The temporary increase in Small Business Rate Relief has been extended by a further year to October 2012
Small Business Rates Relief is available to all businesses whose rateable value is less than £12,000.
This means that eligible businesses occupying one property with a rateable value of £6,000 or less will pay no business rates. For those with one property having a rateable value of between £6,000 and £12,000 there will be relief on a sliding scale from 100% to zero.
All SME’s entitled to this relief should contact their local authority to make a claim as this is not given automatically.
What are the conditions?
To qualify for the relief, businesses must apply to their local authority and confirm that:
• the sole or main property you occupy must have a rateable value of less than £18,000 (£25,500 in Greater London) and
• if you occupy any additional separately rated properties, each of these must have a rateable value of less than £2,600, and the total rateable value of all of the properties you occupy must be less than £18,000 (£25,500 in Greater London)
For businesses with a rateable value of between £12,001 and £18,000 (or £25,500 in London), there is no discount, but you will continue to be entitled to have the business rates bill calculated using the small business rate multiplier.
Steve Petty
Commercial Property Solicitor 0845 003 5639
This blog is not intended to constitute legal advice, nor is it intended to be a complete and authoritative statement of the law, and what we say might be out of date by the time you read it. You should always seek legal advice to confirm whether or how any information in this article applies to your particular situation. We offer a free telephone consultation to discuss your particular circumstances.