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Quick question about business rates
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thriftybeatnik
Posts: 155 Forumite
Hi all.
I'm finally considering opening up a shop. After years saving and generally picking up fittings for it I just have a couple of questions about rates.
What relief is available for small businesses? Has anyone created a guide to setting up a shop?
Its a small place but very central and perfect. Let's hope I can sort it
:beer:
I'm finally considering opening up a shop. After years saving and generally picking up fittings for it I just have a couple of questions about rates.
What relief is available for small businesses? Has anyone created a guide to setting up a shop?
Its a small place but very central and perfect. Let's hope I can sort it
:beer:
Are you a Thrifty Beatnik?
0
Comments
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If it is your only business premises and it is classed as a "small hereditament", then you will get a discount. "Small" is classed as being under £15,000 RV (assuming it is outside of London). You can check the RV by going to the VOA website and putting in the postcode. The amount of discount you get is on a sliding scale, up to 50%.0
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What will you be selling?
Do you have premises?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Cheers for your info : It's definitely under £15,000 will update my travails asap xAre you a Thrifty Beatnik?0
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http://ratinglists.voa.gov.uk/irl2k5/mainController?action=InitialiseApp&listYear=2005&lang=E
That's the link you need to put the post code into to find the property. It will show you the valuation your bill will be based upon. Check the areas are correct and that the rate per sq m is comparable to others. Then look to see if there are any additions or allowances. You can challenge your RV if you don't think it is right.0 -
And don't forget of course that next year the the new rating valuations come into force.
So straight away your rates are going to go up !!!!!0 -
thanks all. Maybe Ill hold fire then.
Im genuinely amazed at rents + rates
I mean, without being derogatory, there are some shops out there that I have no idea how they afford them!
Cheers again xAre you a Thrifty Beatnik?0 -
Don't give up that easily! Chances are you can find somewhere within a couple of minutes walk of where you were looking for 25-50% the rent of the other place. Of course it depends what you are selling whether you need a prime location and high footfall, but if people will travel some shops can be had for next to nothing in areas that are still vibrant.0
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And don't forget of course that next year the the new rating valuations come into force.
So straight away your rates are going to go up !!!!!
Not necessarily, but probably. Although the actual Rateable Value is likely to go up, the UBR (or multiplier) will come down, so the amount you will pay may or may not go up.
Now is a good time to be taking a new lease though, there are lots of empty properties and the landlord's may well be paying empty rates so you can negotiate a very good deal. It probably wouldnt hurt to get a professional to do this for you, what they will charge you will be well outweighed by what they will save you.
PM me if you like.0 -
There is a scheme for deferring payment of some of your business rates atm. Should be details on your local council's website? It only defers the time when you have to pay them, but there's no interest so it may help.
the details escape me because we looked into it but decided against it. We get charity relief so the sums involved are small, and the paperwork involved to account for it will probably cost as much of my time as we would save ...Signature removed for peace of mind0
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