Business Rates

Autumn Statement: The Key Issues Affecting Small Business

Promises of re-structured business rates, further tax relief and support to exporters announced during 2014 Autumn Statement On Wednesday, December 3, the chancellor of the exchequer George Osborne disclosed 2014’s Autumn Statement – outlining the government’s latest plans for the UK economy. A number of entrepreneurs cited hopes for extension on current research and development tax credits, cuts on corporation tax, and more government support prior to the release of the statement and many of these requests were answered. Here, is4profit has pulled together the key elements from the statement that will impact the small business community. British Business Bank Osborne announced that the government will be expanding its British Business Bank; this will mean that the Business Bank’s Enterpri... »

Proposal to Drop Small Business Rates Announced

Local council recommends linking business rates directly to turnover, making it fairer for small and mid-sized businesses trading on high street rather than online The Local Government Association (LGA) has released a proposal to lower business rates for small and mid-sized firms who trade mainly on the high street. Communicating on behalf of local councils, the LGA are concerned that small firms and businesses trading on the high street are being unfairly penalised by business rates; calling upon the government to explore linking rates to turnover and e-commerce to make rates fairer for businesses in local areas. Currently small firms and independent traders can pay significantly more in rates than internet start-ups and e-commerce businesses, regardless of turnover. Councils believe that... »

Councils Get Financial Incentive to Promote Local Growth

Local councils will have the power to keep the business rates they raise from later this year, the Government has announced, following the end of a six-month review into council finance. At present, councils collect payments from local businesses and send them to central government for redistribution. Under the reforms, councils will be able to retain business rates and borrow against future rate income. The Government said this would create a financial incentive for local authorities to promote growth, as councils which expanded their business base would now directly benefit from increased revenue. The British Chambers of Commerce (BCC) said that the move would help small firms as it would encourage a “pro-growth and pro-business” attitude in local government. “Local ret... »

Local Authorities to Keep Income from Business Rates…

Small Business News 8th July 2011 …but won’t set them Government plans to introduce a Local Government Finance Bill that would give the councils the power to retain business rates were met with approval from business organisations. Currently, councils collect payments from local businesses and send them to central government for redistribution. Following the changes, councils will be able to borrow money against anticipated future revenues, funds they can use to build new industrial estates and encourage enterprise in other ways. Reported Government plans to devolve rate-setting power to local authorities have met with opposition however. Forum of Private Business senior policy adviser Alex Jackman said: “We would be wary of any council powers to set their own rates, beca... »

Two Weeks to Claim Business Rates Rebates

Business owners who think they have been overcharged on their business rates, since the last revaluation in 2005, have only got until the end of March to apply for a rebate. New rateable values are introduced on 1st April 2010. Businesses that think they have been overcharged during the past five years can contact the Valuation Office Agency (VOA) to make an appeal, but they must do so before the 31st March deadline. Firms can reclaim on business rates by showing they are paying more than neighbouring properties or by proving that there has been a material change in their circumstances since 2005 ― for example, if there is a high proportion of empty shops in the area. They can also appeal against their new rateable value, which is based on April 2008 rental values, to avoid being ove... »

Pressure on Government to scrap Empty Property Tax

Lobby groups have increased pressure on the Government to scrap business rates on empty commercial premises, in an attempt to help business landlords struggling with tough economic conditions. The campaign is being led by the British Property Foundation (BPF), which has called on the Government re–introduce rate relief on empty commercial properties. Since the law changed on 1 April 2008, landlords have to pay full business rates on empty retail and office property, following a three–month grace period — previously they received 50% tax relief. Industrial properties now have to pay 50% for the first six months, then the total amount. In an open letter to Prime Minister Gordon Brown, the BPF said the tax was encouraging firms to demolish buildings rather than pay the charg... »

Business Rates

How do you Rate? IF YOU DO NOT CHECK YOUR BUSINESS RATE ASSESSMENTS, YOU MAY BE OVERPAYING Businesses will be receiving their new business rate bills between now and 1st April. From this date, businesses can appeal against their business rates if they believe them to be incorrect.* This follows the recent quinquennial (five yearly) review of business rate assessments. This assessment is known as a rateable value. It is important that businesses ensure they have been assessed correctly because their new assessments will form the basis of their new rates bills up until 1st April 2010. Businesses can appeal by themselves, but a skilled professional advisor is crucial to ensure maximum chance of success. Professional rating advisers who are RICS members are governed by a strict code of practic... »