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Small Business Rate Relief

Small Business Rate Relief

Steve Johnson, 16th January 2017

Business rates could be one of your company’s largest outgoings so it is important that you don’t pay any more than you need to.  Your business premises will have a rateable value. If your rateable value is below £12,000 and it is your only business premises then you could be entitled to ‘Small Business Rate Relief.’ 

If you match this criteria you will get 100% relief until 31st March 2017 if your rateable value is £6,000 or less (i.e. a rates bill of zero).  The rate relief gradually decreases from 100% to 0% for properties with a rateable value between £6,001 and £12,000.

This scheme has been in place for several years now, but has been amended again in the recent Budget.  The scheme has been introduced permanently where it previously had been reviewed annually and the threshold for the 100% relief will increase considerably from the 1st of April 2017 up from £6,000 to £12,000. Tapered relief will be available for properties with rateable values between £12,001 and £15,000. This will mean several thousands of businesses will no longer have to pay any business rates.

The important thing to remember is that you will not benefit from ‘Small Business Rate Relief’ automatically.  You will need to apply to the Local Authority that you pay your business rates, to benefit from the relief.

If you need any further information regarding rates and any other commercial use for property then speak to our Walsall Commercial expert Steve on commercial@fraser-wood.co.uk.

 

updated 16th January 2017

 


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