Small Businesses Call for Rates Relief
Monday, March 23, 2009 14:42
Hundreds of small business owners have launched a campaign at the Federation of Small Businesses’s annual conference in Newport yesterday. They have writen to Chancellor Alistair Darling, calling for the introduction of automatic business rate relief in next month’s Budget.
According to an estimation by the FSB, more than 50% small businesses miss out on reclaiming up to £1200 on their business rates, usually due to unawareness of their eligibility.
Companies that have premises with a rateable value of less than £15000 or £21500 in Greater London can claw back up to half of their business rates. The FSB believes that up to £400m remains unclaimed every year. It is argued that the refunds should be made automatically.
With about 120 small businesses going bust every day, it is crucial that more is done to sustain their cash flow. The issue has been given more urgency. Introducing automatic rate relief will help free up some vital cash.
The Government is now seriously considering the proposals and is optimistic of an announcement in the Budget. According to an FSB spokesman, if the Government believes that small businesses are the lifeblood of the nation’s economy as claimed, the new Budget will be its chance to show it.
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