The following notes are to assist ratepayers in their application for small business rate relief and inform them of the criteria which has been set by central government in order to determine the amount (if any) which will apply to your business rates.
The hereditament (property which relief is being applied for) must meet the criteria on every chargeable day in that year for which they are claiming eligibility.
1. The relief is only available to ratepayers who:
a) Occupy only one business property in England and the rateable value of that property is less than £15,000 (from 2014/15 businesses in receipt of the relief will keep it for an additional year if they take on an additional property that would previously have caused them to lose it); or
b) Occupy a main property with a rateable Value of less than £15,000 but also occupy other properties (including any car parking spaces) each with rateable value under £2,900 and the total rateable value of all them does not exceed £19,999. Relief can only be awarded on the property with the highest rateable value
2. The relief will be granted for the whole of the financial year but if your circumstances change i.e. you occupy more premises anywhere in England or there is an increase/decrease in your rateable value (which takes you out of the scheme) the relief will end from that date.
If your circumstances change you must inform the council except where it is for a rateable value amendment.
3.Therefore, properties with rateable values of £12,000 or below that meet the eligibility criteria will receive 100% relief and those businesses with rateable values between £12,001 and £14,999 will receive tapered relief. The taper will operate as at present – with 100% relief for eligible hereditaments with an RV of £12,000 or below, decreasing to 0% relief for hereditaments with an RV of £15,000 or above.
The threshold for the standard business rates multiplier will also increase from a rateable value of £18,000 (£25,500 in London) to £51,000.
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