From April 2017, small businesses that occupy property with a rateable value of £12,000 or less will pay no business rates.
“Businesses with a property with a rateable value of £12,000 and below will receive 100 per cent relief. Businesses with a property with a rateable value between £12,000 and £15,000 will receive tapered relief,” the Budget statement says.
The government will also raise the threshold for the standard business rate multiplier from a rateable value of £18,000 to £51,000.
The standard multiplier from 1st April 2016 will be 49.7 pence in the pound, with the small business multiplier 48.4 pence in the pound. The above measures do not come into effect until the following year.
If you need to discuss the impact this will have on your business, contact us on 01604 620616 or firstname.lastname@example.org
Tom Drake 17/03/16