NewsWednesday 23rd March 2016
Great news for small businesses - rate relief more than doubled
In the recent budget, the government has increased the threshold for small business rate relief from a rateable value of £6,000 to £15,000. This means that any properties with a rateable value below £12,000 will be exempt from the tax, with a tapering relief between £12,000 and £15,000. Most small businesses with one premises will have no business rates to pay.
This is a permanent change, unlike previous changes to the scheme which were extended for only a year at a time, and provides much needed certainty for small businesses for the future. The new relief will commence in April 2017.