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Rate Relief - Businesses missing out

Rate Relief - Businesses missing out

Category: Business

Updated: 31/10/2008
First Published: 28/06/2006

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A snapshot survey carried out by the Local Government Association has revealed half of small businesses across England are missing out on funds, vital to their future, in some cases making the difference between staying afloat and going bust.

Just 48% of small businesses have applied for Small Business Rate Relief, leaving around £400 million left unclaimed. A total of up to £2,500 could be saved by each business, a figure that could certainly have helped prevent some of the 3,439 company liquidations in the first quarter of 2006, a rise of 17.6% on the previous year.

Council leaders are urging businesses to contact their local council to evaluate the relief to which they are entitled. Sir Sandy Bruce-Lockhart, Chairman of the Local Government Association, said: "Small businesses up and down the country are facing immense difficulties keeping their heads above water. Hundreds of millions of pounds is sitting around waiting to be claimed by hard pressed bosses of small firms."

Stressing the importance that the assistance could make, Sir Sandy, continued: "Many of thousands of businesses are entitled to a tax rebate that could make the difference between business as usual and bust."

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