OWE MONEY TO A COUNCIL ?
Do you owe business rates to a council? How did this occur? Were you aware of how business rates are set? What happens if you stop paying them?
The amount you need to pay for business rates depends on your ‘rateable value’ of your property. This is set by the valuation office in your area. If you think that your rateable value was set too high, you can appeal to the VOA – Valuation Office Agency.
Even if you think that the value is set up wrong, you need to still try and pay it continuously at the level that been previously set, until the appeal changes it. By law, paying your business rates is a legal obligation. If you can’t afford to pay it, you must contact your council to make them aware of it, and to find out if they can help with it, for example by setting a payment plan with you.
Business rates are usually paid in 10 monthly installments. If you are late with your payment, the council will send you a reminder letter, giving you usually about seven days to pay it. If you still don’t pay it, you may lose the opportunity to pay by installments and the council may ask you to pay the full amount of money owed immediately. If you stop paying business rates, the council will use bailiffs to try to get their money back.
After that, the council can even start a winding-up process and liquidating your business assets (that includes limited companies) or can even make you bankrupt (that include sole traders).
Whatever your circumstances contact Business Rate Advisors for free advice on 01225667747 or visit the website at www.businessratehelp.co.uk