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How Do Business Rates Work?

How do business rates work?
The government charges business rates to help pay for the running of local services. Businesses are charged a certain amount of money based on the value of their property. The amount of money that a business has to pay is reviewed and set by the government every five years.

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What are business rates?

Business rates are a tax that businesses have to pay on their commercial property, such as shops, offices and warehouses. The amount of business rates you have to pay depends on the value of your property.
The money from business rates goes towards funding local services, such as schools and libraries.
You usually have to start paying business rates when you start using a property for business purposes. However, there are some exceptions, such as if you:
-Are a charity
-Are a new business and your property is below a certain value
-Have a temporary use for the property

How are business rates calculated?

The amount of business rates you pay is based on the rateable value of your property. The government revalues rateable properties every 5 years to make sure that bills reflect changes in the property market.

Who has to pay business rates?

Almost all non-domestic properties in England are liable for business rates. This includes:
Business rates are calculated according to the rateable value of your property. The rateable value is set by the Valuation Office Agency (VOA) and is based on the estimated rental value of your property on the open market.

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What are the benefits of paying business rates?

Paying business rates can have a number of benefits for your business. For one, it can help to improve your credit score, which can make it easier to get loans or lines of credit in the future. Additionally, paying business rates can help to build goodwill with suppliers and customers, and may even help you to negotiate better terms with them. Finally, paying business rates can help to improve your image within the community, which can lead to more customers and clients.

How can I appeal my business rates?

If you think your property has been incorrectly valued, you can appeal to the Valuation Office Agency (VOA).
You should:
-check the information the VOA have about your property is correct
-think about whether the VOA have correctly interpreted the law and applied it to your property
-gather evidence to support your case
-make sure you submit your appeal within 2 months of receiving your notice from the VOA

What happens if I don’t pay my business rates?

If you do not pay your business rates, we will take steps to recover the money you owe. This could include sending you reminders, asking you to set up a payment plan, or taking legal action.
If we take legal action, this could mean getting a court order to collect the money you owe, or sending bailiffs to your property to collect the money.

Can I get help to pay my business rates?

There are a few different ways that you might be able to get help to pay your business rates.
The first thing you should do is check to see if you’re eligible for any discounts or exemptions. You might be able to get a discount if you’re a small business, or if your property is empty or unused. You can find out more about discounts and exemptions on your local council’s website.
If you’re not eligible for a discount, you might still be able to get help with your payments. For example, some councils offer payment plans so that you can spread the cost of your rates over a longer period of time. You might also be able to get help from a charity or other organisation if you’re struggling to pay.
If you’re having difficulty paying your business rates, the best thing to do is talk to your local council. They will be able to tell you what options are available and give you advice on what to do next.

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What is the Small Business Rate Relief Scheme?

The Small Business Rate Relief Scheme (SBRR) is a UK government scheme that was introduced in April 2010. The scheme provides relief for small businesses who are struggling with their business rates. The amount of relief that a business can receive depends on the size of the business, but businesses can get up to 100% relief on their rates.
The scheme is designed to help small businesses who are struggling to pay their rates, and it has been very successful in doing so. However, the scheme has come under criticism from some quarters because it does not do enough to help businesses who are in need of more than just rate relief.
The SBRR scheme is due to end in April 2017, and it is not yet clear what will replace it.

What is the Business Rates Supplement?

The Business Rates Supplement is a charge that businesses in England have to pay on top of their business rates. This supplement is used to fund certain local services, such as transport and infrastructure projects.
The amount of supplement that a business has to pay is based on the rateable value of their property. The rateable value is set by the government and is an estimate of the rent that a property could reasonably be expected to fetch on the open market.
The way that the Business Rates Supplement is calculated means that businesses with properties with a higher rateable value will pay more than those with properties with a lower rateable value.
The Business Rates Supplement is not charged on properties with a rateable value of less than £15,000.

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How do I contact my local authority about business rates?

Contacting your local authority is the best way to find out information specific to your area. You can find the contact details for your local authority on GOV.UK.

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