Across the nation only 41% of small businesses that are eligible for Business Rate Relief actually claim it back. Money that is not claimed goes straight back to the Chancellor of the Exchequer.
Small businesses in Loughborough could receive £1250 per year just by completing a 1-page application form.
“At the recent meeting of the Commercial Rate Payers in Charnwood it was noted that there has only been a small uptake of the Small Business Rates Relief.” - LATI newsletter Oct 2009
In England small businesses are generally entitled to small business rate relief if they only occupy one property and the rateable value of their premises is less than £15,000 (£21,500 in London). Additional properties with rateable values below £2,200 are disregarded when considering applications for small business rate relief. However, the rateable value for such properties are included in determining whether the threshold criterion has been met.
In small business rate relief the amount of relief depends on the rateable value.
If the rateable value of the property is less than £5,000, the rates are calculated using the small business multiplier, which for 2009-10 is 48.1 pence, and reduced by 50 per cent.
If the rateable value is from £5,000 to £9,999, the reduction decreases on a sliding scale of 1 per cent for every £100. For example, if the rateable value is £7,500, the rates are reduced by 25 per cent.
If the rateable value is from £10,000 to £14,999 (£21,499 in London), rates are also calculated using the small business multiplier. For 2009-10, the small business multiplier is 48.1 pence (instead of the standard 48.5 pence).
Note that, if you were already receiving small business rate relief, you had to reapply for it at the start of each valuation period. However, you will no longer have to do this for the 2010 revaluation.
If you become ineligible for the relief, you must notify your billing authority.
If the rateable value of your business premises rises at revaluation, your billing authority will adjust the relief accordingly.
I'm the owner of thebestofloughborough and am proud to be associated with the local businesses you'll find on our website. Although I was brought up in Manchester, my wife is Loughborough-bred and schooled,...