The Tricky Question of Business Rates
The recent budget announcement (March 2016) on changes to business rates relief for small businesses was welcomed by many, but it has left many asking about ‘what this means for them?’
The first thing that you will need to know is the rateable value (RV) of your property. This can be found using your postcode, on the VOA website at the link here.
The changes are set out in the following table and will be applied automatically by the local authority on the 1 April 2017. In summary:
Small Business Rate Relief:
- Small Business Rate Relief will be doubled (from 50% to 100%)
- Businesses with a property with a rateable value of £11,999 and below will receive 100% relief
- Businesses with a property with a rateable value between £12,000-£15,000 will receive tapered relief
Business Rates Multiplier
The threshold for the standard business rates multiplier will be increased to a rateable value of £51,000. Therefore, businesses with properties with a rateable value below £51,000 will pay lower rates.
* This table is provided courtesy of the FSB (Federation of Small Businesses).
For more information, please contact Warwick District Council Finance Team on:
Head of Service: Mike Snow: firstname.lastname@example.org or 01926 456 056
Council tax – email@example.com
Business rates – firstname.lastname@example.org
By Stephanie Kerr
18 March 2016