From April 2017 some businesses whose properties have a Rateable Value of up to £12,000 will not have to pay business rates, and Property with a Rateable Value between £12,000 and £15,000 will receive tapered relief.
The amount that could be saved is up to £5,900 for those with a rateable value of less than £12,000 per annum. and is on the whole very positive news for some.
The changes are scheduled to be introduced from April 1st 2017. This is also when the next business rates revaluation takes effect; The Valuation Office will publish its draft new values for each property on 1 October 2016 for consultation.
When the next revaluation comes into force, some businesses will move outside of the £12,000 threshold for rates relief, and some will fall within it. This largely depends on the specific nature of your property and where in the country it is located.
If you would like any advice on your properties rateable value and how to appeal please do not hesitate to contact the rating department of Roger Hannah & Co.