Small Business Rate Relief **Update 2017**

Small business rates relief explained (Updated for 2017)

It is not common knowledge among small businesses that the local council may be able to offer you a discount on your rates, if your business or the property you occupy fit certain criteria.

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 (in some circumstances, more than 1)
• your property’s rateable value is less than £15,000

WHAT YOU GET

You won’t pay business rates on a property with a rateable value of £12,000 or less.
For properties with a rateable value of £12,001 to £15,000, the rate of relief will go down gradually from 100% to 0%.

YOU HAVE MORE THAN ONE PROPERTY

When you get a second property, you’ll keep getting any existing relief on your main property for 12 months.
You can still get small business rate relief on your main property after this if both the following apply:

• none of your other properties have a rateable value above £2,899
• the total rateable value of all your properties is less than £20,000

YOU’RE A SMALL BUSINESS BUT DON’T QUALIFY FOR RELIEF

If your property in England has a rateable value below £51,000, your bill will be calculated using the small business multiplier, which is lower than the standard one. This is the case even if you don’t get small business rate relief.
The small business multiplier is 46.6p and the standard multiplier is 47.9p from 1 April 2017 to 31 March 2018.

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

Off Market Opportunity to aquire the Freehold of this Character Property

Belvoir are delighted to offer an 'Off Market' Freehold of this beautiful character 3 storey High Street property (plus sizeable basement storage), located adjacent to one of the main entrances to Andover’s shopping centre. The property is set in a corner plot with dual aspect frontage in a recently updated and remodelled area of the high street near St Mary’s Church.

Corner Frontage

Ground Floor

Presently laid out as retail over the first two floors and office space to the second floor but could be re arranged to allow for conversion of the upper floors into 2 x 2 bed residential apartments (Planning for this conversion was granted but has now lapsed). The property would also suit a business owner looking to promote their business in a prime position with the possibility of converting the upper floors into accommodation for the owners or staff.

Ground Floor: 759 sq ft
First Floor: 642 sq ft
Second Floor: 518 sq ft
Basement: 480 sq ft

Total: 2399 sq ft

The property has many original features including exposed beams, brickwork, original floor boards, inglenook fireplace etc.

Retail Tenant Position: Due to the success of the business, the tenant will either move to larger premises or potentially keep this outlet as well as a new location. Therefore the property can be sold either with tenant in situ or with vacant possession.

For internal viewings of the property, please contact the office. In the interests of the tenant, please do not visit the property un arranged with Belvoir.

Guide Price: £495,000 

First Floor

Andover 
Picturesque market town located in the affluent Test Valley area of Hampshire 
£2.9m has been invested to extend and refurbish the bus station 
Further improvements underway to the town and community as part of the Andover Vision 20 year plan 
Strategic location adjacent to A303 and within easy reach of the M3 & M4 
Various car parks close by including a multi storey 
Andover has a number of core brands on the High Street that include Top Shop, Ernest Jones, Costa Coffee, Poundland, Boots, Argos, TK Maxx etc etc. 
Strong annual footfall or circa 7 million 
Catchment ; there is an affluent shopper catchment of approx 150,000 people drawing from the surrounding wealthy villages including Stockbridge and The Wallops 
Growing population ; there is substantial housing expansion underway with an additional 8250 dwellings to be built by 2029 with 6516 of those earmarked for Andover. There are recent communications and existing commitments at Picket Twenty & Augusta Park. 
Low unemployment; the town benefits from very low unemployment compared to the national average. 
Loyal customers ; people living in the core catchment area visit the town centre more than 70 times a year (rct 2010)

If you are interested in an internal viewing or more information, please contact us on 01264 366611