Small businesses across Shrewsbury, who operate from single premises, could be eligible for substantial rate relief, according to local tax specialist Nigel Lomax.

Nigel Lomax who runs TaxAssist Accountants in Shrewsbury said the Government's announcement of an increase in Small Business Rate Relief, meant that many local companies could receive a much-needed cash boost. He comments:

"As of October 1st, traders and retailers who operate out of single premises, will receive 100% rate relief on properties up to £6,000 rateable value instead of 50% and a tapering relief from 100% down to 0% for properties up to £12,000.

"The news follows hard on the heels of an announcement that small business rate relief thresholds have also increased. Businesses are now eligible if they operate from one property with a rateable value up to £18,000 - an increase of £3,000 on the previous threshold.  Further properties with values lower than £2,600 are disregarded - up £400 on the previous level."

Nigel Lomax said that eligible businesses should continue to pay their rates in accordance with their latest bill and await contact from their local authority. They only needed to make contact if they became ineligible for relief.

"There are some businesses in Shrewsbury however who should be applying for further relief," added Mr Lomax. "Charities and amateur sports clubs, for example, could have their rate bills reduced by 80 per cent or more. Village shops can claim relief if the rateable value of their premises is less than £8,500 and sole pubs and single petrol stations in rural areas can claim relief on properties valued up to £12,500. Small businesses should ensure they are receiving everything they are entitled to."

TaxAssist Accountants in Shrewsbury is a local business itself, providing tax and accountancy advice and services to more than 400 owner-managed businesses.