The Government is trying to counter the recession (and falling voter numbers) by offering short term tax incentives. The headline cut is the 2.5% on VAT that supposedly will have us all scurrying straight out to the shops. Additionally, Alistair Darling has announced a one year tax exemption for certain empty properties as an aid to embattled UK businesses.
The problem is that these measures don’t look as great when scrutinised. The VAT cut will apparently be funded by a hike in a few years time, while the business community says the property tax provision is too little, too late. So are these tax moves really to help British people and industry or just political spin?
Either way, there are measures businesses in the UK can take that will truly help to reduce the financial burden during the recession.
As UKFast reported in early September, there is a little known piece of Government legislation which offers business rate reductions for qualifying small companies. Businesses using a property with a rateable value of less then £10,000 are eligible and could save thousands.
In conjunction with rate relief campaigners leaseholdersunited.com, UKFast launched a major PR push in early September to alert small businesses in the Manchester area to the £16m of unclaimed tax rebates available.
At the time we urged rapid action as the deadline for backdated claims ran out at the end of September 2008. However, I am delighted to say that this deadline has been extended to September 2010. So as the recession bites hard for some, small businesses should make sure that they claim now to get the rate relief that they are entitled to.
To find out if you are eligible to make a claim or to get details on how to claim, visit leaseholdersunited.com.