Good news for Business Rate payers

03/10/2016

Local Government Minister Marcus Jones has publish a consultationon the Revaluation of Business Rates giving an indication that the multiplier, in England, used to calculate Rates Liabilities from your Rateable Value will fall.

Following the revaluation, the small business multiplier is estimated to fall, from April 2017, by 1.7p to 46.7p; and the standard multiplier is also estimated to fall by 1.7p to 48.0p

However, the decision as to how Transitional Relief will affect bills has yet to be finalised. So if you have a large increase or decrease in your Draft 2017 RV from your 2010 RV then calculating what you will actually pay in 2017-18 will be difficult.

Transitional Relief is said to ensure bills accurately reflect changes in the property market and made farer across the whole of England. The consultation states that for the small majority of businesses who face an increase in the bills the rise will be capped each year using a dedicated system of transitional relief worth £3.4 billion. As TR is self-funded then the scheme will need to be paid by rate payers who’s RV’s have decreased having their reduction capped too.

If you think you may be affected and need further assistance then please call our Rating Team on 0121 703 2830.

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