Small Business Rates – What is changing in 2017?
Posted: 02 October 2016
What does a business with premises in Brough or Brigg, or anywhere else across out region have to pay? Yes… it’s business rates!
For property owners, business owners, freeholders and leaseholders; the vast majority commercial premises is subject to the payment of business rates. The Valuation Office Agency (VOA) is the government body responsible for business rates and generally, rates are based on the property itself and do not reflect the turnover or profits. A full 5 months on from the Government Budget of April 2016 perhaps now is a good time to remind ourselves of the changes planned for 2017.
• From 1st April 2017, small businesses that occupy premises with a Rateable Value of £12,000 or less will pay no business rates, subject to tenant status.
• Businesses with a Rateable Value of £12,000 to £15,000 will receive tapered relief, again subject to tenant status.
(Source: Law Society)
In addition to the above, the next business rates revaluation will also come into force 1st April 2017. For the first time since 2010 the ‘Rateable Values’ of all commercial properties will be reassessed for all business properties in England and Wales, based on rental values on 1st April 2015. Take note, as the relief could benefit you and your business.”