By Lyndsey Hall
Small Business Rate Relief has been extended until 31st March 2015, allowing businesses with only one property with a rateable value of less than £12,000 to receive a discount.
Rate relief began on 1st October 2010 and was due to end on 31st March 2014, however the government has acknowledged the fact that UK small business need support and has extended the discount scheme by one year.
Now, until 31st March 2015, properties with a rateable value of £6,000 or less will get 100% relief, meaning they will pay no business rates. The rate of relief gradually decreases from 100% to 0% on a sliding scale for properties with a rateable value between £6,001 and £12,000. To find out how your rate is worked out, visit the government website.
If you have more than one property, you can still get small business rate relief, but only if the value of each of your other properties is less than £2,600. The rateable values are added together and the relief is then added to your main property.
If your property’s rateable value is below £18,000, or £25,500 in Greater London, you are considered a small business. Therefore, even if you don’t qualify for small business rate relief, you will still have your business rates calculated using the small business multiplier, rather than the standard multiplier, even if you have more than one property, meaning you could still save money. You can see a list of the current multipliers
For more information about small business rate relief, speak to your advisor.
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