Wednesday, October 8, 2008

In The UK - Tax Rebate Program Goes Begging!

Owners of small businesses are being urged to claim millions of pounds of tax relief on their office buildings.

This relief program was introduced in 2005 to help businesses in properties with a low rateable value to reduce their business outgoings.

The rateable value of a building is based on the cost and value of the property itself, which is reviewed every five years by local councils.

Companies based in a property with a rateable value of £5,000 or less are eligible for rate relief of 50%. This falls by one percentage point for every £100 of rateable value between £5,000 and £10,000.

About £200m in rebates is unclaimed every year and fewer than half of the 87,000 UK businesses that qualify for relief have applied for it. Previously, business owners had to apply for relief every year, but since April 2007 they need to apply once every five years.

It is believed that many companies may not realize they are eligible for a rate rebate.

The director of this program has said "The Government needs to do much more to promote the scheme to help small firms, which need more help now than ever."

Another business owner has said:

"I think the relief is a good thing. The problem is that the Government doesn't do enough to ensure that small businesses know about this. There should be a one-stop shop where firms can find out what business benefits, reliefs and grants they are entitled to."

In My Own State Of Pennsylvania:

A one-time scholarship grant has been designed to double the number of high school graduates as well as the number of children attending college. Over the past year the program has provided more than 4000 students with assistance in furthering their education. This scholarship program, which awards up to $3,000 in scholarships to eligible seniors attending Pennsylvania state institutions, has contributed more than $7 million toward advancing the education of Philadelphia's youth.