Renew Business Rate Claims Now
August 15th, 2008Local law firm Daltons has issued a warning to smaller local businesses not to let the holiday season distract them from meeting the deadline for claiming relief from business rates.Michael Dalton says, “Spending an afternoon in the sun or watching the cricket could prove expensive if your application to renew your Small Business Rate Relief is forgotten about as a result. Claims have to be made to your local council by 1 September each year, so there is no time to lose.”
Small Business Rate Relief applies where the Rateable Value (RV) of business premises is less than £15,000 (£21,500 in London). The amount of relief given depends on the value of the property, but broadly equates to 50 per cent relief where the RV is less than £5,000. The relief reduces on a sliding scale for RVs between £5,000 and £15,000.
Property owners are also reminded that changes to the reliefs from business rates were introduced on 1 April 2008. Subject to designated exemptions, empty business properties are now only exempt from business rates for the first three months that they are empty. Industrial and warehouse premises qualify for a six month exemption. After that, full business rates are normally payable.
