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05/04/16
Following the announcement of George Osborne’s budget we are set to see a huge boost for small business.
The current system means that any non-domestic property with a Rateable Value of £6,000 or less has 100% relief from paying Business Rates. As the Rateable Value of a property increases from £6,001 to £12,000 the rate of relief gradually declines from 100% to 0%.

The new regulation will mean that as of April 2017 there will be 100% relief for any non-domestic property with a Rateable Value up to £12,000, and from £12,001 to £15,000 there will be a tapered relief. There will also be an increase in the threshold for companies paying Standard Business Rates; an uplift from £18,000 to £51,000.
There has been concern over the place of small businesses on the High Street, with increasing competition from online shopping and convenience apps. The new regulation will be aimed to help those most burdened by the additional outgoings, and will mean that over 600,000 small businesses will benefit from not having to pay business rates.
It is also worth noting that these changes will not come in for another year, and that the VOA have now planned to revalue all non-domestic properties in 2017, meaning there is potential for them to be revalued at a higher rate than they are now.

Oliver Billson