22nd May 2012
Small Firms losing out on tax relief
9th Jun 2006
England's small businesses were this week warned that half of them are missing out on the tax relief that could help to keep them afloat.
A survey by the Local Government Association found that only 48 percent of small businesses, that may be entitled to Small Business Rate Relief that could cut their annual tax bills by up to £2,500, have applied for it.
The LGA estimates that around £400 million worth of unclaimed tax relief is sitting in government coffers. It has been advised small businesses need to contact their local council to to see how much tax relief they may be entitled to. LGA Chairman Sir Sandy Bruce-Lockhart said: 'Small businesses are facing immense difficulties keeping their heads above water, yet hundreds of milions of pounds are sitting around, waiting to be claimed.''
Official figures show that 3,439 firms went bust in the first quarter of 2006 - a rise of 17% on the same quarter last year. For more information on business rate relief, please call the Borough Council on 01234 221659.
