We think the following information will help explain this for you:
Some properties are eligible for
discounts on their business rates. This is called ‘business rates relief’.
Your local council will
automatically apply some reliefs. Contact your local council if you’re not getting the discounts you think
you’re entitled to.
You can get small business rate
relief if:
- you only use one property
- your property’s rateable value is less than £12,000
What
you get
You'll get
100% relief (doubled from the usual rate of 50%) until 31 March 2016 for
properties with a rateable value of £6,000 or less. This means you won’t pay
business rates on properties with a rateable value of £6,000 or less. The rate of relief will gradually decrease from 100% to 0% for properties with a rateable value between £6,001 and £12,000.
You
have more than one property
You can get
small business rate relief if the rateable value of each of your other
properties is less than £2,600. The rateable values of the properties are added together and the relief applied to the main property.
You’ll keep getting any existing relief for one year when you get a second property.
You’re
a small business but don’t qualify for relief
If your
property has a rateable value below £18,000 (£25,500 in Greater London) you’re
considered a small business. Even if you don’t qualify for small business rate relief, your business rates will be calculated using the small business multiplier instead of the standard one. This is the case even if you have multiple properties.
The multiplier shows the percentage (pence in the pound) of the rateable value that you pay in business rates. A list of currentmultipliers is on the Valuation Office Agency (VOA) website.
We hope you find this useful and if you have any other commercial property query, please do not hesitate in contacting us.
Belvoir Commercial
commercial@belvoirandover.com
01264 366611
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