Rates cashback for small businesses

18th November 2008

Businesses struggling to stay afloat in the credit crunch and the looming recession could be in line for a mini-windfall to help them weather the economic storm.

If you own a small business which has a rateable value of below £21,500, you could claim up to half of your business rates back.

Local businesses in Wandsworth have claimed back a combined total of £1.1m this year under the Small Business Rate Relief scheme.

Eligible occupied businesses with rateable values of below £5,000 will get 50 per cent rate relief on their liability. This relief will decrease on a sliding scale of 1 per cent for every £100 of rateable value over £5,000, up to £9,999.

The relief is available to business rate payers with either one property, or one main property and other additional ones providing they do not have individual rateable values of more than £2,200 and the combined rateable value of all the properties is under £21,500. The threshold for the combined rateable value is dependent on the location of the main property.

Eligible businesses with rateable values of between £10,000 and £21,499 will have their liability calculated using the small business multiplier at 45.8p.

An application form and more information can be found by visiting www.wandsworth.gov.uk/businessrates or by contacting the Business Rate Service on (020) 7378 5941.

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