ratepayers in Scotland and Northern Ireland should contact their central or local authority for guidance and further information.