Two changes to business rates are due to come into effect from 1 April 2017.
Whether the changes will affect your business will depend on its location and size.
Revaluation adjusts the value of business rates to take into consideration changes in the property market.
It usually takes place every 5 years although there hasn’t been a revaluation since 2010.
All business properties will get a new rateable value and multipliers (or poundages in Scotland) will be revised. The government has stressed that this doesn’t necessarily mean that rates will change.
The government estimates that three quarters of businesses will either see no change or a reduction.
Revaluation only applies in England, Wales and Scotland. No date has been set in Northern Ireland.
Small business rate relief
Small business rate relief in England will be permanently doubled from 50% to 100% from 1 April 2017. This means that businesses with a rateable value of £12,000 and below will get 100% business rate relief (provided that it only uses 1 property).
Business with a rateable value between £12,000 and £15,000 will get tapered relief.
Pay business rates
Local councils will send businesses a bill for the following tax year in February or March. Firms usually pay in 10 monthly instalments.
Get in touch with us to talk about business rates.