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Small businesses have until 30 September 2007 to submit their application for Small Business Rate Relief (SBRR) for the 2006/2007 financial year. Last year, the Government changed the SBRR scheme, which offers reduced payments of up to 50% for small firms. Previously, business owners applied annually for rates relief, but the next deadline for applications will not be until September 2010. SBRR is applicable to ratepayers who occupy single properties with rateable values below £15,000 (or £21,500 in London). It also applies to those who occupy multiple properties which each have a rateable value that is below £2,200, where the total value is less than the above threshold. Ratepayers are obliged to notify their local councils within four weeks of any increase in the rateable value of their properties outside the area covered by the authority granting the relief, and of any additional properties they occupy. Failure to do so could affect their entitlement to relief. In a reminder statement to its members, Philip Moody, Senior Member Services Representative at the Forum of Private Buisness (FPB), said: "Many business owners will be unaware of this deadline. It does not apply to everyone, but they need to check their rates to see if they are eligible, and get their applications in if they are. If they have any doubts, they can contact the FPB's member helpline on 0845 130 1722." Link
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Wednesday, 19 September 2007 | 948 Hits |
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