Member Login

Banner
Business Rates

With the imminent review of Business Rates in 2010 this is going to be an issue that effects every business, large or small. 

The Chamber will keep you up to date on the latest news and information from Government and Local Authority to make sure that you have the knowledge to help you manage your situation.

You can estimate your new rates bill using the Business Link Estimate My Rates Service.

For more information on Business Rates see the VOA Website

 
No need to reapply for Small Business Rate Relief Print E-mail
Wednesday, 28 October 2009 21:50

Small Business Rate Relief - The Non-Domestic Rating (Small Business Rate Relief)(England) Order 2004

The Small Business Rate Relief (SBRR) scheme came into force in 2005 and the legislation governing the scheme is set out in the above Order.

The Government has already removed the requirement for eligible small businesses to reapply for the relief annually. However, at present ratepayers already receiving SBRR are required to reapply for it in each valuation period and so would be required to reapply for it for the 2010 revaluation. They are free to reapply from October 2009.

In the interests of maximising take-up of the relief by eligible small businesses, and of reducing bureaucracy and costs for both small businesses and local authorities, the Government has decided to remove the requirement to reapply for SBRR. To continue to be eligible for SBRR at the time of revaluation 2010, businesses must, however, meet the conditions which apply at that time. The requirement for businesses to notify their billing authorities if they are no longer eligible for the relief will continue to apply. Billingauthorities will of course also need to ensure that, if the rateable value of a property claiming SBRR rises at revaluation, the relief granted to that property is adjusted accordingly.

The Department will lay the necessary amending legislation before Parliament in due course.

The Department is announcing this change now so that small businesses do not reapply for SBRR unnecessarily and so that billing authorities do not need to inform current recipients of the need to reapply.

Billing authorities will want to consider using their websites and other regular channels of communication with ratepayers to raise awareness of this change amongst local businesses.

The Department will provide information on changes in the thresholds for the SBRR scheme in due course.

Source: www.communities.gov.uk
 
2010 Revaluation - rateable value thresholds Print E-mail
Wednesday, 28 October 2009 21:27

As part of the 2010 revaluation, the following rateable value thresholds will be increased with effect from 1 April 2010.

Small business rate relief scheme

• Eligible ratepayers with a rateable value of £5,000 or below currently receive 50% relief. This threshold will be increased to £6,000.

• Eligible ratepayers with a rateable value between £5,001 and £10,000 currently receive relief on a sliding scale. The £10,000 threshold will be increased to £12,000. Therefore, for properties with rateable values between £6,001 and £12,000, relief will be available on a sliding scale from 50% to 0%, where every £120 rateable value equates to 1%.

• Eligible ratepayers with a rateable value between £10,001 and £14,999 (£21,499 in Greater London) currently have their rates liability calculated using the small business non-domestic rating multiplier (this is currently 0.4p less than the national non-domestic rating multiplier). These thresholds will increase from £14,999 to £17,999 for properties outside London and from £21,499 to £25,499 for those in Greater London.

• Additional properties with a rateable value up to £2,199 are currently disregarded in considering entitlement to small business rate relief. This threshold will increase to £2,599.
 

Rural rate relief

• The current rateable value threshold of £7,000 for a sole shop, general store or post office will increase to £8,500.

• The current rateable value threshold of £10,500 for a sole petrol filling station or pub will increase to £12,500.

• The current threshold of £14,000 for discretionary relief will increase to £16,500.


Stud farms

• The current rateable value disregard for stud farms (implemented by the VOA) will increase from £3,500 to £4,200.

Source: www.communities.gov.uk
 
Transitional Relief Print E-mail
Wednesday, 28 October 2009 21:16

Following the introduction of business rates on 1st April 1990, many ratepayers faced large increases in the amount they would have to pay, whilst others anticipated considerably reduced bills.

To cushion the blow for businesses facing large increases, the Government introduced legislation to limit the amount the business rate could go up. This scheme, known as transitional relief, is financed by also placing a limit on the amount that rates can go down.

This phasing scheme recommences with each 5 yearly revaluation of business properties.

The current revaluation came into effect on 1 April 2005 and ends on 31 March 2010. However the transitional arrangements will only apply for the period 1 April 2005 to 31 March 2009. For the final year of the current revaluation 1 April 2009 to 31 March 2010 rate bills will not be subject to these arrangements.

The scheme applies only to the bill based on a property at the time of revaluation. If there are any changes to the property after the revaluation date, transitional arrangements will not normally apply to the part of a bill that applies to any increase in rateable value due to these changes.

Special rules apply when rateable values change or existing properties are merged or split. Further information about transitional arrangements may be obtained from the Council.

For the next revaluation of rateable values, due on 1 April 2010, the Government will soon announce details of any transitional arrangements which will apply.

 

To see the consultation paper on the 2010 transitional relief click here
 
More Articles...
<< Start < Prev 1 2 Next > End >>

Page 1 of 2