Business rates can account for a large proportion of the turnover of most small businesses; getting Small Business Rate Relief can make a big difference to your balance sheet at the end of the year. The offices and studios that make up Crouchmans Yard qualify for rate relief.
What is Small Business Rate Relief?
Rate relief is designed to offer extra support to small firms as business rates account for a larger proportion of the turnover of a small business than they do for larger ones. The chancellor has set a rateable value figure and you qualify for a rate relief if you occupy one property with a rateable value of £17,999 or less. You can also qualify on multiple premises if the combined rateable value of all of the properties is under a total £17,999 (this would be where main property has a rateable value of £17,999 or less and the further properties have a rateable value less than £2,599 each)
How to claim small business rate relief
Businesses need to apply to their local authority. You can apply for small business rate relief if the rateable value of your property is less than £12,000 and if it is the only non-domestic property that you use.
If you qualify for small business rate relief, you will not have to pay business rates on properties with a rateable value of £6000 or less. Relief decreases on a sliding scale from 100% to 0% for properties with rateable values between £6,001 and £12,000.
Any properties with rateable values between £12,000 and £18,000 will have their business rates calculated using the small business multiplier.
What is rateable value?
The rateable value of your property is not the amount you will pay in Business Rates. To calculate your bill your local authority will multiply the rateable value by a figure called the national multiplier. This is a figure set by Central Government each year and is a rate in the pound which every local authority must use to calculate Business Rates bills.
The national multiplier for Small Business Rates for the financial year 2015/2016 is 48