From April 2017, small businesses that occupy property with a rateable value of £12,000 or less will pay no business rates at all. Currently, this 100% rate relief is available for businesses occupying property with a rateable value of £6,000 or less.
It is claimed that this doubling of small business rates relief will mean that 600,000 small businesses will not have to pay any business rates at all.
Businesses occupying properties with rateable values between £12,000 – £15,000 will benefit from a tapered rate of relief.
Business rates can represent a significant cost to small businesses and potentially hold back expansion plans or moves to better premises. The rates cut is intended to incentivise an increase in business development and expansion amongst small business owners.
How we can help
Should you need expert legal advice regarding any of the above or other property or commercial law matters please contact us at Bromleys Solicitors on 0161 330 6821 or email Paul Westwell on firstname.lastname@example.org.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.