Some small businesses can get relief to help them reduce the amount of rates they need to pay. To qualify a business must:
- Occupy one business property in England with a rateable value below £15,000
- Occupy one business property with a rateable value below £15,000, together with others whose rateable values are below £2,900 and when added together the total rateable value does not exceed £20,000
- An increase in Small Business Rate Relief means that with effect from April 1st 2017, all rate bills for businesses with rateable values below £51,000 will be calculated using the lower multiplier irrespective of how many properties they occupy.
With effect from 1st April 2017 the government increased the level of relief awarded to 100% for those businesses with rateable values below £12,000, rateable values between £12,000 and £15,000 will receive a percentage reduction on a sliding scale of between 0 and 100 percent.
The Government has also introduced additional support to small businesses. For those businesses that take on an additional property which would normally have meant the loss of small business rate relief, the Government has confirmed that they will be allowed to keep that relief for a period of 12 months.
Businesses that have already been granted (or are already receiving) relief will continue to receive a reduction without needing to reapply, as long as they remain eligible.
Last Updated on Monday, August 06, 2018