Small Business Rates Relief Extended

The Chancellor announced in the budget that from April 2017, small businesses that occupy a single property with a rateable value of £12,000 or less will pay no business rates.

Currently, this 100% relief is available if you’re a business that occupies a property (e.g. a shop or office) with a rateable value of £6,000 or less. 

There will be a tapered rate of relief on properties with a rateable value between £12,000 and £15,000. This will also become a permanent relief rather than a temporary measure which it has been up until now.

With rateable values being re-valued from April 2017, it is expected the number of properties in Cumbria which will fall within the scope of this relief will increase. The new rating assessments will be published in the autumn.

According to Duncan Young of Mere Commercial this will be a huge boost especially to flagging high streets and will encourage the growth of start-up businesses.