Don't miss out on Small Business Rate Relief

The Forum of Private Business (FPB) has warned small firms that they are in danger of missing out on Small Business Rate Relief (SBRR), with just under a month to go before applications must be in for the year.

Under the scheme, which was introduced in April 2005, each business that has premises with low rateable value can claim relief from their business rates. The FPB said take up of the scheme had been slow, as there are many firms who are either unaware of SBRR, or who do not realise they qualify for it.

Businesses with rateable values of below £5,000 are entitled to 50 per cent rate relief. The relief decreases on a sliding scale by one per cent for every £100 of rateable value over £5,000, up to £10,000.

In June a survey by the Local Government Association suggested that less than half of the 870,000 small businesses across England that qualify for the scheme, had applied for it.

Eligible ratepayers must apply for the relief each year, businesses who had not applied for SBRR are running out of time.

Applications for the relief must be received by the local authority within six months of the end of the financial year in question. For the 2005/06 financial year the last date for applications will be 30 September 2006. It is possible that firms could save up to £2,500 per year.