Making your small business survive, let alone thrive, in these tough times can be an upward struggle. So the news that over £400million in Small Business Rate Relief (SBRR) is going unclaimed each year is a shock. If you own a small business you are entitled to claim SBBR if the rateable value of your premises is below £12,000. There are special rules that apply to those businesses that own more than a single property with a total rateable value that falls below this limit.
According to Paul Durrance, a partner at accountancy firm Mitchell Charlesworth, businesses with a rateable value of up to £6,000 pay no business rates. This will remain the case up until September 2012, thanks to legislation unveiled in George Osborne’s budget back in March. So now, eligible ratepayers will receive SBRR at 100% on properties up to £6,000, rather than 50% as previously. For properties valued at between £6,000 and £12,000 in rateable value, relief will be tapered from 100% to 0%.
Business owners ‘unaware’
Durrance says: “SBRR is a terrific tax break for recession stricken small firms, however many business owners are unaware of the tax break and historically hundreds of millions have been left unclaimed. If you think you could qualify it is vital to contact your accountant urgently to ensure you do not miss out on a penny of cash you could save.”
Getting the tax relief a small business is entitled to could really make the difference to its success. And not missing out the right insurance cover is something else that small businesses would do well to bear in mind. Although it’s a legal requirement to get Employers Liability Insurance (sometimes called Employee Liability Insurance) if you employ staff or labour, Public Liability Insurance is not compulsory. However, getting it could stop you being liable for a potentially livelihood-ruining claim of hundreds of thousands of pounds if for some reason a member of the public has a claim upheld against you.
Getting a public liability insurance quote is easy if you shop around online. Compare the quotes so you don’t miss out on getting a competitive deal.
