Did you know that some properties are eligible for discounts on their business rates? This discount can be made by local councils and are called business rates relief.
In today’s blog I will tell you about transitional relief.
As we know, property values usually change each evaluation. Transitional relief limits how much your business rate bill can change each year due to the 2010 revaluation.
That basically means changes to your business rates bill are phased in slowly, if you are eligible. Remember that the business rates year is from 1st April to 31st March the following year and again - the scheme applies only to the bill based on a property at the time of the revaluation. That means if there are any changes to the property after 1st April 2010, transitional arrangements will not normally apply to the part of a bill that relates to any increase in rateable value due to those changes.
When will you be eligible to get transitional relief?
You will get it if the property is in England and when rates go up or down by more than a certain amount. Remember that there are limits on how much your rates can increase or decrease.
Your local council will usually adjust the bill automatically if you are eligible, and this is shown on the front of your bill.
It depends from two main things of how much your bill can change, and those are: your property’s rateable value and also if your bill is increasing or decreasing as a result of the revaluation.
When will you stop getting transitional relief? Until the full amount is due (amount set by a revaluation).
if you have any questions or need help or advice, visit our website:
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