Open4Business: April 2016
Changes to Business Rate Relief
From 1 April 2016 the government has opted not to extend its Business Rates Retail Rate Relief scheme to those businesses that benefitted over the last two years.
This means that if you were in receipt of Retail Rate Relief, you will have received your new Business Rates bill without the reduction you had last year or the year before.
Small Business Rates Relief
However, it is possible that if you do not have it already, you might be eligible for Small Business Rates Relief. To qualify for this relief you should occupy one property or one main property and other additional properties as long as each of the additional properties has a rateable value that does not exceed £2,599.
- Eligible businesses with rateable values of below £6,000 receive 50% rate relief on their liability. This relief decreases on a sliding scale of 1% for every £100 of rateable value over £6,000, up to £12,000.
- Eligible businesses with a rateable value between £6,001 and £12,000 currently receive relief on a sliding scale from 50% to 0%, where every £120 rateable value equates to 1%.
For a form and further details on applying for Small Business Rate Relief either call the Business Rates Service on 0207 378 5941 or visit the council’s website.