Budget 2014 – Business Rates

Despite constant pressures from businesses, the only new announcement relating to business rates was that the government will extend the deadline by which businesses need to have located in an Enterprise Zone in order to claim business rates discounts by 3 years until 31 March 2018

However, some good news has been previously announced. In December 2013, the doubling of small business rate relief was extended to 31 March 2015. For properties with a RV of £6,000 or less, the relief is 100%, meaning no business rates are payable.

The relief for properties with a RV of between £6,001 and £12,000 is tapered from 100% to 0%, meaning a significant reduction in the business rates payable can be achieved.

If the RV of the property is above £12,000 but less than £18,000, a lower rate multiplier is used to calculate the business rates of the property.

In addition, where businesses are looking to grow and expand, the government announced that they will amend the Small Business Rates Relief (SBRR) criteria to allow businesses who currently receive SBRR to keep it for one year after taking on an additional property (which would currently mean SBRR is lost).

 

High Street Relief

In a move the Chancellor called “Helping the High Street”, remember that there will be a discount of up to £1,000 on business rates for retail premises (including pubs, cafes, restaurants and charity shops) with a rateable value of up to £50,000. This will be available from April 2014 for two years. The relief should be given automatically in your business rate calculation.

 

Reoccupation Relief

To help reduce the number of boarded up shops on our high street, there will be a temporary reoccupation relief, granting a 50% discount from business rates to new occupants of previously empty retail premises for 18 months. The relief will be granted for businesses moving into long term empty retail premises on or after 1 April 2014 and prior to 31 March 2016.

Finally, with effect from 1 April 2014, it will be possible to pay business rates over 12 months rather than the current 10 months, which will help cash flow.

<Nov 2017>
MTWTFSS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
17
18
19
20
21
22
23
24
25
26
27
28
29
30

Nov 19

No events today
What's the best thing about Dodd & Co? Heidi Marshall. She has taken exemplary care of my business accounts - a true dental practice specialist. I would not hesitate to recommend her to any of my colleagues.
-- Anne Nicholson