Up to £400 million of Small Business Rate Relief is not being claimed each year. This is thought to be because many small businesses are unaware that they can claim if the rateable value of their business is below £12,000. If a business owns more than one property, but the total rateable value is below £6,000, special rules apply.
Business owners who have a property with a rateable value below £6,000 won’t have to pay any business rates. The percentage gradually declines from 100 percent to nil as it goes from £6,000 to a value of £12,000. It was announced in the March budget that this relief would be extended to September 2012.
A large number of small business owners are completely unaware of this tax break, and many others. In the North West region of United Kingdom, only a quarter of eligible companies in that area claimed the relief. It is believed that small business owners are paying too much tax as a result of the overly complex nature of the tax system in this country. Many business owners are unaware of the tax relief they can claim, have poor financial skills or miss vital filing deadlines for tax returns and accounts, incurring penalties.
A low cost accountants has the knowledge of all tax relief schemes, along with revised tax legislation which is introduced each year. Outsourcing to a reputable online accountancy will help you to simplify your business records and minimise your tax bill, legitimately.
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