19/06/2008 - Small Business Rate Relief |
Small Business Rate Relief
What is it?
From 1st April, 2005, occupiers of properties with a rateable value of less than £15,000 may be entitled to a reduction in their rates bill.
Do I qualify?
1. Eligible properties with a rateable value of £5,000 or less will be entitled to 50% relief.
2. This will decrease on a sliding scale of approximately 1% for every £100 rateable value below £10,000.
3. Rateable values between £10,000 and £14,999 will not receive relief in terms of a percentage, but will have their bill calculated using the small business rating multiplier. These businesses will still need to apply for this relief.
4. Relief is only available to ratepayers with;
a) either one non-domestic property
b) or one main non-domestic property and other additional non-domestic properties, providing the additional properties have rateable values of less than £2,200 and the total value of all the properties remain under £15,000. The charge on the additional properties will be calculated on the higher multiplier.
How do I get it?
• You must apply to your local council office (in some cases the council will have automatically sent you the form when you first moved in to your premises).
• Applications should be made no earlier than 6 months before the start of the financial year ( 1st April) for which the relief is being applied for.
• Applications received more than 6 months after the start of the financial year for which the relief is being applied for, will not be considered.
• If you already receive “Charitable relief” or “Rural Rate Relief” grants then you may not be able to get this one.
• Previously businesses had to apply every year but now you apply once and that application will last until the next ratings list comes into effect in 2010. At that stage you need to complete one application which will cover the life of the rating list (5 years).
Contact: Hinckley & Bosworth Council
Tel: 01455 238141
Web: www.hinckley-bosworth.gov.uk
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