What are business rates?
Business rates are taxes paid on business (non-residential) properties, such as shops, offices, pubs, guests houses etc. They are also known as National Non-Domestic Rates. If you occupy a building, using it for non-domestic purposes, then you are probably required to pay business rates.
Business Rates charges. Councils send out business rate bills each year, around February and March, and this is for the following tax year. Business rates are worked out based on your property’s ‘rateable value’. The council will work out your bill by multiplying the rateable value of your property by the appropriate rate multiplier, which the Government sets each April. Your bill may be reduced if your property is eligible for business rate relief.
How to calculate business rates
Search for your property’s rateable value by postcode
Find the correct ‘multiplier’ for the size of your business and location
Now multiply your rateable value by the correct ‘multiplier’
Increase in Business Rates
A planned Business rate rises in England has been brought forward. That will put a more pressure on firms already reeling from rising inflation. For many small businesses that means a difficult time and tighter belts.
Can you get business rate relief?
Some businesses can get a discount in paying Business rates. That is called Business Rate Relief.
There are different types of relief
or if your business uses one property only)
rural rate relief (if your business is in rural area but also with population less than 3000)
charitable rate relief (if you are a charity or community amateur sports club)
enterprise zone relief (if you are re-locating or starting in an enterprise zone)
hardship relief (if you are in financial difficulties)
For more information contact us at www.businessratehelp.co.uk or call us 01225667747