Business Rates
Discussion
The draft 2005 Rating List is published at the end of this month. If you have your own business and pay business rates prepare to be inundated with calls from people offering to save you money.
If you decide to investigate further then ensure the person dealing with it is a member of the RICS and the fee basis is on the basis of savings in rates payable. It will be possible to find someone to act with no upfront fee, no survey fee, no fee for a successful appeal.
The rate in the pound has yet to be announced, but is currently £0.456 so if you have a rateable value of £10,000 your bill should be £4,560, and savings should be based on the latter figure.
Business rates is a subject I specialise in, feel free to ask for initial advice, its free.
If you decide to investigate further then ensure the person dealing with it is a member of the RICS and the fee basis is on the basis of savings in rates payable. It will be possible to find someone to act with no upfront fee, no survey fee, no fee for a successful appeal.
The rate in the pound has yet to be announced, but is currently £0.456 so if you have a rateable value of £10,000 your bill should be £4,560, and savings should be based on the latter figure.
Business rates is a subject I specialise in, feel free to ask for initial advice, its free.
anonymous said:
[redacted]
Rateable value is the amount a property would be expected to let for in the open market between a willing landlord and a willing tenant on an annual temancy assuming the tenant is responsible for the rate, repairs insurance etc at the relevant valuation date.
The relevant valuation date (actually called antecedent valuation date) is 1st April 1998 for the 2000 Rating List and the 1st April 2003 for the 2005 Rating List.
Therefore if you have a rent of £10,000 set in March 2003 one would expect your Rateable Value to be around that figure. However its not quite that simple as the Valuation Officer considers a basket of rents and yours may be higher or lower than the average. Alternatively the VO might have got it wrong!
crankedup said:
Hi, I am looking at setting up a limo hire business. If I start with a couple of cars garaged at my home address and accept telephone/e-bookings at home will my home be subject to a business rate as well as the commi charge? Thanks
Good question. The definition of a Non-Domestic property is a property that is not domestic, which is really helpful!
The basic rule is it depends on the use of the property at midnight. Therefore if you have a desk used for business purposes in your bedroom, at midnight its a bedroom so domestic.
Your phone will almost certainly be in a domestic room so you will not attract business rates on that. The interesting bit would be the area used for parking the cars.
Unless the cars are also used domestically the VO might argue that your drive or garage is used for non-domestic purposes.
However to get to this stage someone will need to report it to the VO. This may be the neighbour reporting it to the council, who in turn might tell the VO.
My guess is that that the VO will not be terribly interestes in this as assessing a parking area in a domestic drive for business rates will not be worth the trouble. Oh and if you also hve a domestic car which shares the drive and garage this will help as the business use is not exclusive.
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