OWNERS of small businesses are being urged to make sure they benefit from a new relief scheme for business rates which came into effect last month.

Chartered accountants say many people who run small firms are unaware they are now entitled to a 50 per cent reduction on their bills if their rateable value is below £5,000.

Smaller savings are also available on a sliding scale for business premises with rateable values of up to £9,999.

John Machin, past-president of the York Society of Chartered Accountants, said applications for the relief had to be made to councils.

He said: "Those who qualify should apply as soon as possible to make sure they aren't unnecessarily paying higher bills. It will have to be claimed every year, but if a business ceases to be eligible for the relief on any day during the financial year, it will end immediately."

Further relief is available for traders with additional properties, providing each rateable value is less than £2,200 up to a combined maximum of £15,000. The concession can be claimed up to six months after the end of the financial year.

For further details visit www.mybusinessrates.gov.uk

Updated: 11:26 Wednesday, May 11, 2005