Guide About Small Business Bonus Schemeby Benny Gala DNS Accountants
Through the Small Business Bonus Scheme, an owner can get business rates relief in the UK.
• The combined rateable value of all your business premises is £35,000 or less
• and, the rateable value of individual premises is £18,000 or less
Small business owners can apply for free for business rates relief, including the Small Business Bonus Scheme. If anyone proposed to apply for rates relief on your behalf for a fee, you should avoid these people.
In England, Wales and Northern Ireland the Small business rates relief is handled differently. To find more about rates relief for small businesses by UK Government Visit GOV.UK
Small Business Bonus Scheme in 2019-20
It is planned that the Small Business Bonus Scheme will stay the same for the year 2019-20.
The benefits of business rates relief
The total rateable value is based on the value of all your business premises
The following business rates reliefs are available:
• rateable value up to £15,000 - 100% relief (i.e. no rates payable)
• rateable value of £15,001 to £18,000 - 25% relief
If the combined rateable value of more than one business property is up to £35,000, you are eligible to get 25% business rates relief on each individual business property with a rateable value of under £18,000.
Business owners can save a maximum of £7,200 in 2018-19. In 2019-20, as the planned poundage is 49 pence, you to save up to £7,350 under the Small Business Bonus Scheme.
Appropriate action may be taken against you if in your application you fail to declare additional business properties occupied in Scotland. It will consider as constitute fraud.
How to Apply for the Small Business Bonus Scheme
Fill the application form to apply for the Small Business Bonus Scheme through your local council. You can easily find the application form your local council's website. In the application form, you need to fill all the information like name, address and rateable value of the business property you occupy correctly to avoid constitute fraud charges. Sign a declaration for anti-fraud purposes. The small business owners do not need to declare sensitive information such as the number of staff or turnover of the company.
Need any assistance for Small Business Bonus Scheme contacts DNS Accountants.
Created on Mar 15th 2019 06:09. Viewed 162 times.