Temporary Rate Relief Increase
What is happening?
The Government has increased the support available to small businesses that pay business rates. This has been done by temporarily doubling the level of small business rate relief available to eligible businesses.
For the period to 31 March 2013, eligible businesses with a rateable value of up to £6,000 are entitled to 100% relief. If your rateable value is between £6,001 and £12,000, you are entitled to relief on a sliding scale between 100% and 0%.
The Government has made this change to the small business rate relief scheme to provide help with the fixed costs of starting and running a small business as the economy starts growing.
Am I eligible?
Anyone who is entitled to small business rate relief and has a rateable value of £12,000 or less is eligible for the increased level of relief. There are no other adjustments to the scheme; for example, the eligibility criteria remain the same. The Government has confirmed that it will meet the costs of the increased levels of relief.
Do I need to do anything?
If you already claim small business rate relief your annual bill for 2012/13, to be issued mid-March 2012, will confirm the amount of relief you are entitled to.
If you do not already claim the relief, but think you may be entitled, you should check the
qualifying criteria and if appropriate, complete the application form.
Is it worth it?
Yes! The Government's changes will mean that those who, for example, were entitled to a 50% reduction in liability due to the small business rate relief are entitled to a 100% reduction until 31 March 2013.