Relief for Rates

5th August 2008

T. Wyn Jones

Following on from my June article I have noticed recent press criticism of the Government highlighted the inadequate promotion of the multi-million-pound small business rate relief scheme.

The scheme is only taken up by a fraction of those eligible and it is estimated that more than £200m remains unclaimed each year across England alone since its introduction in 2005.

The Government has been urged to tackle the low level of awareness among companies and it has also been argued that councils should be allowed to automatically deduct the relief from eligible firms’ rates bills.

Meanwhile, the Royal Institution of Chartered Surveyors has warned that rogue ratings agents are contacting small firms in England and Wales promising significant reductions – upon payment of an “upfront” fee!

So if you are a small business with a rateable value of under £15,000 per year you could very well be eligible for “Small Business Rate Relief” which in certain circumstances could be a reduction of up to 50% in your rates bill.

I was told many years ago that there are two ways of making more money – simply earn more or spend less, so you never know that 5-minute telephone call could be one of the most important business calls you make this year.