Business Rates

[numbnuts]

Excuse me for being dense but i am looking into leasing a garage shortly and just wondered about business rates.
I have been told that the rates would be £6000 per year gross, why do they give a gross figure and is that the actual amount i would have to pay/
Thanks in advance ,it might seem like a daft question but its unknown territory to me!

[mutt k]

Not sure why thy would quote a rates figure "gross". You should have two figures for rates, firstly the rateable value, and secondly the actual amount that is payable, which for this rating year is based upon the rateable value x 0.456.

Hope this helps, otherwise e-mail me through my profile and I will try and clarify what you've been told.

M

[chrisgr31]

Haven't a clue what they mean by the rates being £6,000 gross,a nd I deal in business rates all day! In years gone by there used to be Gross Valu but then went with the introduction of uniform business rtaes in 1990.

Are you sure they didn't mean that the rent would be £6,000 including the rates?

There is a business rates revaluation coming up on 1st April this year. The result is that the rate in the pound is going down from 0.456 to 0.422 in the pound, with further discounts for small businesses. Note that to be a small business you effectively need to occupy ine property only with an RV of less than £15,000 outside London. You need to apply for this relief every year and your local authority might have sent some information on it.

For your information the Rateable Value is suppossed to represent the annual rental value as at the Valuation Date, for the 2000 Rating List thats 1 April 1998, for the 2005 List 1st April 2003.

[Davel]

If you talk to your local council's non-domestic rates section, they may tell you the rates payable for 2004/2005.

Are you paying your landlord inclusive of rates or will you pay the rates direct to the council?