Today the Chancellor announced more welcomed changes to Stamp Duty payments to help more people move, promote residential investment, and boost first-time buyer ownership. The best news is these changes...
New Business Rates
From 1st April new rateable values will be used to calculate new business rates. These have been adjusted as part of a government revaluation of business rates designed to reflect changes in the commercial property market.
All commercial properties will be given a new rateable value multiple, though how these translate in monetary terms is not yet known. The last revaluation was in 2010, based on 2008 values. There is concern among many businesses that business rates will dramatically increase and that this will lead to costs being cut with businesses being forced to make tough decisions and even close. Is there anything to help?
Go online at www.Gov.uk to estimate your new business rates. This value can then be reduced if your property’s eligible for small business rate relief. This may be granted by the local authority, but you need to apply for it. You can get small business rate relief if at 1st April 2017 your property’s rateable value is less than £15,000 and your business only uses one property (although you may still be able to get relief if you use more).
If your business is based in a rural area with a population below 3,000 you may be entitled to rural rate relief. For example, if your business is the only shop with a rateable value of up to £8,500 or a pub with a rateable value of up to £12,500. From 1st April 2017 you may get 100% off business rates if you qualify for the rural rates relief. Charities and amateur sports clubs can apply for relief up to 80% if the property is for charitable purposes. Your business may be entitled to additional discretionary relief to top up reliefs. If you’re starting up or relocating to an enterprise zone you could qualify for business rates relief and the local council will calculate how. Search for enterprise zones online.
If you are not happy with your property’s rateable value ask the Valuation Office Agency (VOA) to check your rateable value and they will change it if they agree. If you have grounds, you can appeal the valuation’s decision. Finally you have the option to take your case to a valuation tribunal. It is advisable to obtain advice from a qualified surveyor.
To speak to someone regarding the new business rates or with any other issues surrounding your business, please contact one of our specialist Commercial Law Solicitors at WSP by clicking here.
For further reading please see our other Commercial Law articles.
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