Small Business Rate Relief
On 23rd July 2010, the Government brought into force new regulations to make Small Business Rates Relief more generous for one year, starting from 1st October 2010.
Eligible ratepayers were entitled to relief at 100% (up from 50%) on properties with rateable values up to £6,000 with a tapered relief of between 100% and 0% for properties with rateable values between £6,001 and £12,000.
The change related to the Business Rate liability between 1 October 2010 and 30 September 2011.
However, the enhancement to the scheme has been extended and is now due to expire on 31st March 2014.
Eligibility for Small Business Rate Relief
The property must have a rateable value below £18,000 .
The rate relief is only available to ratepayers with either
Changes from 1st April 2012
- one occupied property, or
- one main occupied property and other additional occupied properties providing those additional properties have rateable values less than £2,600 and the total value all the properties remains under an overall threshold of £18,000.
From 1st April 2012 the criteria for eligibility changed. Every occupied property with a Rateable Value of less than £18000 will pay the lower multiplier of 45.0p in the £ rather than the standard 45.8p for 2012/13 regardless of whether it is the ratepayer’s only occupied property.
The property still only qualifies for a further discount if it is the ratepayer’s only occupied property.
If you think you meet these criteria and you haven't already applied for Small Business Rate Relief then please contact us.