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Small businesses in Northwood are being encouraged to apply for relief on their business rates, according to Northwood Chartered Certified Accountants, Munday Long & Co.
Principle, Ray Long explains “Under the Small Business Rate Relief (SBRR) scheme, firms in England can claim as much as 50 per cent off their rates bills provided their property has a rateable value of less than £5,000.”
As the rateable value of the premises rises so the level of relief declines correspondingly on a scale of 1 per cent for every £100 of rateable value over £5,000 and up to £10,000. When the rateable value reaches £10,000, the relief is 0 per cent.
But the relief is not automatic, and businesses must apply to their local authorities to benefit from it. The date for applications this year is 1 September.
“Many small firms are missing out because they are not aware of the scheme” said Ray, “As a consequence, as much as £200 million in relief is going unclaimed each year in England alone, it has been estimated”.
Businesses should contact their local authorities for details, but if you have any questions or concerns, please contact Munday Long & Co on 01923 82 00 88 or visit www.mlco.co.uk.
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