Small and medium-sized businesses in the UK have been reminded that they only have five weeks remaining before they lose their right to claim refunds totaling a potential £134,500,000 in overpaid business rates going back to 2005.

March the 31st is the final day on which the Inland Revenue's Valuation Office will accept formal appeals challenging the level of rates paid for the last five years.

Research by specialist business rates surveyors' ratesrecovery.com has revealed that there could be as much as £1.5bn of refunds that will go unclaimed by businesses unless they take action before 31st March.

"Many businesses have clearly been paying excessive rates for the last 5 years but after the 31st March they will not be able to reclaim the money," said Nicholas Wright of ratesrecovery.com.