(according to the 2017 Revaluation Process)
Business Rates are a tax set by the central government that is paid by the occupiers of all non-domestic properties.
Business rates are charged on most business properties such as shops, offices, pubs, warehouses and factories. However, the property doesn’t have to be used for a business – if it is used for purposes which are not domestic it is likely to be rateable.
The rateable value is set by the Valuation Office Agency (VOA), not by local councils. Local councils then collect business rates on behalf of Central Government.
The VOA is managing the revaluation process, not local councils like Wandsworth. The VOA is an agency of HM Revenue & Customs.
The VOA will provide a new rateable value for each property based on the market rental value of the business premises two years prior to the new rateable values coming into effect, in this instance 1 April 2015.
You can appeal against the VOA’s revised rateable value for your property.
Please note: you cannot appeal your new 2017 rateable values until after 1 April 2017. You are legally obliged to pay your business rates while awaiting an appeal outcome
Business rate bills are calculated by multiplying a properties RV by the correct ‘multiplier’. The draft multipliers for 2017/18 have been published by central Government as follows:
The 2017/2018 multiplier will be confirmed by the Government in January 2017.
From April 2017 the small business multiplier will apply to businesses with rateable values below £51,000. The threshold has been increased from its current level of £25,500.
Although some businesses will experience significant increases in their RV, the government has prescribed a transitional arrangement scheme which provides the greatest support to small and medium-sized businesses. Under the scheme, eligible businesses facing large increases will see their bills capped each year.
The Government’s SBRR scheme is changing from 1 April 2017. Currently, if an RV is under £12,000 then the business receives 100% relief and will pay no business rates. This relief then decreases by a sliding scale of 1% for every £60 RV up to £12,000 RV.
However from 1 April 2017 the RV threshold for 100% relief will increase from £6,000 to £12,000, with the sliding scale increasing from £12,000 to £15,000.
This relief is only available to ratepayers who apply to Wandsworth Council and who occupy either:
Page referenced from: https://www.wandsworth.gov.uk/info/200012/business_rates/2232/business_rates_revaluation_2017
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