If you run a small business which operates from a single premises you could be eligible for substantial rate relief, thanks to a recent government announcement.
The amount of relief is dependent on rateable value. As of 1st October, traders operating from a single premises will receive 100% rate relief on properties up to a rateable value of £6,000, instead of the previous 50 per cent. Also there is a tapering relief from 100% down to 0% for properties up to £12,000.
The news follows an announcement that small business rate relief thresholds are also to increase.
Businesses that operate from one property with a rateable value up to £18,000 are eligible.
What to do now
Ensure you check your bills and see what relief has been claimed. Previously, you had to re-apply for small business rate relief at the start of each valuation period (every 5 years). You no longer have to do this so it should be automatic.
If your business is elgible you need to continue to pay rates in accordance with the latest bill and await contact from your local authority. You should only need to make contact if you become ineligible for relief.
Certain other businesses could also benefit by applying for further relief. This inlcudes Charities and amateur sports clubs who could cut their bills by over 80%.