Small Businesses Rate Relief
Small Business Rate Relief (SBRR) From 1st April 2017
A new rating list comes into effect on 1st April 2017. At the same time the SBRR scheme will double and the thresholds will increase to benefit a greater number of businesses. This relief is aimed at helping small businesses where they are not entitled to another mandatory relief. Relief is based upon the Rateable Value (RV) of your business in the relevant valuation period.
ALL RATEPAYERS WHO THINK THEY MAY QUALIFY FOR SBRR (INCLUDING THOSE WHO DO CURRENTLY QUALIFY FOR SBRR) MUST COMPLETE AN APPLICATION FORM.
Businesses that occupy only one property in England and have an RV of less than £15,000 from April 2017.
Businesses may qualify if they occupy one main property and other additional properties, providing that: the additional properties do not have individual RVs of more than £2,899 and the combined RV of all the properties is under £19,999.00
Businesses that qualify for SBRR when they occupy more than one property, can only be granted relief on the main property.
Businesses receiving SBRR that take on an additional property which would currently disqualify them from receiving relief, will continue to receive their existing relief for 12 months.
SBRR is funded by a supplement added to all other rates bills. However, if your property has a rateable value above £15,000 but below £50,999, your bill will have already been calculated using the lower small business multiplier. This means that although you are not entitled to the relief, you will not have to pay the supplement.
How much relief will I get?
Relief is on a sliding scale.
Properties with an RV of up to £12,000 will receive 100 per cent relief. This means there would be no business rates to pay.
Properties with an RV between £12,000 and £15,000 will receive tapered relief and relief will gradually reduce from 100 per cent at £12,000 to 0 per cent at £15,000.
How to Apply
Ratepayers must complete an application form, which is available at www.wyre.gov.uk/sbreform in order to apply for SBRR. In the case of rateable values from £15,000 to £50,999 the reduced multiplier will be automatically applied to the account.
The application must be signed by the ratepayer or a person authorised to sign on behalf of the ratepayer. This means, where the ratepayer is –
- a partnership - a partner of that partnership must sign
- a trust - a trustee of that trust must sign
- a body corporate - a director of that body must sign; and
- In any other case, a person duly authorised to sign on behalf of the ratepayer.
Changes in Circumstances
Ratepayers must notify the council of any changes in circumstances that may affect entitlement to the relief, within four weeks of the change occurring. Examples of changes which need to be reported are an increase in the RV of a property occupied by the ratepayer which is not in the Wyre area or the taxpayer coming into occupation of any property anywhere in England which is not mentioned on their application for relief. The list is not exhaustive and if you are in any doubt about whether a change needs to be reported you should ask the Council.
When to Apply
Ratepayers should make an application for relief as soon as they think that their occupation of their business premises satisfies the conditions for relief. If the ratepayer continues to satisfy the conditions for relief they will not need to re-apply in respect of each financial year, unless their circumstances change.
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