Are you aware of the business rate changes?

From April next year, UK businesses whose properties have a rateable value of up to £12,000 will not have to pay business rates at all – that’s doubled from the previous £6,000! Property with a rateable value between £12,000 and £15,000 will receive tapered relief in 2017. 

A survey carried out by CVS, the UK's leading business rent and rates specialist, revealed 36 per cent of business owners in the UK are unaware of the changes to be put in place by the government. What’s more, three-in-ten small business owners have said that the changes in business rates aren’t enough to help local businesses and our high street.

Mark Rigby, chief executive at CVS Business Rates, said: “On the whole, the changes are very positive for local businesses. For many small firms, it will mean smaller overheads, less administration and an overall cost saving of as much as £5,900 in some cases. This money that could be reinvested back into the business for better marketing, trialling a new product, or increasing staff hours, for example.

“Every ratepayer has the right to challenge their business rates bill at any time between revaluations. There is only one opportunity to do this however. Your chances of achieving success through an appeal, and therefore saving money, are improved if you get advice from professional, accredited surveyors.”