Small Businesses Missing Out on Business Rate Exemptions
Almost half of business owners are unaware of small business rate relief and as a result could be losing out on valuable savings
Only 55% of small companies are aware of small business rate relief, the latest Owner Managed Business (OMB) Barometer from Bank of Cyprus UK has reported – meaning nearly half of all small firms are missing out on tapered relief of up to 100%.
The small business rate relief policy means that until the end of March 2016, small firms with non-domestic properties that are valued between £6,000 and £12,000 are eligible for reduced business rates, and businesses with properties that have a rateable value under £6,000 are completely exempt.
The policy was introduced by the government in order to double rate relief for the small business community – a measure that over a third of the barometer’s respondents called for – yet 45% of company owners stated in the OMB’s survey that they had never heard of the policy.
Tony Leahy of Bank of Cyprus UK commented:
“It’s welcome news that the government is supporting small businesses in this way, but what’s clear is that too few OMBs are aware and taking advantage of the doubling of small business rate relief.
“This research shows that businesses that are aware of it greatly value the support and would like to see such tax relief made permanent. However, the key message is that more has to be done to make small businesses aware of this, and other initiatives, so that they can more easily access the significant financial benefits they offer.”