Rate relief ?
From 1 April 2010 all business properties in England, Wales and Scotland were revalued for rating purposes.
Business rates are now based on the new 2010 rateable values. This is subject to appropriate relief’s applying to arrive at the actual rates bill.Do you qualify for relief ?
From 1st October 2010 small businesses are to receive up to 100% relief from rates for one year. This applies to businesses occupying premises with a rateable value of up to £6,000. Relief is on a sliding scale where the rateable value is between £6,001 and £12,000.
If a business is to qualify for Small Business Rate Relief their main premises must have a rateable value of less £18,000 (£25,500 in Greater London) and if they occupy any other premises, such as a store or parking space, the rateable value of the other premises must be less than £2600 and the total rateable value must be less than £18,000 (£25,500 in Greater London).
Businesses which may qualify but are not yet receiving the relief should contact their local authority. Relief is available from 1st April to 30th September 2010 at the lower rate of up to 50% and may revert to this level from 1st October 2011.
Small businesses which qualify for the scheme and whose premises have a rateable value between £12,000 and £18,000 do not receive relief but their rates are calculated using the, lower, Small Business Rate multiplier.
