1st April 2017 sees the arrival of new business rates. So what does this mean?
Well in simple terms. Business rates are a tax commercial occupiers have to pay based on the rental value of their commercial property which were last reviewed in 2010.
Your rateable value is based on similar properties and their average rental values. It is worth noting that you only have to pay business rates if your rateable value is from £12,000 per annum and if you pay £12,000 to £15,000 per annum you will benefit from small business rates relief. This is when your payment is ‘phased’ over a period of time.
Richard Sheppard, Commercial Property Surveyor at Robinson & Hall says “The local authority is cracking down on finding commercial properties that have slipped through the net. The majority of these ‘missing’ properties are likely to fall within the rural community. For example many farms have diversified in more recent years and are now using both modern and old farm buildings for uses other than agricultural purposes, not to mention stables and livery. Within Robinson & Hall’s geographical area stables and livery’s average rent is £350 each per annum!”
If a property owner disagrees with the rateable value set by the government, they may appeal via the new business rates appeals system known as ‘check challenge appeal’:
For further advice and a free initial consultation to check whether your rateable value is accurate, please contact Richard Sheppard.Back to articles