Update of Business Rates Relief
The 2014 Autumn Statement
bought news that the Small Business Rates Relief (SBBR) will continue at its current rate for another year, from April 2015. This rate continues be double what it was previously.
To summarise, companies that have business premises where the ratable value (RV) is £12,000 or below will be entitled to claim SBBR. Here the following applies:
- Under £6,000 RV – SBBR is 100%, so zero Business Rates are due
- £6,0001-£12,000 – reduction varies between 1% and 50%
Calculating the RV of your business premises
Your annual rates statement will show your RV however further research is recommended to ensure it is correct.
Read more here
to ensure your RV is correct so you can claim back the most SBBR for your business.
Rates are then estimated to be between 45p and 47p of your RV.
It is important to note that the council is not obliged to issue the SBBR – it is your responsibility to make the claim. Claims can also be backdated to 2010.
Promises to re-structure business rates
Welcomed news was also announced in the Autumn Statement that the government intend to re-structure business rates entirely before the 2016 Budget. So let’s see what they come up with!
Figurit update our blog regulalry with topical news and updates for commercial business owners. Join our mailing list to get the news delivered to you monthly by email.
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