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Are you eligible for small business rate relief?

by Sable International | Jun 10, 2014
  • If you own a small business and are not yet claiming small business rate relief of up to 100%, please read the below to see if you qualify.

    What is small business rate relief?

    Small business rate relief (SBRR) first came into effect in 2005. It is essentially a national discount scheme administered by local councils on behalf of the government, whereby small business owners can claim back a portion of rates paid for their business property. 

    How much relief can I receive?

    Relief is awarded on a sliding scale, depending on the size of the Rateable Value (RV) of the business property and is only available for occupied properties. The amount of relief declines in percentage on a sliding scale for properties with an RV exceeding £6000, with 0% relief for properties with a £12,000 RV. 

    Previously, the maximum amount a business could claim back was 50%. But in 2010, the government made the decision to double the maximum discount to 100%. This extra support is set to continue until at least 31 March 2015. This means that if your property’s RV is £6000, you would pay no rates whatsoever. 

    Do I qualify?

    You can receive small business rate relief if your small business uses one property with a rateable value of less than £12,000.

    If you have more than one property, you could still receive the relief - if the RV of each of your other properties is less than £2,600. If this is the case, the rateable values of the properties are added together and the relief is applied to the main property.

    Please note that if you are a ratepayer receiving mandatory charity relief or rural rate relief, you do not qualify for small business rate relief. 

    What next?

    Contact your local council to apply for small business rate relief. Remember, if you make a false declaration you can be fined, imprisoned or both. 

    For more information or assistance with your small business tax matters, get in touch with our accounting division

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

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