Unpacking Small Business Rates Relief: Everything You Need to Know
Small business rates relief is a government-funded program that provides financial assistance and support to small businesses in the UK. The scheme has been introduced to help alleviate the cost burden of business rates for small-business owners, who often struggle to make ends meet due to high running expenses.
In this article, we will delve into the details of small business rates relief and explore everything you need to know to take advantage of this scheme.
What is Small Business Rates Relief?
Small business rates relief is a government-funded program that offers financial relief to small businesses that are struggling to pay their business rates. The program is designed to provide financial support to businesses that have a rateable value of less than £15,000.
Businesses that qualify for small business rates relief can receive up to 100% reduction in the business rates that they pay. This means that eligible small businesses can save a significant amount of money on their business rates.
How Can You Qualify for Small Business Rates Relief?
To qualify for small business rates relief, your business must have a rateable value of less than £15,000. If your business has a rateable value between £15,001 and £51,000, you may still be eligible for a partial relief.
The eligibility criteria for small business rates relief are as follows:
– Your business must be based in England or Wales.
– Your business premises must have a rateable value of less than £15,001.
– Your business must occupy the property.
– The property must be used wholly or mainly for the one purpose of your business.
If your business meets these criteria, you may be eligible for small business rates relief.
How Much Can You Save with Small Business Rates Relief?
The amount of money you can save with small business rates relief depends on the rateable value of your property. If your property has a rateable value of £12,000 or less, you will be entitled to the maximum relief of 100%.
For properties with a rateable value between £12,001 and £15,000, the amount of relief gradually decreases until it reaches 0% for properties with a rateable value of £15,001 or above.
For example, if your business property has a rateable value of £10,000, you will be entitled to a 100% relief on your business rates. This means you will pay nothing for your business rates.
On the other hand, if your business property has a rateable value of £14,999, you will receive a 50% reduction in your business rates. This means you will only pay 50% of your business rates.
How Do You Apply for Small Business Rates Relief?
To apply for small business rates relief, you can contact your local council and ask for an application form. You will need to provide information about your business, including your rateable value, your business address, and your business activities.
Once your application has been approved, your local council will adjust your business rates accordingly. You will receive a revised bill that will show how much relief you have received.
Conclusion
Small business rates relief is an excellent scheme that provides much-needed financial support to small businesses that are struggling to make ends meet. The program can help reduce your business rates, and you may even be entitled to a complete waiver of your payment.
If you believe that your business may be eligible for small business rates relief, contact your local council to apply for relief today. With a little help from this program, you can take one step closer to achieving your business goals.
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