You will be aware that the Chancellor, in his Budget Statement on 8 March 2017, announced a number of measures designed to help businesses with the impact of the 2017 Revaluation.
As is often the case with such announcements, there is a considerable amount of detail which is released in the following days. This is the case with the Business Rates measures and, as a result, it was not possible to include their impact in your initial bills.
As an example, the Government announced a discretionary fund to allow councils to support local businesses impacted by the Revaluation. This measure is subject to a Government consultation process which ends on 7 April. Only then will we be able to confirm our share of the funding and finalise our scheme.
We will implement the measures as soon as it is practicable. In the meantime you must make payments as normal based on the bill you have received.
Business Rates Revaluation 2017
The government's Valuation Office Agency (VOA) sets the rateable values of all business properties. It has completed the revaluation of rateable values. These will be used to calculate business rate bills from 1 April 2017.
For more information about the 2017 revaluation, rateable values and business rates visit GOV.UK. You can also estimate your 2017/18 rates bill, including any small business rate relief that may apply.
Retail Rate ReliefYou will no longer receive Retail Rate Relief from 1 April 2016. You may qualify for Small Business Rate Relief.
Business rates are charged on most non-domestic properties such as shops, offices, pubs and factories.
They contribute towards the cost of local services.
How it's calculated
The business rate is the rateable value of the business times a 'multiplier' that is set each year by the government. The multiplier is the number of pence per pound of your rateable value you'll have to pay in Business Rates.
From 1 April 2017 businesses with rateable values between £15,001 and £50,099 use the 'small' business multiplier.
Non-domestic rating multiplier
- 2016/17: 49.7P (0.497)
- 2017/18: 47.9p (0.479)
Small business non-domestic rating multiplier
- 2016/17: 48.4p (0.484)
- 2017/18: 46.6p (0.466)
How to pay
You can pay your business rates online, by direct debit, and in instalments.
Overpayments and refunds
If you believe you have overpaid your Business Rates, we can refund the amount to you. Contact us so we can:
- check your account
- advise you of the position
- arrange any refund (if necessary).
You can also download a refund application form.
Relief and reductions
Business Rates: see also
- Email: firstname.lastname@example.org
- Telephone: 020 7378 5941
PO Box 65993
Wandsworth High Street
London, SW18 9LB