SMALL and medium sized businesses in West Devon are being urged to claim for what is rightfully theirs by local MP Geoffrey Cox.
Mr Cox, MP for West Devon and Torridge, responded on Monday to recent news that roughly half of all eligible businesses do not claim Small Business Rate Relief worth up to £1,100 a year.
Mr Cox, who recently sat on a Conservative Party Commission on small high street shops, has urged the Government to reduce the burden of taxation on smaller and medium sized firms. He said many small businesses have either had their overdrafts withdrawn or the interest rates they are charged hiked above 15%.
The measures that Mr Cox is pushing for include cutting small business corporation tax rate from 22p to 20p, letting small and medium sized businesses defer their VAT bills for up to six months, and cutting National Insurance by one per cent for all businesses with fewer than five employees.
The MP has also urged small businesses to go to his website http://www.geoffreycox.co.uk">www.geoffreycox.co.uk where they can find out if they are eligible for relief by using an online tool. If a business is eligible it can print out a form, fill it in and send it to their local authority.
Mr Cox said: 'Roughly half of eligible businesses do not claim Small Business Rate Relief, even though it could save them up to £1,100 a year. I want to help them and this is a simple way that they can save money.'