The recent budget offered some help to small businesses by extending the previously announced increase in Small Business Rates Relief. The scheme which originally started on 1st October 2010 and was due to end on 30th September 2011 will now be extended for a further year until 30th September 2012.
Businesses with rating assessments below £6,000 are the main beneficiaries as they will have no rates to pay, until October 2012, the relief being reduced from 50% to 100% for the period. Businesses with Rateable Values between £6,000 and £12,000 will continue to receive a tapered relief between 0 and 100%.
It is important to ensure your business is receiving the benefit of this relief if you are eligible.
The Chancellor also announced that businesses within the 21 new Enterprise Zones will benefit from a business rates discount. Details are yet to be confirmed.
