Small business owners in Scotland could be missing out on up to £12,000 in savings on their commercial properties.
That’s according to the Bank of Cyprus UK, whose latest Owner-Managed Business (OMB) Barometer shows that 45% of UK OMBs are unaware of Small Business Rates Relief (SBRR).
It says that to help small business manage their costs, the government recently introduced a policy to double rate relief for small businesses. Up until 31 March 2016, non-domestic properties with a rateable value of between £6,000 and £12,000 are eligible for tapered relief of up to 100%. Properties with a rateable value of £6,000 or less are exempt altogether.
But despite this help being available, only 55% of the OMBs surveyed were aware of the benefit, although one in five had a rateable value on their property too high to qualify for rate relief.
While many OMBs are unaware of small business rate relief, over a third of respondents believed the government should make it a priority to double rate relief for small businesses permanently.
Tony Leahy of Bank of Cyprus UK said: “It’s welcome news that the government is supporting small businesses in this way, but what’s clear is that too few OMBs are aware and taking advantage of the doubling of small business rate relief.
This research shows that businesses that are aware of it greatly value the support and would like to see such tax relief made permanent. However, the key message is that more has to be done to make small businesses aware of this, and other initiatives, so that they can more easily access the significant financial benefits they offer.”