Business Rates - Anyone Have Any Idea??
Discussion
Hey Guys,
Currently looking to rent a new unit and Im trying to find out what the hell I would pay rates wise. I know there is small business rates relief available but the guidance is totally crap.
Basically the relief is applied to the rateable value of the property. But is it before or after the multiplier is applied? It makes a huge difference!
Anyone know?
As illiustration, one property lists a rateable value of £21,500. With the multiplier for my business this becomes £12,083.
Small business rates in Wales help with properties under £13,000 rateable value.
Does it qualify or not???
Currently looking to rent a new unit and Im trying to find out what the hell I would pay rates wise. I know there is small business rates relief available but the guidance is totally crap.
Basically the relief is applied to the rateable value of the property. But is it before or after the multiplier is applied? It makes a huge difference!
Anyone know?
As illiustration, one property lists a rateable value of £21,500. With the multiplier for my business this becomes £12,083.
Small business rates in Wales help with properties under £13,000 rateable value.
Does it qualify or not???
No worries.
Just took a look online and this page is pretty self-explanatory: https://businesswales.gov.wales/topics-and-guidanc...
As others have already stated, any relief is calculated on the original amount, ie £21,500 in your example.
Just took a look online and this page is pretty self-explanatory: https://businesswales.gov.wales/topics-and-guidanc...
As others have already stated, any relief is calculated on the original amount, ie £21,500 in your example.
Further down.
Example
Barbara has a business in England. The rateable value of her business property is £10,000, so she uses the 2023 to 2024 small business multiplier (49.9 pence) to estimate her business rates as follows:
£10,000 (rateable value) x £0.499 pence (multiplier) = £4,990 (basic business rates)
As her rateable value is less than £15,000, she may be able to reduce her bill by applying for small business rate relief.
Example
Barbara has a business in England. The rateable value of her business property is £10,000, so she uses the 2023 to 2024 small business multiplier (49.9 pence) to estimate her business rates as follows:
£10,000 (rateable value) x £0.499 pence (multiplier) = £4,990 (basic business rates)
As her rateable value is less than £15,000, she may be able to reduce her bill by applying for small business rate relief.
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