New regulations, which came into force 3rd August, extend the period of ‘Small Business Rate Relief’ for a further year beyond the current temporary one, which would otherwise have ended on 30th September.
Eligible ratepayers will therefore continue to receive relief at 100% on properties with a rateable value of not more than £6,000, with tapered relief of between 100% and 0% for properties whose rateable values fall between £6,001 and £12,000. The rateable value of your premises can be found on the Valuation Office Agency (VOA) website.
The VOA assesses all commercial properties for business rates every 5 years. The rating assessment relates to the rental value of a property and can be appealed against. Ratepayers occupying premises with rateable values near to the Small Business threshold should therefore check their assessment for accuracy, as savings could be made.