Small Business rates - Win or lose?

  • by Carole Jordan
  • 17 Mar, 2017
Small Business rates increase brighton
´╗┐Business properties have been revalued for rates. In general values are increasing but some will see reductions. The rate multipliers have gone down each year for the last 3 years so the amount due may not change very much.

What does this mean for Small Businesses?

The limit for the small business multiplier will go up to £51,000 rateable value from the current level of £18,000. £18,000 was an extremely low value since the rateable value of a small two storey shop in central Brighton can easily be £30,000. 

The multipliers for 2017-18 are;

Small business (to £51,000 value) – 46.6p/£

Standard - £47.9p/£

Help available from April 1st 2017

In the Budget 2016 George Osborne announced that from 1st April 2017 100% relief will be available up to a rateable value of £12,000 with tapered relief to £15,000. This covers the smallest premises. 

In the Spring Budget 2017 Phillip Hammond announced there would be help for those transitioning from small business to large business rates. There will be £1,000 discount for pubs with a rateable value of less than £100,000. This would include the likes of The Black Lion, The Wick and the Earth & Stars (other Brighton pubs are available) and so is welcome. Chains are not likely to benefit. There is also a fund available for councils to address specific cases.

What does this mean for Retail Relief?

There was no mention of the continuation of Retail Relief which is due to finish at the end of this tax year (2015/16). It seems that retailers will lose their subsidy of £1,500 from 2016/17.

Brighton businesses can appeal their rate valuation .

Apply for small business rate relief here and backdate this to April 2010 . Backdated claims must be in by September this year so get on it!

 

If you’d like help keeping your costs down or managing your business for growth call us now and ask how we support small businesses with our accountancy and consulting services. Contact us on: 01273 882200.


All details above were correct at the time of publishing - for more up to date information please   get in touch .

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