That’s a relief!

/ Tax

With everything that is going on at the moment and a bit of a lull in the seemingly endless tinkering with the tax system I thought it would be useful to remind you about small business rate relief.

If your business premises have a rateable value of less than £12,000 you are entitled to 100% small business rate relief and you are entitled to some relief if the rateable value is less than £15,000. For example, if the rateable value is £13,500, you’ll get 50% of your bill and at £14,000, you’ll get 33% off.

To claim small business rate relief, you apply to your local authority, the relief is not given automatically.

There has been a business rating revaluation this year; if as a result of the revaluation you have lost entitlement to small business rates relief the increase in your business rates will be capped at £50 a month.

Sadly, I did not say this was simple, it’s still worth talking the topic through with someone who understands the system. Our accountants would, of course, be happy to help.

AIMS Accountants for Business – if you like the way we think, you’ll like the way we work

That’s a relief!