Business rates could be one of your company's largest outgoings so it is important that you don't pay any more than you need to. Your business premises will have a rateable value. If your rateable value is below £12,000 and it is your only business premisis then you could be entitled to 'Small business rate relief '
If you match this criteria you will get 100% relief until 31st March 2017 if your rateable value is £6,000 or less (i.e. a rates bill of zero). The rate relief gradually decreases from 100% to 0% for properties with a rateable value between £6,001 and £12,000.
This scheme has been in place for several years now, but has been amended again in the recent budget. The scheme has now been introduced permanently where it had previously been reviwed annaully and the threshold for the 100% will increase considerably form 1st April 2017 up from £6,000 to £12,000. Tapered relief will be available for properties with rateable values between £12,001 and £15,000. This will mean several thousand of businesses will no longer pay and rates at all.
You will not automatically been given this rate relief.You must apply to your local aurthority that you pay your business rates to.
If you need any futher infomation or help please contact Wallace Jones on 0115 9468946