Information about Business Rates
Business Rates are calculated using the Rateable Value x multipliers. The Rateable Value of a property is set by the Valuation Office. The multipliers are set by Central Government.
This years multipliers are :
Small Business Rates multiplier 49.1p (0.491) and Higher rate multiplier 50.4p (0.504)
Empty NNDR properties with an RV of less than £2,900 are exempt.
Changes to Business rates
In the Autumn Statement 2016, the Chancellor announced a statement affecting Business Rates in 2017/18. The changes from 1 April 2017 are:
- Changes to Small Business Rate Relief - From 1 April 2017 for businesses with a rateable value of £12,000 or less, 100% relief may be granted. This means that ratepayers with rateable values of £12,000 or less will pay no rates at all for the period.
- Rate payers with rateable values between £12,000 and not more than £15,000 will receive tapered relief from 100% – 0%. Occupied properties which have an RV of less than 51,000 will be calculated using the lower multiplier.
- The Government has introduced relief for Local Newspapers providing a discount of up to £1500 per year for 2 years from 1 April 2017. This means local newspapers who occupy office space can be given one discount per newspaper title per property up to state aid limits. This is a discretionary discount administered by the local authority.
- Rural rate relief will be doubled to 100% from 1 April 2017 for the following qualifying properties: only Post Office or general store in a village (providing the rateable value is no more than £8500); for the only public house and/ or petrol filling station in a village (providing the rateable value is no more than £12,500).
You can check or challenge the Rateable Value of your property at www.gov.uk/correct-your-business-rates. An appeal on your 2017 rateable value is not possible until after 1st April 2017 and may not be necessary until you have completed Check and Challenge