Small business rate relief is set to increase from 1st October 2010
An announcement in the most recent Budget, that the government is to increase small business rate relief later this year, sheds a glimmer of light for small businesses.
Information from Business Link states that “Between October 1st 2010 and September 30th 2011 eligible ratepayers will receive small business rate relief at 100 per cent on properties up to £6,000 rather than 50 per cent and a tapering relief from 100 per cent to 0 per cent for properties up to £12,000 in rateable value for that period.”
Businesses who already receive rates relief should continue to pay their rates in the usual way, the adjustment will be automatic. Some small and rural businesses have already received notification of these changes.
Five year valuation period
Businesses receiving rates relief were also required to renew their application every five years. Business Link have indicated that this will no longer be necessary.
New Businesses
The changes in rates relief is something that should be taken into account by small businesses looking for premises;
- Considering the size of property you really need could cut your rates dramatically.
- Location in rural areas can also attract rates relief. As some businesses do not require high street ‘foot fall’, considering a rural location could be more advantageous and may boost rural economies.
Find out more about small business rates relief
Business Link - The official government website for businesses of all sizes
