BUSINESS RATES
Budget Announcement - Increase in level of Small Business Rate
Relief
This is important news that could benefit your business. The
Government is introducing a temporary increase in the level of
Small Business Rate Relief (SBRR) available to eligible businesses.
These changes will come into effect in October 2010. Meanwhile, you
should ensure that you continue to pay your existing business rates
bill.
For further information please click on the following link
http://www.communities.gov.uk/documents/localgovernment/pdf/1517622.pdf
General Information
Business Rates (or National Non-Domestic Rates
– NNDR) are collected by billing authorities (eg District
Councils), paid into a central pool and then redistributed to all
billing authorities and major precepting authorities, including
County Councils.
Melton Borough Council's share of
redistributed rate income, together with income from council
taxpayers, revenue support grant provided by the Government and
certain other sums, is then used to pay for the services provided
by the Council and other local authorities in our area.
Business Rates are charged on commercial properties and are
calculated by multiplying the rateable value of the property, set
by the Valuation Office Agency, by the Business Rate multiplier set
by central government.
Businesses will be able spread payment of
this year's Business Rates increase over three years, under
new legislation announced by the Government on March 31 2009. See
the news release Businesses
given more time to pay business rates (Communities and Local
Government website).
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