What are Business Rates?
In a similar way that residents pay council tax, businesses and other organisations that occupy business premises may need to pay non-domestic, also known as business rates, to Councils. They help finance local services. If you are considering a new business venture you need to be mindful that you may need to pay this in addition to any commercial rent that you pay.
How much do I need to pay?
The Valuation Office Agency values your property to ascertain the rateable value. For a quick calculation of what you may need to pay please refer to Gov.uk: Estimate your business rates.
For more information on how the rateable value of your property is assessed or details on how to appeal if you believe it to be incorrect, please refer to the Valuation Office Agency, a division of HM Revenues and Customs.
Explanatory notes for your bill can be found in this guidance.
The rating list
Councils are responsible for displaying the rating list. The list is also available online on the Valuation Office Agency homepage. This list contains details of all rating assessments in the borough and is available for inspection during normal office hours.
Business rates revaluation
All rateable values are reassessed at a general revaluation. The most recent revaluation took effect from 1 April 2017.
Your rateable value may have increased, decreased, or stayed the same.
If you believe your rateable value is incorrect, you may contact the Valuation Office Agency for more information and provide them with details of any changes to your rent.
You can check your valuation or get details on how to appeal at the following link: gov.uk/correct-your-business-rates
For those that would otherwise see significant increases in their rates liability, the Government has put in place a £3.6 billion transitional relief scheme to limit and phase in changes in rate bills as a result of the 2017 revaluation. To help pay for the limits on increases in bills, there also have to be limits on reductions in bills. Under the transitional scheme, limits continue to apply to yearly increases and decreases until the full amount is due (rateable value times the appropriate multiplier). The scheme applies only to the bill based on a property at the time of the revaluation. If there are any changes to the property after 1st April 2017, transitional arrangements will not normally apply to the part of a bill that relates to any increase in rateable value due to those changes. Changes to your bill as a result of other reasons (such as changes to the amount of small business rate relief) are not covered by the transitional arrangements.
The transitional arrangements are applied automatically and are shown on the front of your bill. Further information about transitional arrangements and other reliefs may be obtained from Rushcliffe Borough Council or gov.uk introduction to business rates
More information on the 2017 revaluation can be found at gov.uk introduction to business rates revalutaion
Business rates retention
Up until 31 March 2013 the rates were pooled by central government and redistributed to Councils according to the number of people living in the area. The Business Rates retention scheme was introduced in April 2013, which means that instead of business rates going straight into the Treasury, Councils will be able to keep a proportion of the business rates income as well as growth on the income that is generated in their area. This is used to help support local services and means that Councils will have much greater incentive to grow businesses in their areas. For further details please see the GOV.UK guidance.
To register for business rates please email us at email@example.com or contact us by telephone on 0115 981 99 11 ext 706.
Following the increased support announced in the Chancellor's Spring Budget in March 2017, we have now implemented the changes to the business rates relief scheme.
The changes are as follows:
Supporting Small Business Relief - Limiting increases in bills for small businesses losing Small Business or Rural Rate relief as a result of the 2017 revaluation.
Rushcliffe Borough Council Business Rates Relief Scheme - This scheme makes use of grant funding from central Government to offer all eligible businesses relief to properties with an RV above £15,000 and less than £200,000 where there has been an increase in net charge of greater than 12.5%. The scheme could be subject to change, if any funds remain following our contact with customers regarding state aid limits. Once the funds have been allocated no new applications will be possible for the financial year.
Retail Discount - The Government announced in the Budget on 29 October 2018 that it will provide a business rates Retail Discount scheme for occupied retail properties with a rateable value of less than £51,000 in each of the years 2019-20 and 2020-21. This is subject to the giudance provided by Government which can be found on Gov.uk at business-rates-retail-discount-guidance.
All discretionary reliefs are subject to state aid limits.
If you believe you may be eligible for any of the above reliefs please contact Mr Zepernick on 0115 9148210 to discuss.