RELIEF FOR SMALL BUSINESSES

Professional Services News

Thousands of small businesses across the East Midlands are now benefiting from a Business Rates “holiday” by virtue of a Government scheme which aims to boost the local economy.

This scheme came into force on 1^st October 2010 which allows 100% relief on Business Rates for premises with a rateable value of £6,000 or less.  There is then a further taper relief available from 1% up to 100% for premises with rateable values between £6,001 and £12,000.

George Cowcher, Chief Executive of Derbyshire and Nottinghamshire Chamber of Commerce, said “there could be many firms missing out on significant amounts of relief, simply because they are unaware they may be eligible for it”.

He said: “Each year, an estimated £400m, which has been earmarked by the Treasury for eligible businesses, goes unclaimed, even though this money imposes no extra cost to the tax payer.”  

Alastair Fearn of FHP added “Many small businesses will find their rating bills from the Authority automatically updated to reflect the new legislation, however if you are unsure whether you are eligible please do contact us as we may be able to help.

 

Alternatively if you fall just outside of the threshold we can place appeals on behalf of occupiers to achieve a reduction, which may not only reduce their rates that qualify for the scheme but also for the duration of the current rating list until 2015!”

 

For a no obligation chat regarding your business rates to establish whether a reduction would be possible please contact Alastair Fearn on 0115 841 3913 or alastair@fhp.co.uk.