From the 1st April 2017, changes to Small Business Rate Relief have meant properties with a rateable value of £12,000 or less should be paying no business rates at all.
The emphasis is on the ratepayer to apply for the relief with only one application required that will last for the entire life of the rating list. So if you applied in 2017 for Small Business Rate Relief you need not make another application until the next rating revaluation in 2021.
However, if your property is eligible and you have forgotten or are yet to apply, applications for Small Business Rate Relief can still be made.
What makes a property eligible?
- Rateable value of less than £15,000 (tapered relief is available where the rateable value is between £12,000 and £14,999)
If you have several business premises then the relief will apply to the property with the highest rateable value provided that any additional properties have rateable values of less than £2,900 and the combined rateable value of all properties is less than £20,000.
Is it worth applying?
It is always worth applying for Small Business Rate Relief if your property is eligible as the relief is 100%. So for example if your rateable value is £10,000 and you haven’t applied you will be paying £4,460 in rates in 2017/18. If you claim the relief you will be paying nothing so it is always worth applying!
For help applying for Small Business Rate Relief or any other questions regarding business rates contact Ellen Cottrell on 01684 853400 or email@example.com