Small businesses with a rateable value of up to £12,000 may qualify for a reduction from their full rate bill. The cost of this relief is paid for by all other ratepayers. Small businesses which qualify, with a rateable value of less than £18,000, will have a lower multiplier used to work out their rate bill. Since 1 October 2010 the Government has increased the level of discount available to those who qualify for Small Business Rates Relief.
Businesses with a rateable value between £6,001 and £12,000 will be entitled to relief on a sliding scale between 100% and 0%, as well as having their bill calculated on the basis of the small business rate multiplier.
For businesses with a rateable value of between £12,001 and £18,000, there is no discount, but the business will continue to be entitled to have their rates bill calculated using the small business rate multiplier.
The new levels of relief are currently applicable until 31 March 2016.
Small Business Rates Relief is available to all businesses who occupy property with a rateable value of less than £18,000. To qualify for the relief, businesses must satisfy their local authority that: