Business rates revaluation takes effect
The business rates revaluation took effect on 1 April 2017.
This means that businesses in England and Wales will pay rates that reflect the changes in their local property market.
The government has said that nearly 75% of businesses will see no change or a fall in their bills.
Small business rate relief has permanently doubled as of 1 April 2017. Eligible properties with a rateable value of £12,000 and below will receive 100% relief if the business uses 1 property.
Businesses with a rateable value between £12,000 and £15,000 will also get tapered relief.
Further support has been confirmed for smaller businesses affected by the business rates revaluation.
No businesses coming out of small business rate relief will see their bills increase by more than £600 in 2017/18. Any increases will be capped at £50 a month or at the transitional relief cap.
Local authorities in England will also have funding to support businesses most affected by the revaluation.
Calculating your rate
You can check the rateable value of your property to calculate your current business rates. This is set by the Valuation Office Agency.
For those in Scotland, rates are worked out using the rateable value set by the local assessor and the poundage rate (a proportion of your rateable value) set by the Scottish government.
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